Your Credit Score is Busted Up
Perhaps you’ve ventured into world of entrepreneurship and taken some risks that didn’t pan out before they did. Or perhaps you haven’t. Either way, you may have put yourself in a pickle or two that has caused you to “rob Peter to pay Paul” when it comes to finances and paying those monthly bills.
This is life.
However, your credit score can reflect such activity. And each time you pay a bill late, your score is dropping like groupie drawers on a 2 Live Crew tour bus. I’ve been thru so many up-swings and down-swings with my own personal credit score, I can tell you. The first thing that you need to do when you’re going thru financial issues is to get your income and expenses under control. And once you do that and stop the damage, after the smoke clears you will need to start the repair process with a card such as the Korean Air Skypass card.
Repair that Shit with the Korean Air Skypass
One of the best ways to start repairing your credit score is by obtaining a credit card that you can start building a good credit history with. Now, if your credit score is really jacked-up as in less than a 600, chances are you’ll need to get a secure credit card. A secured credit-card is different from an unsecured credit-card as you will be required to deposit the amount of your credit limit with the card company. So if you want a $2,000 credit limit, you will need to send a check for $2,000 to the credit card company. Then you will be able to borrow against that money that you’ve already deposited.
Doesn’t make much sense?
Well. If you were a bank, how would you feel lending money to someone who has a 550 credit score? You probably wouldn’t do it right? I know that I wouldn’t. So for these banks to even make this happen, they require that folks with horrible credit scores put up collateral cash. This way, if there is any default on behalf of the consumer, they have their money to recoup out of your deposit. The benefit to the consumer is that they have a working credit card and a company that will report their timely payments to the credit bureaus. And usually after 12 months of good behaviour they get their deposit cash back and the secured-card becomes an unsecured-card.All is well at that point. Welp. If you want to make this happen and begin repairing your credit, I suggest finding a secured card that has the most benefits that are valuable to you. For me, it was finding a secured credit card that also offered frequent flyer miles. This was a tough search as there weren’t many available. But I did find that there is a card offered by US Bank called the
Korean Air SkyPass Card
The only Secured Credit Card with MILES!
I’ve had this card for nearly a year now and don’t have any complaints about it at all. I actually happened to already have a US bank personal checking and savings account, so the fact that this card was backed by a bank that I was already a member of was a great bonus.
The Details of this Card
- You get 15,000 miles after your first purchase
- You earn 1 mile for every $1 that you spend
- The annual fee is $50
The miles that you earn will be Korean Air miles. And I know what you’re thinking. You’re saying. “Justin, that’s cool and all but I don’t plan on flying with Korean Air anytime soon. As a matter of fact, I’ll probably never fly with them.” And that’s fine. Because here’s the solution. The Korean Air miles that you earn, are under the “SkyTeam” alliance. Which means that you will be able to transfer your miles to any carrier under that alliance.
SkyTeam Alliance Members:
- Air Europa
- Air France/KLM
- China Southern Airlines
- Czech Airlines
- Delta Air Lines
- Kenya Airways
- Korean Air
- Vietnam Airlines
So yes, if you’re in the United States and you read that list you can indeed use your Korean Air Miles for Delta Air Lines. And even Air France/KLM, I think they have quite a few domestic (US) flights available as well.
If you need to rebuild your credit score, you might as well do it with a credit card that offers the most perks. And from what I’ve found, the Korea Air SkyPass card is the best card available as it’s the only secured credit card that offers frequent flyer miles.