My Jewelers Club
How to Rebuild A Bad Credit Score with My Jewelers Club
A bad credit history creates a stain on your purchasing power and can undermine all your efforts to get things done. Are you wondering if you can get a credit card with a tarnished credit history? Ideal credit cards that can serve you well are secured cards, and My Jewelers Club is a great choice.
Even if your bad credit record comes from bankruptcy, you’re still eligible for a My Jewelers Club credit card. Through a down payment, you can acquire MJC and use it to rebuild your payment history positively. Within one successful year of use, you’ll be eligible for the standard credit card.
Who does this credit line best fit?
If you’ve seen a lot of people use MJC and wondered how they go about it and thought of joining the club, this is your right moment to delve more into it and get to understand it better.
As mentioned earlier, My Jewelers Club is ideal for people with a bad credit history, but not everyone will find it more valuable for them. Typically, if you qualify for a high-end credit card or a secured card period, it might make more sense for you not to get the card.
MJC best fits two classes of people; those with high credit utilization and those with little to no credit history.
Little or no Credit History
The second class of people that My Jewelers Club would benefit most are those who have little or don’t have a credit history. However, they won’t benefit as much compared to those who have a stronger credit history.
High credit utilization
If you have a high credit utilization and won’t be able to get it down in the quickest time, then MJC can be ideal for you. Suppose your entire credit limit is $5,000 across all your credit cards, and the standing balance is $4,500. This balance makes your credit utilization too high, eventually making it very difficult to get a good credit score.
The high credit utilization affects up to 30% of your credit score, putting you at risk of losing up to 165 points on your score. Due to this, it’s crucial always to minimize your credit utilization.
If you were trying to acquire a new asset like a house, it’d be challenging to get the high credit utilization to lower much faster to make you eligible for the new credit you need. As such, you’re only left with two options; first, try to get the high credit utilization lower by paying your debt, or second, obtain more credit.
The second option would work in your favor if you obtained My Jewelers Club credit card. You’ll end up having a total credit limit of $10,000 from MJC’s $5,000 credit limit plus your $5,000 limit from the other cards. Therefore, your credit balance of $4,500 against a credit limit of $10,000 will give you a credit utilization of 45%, which is much better.
On the other hand, if you retained your credit limit of $5,000 from the other cards as you try to clear the outstanding debt of $4,500, your credit utilization will be 90%. This percentage will raise a red flag, and fewer credit providers, if any, would want to issue you more credit.
What are the perks of My Jewelers Club?
My Jewelers Club offers excellent benefits, especially to those who want to repair their bad credit history. By opting to use MJC, you stand to gain from the following:
High credit limits
Where else can you get a $5,000 credit limit with a bad credit score? My Jewelers Club gives you a higher credit limit than most of the other cards out there.
Highest acceptance rate
My Jewelers Club has an applicant acceptance rate of 95%, which means that you’re in a better position of getting acceptance regardless of your credit history.
Easier to obtain
My Jewelers Club is simple to obtain and start using it. Regardless of a bad credit score, you’re eligible to get the card. The requirements of getting the MJC credit card are also minimal. You’ll only need to pay the $99 signup fee during the application. Even if your application does not go through, you’ll get your $99 refunded; therefore, no worries about losing your money.
Rebuild bad credit history
A bad credit score is tough to rebuild if you are not eligible for a credit card. MJC offers you the chance to rebuild your bad credit history and qualify for a standard credit card within one year.
MJC, unlike other secured credit cards, reports to all the three main credit bureaus; TransUnion, Experian, and Equifax. For each of the bureaus, you can get up to a 75-point credit boost.
Getting a credit score boost can be difficult and time-consuming if you focus only on settling your outstanding credit balances. It can hinder your efforts of acquiring other major credits for larger projects, such as obtaining a house or a car. My Jewelers Club offers an easier and quicker way of boosting your credit score.
If the bad credit score is related to a bankruptcy, the quickest way to get a credit boost would be to seek a credit experts’ assistance. 007 Credit Agent offers quality assistance with your credit score history so you can be eligible for a standard credit card in the shortest time possible.