Total Visa - Review
The Total Visa was designed for individuals with a low credit score. It is an unsecured card.
It reports monthly to all three major credit bureaus. By making your monthly payments on time it will help you build a positive payment history.
This is very important when your score is calculated. Your utilization ratio will determine another large part of your score.
This ratio compares the amount of available credit you have versus the amount of debt you have. It is how the bureaus determine if some one can afford more credit.
It is estimated that these two factors alone determine 80% of your score. It can help if you can show available credit.
However it is still a priority to remove any negative marks from your report. This will help to show 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.
As of late, we have seen a rise in interest rates. This has been happening to customers that have never paid late, their rates have jumped to 20% and higher.
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.
With responsible use a new credit line can help a damaged score. However with irresponsible use it can damage your score even more.
You should really look at your current expenses and income and decide if you really should take on a new line of credit.
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