Zero Debt Expert

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.

Late payments are not created equal; a 90 day and 120 day late pay will cause your score to be dramatically lowered. However with a 30 day or 60 day late pay it will cause very minimal damage to your score.

You can remove a 30 or 60 day late pay by contacting the lender directly and asking them to erase it. Often they will do this as a gesture of good will and to keep your business.

We suggest making a phone call and writing a follow up letter. In your letter you should supply a brief explanation and be polite and respectful, after all they do not have to remove the mark.

A 90 and 120 day late pay is much more difficult to remove. However if your account is still open then you should contact the lender, and ask for removal of the mark.

It is a good idea to make sure your account is up to date before making this request. Typically if the lender sees a history of late payments they will not remove it.

If you can not get the mark removed we suggest you dispute it directly with the credit bureaus. This is done by creating a dispute letter and mailing it to each bureau or you can hire a service to do this on your behalf.

This item will be on your report for a maximum of seven years. Additionally your account will be charged off after 180 days of delinquency.

A lender can remove this mark because they report monthly to the bureaus and can choose what to report to them. Thus if they do not report your late payment the next month then it will not be on your credit history.

If your account is not in good standing, it will be very difficult to convince the lender to remove the mark from your report. Also there is a lot of information that says a negative item must stay on your report for seven years.

This is false, seven years is the maximum amount of time most negative items can remain on your report. The Fair Credit Reporting Act passed by Congress made this law. There is no minimum amount of time a negative item has to be on your report.

In sum the first step is contacting the lender, if you still have the account, and then if that is unsuccessful dispute it directly with the bureaus.

The Green Dot Visa is a pre paid debit card. Often this is used by individuals that do not have a bank account.

This is a result of card holders having free direct deposit, which can save hundreds of dollars a year on check cashing fees. It is accepted world wide and is a real debit card.

There is no bank account required or credit check. It does have a monthly maintenance fee of $4.95 but this fee is waived if you deposit $750 or more monthly.

You can access cash at over 900,000 ATM’s in 120 countries and it is accepted online and over the phone.

It does have a reload fee of $4.95 when you use a MoneyPak. Common criticisms are; the amount of fees and poor customer service.

These are purchased at retailer locations such as Walgreens, Wal-mart, Kroger, CVS and more. There is also a $2.50 ATM Withdrawal fee and a $9.95 activation fee.

This card is issued by Columbus Bank and Trust Company and comes as a Visa or MasterCard.

You can upgrade your account to Premier Membership; the benefit is priority customer service. The fee for this is a one time payment of $20.

You can purchase this card at retail locations or you can fill out an application online and have a card sent to you within 7-10 business days.

Frequently parents will use this card to teach a child how to manage money. It also gives parents an easy way sending financial help to students that are away at school.

Your money will be protected if your card is ever lost or stolen. It is a much safer alternative than carrying cash.

You use it to pay your bills. Additionally it will give you a convenient way to track your spending and stay within a budget.

In sum this card can help individuals without a bank account and parents. However we are alarmed that there are additional fees for priority service. We feel that when it comes to your money you are entitled to priority service.