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New Credit Credit Card - Avoid Getting Scammed
If you want to recover from a “not-so-stellar” credit report, then using credit repair for new credit or a special category of credit cards designed for those with little to no credit would be your best option. This will ensure you that you will be able to get loans in the future easily without having any problems or hard times doing so.
In essence, a credit repair service helps clean your report. Be careful, though, before you sign up for a credit repair service. There are both legitimate and “scam” service providers offering to repair your credit.
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A credit repair card is comparable to the regular credit card or new credit, credit card credit. However, the interest rates for this kind of card might be higher as opposed to the regular credit card.
At DontSpendMore.com, you can compare and apply for low APR and 0% APR credit cards. These offers are ideal in terms of bringing down your interest expenses and also a viable platform to become debt free.
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Concept of Credit Repair Cards
Technically, "credit repair credit cards" are not an official category, but rather refer to the category of cards that are most utilized by consumers who have credit problems or are just building credit. Most providers of credit repair cards will offer a new credit credit card with a lower limit (credit line). This is to limit your purchase monthly or expenses. However, if you pay on time and comply with other specific terms, your service provider may allow your credit limit to increase gradually.
Secured and Unsecured Credit Repair Cards
The most common and straightforward to find is the secured credit cards for those with new credit or bad credit. Usually, these cards will require collateral or advance payment from the borrower. This will ensure they won’t incur losses due to the fact that you are charged against an account where you’ve made transactions before. The amount you paid also will be the default credit limit for your credit card.
However, there is a pitfall associated with secured credit repair cards and that will be the fees or additional fees associated with them. In essence, processing fees, annual fees, and application fees. Furthermore, you must ensure your creditor will report to the major bureaus regarding your loan.
Unsecured credit repair cards are more beneficial as compared to the secured card counterparts.
Yet, unsecured and secured credit repair cards have the same disadvantages, such as low limits and high rates of interest and fees.
Having a new credit credit card credit would surely aid you with your recovery from lower or bad credit scores. All you need to do is to maintain a good payment record. This will then ensure that you will have a better or improved credit score or history.
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