About the author:
Sean P. EgenAfter realizing he couldn’t pay back his outrageous film school student loans with rejection notices from Hollywood studios, Sean focused his screenwriting skills on scripting corporate videos. Videos led to marketing communications, which led to articles and, before he knew it, Sean was making a living as a writer. He continues to do so today by leveraging his expertise in credit, financial planning, wealth-building, and living your best life for Credit One Bank.
Many of us have done it. It may have been a simple oversight and we just forgot to take care of it on time. Or perhaps times were tough and we didn’t have the money. But, no matter what the reason for missing a payment or making a late payment on your credit card, there are typically repercussions. In fact, a single late payment of no more than 30 days late on your credit card could lower your credit score by as much as 100 points.
When muscles are tight, you have to work on making them more flexible. When money is tight, flexibility once again plays a key role in helping you find ways to free up funds or earn more income. Especially given that habitual behavior and rigid thinking may have played a role in helping to create your current financial picture.
A secured credit card is a good way for those with little or no credit history to build credit. But there’s one major difference between a secured and an unsecured, or traditional, credit card. A secured credit card requires that some security, or collateral, be tied to it to minimize the card issuer’s risk. This collateral is in the form of a monetary deposit, which the card holder is required to make before they can start using a secured credit card. This deposit is typically equal to the credit limit of the secured credit card.
If you’re in the process of trying to build—or rebuild—your credit, you may’ve discovered that it’s tough to do so without actually having any credit. Most credit card companies want to see that you’ve demonstrated responsible credit usage prior to granting you a credit card, but how are you supposed to demonstrate responsible usage if you don’t have any credit to use responsibly?
While most rental car companies will let you settle your bill in cash when you return the car, some will not let you reserve a car with a cash deposit at the beginning of the rental transaction. Other rental car companies may let you rent a car with a cash deposit, but you will most likely have to clear multiple hurdles first—providing proof of insurance, showing a paycheck stub, filling out an application and possibly paying a fee, providing copies of utility bills, and more—plus, you may have to pay the entire cost of the rental up front.
There’s something about an open road, a loose itinerary, and the possibility of adventure that’s uniquely American. And America is world renown for having some of the best roads and routes for wandering. Whether you’re looking for long, empty expanses to lose yourself in, or stretches of road chock full of awe-inspiring scenery, or patches of pavement packed with history that tell a tale of how America once was, there’s a road trip with your name on it out there.
After realizing he couldn’t pay back his outrageous film school student loans with rejection notices from Hollywood studios, Sean focused his screenwriting skills on scripting corporate videos. Videos led to marketing communications, which led to articles and, before he knew it, Sean was making a living as a writer. He continues to do so today by leveraging his expertise in credit, financial planning, wealth-building, and living your best life for Credit One Bank.
This material is for informational purposes only and is not intended to replace the advice of a qualified tax advisor, attorney or financial advisor. Readers should consult with their own tax advisor, attorney or financial advisor with regard to their personal situations.