Total Visa - Review
The Total Visa is an unsecured credit card. It has been designed specifically for those with a low credit score.
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 compares the amount of debt you have versus unused credit. It is how the bureaus determine if you can afford a new credit line.
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.
This card is issued by the Plains Commerce Bank a member of the FDIC. It has an initial credit limit of $250, and a 19.92% APR. There is an annual fee of $48.
They offer a 19.92% cash advance APR which is actually lower than many prime credit cards, in case of a financial emergency. They do give quarterly credit limit increases.
Recently good credit cards have been raising their interest rates even with customers that are paying on time. These rates have been jumping as high as 28%, without cause.
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.
If you are able to use your card responsibly it can help a low score. However it can also harm even a low score with irresponsible use.
This is why we think it is important for you to look at your budget and what you can comfortably afford to spend before you apply for any new credit.
