The Total Visa is a bad credit unsecured card. It was designed for individuals with blemishes on their credit report.
It reports to all the major bureaus monthly. By making on time monthly payments you can start to build a positive payment history.
This is a heavily weighted factor in your credit score. Additionally your utilization ratio is another large determining factor of your score.
This ratio is how the credit bureaus decide if you are in over your head financially. It compares your amount of debt to your amount of available credit.
It is estimated that these two factors alone determine 80% of your score. It can help if you can show available credit.
Removing negative credit should still be a priority and that will help improve your payment history.
Your card will have an initial $250 limit and a 19.92% APR. It is issued by Plains Commerce Bank and has an annual fee of $48.
There is a 19.92% APR for a cash advance, should you have a financial emergency. Also you will be eligible for a limit increase four times a year.
With our current economic conditions there has been a wave of good credit cards raising their APR’s to 20% and higher. They have been doing this without cause, meaning the customer did not pay late.
Congress has responded and made new laws to prevent this in the future. However these laws will not go into effect until 2010. Additionally we have seen lower limits and much more stringent approval requirements.
Your card will have fraud protection and free online account access. Your card is accepted everywhere Visa is.
If you use your card or a new credit line responsibly it can help your score. However if you use it irresponsibly and can also hurt your score.
For this reason we feel that it is important for you to examine your budget before you make any decisions to take on a new credit line.
If you would like to make a comment, please fill out the form below.
