The US, as a country, runs on debt. That’s no secret. What may be surprising to many is the fact that the majority of the American population are in debt. Debt is common, and it can affect anyone, rich or poor. Medical debt, credit cards, student debt, and mortgage are the most common types of debts in the country with the former being the number one cause of personal bankruptcy. Too much debt — and eventual bankruptcy — ruins your credit rating.
What happens after your financial issues are over and your credit score is in shambles? Everyone goes through a rough patch every now and then, but nothing lasts forever. Once the dust settles with the tough issues, it’s time to get up and get your house in order. Start by building your credit rating back up. But how exactly can you do that? By getting a secured Mastercard. The Capital One Secured Mastercard, for instance, is a great way to boost your credit score.
Who Should Apply for The Capital One Secured Mastercard?
The Capital One Secured Mastercard provides a lot of benefits for anyone struggling with debt. If you are trying to get your financial health back in shape and bring your credit rating back up, this is the card for you. The Capital One Secured Mastercard gives you the opportunity to start low and increase your credit line as you go. No annual fee or any other form of hidden payments. At 24.99%, the APR is quite high but definitely worth it.
Benefits of the Capital One Secured Mastercard
The Capital One Secured Mastercard has a lot of benefits for anyone trying to get out of a messy financial situation. It’s a difficult time for you and all you need are flexible options to improve your situation. With this card, it’s doable. All you need is hard work and a lot of discipline. Capital One Secured Mastercard sets your credit a little lower than your deposit, meaning that for a credit line of $200, you can deposit $50, $100, or $200.
You can get a higher credit limit if you make a deposit higher than the minimum when you open the account. If you have a fixed income and can’t afford to pay the deposit up front, this card lets you make the payment in instalments. However, the full amount must be paid within 80 days of approval. This level of flexibility ensures that you are able to improve your financial wellbeing and increase your credit score in a short period of time.
Is the Capital One Secured Mastercard Right for Me?
The Capital One Secured Mastercard is a great option for anyone who’s trying to improve his/her relationship with banks, credit card companies, and other lenders. It helps you build your credit score after a devastating financial situation. It could be your medical debt, student debt, or credit card debt that got you in that bad situation, but the Capital One Secured Mastercard can help you out. All you need is a reliable source of income to make your payments on time, and you are good to go.