Total Visa Card

Posted on February 9, 2009 @ 2:16 am
by Daniel Moskel

The Total Visa is a bad credit unsecured card. It was designed for individuals with blemishes on their credit report.

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 very important when your score is calculated. Your utilization ratio will determine another large part 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 is estimated that these two factors alone determine 80% of your score. It can help if you can show available credit.

It is also important to remove derogatory items from your report this will help with showing a positive payment history.

There is an initial limit of $250 and an annual fee of $48. It has a 19.92% APR, and is issued by the Plains Commerce Bank.

The cash advance APR is 19.92%, in case of a financial emergency. You will be eligible for quarterly limit increases.

As of late, we have seen a rise in interest rates. This has been happening to customers that have never paid late, their rates have jumped to 20% and higher.

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.

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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