Since its creation in 1995, Capital One Credit Card has become a successful financial service provider. The global company maintains operations in various countries. Forbes Magazine lists Capital One as one of the 100 Best Companies to Work For. And why not? Capital One offers an array of financial services, including home, auto, and personal loans; financing for dental, medical, and cosmetic procedures; and various banking services. Furthermore, the company provides a line of credit cards touted as the perfect fit for people with bad credit: Capital One Credit Card.
Properly secured vs. Unsecured
A secured credit card is one that requires an applicant to submit a security first deposit. If you have a bad credit score score or none at all, odds are you can only get approval for a secured credit card, or an credit card with high rates of interest and fees.
Should you feel insulted about being asked to put up a security first deposit before you can get a plastic? You could, but this would be a pointless. After all, there are many creditors that will readily offer you credit charge playing cards, but these come with steep initiation, registration, monthly, and annual fees. So if you have a bad credit score score, it makes more sense to send in a first deposit to secure one of the Investment One secured credit charge playing cards.
Advantages of a Properly secured Credit Card
In addition to saving money by obtaining a Investment One credit card, you could also get money back, in the form of your first deposit. Just be sure to follow your payment agreement with the company, and avoid defaulting on the account. Furthermore, by establishing credit score with a top credit score company, you are improving your chances of being offered an credit card later on. You see, if you pay off your dues religiously, you are already building good history of credit score. Your credit score worthiness improves every time positive payment history is reported to one or all of the major credit score agencies.
Applying for Properly secured Credit Cards
While secured credit charge playing cards have their advantages, it is wise to apply for a Investment One credit card first before getting a secured card. This is because the steps involved in applying for Investment One secured credit charge playing cards vary only slightly from those required of applicants for secured credit score.
Credit Limits
If you get a secured credit card, your borrowing restrict will be based on how much you first deposit into your secured account. Investment One secured credit score cards’ initial borrowing restrict is $400. You might find this sum laughable. After all, it's not enough to pay for a new car or roundtrip tickets to Timbuktu. But remember that Rome was not built in a day. Likewise, rebuilding a bad credit score score needs time, and is an activity best done step by patient step.
Making the Properly secured Credit Card Temporary
Capital One secured credit card is one of the few options left to people with a bad credit score score. So, be always mindful that you don't exceed your borrowing restrict. Where credit score ratings are concerned, the magic number is 750. If your credit score worthiness reaches that value, you can be approved quickly for credit charge playing cards, auto loans, and mortgages. In addition, the American Congress has passed the Fair Credit Reporting Act. The law standardizes the collection, using, and sharing of credit score data. This provides help in turning a bad credit score score into a favorable credit score score.
Everyone deserves a second chance, and the Investment One Credit card offers exactly that to people with a bad credit score score. Don't waste second chances. There might not be a third one.
