Credit Card Professor

According to an article published today on CNN Money, credit card issuers are finally beginning to loosen up when it comes to who they will lend to.

Unfortunately, there are several things to be very cautious about when it comes to those pesky terms and conditions. This means if you have bad credit, it pays to be extremely aware of any card you’re applying for before you make any commitments.

Those with a FICO sore of below 660 have been left out in the cold over the past few years due to the recession and a lot of those perspective borrowers were affected by the tough economic times.

“Many people were thrown into the subprime category because something bad happened to them during the recession – like they lost a job – and if that bad thing hadn’t happened they would have kept paying their bills on time,” said Beverly Harzog, a credit card expert at Credit.com.

“Now these people want a chance to get back on track.” If that rings a bell than this is your time to rise up from the ground and get your credit… and your life back on track!

The CNN Money article warns of predatory lenders seeking hundreds of dollars in annual fees and offering sky-high interest rates of more than 36%. They especially warn to steer clear of the First Premier’s $400 per year credit card.

Harzog recommended opting for the Orchard Bank’s secured credit card for those trying to repair their damaged credit. The card company offers you a deal based on your current credit status and may or may not approve your for an unsecured credit card right away. Both come with annual fees and interest rates that are as good as you can get from a bad credit lender.

The secured card is great because you are basically borrowing from yourself for the first twelve months while the Orchard Bank reports your responsible credit usage to all three major credit bureaus. The company requires you to secure a credit line of $200 by depositing that amount into a secured account just in case you default on the loan. The APR of 14.99%-24.99% is extremely generous for those with bad credit and the $35 annual fee is waived for the first year.

In some cases you’ll even be able to upgrade your credit card to an unsecured version after several months of responsible credit usage.

Click here to visit the secure online application for the Orchard Bank credit card.

As always, please stay tuned to CreditCardProfessor.com for more of the latest credit card news, special credit card offers and important cardholder updates.

The Better Business Bureau has released a statement to remind cardholders to keep their card activity under close surveillance in the weeks and months to come due to a recent card processor data breach. The major issue potentially compromised the security of credit card numbers and no one is 100% off the hook.

“Most of us depend on being able to use credit cards for everyday purchases,” said the President and CEO of the BBB, Michelle L. Corey. “When identity thieves strike, we may feel powerless, but there are steps we all can take to safeguard our accounts.”

If you have been affected by this latest security breach you will most likely have been notified by your credit card company. It’s a very good idea to have your card number frozen and get a new one sent out to you to avoid any complications all together. Some card companies however may offer you a special service to monitor your account for fraud for a certain amount of time just to be safe.

Just to make sure everything is as it should be, it is a good idea to opt for a free copy of your credit report from a site like AnnualCreditReport.com. Check the report for anything that looks suspicious and be sure to notify the three credit reporting agencies of anything that did not come from you.

We here at CreditCardsProfessor.com hope that you will not be affected by this breach but urge you to take these steps just in case.

As always, please stay tuned for more of the latest credit card news, special card offers and important cardholder updates.

Source: stltoday.com