Total Visa - Review
The Total Visa is a bad credit unsecured card. It was designed for individuals with blemishes on their credit report.
It will report to the major credit bureaus. You can start to build a positive payment history by making on time monthly payments.
This is a large part of your score. Additionally another big piece is your utilization ratio.
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.
They estimate that your utilization ratio and payment history make up to 80% of your score. It will help if you have unused credit.
However it is still a priority to remove any negative marks from your report. This will help to show a positive payment history.
This card is issued by the Plains Commerce Bank a member of the FDIC. It has an initial credit limit of $250, and a 19.92% APR. There is an annual fee of $48.
They offer a 19.92% cash advance APR which is actually lower than many prime credit cards, in case of a financial emergency. They do give quarterly credit limit increases.
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 are able to use your card responsibly it can help a low score. However it can also harm even a low score with irresponsible use.
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.
It will report to the major credit bureaus. You can start to build a positive payment history by making on time monthly payments.
This is a large part of your score. Additionally another big piece is your utilization ratio.
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.
They estimate that your utilization ratio and payment history make up to 80% of your score. It will help if you have unused credit.
However it is still a priority to remove any negative marks from your report. This will help to show a positive payment history.
This card is issued by the Plains Commerce Bank a member of the FDIC. It has an initial credit limit of $250, and a 19.92% APR. There is an annual fee of $48.
They offer a 19.92% cash advance APR which is actually lower than many prime credit cards, in case of a financial emergency. They do give quarterly credit limit increases.
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 are able to use your card responsibly it can help a low score. However it can also harm even a low score with irresponsible use.
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.
About the Author:
For more about the Total Visa or for a free credit repair consultation visit us or call 1-800-253-3735, or for a review of the popular prepaid Rush Card.
posted by Credit Counseling at
12:42 PM
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