The Total Visa is a bad credit unsecured card. It was designed for individuals with blemishes on their credit report.
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.
They estimate that your utilization ratio and payment history make up to 80% of your score. It will help if you have unused 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.
The cash advance APR is 19.92%, in case of a financial emergency. You will be eligible for quarterly limit increases.
With our current economic conditions there has been a wave of good credit cards raising their APR's to 20% and higher. They have been doing this without cause, meaning the customer did not pay late.
Law makers have responded however these new laws do not go into effect until 2010. We have also seen the lending institutions tighten their requirements for approval.
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.