If you have an interest in the credit card industry but don't understand the intricacies of most types of cards, you will find that the Indigo Mastercard is a good way to learn about all of the various options. This particular card from Bank of America features many tools that will help you build your credit rating and reach your financial goals. Understanding how to use the Indigo Mastercard to its maximum advantage can be the difference between obtaining good credit and never getting approved for credit at all.
The biggest advantage to using the Indigo Mastercard is that it will allow you to qualify for an entirely new credit card with no inquiries into your past credit scores. When you apply for a new credit card, the company will pull a copy of your credit report from all three credit bureaus. The result of this search will determine whether or not you will qualify. If you have had some bankruptcies in your past, the credit score report will show that these bankruptcies are marked on your report as “settled”.
The next thing the indigo Mastercard has to offer you is a collateral security deposit. This security deposit will be equal to twenty-five percent of the total amount of the balance on your account. The reason for this security deposit is so that if you can't make a payment on time, Bank of America has some leeway in changing the terms of your payments in order to ensure that you will be able to make the payments. This change will appear on your credit history as “credit inquiry”.
Once you are approved for the indigo Mastercard, it is your turn to start building your credit rating. Your first step should be to open a new checking account with the bank you chose to receive the indigo Mastercard. If you have applied for a debit card, your application must pass through the three major credit reporting agencies (Equifax, Experian and TransUnion). After you apply for the first access visa card, you will begin to build up your credit score. You can request an appraisal from one of the credit reporting agencies that is associated with the MasterCard you have chosen.
One of the best things about the indigo Mastercard and the indigo platinum card is that they can be used at virtually every retail store, ATM and other location that accept Visa or MasterCard. This allows you to build your credit score quickly by using your new card in place of a traditional checking account. As you use your new card on a regular basis, your interest rate will decrease. This is due to the fact that all of your monthly payments will be recorded as credit payments to the issuer. The interest rate will remain the same regardless of whether you make a purchase . . . . . . or a withdrawal.
To keep your credit score in tact, it is important to make all of your payments on time. Because of the manner in which indigo Mastercard and indigo credit cards are granted, you cannot overdraw your account. The lender will report each of your transaction to the credit bureaus as if it were a normal purchase transaction. This helps to build your credit score. Each time you pay a bill, it goes onto your statement, and then when you take out a loan, the money is applied to your account.
Another important part of the process of applying for indigo platinum Mastercard and the indigo platinum card is completing the application correctly. If you fill out the application improperly or fail to complete it altogether, you may be disqualified from being approved. In the past, people who applied for the indigo platinum card and were unsuccessful were unable to provide the social security number that was required of applicants. It is not clear what the social security number requirement is on the pre-qualification application anymore. If you do not know the number, you should contact the company directly.
All applicants should be aware of the specific information that is required when filling out the application for the indigo Mastercard and the indigo platinum card. For example, many applicants were not able to provide the right information on their application because they did not have the right to social security number. If you do not have this number, you should immediately remove it and supply it before continuing. If you have completed everything correctly, you should be approved for both the indigo Mastercard and the indigo platinum Mastercard. Make sure that you pay all of your bills on time and maintain a good payment history with your issuer to maintain your status with them.
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