Total Visa Card
The Total Visa is an unsecured credit card. It has been designed specifically for those with a low credit score.
It reports monthly to all three major credit bureaus. By making your monthly payments on time it will help you 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.
It is also important to remove derogatory items from your report this will help with showing a positive payment history.
Your card will have an initial $250 limit and a 19.92% APR. It is issued by Plains Commerce Bank and has an annual fee of $48.
The cash advance APR is 19.92%, in case of a financial emergency. You will be eligible for quarterly limit increases.
With our current economic conditions there has been a wave of good credit cards raising their APR’s to 20% and higher. They have been doing this without cause, meaning the customer did not pay late.
The government has responded and has passed laws to prevent this; however these laws do not take effect until 2010. Additionally many of these institutions are lowering limits across the board and tightening approval requirements.
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.
You should really look at your current expenses and income and decide if you really should take on a new line of credit.
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