Bad credit credit cards – can they any help build credit?

Bad credit credit cards are better known as secured credit cards. There have been many of these credit cards developed that were meant to improve your credit score but with a good look at the fine print, we’ve learned that these bad credit credit cards or secured credit cards are beneficial more for the credit card company instead of the consumer.

These bad credit credit cards were almost guaranteed with no credit or employment checks. All that was needed was a security deposit and you’d receive your new credit card within a few weeks. Spend a few extra bucks and you’d get your credit card within a week. Sounds great right? Well, that’s not exactly how it worked out and many consumers have found that all the extra fees and charges placed them right back in the same debt hole they tried to dig themselves out of.

All credit card companies rely heavily on extra fees and maintenance charges, instead of the interest fees. Well, you’d receive your bad credit credit card and realize that $500 loan line was now only $50 after all the initial service charges and application fees you were responsible for. Before charging anything to the card, you had already run up fees and were responsible for a range of charges just for applying for the card.

There are some legitimate bad credit credit cards out there. Just go to a bank to see if they offer a secured credit card. Many banks do and all you have to do is open a secured savings account as collateral without all the extra fees. Bank of America, US Bank and Wells Fargo banks all offer secured credit cards and you can rest assured you won’t be overwhelmed with all the bogus fees. They are reputable banks that can help you rebuild your credit history.

All three banks have online applications and report monthly payment histories to the major credit bureaus. This will allow you to re-establish your credit worthiness. After a time period specified by each bank, they will offer you a regular credit card if you have made all prior payments on time. So those looking for bad credit credit cards and want to take hold of your credit worthiness, look for a reputable bank to deal with.…

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Can I add rental history to my credit report?

Are you looking at a low credit score and wondering how you can improve it? Perhaps you are being denied credit because your credit history is limited. Either way, you probably would want to do what you can to boost your credit rating and score as much as possible.

This has probably got you thinking whether or not you can weave in your rental history to your credit score. So, if you are asking the question “Can I add rental history to my credit report?” the answer is yes.

Well, actually, you would not be the person adding it to your credit score. When you ask “Can I add rental history to my credit report?” it would actually be the landlord that adds the rental payment history to the credit score.

That means you would have to ask them to do this for you. Don’t worry. It is not a difficult process at all. Your landlord could probably do it in a few minutes.

When you wonder if you can add rental history to your credit report, you are probably wondering why the landlord did not do it in the first place. Generally, landlords will not report anything to a credit agency unless you have a lease or other agreement and default on it.

This is for two reasons, 1) it costs them money to report and 2) they often work with a skeleton staff therefore have not the time to make regular reports.

When you are simply making your ‘standard’ payments of your rent, there is generally no reporting made to the credit agency. This can prove to be a negative of sorts to those that do pay their rent on time. Their record of honest and timely payments is omitted which is certainly not helpful to a credit report.

Again, this is not a problem. If you are wondering “Can I add rental history to my credit report,” all you need to do is ask your landlord to furnish a letter detailing the timely payments to the credit bureau. A simple, basic letter that conveys this info is all that is needed.

The letter should also include a payment history as well. Perhaps you could even type the info up and have the landlord sign it and then send it out in the mail. Yes, it is pretty much a simple process and it certainly can be helpful.

You should always send copies to the bureaus not originals.

Side note: Bureaus are not required to add information you send to them and if they oblige, you may be charged a fee. No free lunch.

If you have been paying your rent on time for five years, it would definitely not hurt to have such info made available. Anything that reflects a positive payment history is one that should be reflected on a credit score.

And when it comes to rental, this does mean anything you rent. It need not just be a house or apartment. Do you rent storage or garage space? If you do and you have been making timely payments, it would not hurt to have the info reported on a credit score. Again, when the info helps, why not have it added to the mix?…

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