From doughroller.net
Welcome to our week-long series on refinancing your mortgage. In this last of five articles, we look at when and how you should refinance from an adjustable rate mortgage into a fixed rate loan. Adjustable rate mortgages are a two-edged sword. You get an initial mortgage rate lower than what you’d find on a fixed [...]
From doughroller.net
Welcome to our week-long series on refinancing your mortgage. In this fourth of five articles, we look at some obstacles to refinancing and how to overcome them. With current mortgage rates at historic lows, refinancing your home loan can be a really easy way to save a bundle of money. Unfortunately, there are a number [...]
From doughroller.net
Welcome to our week-long series on refinancing your mortgage. In this third of five articles, we look at the FHA Streamline Refinance program. Yesterday we looked at the Home Affordable Refinance Program. Called HARP, this program helps homeowners who have an underwater mortgage lower their interest rates. But it only applies if your mortgage is [...]
From doughroller.net
Welcome to our week-long series on refinancing your mortgage. In this first of five articles, we look at when you should refinance. As I mentioned yesterday, my wife and I just closed on the refinancing our mortgage. We purchased our current home in 2004 and obtained a 30-year fixed rate mortgage at 5.625%. We are [...]
From feeds.killeraces
Secured credit cards have a bad reputation, and most of these products deserve it. Too often, the companies that offer secured cards do so to prey on those with poor or little credit history by charging exorbitant interest rates and outrageous fees. Yet, the more I researched these products, the more convinced I became that the concept of a secure credit card is a sound one. Using the right product from a reputable institution, holders of secured cards can enjoy many of the benefits of standard credit cards that they might not qualify for. (See also: The Best 0% Balance Transfer Credit Cards) Many loans are secured by collateral, such as those taken out for the purchase of a car or a home. In contrast, standard credit cards offer borrowers loans that are not secured by any property or deposits that can be repossessed in case of default. Therefore, applicants for unsecured loans must first be able to show banks a significant credit history. On the other hand, almost any applicant will qualify for secured credit card. With these products, the cardholder must first pay a security deposit that protects the bank against the risk of default. In all other ways, a secured card operates just like a standard credit card. Cardholders receive monthly bills that they must pay on time or incur interest and penalties. At the same time, banks will report payment information to the credit bureaus, allowing cardholders to build their credit history. Your first priority in shopping for a secured card will be to stick with a reputable bank and avoid the numerous products with high interest rates and unreasonable fees. Shoppers should look for a card with a low annual fee and perhaps one that might earn interest on their deposit. Finally, applicants should be aware that not all banks guarantee acceptance, so those with outstanding liens or a recent bankruptcy will not qualify for some of these cards. 1. Orchard Bank Secured MasterCard 2. Citi Secured MasterCard 3. Wells Fargo Secured Visa Card 4. Capital One Secured MasterCard 5. U.S. Bank Secured Visa Card Those who have poor credit or no credit history may be tempted to just wash their hands of the entire credit card business. Unfortunately, that would be a mistake. Obtaining a secured card and making on-time payments is a critical way to rebuild one’s credit. Whether it is right or wrong, companies today use credit scores for background checks when hiring and for setting rates for services such as car insurance. Furthermore, travelers will find it difficult or impossible to reserve a hotel room or rent a car holding a credit card, even if it is a secured card. By choosing the right secured card, you can build your credit history while enjoying many of the benefits of standard credit cards. Note: Some links contain affiliate codes.
How a Secured Card Works
What to Look for in a Secure Card
No matter how bad your credit is, you will be relieved to learn that Orchard Bank approves everyone after confirming the identity of the applicants. Once approved, customers will have to provide a $200 minimum security deposit. Their standard interest rate of Prime plus 4.74% is fantastic not just for secured card, but is lower than most standard cards as well. There is no annual fee for this card the first year, but there is a $35 annual fee after that.
This secured card comes with many of the benefits of a standard credit card including car rental insurances and retail purchase protection. In addition, Citi places cardholder’s deposits in an interest-earning account. The standard interest rate is equal to the Prime Rate plus 14.99%, and there is a $29 annual fee for this card. Unfortunately, Citibank says that it does not automatically accept all applications for this card.
Wells Fargo offers their secured card to applicants with any credit history, so long as they have not declared bankruptcy in the last 12 months and have no unsettled liens. Once accepted, cardholders must make a deposit of between $300 and $10,000, which becomes their credit limit. This card comes with standard Visa benefits including auto rental insurance. Cardholders who carry a balance will incur interest at a rate equal to the Prime Rate plus 15.74%. There is a $25 annual fee for this card.
With this card, a minimum security deposit of $50 will earn you a $200 credit limit. Since Capital One is extending you a credit line in excess of your deposit, it will consider the applicant’s ability to pay before acceptance. This card’s standard interest rate is equal to the Prime Rate plus 19.65%, and there is a $29 annual fee. Like all Capital One cards, there are no foreign transaction fees. This is a great feature not just for vacationers, but also for immigrants who have no credit history and may travel outside of the country to visit family.
This card offers customers the ability to earn interest on their security deposits. Although the rates these days are not great, it is still nice to feel like the interest earned is going to you instead of the bank. On the other hand, if you carry a balance, you will incur interest at the rate of prime plus 17.74%. There is a $35 annual fee for this card.When You Should Get a Secured Card
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