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Suzy B Software 2
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Suzy B Software CD-ROM 2 (1994).iso
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ch16.txt
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1995-04-27
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OVERCOME POOR CREDIT WITH A SECURED CREDIT CARD
You can create good credit to offset the poor
credit you might have amassed. Just establish new
credit sources as quickly as you can and keep all
payments up to date. In other words, bury the bad
payments among the good ones.
The easiest way to establish or re-establish your
credit is through a secured MasterCard or VISA.
"Secured" means that you have made a deposit equal to
the amount of credit you want, from $300 to $3,000.
With some banks or agencies, your deposit is put
into an interest-earning CD. There is usually a fee of
about $30 for getting you the credit approval and
handling the transaction. After you have made regular,
timely payments for six months or so, the security
requirement is dropped, and your deposit is returned to
you.
After you have made payments, have your account
reverified and your credit file updated by the credit
bureau.
There are now a large number of banks offering
such plans, and even Western Union has just entered the
field. A complete directory of secured credit card
plans is published by Eden Press, P. O. Box 8410,
Fountain Valley CA 92728. Ask them for a free catalog
to get the price of the current edition, as the book is
updated frequently.