The Total Visa is an unsecured credit card. It has been designed specifically for those with a low score.
It reports to all the major bureaus monthly. With on time monthly payments you can start to build a positive payment history.
This is a heavily weighted factor in your score. Additionally your utilization ratio is another large determining factor.
This ratio compares the amount of available credit you have versus the amount of debt you have. It is how the bureaus determine if you can afford it.
It is estimated that these two factors alone determine 80% of your score. It can help if you can show available funds.
It is still important to remove derogatory items from your report this will help with showing a positive payment history.
There is an initial limit of $250 and an annual fee of $48. It has a 19.92% APR, and is issued by the Plains Commerce Bank.
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.
This card will give you free online account access and fraud protection. It is accepted everywhere you see the visa logo displayed. When you apply online you will have an instant decision.
We do suggest the Total Visa to anyone with a less than perfect credit history. It reports monthly to the bureaus and can give you a second chance.