Credit card companies have a reputation to uphold. They do a lot of research on their credit card holders / applicants and make sure that they always follow stringent practices so that they do not run into losses. You should take a bit of inspiration from them. The only way to make sure that you never run into any sort of financial trouble is to be absolutely firm with your financial decisions. Choosing the right credit cards for bad credit / no credit is one such decision and sticking to your monthly budget and expenses religiously is going to help you come out victorious of this money problem that you have been facing for a few months now.
How Do Credit Card Companies Verify The Income Of Their Potential Card Holders?
The more important question here should be, why do they need any verification on the income of their credit card holders anyway?
Asking for your income is actually a legal requirement that any credit card company has to fulfill. The Credit Card Act of 2009 requires any bank or financial institution to only approve the application of a credit card applicant after they have verified their monthly income. This is because only a customer who is able to earn enough shall be in a position to pay off their monthly payments on time. However, there are no specific guidelines that any credit card company has to follow with regards to how they are going to determine or verify any applicant’s income.
Merrick Bank Secured Visa Credit Card Reviews
If you have poor credit history, this credit card should work for you. The annual fee on this credit card is $36 and the foreign transaction fee stands at 2%. You also have the feature of automatic credit line review and you get an initial line of credit of up to $3,000. Any card holder is also entitled to a free FICO credit score report each month. You should choose this credit card after ascertaining what amount you are comfortable putting down as a security deposit. The initial deposit can range from $200 to $3,000.
Reflex MasterCard Reviews
Today you will find several credit cards for bad credit / poor credit but most of them are secured. The Reflex MasterCard on the other hand is not and this gives you considerable freedom in terms of usage. There is an annual fee of $79 to $99 which depends on the creditworthiness of the applicant. You will also have to pay 5% cash advance fee and 3% foreign transaction fee. The company is going to report to Experian, Equifax and TransUnion about your credit report on a regular basis.
Prequalification For Your Reflex MasterCard
You can also submit a prequalification application for this financial instrument. It is not going to impact your credit scores in any way. Before you pick this credit card, make sure to compare its features with alternatives available in the market.
Regions Secured Credit Card For You
At a glance, this credit card comes across as a very useful tool to build positive credit history. You will have to fund your initial deposit all by yourself obviously. It is a very simple card to use and can prove beneficial when rebuilding your credit score. If you do not wish to pay any foreign transaction fee on any overseas purchases, this card is for you. You also get overdraft protection with this credit card. Your credit card user behavior is going to be reported to the three major credit bureaus at the end of the month automatically. Credit cards for no credit / poor credit are here to make you realize the importance of your money. The sooner you understand it the better it is for you.
