Login To Your Account

1-888-338-0393

Financial Freedom Community

This site is a resource for Financial Education, Debt Solutions and Tools to assist with Credit Management. All the resources on this site are free of charge. We encourage visitor feedback, Tell us what you want to see more of! Sign up for news & updates and we'll keep you posted on the latest!


Navigation

Home
Bankruptcy
Community Resources
Consumer Protection
Employment Resources
Financial Assistance
Health and Human Services
National Resources
Seniors Resource Center
Tax Resources
Getting Ready to FIle Your Federal Tax Return
Transcript - Getting Ready to FIle Your Federal Tax Return
Info Graphic - Getting Ready to FIle Your Federal Tax Return
The Importance of filing your Tax Return or Tax Extension on Time
Transcript - The Importance of filing your Tax Return or Tax Extension on Time
Info Graph - The Importance of filing your Tax Return or Tax Extension on Time
Most Common Tax Filing Errors
Transcript - Most Common Tax Filing Errors
Info Graphic - Most Common Tax Filing Errors
Owing Money To The IRS
Transcript - Owing Money To The IRS
Info Graphic - Owing Money To The IRS
What to do with your tax refund
Transcript - What to do with your tax refund
Info Graphic - What to do with your tax refund
Consumer Personal Loans
Credit Card Debt
Advantages of Making Credit Card Debt Payments on Time and Other Tips
Avoiding Credit Card Traps
Credit Card Counseling - Learn Credit Management Tips
Credit Card Debt and Simple Ways to Consolidate Them
Credit Card Debt Consolidation Nationwide Epidemic
Credit Card Debt Consolidation Solutions
Credit Card Debt Help for Senior Citizens
Credit Card Debt Reduction
Credit Card Debt Solutions That Can Help
How to Pay Your Way Out of Credit Card Debt
Paying Off Your Holiday Credit Card Debt
Prevent Identity Theft With a Credit Freeze
Saving Money on Your Credit Card Bills
Terminate Credit Card Debt Without Consolidation
Tips on Credit Cards, Part 1
Credit Collection Laws
Credit Repair Organizations Act
Fair And Accurate Credit Transaction Act
Fair Credit Billing
Fair Debt Collection Practices – Know Your Law
Statute of Limitations
The Fair Credit Reporting Act
The Fair Debt Collections Practices Act
The Truth In Lending Act
Credit Counseling
Can Consumer Credit Counseling Help Avoid Foreclosure
Credit Card Counseling
Credit Counseling a Must for Bankruptcy
Credit Counseling Benefits
Credit Counseling Can Reduce Your Debt
Difference Between Credit Counseling and Debt Settlement
Free Credit Counseling to Help Manage Your Debt
Using Credit and Debt Counseling to Manage Your Finances
What Can Credit Counseling Offer You?
What is Credit Counseling
What to Ask a Credit Counselor?
Credit Education
Balance Transfers -- Are they really free?
Transcript - Balance Transfers – Are they really free?
Info Graphic - Balance Transfers -- Are they really free?
Consumer's Rights
Establishing New Credit
Finance Charges
What Are Secured Credit Cards
Transcript - What Are Secured Credit Cards
Info Graphic - What Are Secured Credit Cards
Credit Reports and Scores
Credit Repair After Bankruptcy
Do you Know the Benefits of Checking your Credit Report?
2016 Understanding Consumer Credit Guide
DCC Educational PDFs
Debt Consolidation
4 Valuable Tips on Debt Consolidation
Become Debt Free With Financial Advice
Benefits of Debt Consolidation
Bill Consolidation Loans
Bill Consolidation Advice to Help With Debt
Credit Consolidation: Is It Worth Taking?
Debt consolidation and Ways to Avoid Scams
Debt Consolidation Explained - What Happens if You Don't Pay?
Debt Consolidation Loans
Debt Consolidation Loans for Payday Loan Debt
Debt Consolidation Non-Profit
Debt Consolidation Now Will Improve Your Credit Score Later
Debt Consolidation Provides Relief from Financial Stress
Debt Consolidation Services Helps to Clear Debts
Debt Consolidation – Find Relief To Your Financial Stress
Debt Management Program
Debt Management Program Will Ease Debt Burden
Do You Need Debt Consolidation?
Get a Debt Consolidation Loan to Manage Bad Debts
Government Debt Consolidation Loans
Government Debt Consolidation Loans for Student Loans
How to Consolidate - Debt Help - Consolidate Your Debt Payments
How to Consolidate Bills Effectively When Left in Debt
How to Consolidate Debt
Let the government help you consolidate your debts
The Advantages of Credit Consolidation
Understanding Debt Consolidation Loans
Debt Girls
About The Girls
Debt Settlement
Debt Settlement Scams
Info Graphic - Debt Settlment Scams
Transcript - Debt Settlement Scams
Elderly Can Benefit from Debt Settlement
Financial Tools & Calculators
Bill Reminder Tool
Bill Reminder User Guide
Calculators
Car Loan Calculator
College Savings Calculator
Credit Card Payoff Calculator
Mortgage Loan Payment Calculator
Retirement Calculator
Savings Calculator
Loan Modification Guide - Do It Yourself
Frequently Asked Questions
Step 1: Prepare yourself
Step 2 Gather the necessary documents
Step 3 Know what to expect
Step 4 Contact your lender
Step 5 Review your loan-modification plan
Step 6 Finalize the approval and begin making payments
Phone Apps
Home Buying
Build or Buy a Home
Choosing a Real Estate Agent
Home Equity Interest Rate Charges
Home Equity Line of Credit
Home Equity Loan Fees
Lease Buy Backs
Transcripts - Lease Buy Backs
Info Graphic - Lease Buy Backs
Managing Your Mortgage
Mortgage Basics
Mortgage Debt Elimination, 3 Things You Must Know
Quick Guide to Loan Modification
Transcript - Quick Guide to Loan Modification
Info Graphic - Quick Guide to Loan Modification
Real Estate Laws
Refinancing
Renting vs Owning
Interesting Money Articles
12 Amazing Facts about Credit Card Debt
12 More Interesting Facts About Money – Part 2
24 Amazing Pictures of Money
Introduction To Budgeting
7 Steps to Successful Budgeting
All You Need to Know About Budget Basics
Basics of Personal Budgeting
Budgeting - How Much?
Debt Management and Prevention Using a Budget
How to Pay Off Debt – Start Budgeting
Maintaining and Budget Planning
Manage Your Debt by Learning How to Budget
The Basics of Budgeting
Transcript - The Basics Of Budgeting
Info Graphic - The Basics of Budgeting
The Importance of a Household Budget
Managing Debt
1 in 10 Having Wages Garnished
Advanced Fees For Unsecured Loans
Info Graphic - Advanced Fees For Unsecured Loans
Transcript - Advanced Fees For Unsecured Loans
Debt Relief The Issue of Forgiveness
Get Out of Debt by Changing Your Financial Habits
Personal Finance Management to Reduce Debt
Start Early Teaching Kids Money Management and Savings
Saving Money
Banking & Credit
Energy Saving Tips
Info Graphic - Energy Saving Tips
Transcripts - Energy Saving Tips
Enjoy the Holidays Without Breaking the Bank
Info Graphic - Enjoy the Holidays Without Breaking the Bank
Transcript - Enjoy the Holidays Without Breaking the Bank
How 'Charge Offs' Effect You
Insurance & Housing
Money Management Means Setting Goals
PREPARING YOUR BUDGET FOR A WORSE CASE SCENARIO
Save Money When going to work
Spendaholic
Transportation Savings
Utilities and Savings
What Debt Should You Pay First?
Young Couple Finances
Student Loan Debt
Student Loan Default Penalties
Consolidate Student Loans
Student Aid
Student Loan Tips for Recent Graduates
Student Loans and the Credit Squeeze
Types Of Debts
Auto Loan Prepayment Penalties
Balance Transfers
Credit Card Minimum Payments
Gambling Debt Problem Gambling and Bankruptcy Connection
Holiday Credit Card Debt
Ideas To Save
Inherited Debts?
Six Easily Avoidable Causes of Debt
Ways to Pay Off Holiday Debts
Video Library
Personal Finance Video library
Tax Tips Video library

Free Consultation




McAfee SECURE sites help keep you safe from identity theft, credit card fraud, spyware, spam, viruses and online scams

Latest Headlines

Latest Infographics

Most Popular Articles

Transcript – What Are Secured Credit Cards

Article | Transcript | Info Graphic

Scott:               Today, we’re going to talk about secured credit cards and why they’re important. They’re really important for, if you’d had some struggles in the past, you’ve had some mishaps and mishaps in credit, so most people do want to pay their bills on time. However with the loss of job or reduction of income, sometime our credit may have suffered a little bit and it’s tough to get back on that wagon. So what works best is actually to establish a secure credit card. Now that simply is instead of the bank giving you a line of credit where credit card on a sheer promise to pay, you actually give them some of your hard earned cash. It could be $300 or $500 and what they … I’m talking here.

Alex:                What?

Scott:               Do you mind?

Alex:                What’s the problem?

Scott:               You’re smacking your gum. As I was saying, a secured credit card is a great tool to re-establish credit what happens recent applied for a secured credit card, what you simply do is you’re giving a bank or a credit card issuer anywhere from $300, $500, possibly a thousand dollars. Depending on what the credit card company requires.

Alex:                How bad you fucked up.

Scott:               Yeah. They will then issue a credit card which you can use as a regular credit card and make your purchase of goods and services in your area that are online. As time goes by and you continue to pay those cards, you pay the card every month, it starts to rebuild a payment history and the creditors report to the bureaus. You have a situation where you’re showing that you have good faith and you have good payment history once again. As time goes on and you start to build that trust many creditors will do one of two things. They would either increase your credit line without asking for any additional money or they will actually return your money and it now becomes an owned secured credit card.

Couple things to learn about credit cards, number one, when looking for a secured credit card you definitely want to pay attention to the fine print. Because all secured credit cards, or almost all will charge at least an annual fee or setup fee of some sort, and while they are regulating you do want to pay attention shop around of what, what this are. Number two, you definitely want to pay attention to make sure that they each report to the three credit bureaus because after all you’ve taken a secured credit card as a strategy to reestablish your payment history for a good credit history. If the secured credit card is not reporting to the credit bureaus then it’s a secret, nobody knows that you’re reestablishing credit and that’s very key point.

Number three, when you receive the card what you want to do is you want to charge everything on that card that you typically will pay cash for. Your groceries, your gas, your coffee, anything that you do.

Alex:                It’s wonderful.

Scott:               When the bill comes the other month very important to pay the whole thing off but what that does is that shows you’re charging, you’re running up a balance, you’re paying the balance off, you’re running up a balance, you’re paying the balance off. If you do that the course of the next four or six months, number one you can then appeal back to that creditor to either ask for your money, your deposit to be returned, thereby making an unsecured credit card. Or …

Alex:                Not bored at all.

Scott:               They may indeed review your account and give you a credit line increase without and increase deposit. Either way it’s a win for you. Moving forward if you want to apply for another card ..

Alex:                Do you like cheese?

Scott:               Yes I do.

Alex:                Cheese is good.

Scott:               Very good in moderation.

Alex:                Yeah, you don’t want those cottage cheese legs.

Scott:               No.

Alex:                Disgusting.

Scott:               No. Have cheese and wine with you.

Alex:                Keep your cholesterol and your debt low, and your mortgage, and then you’re good. Continue.

Scott:               Well thank you.

Alex:                So pay it all off.

Scott:               Pay it all off.

Alex:                All your groceries, all your … I’m sorry, did I stressed you out?

Scott:               With that moving forward as you develop a history with that card, so always going to try may apply for another one just two or three times. As you get another card start using that card with it.

Alex:                Have lots of cards?

Scott:               Well maybe three but do a little …

Alex:                Really?

Scott:               Yeah.

Alex:                Typically you advice you will have three cards?

Scott:               Yeah, well if you’re rebuilding a credit the more lines of credit that you have the more trade lines you have.

Alex:                The better.

Scott:               The better because you want to have some depth, you want to show that you can handle money.

Alex:                Yeah, you’re like the good old my money, bling bling America.

Scott:               Yeah, something like that. Well bling bling America’s fine, they will say bling bling your paying them.

Alex:                Right, right.

Scott:               We’ll say that’s what’s important.

Alex:                Got you.

Scott:               You know the old saying goes, if you can prove to the bank you don’t need any money that’s when they want to give it to you.

Alex:                I have an old saying.

Scott:               You do?

Alex:                One time a lollipop, two times a sucker, three times you end up in a old crack house with nacho cheese all over your naked trembling body. Heard of that one?

Scott:               That sounds like a personal horror story actually. Moving on.

Alex:                Moving on.

Scott:               Moving on. The strategy is when you have that one card use it for a few months, charge it up, pay it off, charge it up, pay it off. From there apply for a second card, from a different institution and once you receive that card, charge it up, pay it off. Stop using the first one, start using the second one.

Alex:                No crying in credit scores bitches.

Scott:              Yes.

Alex:                Stop crying.

Scott:               Do that couple times, different but two or three cards and then you’ll have had, now you got three new trade lines of established credit.

Alex:                Yeah.

Scott:               Now, when you’re looking for your bigger purchases, if you’re in a position where you need to  buy a car, or a in a position to buy a house you’ll have some credit reestablished to help.

Alex:                To do that, yeah.

Scott:               Yeah, absolutely.

Alex:                Great.

Scott:               All right, well that’s it for today.

Alex:                I love this shirt, is it shark skin?

Scott:               Shark skin, no.

Alex:                You’re a man in the ocean.

Scott:               I’m a land lover actually.

Alex:                Do the ocean scares you?

Scott:               No it doesn’t, no it doesn’t scare me.

Alex:                That was a cat, cats under the ocean.

Scott:               Catfish.

Alex:                That was a … oh yeah catfish, and that’s a wrap.

Scott:               I guess we’re done so for DCC and financial community I’m Scott Tennell.

Alex:                I’m Alexander Keshon and I make candles out of my …

McAfee SECURE sites help keep you safe from identity theft, credit card fraud, spyware, spam, viruses and online scams