You can now increase your credit score with the help of Wells Fargo Secured Credit Card.
If you are having a hard time getting a regular credit card, or you want to re-establish your credit score, getting a secured credit card is the solution. Secured credit card is a type of credit card that is secured by a deposit as your collateral. This collateral will be used when you will not be able to pay your creditors on time.
Having a low credit score can cause a financial dilemma for anyone who is facing a financial crisis. Most of the time if you have a low credit score, applying and approval for loans are harder. Interest rates are usually higher for individuals with low credit score. If you are applying for a job, potential employers check your credit score too! Apparently, your credit score reflects your integrity as a person and how you handle your debts.
The good news is: All is not lost even with a low credit score. Wells Fargo secured credit card is the solution for you to increase and improve your credit standing. Let us review the features of Wells Fargo secured card:
THE PROS
- One of the lowest card in the market
- Modest annual fee
- Low Interest Rate
- High Credit Limits depends on your deposit
- Eligible after a year of bankruptcy
- Can be used widely because it is a Visa card.
- It provides you a chance to improve and build your credit history
- This card is also best for first-timers or people who do not have any credit history to his name, and people who are rebuilding their credit history and has low credit standing
- Hitting the right credit score can give you a lasting effect on your financial situation
- You don’t need to give everything you have or lay everything, all you have to do is to keep improving your credit history while using this card to secure a high credit score
Although this card can help you rebuild your credit scores, there are also drawbacks that you have to consider before applying for this type of card.
CONS
- Offers no rewards
- This card requires a security deposit that will serve as your collateral in your account (minimum $300)
- Your credit limit will be based on your deposit
- Unlike other cards in the market, this card company reports your performance in the credit bureaus. So, missing a payment/s can hurt your credit score
Wells Fargo secured credit card can help you make a plan to improve your credit and will find financial options that fits you.
- Give you a Credit Improvement checklist to guide you in your situation and find the best financial solution
- Give you debt consolidation option for your credit. It will help you manage your debt more efficiently, as well as, help you to decide which debts to consolidate and what loan is right for your current situation
- Give you credit counselling and assistance
Raising your credit score takes time to fix and there is no quick way for it. However, here are some tips to increase your credit score.
- Pay On Time – In order to put your best foot forward, paying on time can really build a positive credit history. Avoid paying all your purchases with your card as you might not afford to pay it. Also, never miss a payment. Your serious commitment in paying will be reflected in your credit score.
- Plan and anticipate funds – Make plans on how you will use each paycheck for every payables, basic needs, or how much will be used for savings while building your reserves.
- Lower your amounts owed – Keep your credit card balances low because the best way to improve your score is when you pay your debts.
- Get a new credit – You have to re-establish your credit history. Even you have a problem or negative credit score in the past, opening a new credit account responsibly will eventually increase your score for a long term.
- Limit the use of your card. Using your card once a month for something simple like basic needs or household needs and paying bills on time can help build up a credit history and demonstrate how responsible card holder you are – it can greatly influence your credit score.
You can definitely increase your credit score with Wells Fargo Secured Credit Card if you maintain your spending within the limit set by the collateral you put in. By maintaining a good credit standing with your Well Fargo card, in due time, your credit score will increase.
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