Important Reminders for Secured Credit Card Applicants

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Important Reminders for Secured Credit Card
Applicants
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• Before you start shopping for a secured credit
  card, we advise you to pay close attention to the
  following pointers.

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Ask yourself this question Can I afford it?

• Before you apply for a secured line of credit
  or for any card program for that matter we
  suggest that you take the time to consider if you
  can really afford it. After all, managing a
  credit card can be an additional financial
  burden, to you and even to your household. This
  is because you will have to pay not only the
  purchases and bills you will charge on your card
  but also the interest that will be imposed on all
  your transactions.

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• This means that you have to find time to examine
  your personal finances. Determine if you have
  enough funds to cover not only the security
  deposit requirement but also your future credit
  card charges. If youre confident that you have
  more than enough cash to settle your financial
  obligations, completely then, it is safe for you
  to start shopping for a line of credit. However,
  if you find out that youre living paycheck to
  paycheck then, it might be best to postpone your
  plans of applying for a credit card until you
  become more stable, financially.

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Compare the features of various card programs.

• Dont sign up for the first offer you will
  receive. Instead take the time to shop around and
  compare what each card issuer offers. Consider
  not only the rate of interest and fees, but also
  the related fees and charges, the credit limits,
  the terms and conditions imposed on the card
  program and the eligibility requirements. By
  doing so, you can improve your chances of finding
  a card program that will perfectly suit your
  needs and preferences.

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Look for credible card issuers.

• Look for companies that are not only willing to
  give you what you want, but which also possess
  accreditation from the federal and state
  government. Always remember that by dealing only
  with accredited firms you can minimize your risk
  of getting ripped off by popular credit schemes.
  At the same time, you can protect your credit
  identity from individuals or organizations that
  might use it for their personal gain.

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Examine the fine print of your chosen secured
credit card.

• It is never wise to sign your contract without
  reading and examining first the stipulations of
  your card program. Remember that you can no
  longer turn back once you have finalized your
  credit agreement with your chosen issuer. So, as
  much as possible, read and understand all the
  terms and conditions of your card account before
  you make your final decision. That way, you can
  avoid having regrets, later on.

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Stick to responsible credit habits.

• Resolve to manage your credit card in the most
  responsible way you can. See to it that you use
  just a quarter or a third of the spending limit
  set on your line of credit. And make sure that
  you pay your credit card bills on time and in
  full, each month. By doing so, you can cause
  great improvements to your credit history.
  Furthermore, you can soon qualify for an
  unsecured credit card with a higher spending
  limit and with less usage restrictions as
  compared to your secured card program.