Do you know that you can use one of several new secured bank cards as a tool to start correcting a bruised credit worthiness score? It is really quite easy if you use it in accordance of that goal in mind. With that being said allow me to explain how this can be done in several simple steps. . You first need obtain a prepaid check card that will allow you to enroll in a direct deposit program. This program will allow your employer to deposit your pay check directly on your prepaid bank card. This step alone has a dual benefit in it for you.
Benefit #1 is this will save any fees normally charged to load the card(Most direct deposit programs are fee Free).
Benefit #2 when using a direct deposit program you may have access to your payroll up to 3 days earlier than when you are issued a paper check.
Once your card has been charged via direct deposit you should find it simpler to manage your money and control your impulse buying. As a final piece of the puzzle you should make sure that you only get a debit card card that has some type of bill pay program available to card holders. This will be the most important factor to increasing your credit report with future creditors. Basically it works this way.
When you enroll in a bill pay program you will simply use one of the mentioned prepaid check cards to pay your normal living expenditures. These include bills such as as, water, lights, rent, insurance, cable etc.
Every time you pay a bill your payment information is reported to the PRBC(Payment Reporting Builds Credit). The PRBC is a national credit reporting bureau and it is just like the BIG three: Transunion, Experian and Equifax. As you acquire a payment history through the bill pay program you will be proving your credit worthiness to creditors when applying for housing, credit, employment, phone, etc.
This is all accomplished by you doing what you do already _Paying your regular monthly bills in a timely fashion. So as you can see there is a huge benefit in electing the right secured bank cards. When done wisely you will be able to better manage your money and begin moving toward re-establishing your credit worthiness score for future credit related issues. In conclusion I would like to say thank you for taking the time to read my article and I sincerely hope that it has been both accurate and informative on the subject.