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Total Visa
The Total Visa was designed for individuals with a low credit score. It is an unsecured card.
It reports to all the major bureaus monthly. By making on time monthly payments you can start to build a positive payment history.
This is a heavily weighted factor in your credit score. Additionally your utilization ratio is another large determining factor of your score.
This compares the amount of debt you have versus unused credit. It is how the bureaus determine if you can afford a new credit line.
It will help your score if you can show available credit. It is estimated that these two factors account for up to 70% of your credit score.
However it is still a priority to remove any negative marks from your report. This will help to show a positive payment history.
This card is issued by the Plains Commerce Bank a member of the FDIC. It has an initial credit limit of $250, and a 19.92% APR. There is an annual fee of $48.
They offer a 19.92% cash advance APR which is actually lower than many prime credit cards, in case of a financial emergency. They do give quarterly credit limit increases.
Recently good credit cards have been raising their interest rates even with customers that are paying on time. These rates have been jumping as high as 28%, without cause.
Law makers have responded however these new laws do not go into effect until 2010. We have also seen the lending institutions tighten their requirements for approval.
With your card you will have free online account access and fraud protection. It is accepted everywhere Visa is.
If you use your card or a new credit line responsibly it can help your score. However if you use it irresponsibly and can also hurt your score.
For this reason we feel that it is important for you to examine your budget before you make any decisions to take on a new credit line.
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