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Thursday, May 28, 2009
Hidden Payments
Merchants who accept credit cards must pay a processing fee ranging from 1- 6 % of the purchase price. These hidden costs and hidden payments are transferred to the consumer in various ways.
The first method is the most commonly accepted one of a surcharge on the payment, leading to the price being higher than the marked price. The problem has been compounded in India, where the credit card companies have not asked for “merchant agreements”, which provide that the processing charges will not be added on by the merchant. This has led to credit cards being used less frequently than they might be, a disadvantage to the issuer as well as the merchant.
A second method is simply marking up of the prices of all items in the shop, leading to the surcharge being hidden in the retail price. While the MRP does restrict this to some extent, the net result is that people who pay in cash are paying as if they were using a credit card. Thus, a part of the revenue earned by the credit card companies comes from people who do not even own a credit card!
The flip side is, with the boom in the credit card market in India, greater volume of credit card sales allow the merchants to keep their existing price structure, and still not lose any profit on paying the processing fee, since the credit card companies have relaxed their rates, as a measure to boost sales and increase the acceptability net. . Credit cards also allow for convenience in repeat sales, and the processing fee is greatly offset by the increased convenience. Also, the processing fee is simply an equivalent payment to the costs incurred in counting, transporting and depositing the cash payments.
Whichever way you look at it, using a credit card can entail certain hidden payments consequences of which must be closely examined before using a credit card.
Source:
Wikipedia
http://www.washingtonpost.com/wp-dyn/content/article/2007/03/08/AR2007030802178.html
Statutory Instrument 1990 No. 2159: The Credit Cards (Price Discrimination) Order 1990
http://rbifinance.com
http://kingcreditweb.com
The first method is the most commonly accepted one of a surcharge on the payment, leading to the price being higher than the marked price. The problem has been compounded in India, where the credit card companies have not asked for “merchant agreements”, which provide that the processing charges will not be added on by the merchant. This has led to credit cards being used less frequently than they might be, a disadvantage to the issuer as well as the merchant.
A second method is simply marking up of the prices of all items in the shop, leading to the surcharge being hidden in the retail price. While the MRP does restrict this to some extent, the net result is that people who pay in cash are paying as if they were using a credit card. Thus, a part of the revenue earned by the credit card companies comes from people who do not even own a credit card!
The flip side is, with the boom in the credit card market in India, greater volume of credit card sales allow the merchants to keep their existing price structure, and still not lose any profit on paying the processing fee, since the credit card companies have relaxed their rates, as a measure to boost sales and increase the acceptability net. . Credit cards also allow for convenience in repeat sales, and the processing fee is greatly offset by the increased convenience. Also, the processing fee is simply an equivalent payment to the costs incurred in counting, transporting and depositing the cash payments.
Whichever way you look at it, using a credit card can entail certain hidden payments consequences of which must be closely examined before using a credit card.
Source:
Wikipedia
http://www.washingtonpost.com/wp-dyn/content/article/2007/03/08/AR2007030802178.html
Statutory Instrument 1990 No. 2159: The Credit Cards (Price Discrimination) Order 1990
http://rbifinance.com
http://kingcreditweb.com
Common Credit Card Mistakes
The following article highlights some common mistakes made by credit card holders before, after and during getting a credit card issued. Before getting the card: Procuring multiple cards An extremely common mistake made by most inexperienced cardholders, lured by the attractive initial rates of an add-on card or a special discount scheme offered during peak season, they often find themselves in twice as much debt as before.
Not shopping around for the best interest rate
Credit card rates and terms vary greatly. Always ask your issuing bank for all the credit card rates they charge like fuel surcharge, late fees, revolving credit charge etc. The bank’s website or customer care service can be used for this function. Choosing a card for the wrong reasons
Cardholders often get a card issued because of the fringe benefits and reward schemes on offer, even though the rates are higher. A credit card is there to make purchases, not to earn reward points. They should be treated as a bonus, after getting a card with the best rates.
Being misled by introductory rates
Some credit cards, especially of the low-end variety, often have a low or waived initial fee and a modest annual fee for the initial period. However, after the period is over, the rates spiral and increase significantly. The paperwork and forms must be scrutinized carefully by the cardholder for such tricks.
Not reading the SMALL print
Before you sign up, be sure you know the card's interest rate and how it is calculated, the grace period, fee schedule, and other terms. After getting a card issued, pay attention to any updates or notifications sent to you by the bank or the card company.
After getting the card:
Applying for a card and limit you cannot afford to repay and paying the minimum repayment
The most publicized feature of the credit card is that of the minimum amount due. What is not advertised is that interest is charged on the amount spent, not the amount outstanding. So use this feature only as a last resort.
Maxing out the card
This implies that the holder has overspent, and the debt becomes crippling. Often the cardholder is stuck paying off the interest alone, and cannot make any inroads into the principal.
Using the cash advance function
Check on the terms and conditions of the cash advance function very carefully. The interest rates are often steep and there is no interest-free period. If you must use it, repay the money at the earliest.
Late payments
Late payments subject you to extortionate interest rates and set fees. The charge is extremely high and proportional to your bill. The late payments are one of the main revenue-earners of the companies.
Not checking your statement and not keeping your receipts
A common error when we start to feel the pressure of a debt burden is to start to ignore the fact that the debt exists in the first place. A downward trend starts that will leave you hopelessly in debt. Also keep your receipts from purchases to cross-check with your monthly bill.
Adding a secondary user
Although some may not consider this a mistake, if you add a secondary user to your credit card account you’ve suddenly lost control over the spending on your card. The interest rates and payments you will have to make will also increase, and the fraud risk multiplies.
Using your card overseas
Overseas purchases are charged with a large fee and a higher exchange rate than the current one. It’s much safer and cheaper to carry travellers’ cheques or cash. There are also special deals which certain global banks offer, one among them being the offer to convert your card to the foreign country’s currency, provided the bank does business there.
http://rbifinance.com
Not shopping around for the best interest rate
Credit card rates and terms vary greatly. Always ask your issuing bank for all the credit card rates they charge like fuel surcharge, late fees, revolving credit charge etc. The bank’s website or customer care service can be used for this function. Choosing a card for the wrong reasons
Cardholders often get a card issued because of the fringe benefits and reward schemes on offer, even though the rates are higher. A credit card is there to make purchases, not to earn reward points. They should be treated as a bonus, after getting a card with the best rates.
Being misled by introductory rates
Some credit cards, especially of the low-end variety, often have a low or waived initial fee and a modest annual fee for the initial period. However, after the period is over, the rates spiral and increase significantly. The paperwork and forms must be scrutinized carefully by the cardholder for such tricks.
Not reading the SMALL print
Before you sign up, be sure you know the card's interest rate and how it is calculated, the grace period, fee schedule, and other terms. After getting a card issued, pay attention to any updates or notifications sent to you by the bank or the card company.
After getting the card:
Applying for a card and limit you cannot afford to repay and paying the minimum repayment
The most publicized feature of the credit card is that of the minimum amount due. What is not advertised is that interest is charged on the amount spent, not the amount outstanding. So use this feature only as a last resort.
Maxing out the card
This implies that the holder has overspent, and the debt becomes crippling. Often the cardholder is stuck paying off the interest alone, and cannot make any inroads into the principal.
Using the cash advance function
Check on the terms and conditions of the cash advance function very carefully. The interest rates are often steep and there is no interest-free period. If you must use it, repay the money at the earliest.
Late payments
Late payments subject you to extortionate interest rates and set fees. The charge is extremely high and proportional to your bill. The late payments are one of the main revenue-earners of the companies.
Not checking your statement and not keeping your receipts
A common error when we start to feel the pressure of a debt burden is to start to ignore the fact that the debt exists in the first place. A downward trend starts that will leave you hopelessly in debt. Also keep your receipts from purchases to cross-check with your monthly bill.
Adding a secondary user
Although some may not consider this a mistake, if you add a secondary user to your credit card account you’ve suddenly lost control over the spending on your card. The interest rates and payments you will have to make will also increase, and the fraud risk multiplies.
Using your card overseas
Overseas purchases are charged with a large fee and a higher exchange rate than the current one. It’s much safer and cheaper to carry travellers’ cheques or cash. There are also special deals which certain global banks offer, one among them being the offer to convert your card to the foreign country’s currency, provided the bank does business there.
http://rbifinance.com
Credit Cards for Students
The credit card market today is expanding to include undergraduate and post-graduate students under its umbrella. There aren’t many options for this type of card at present; many of the banks have been adapting their low-interest and lower-end cards for students’ use. The student credit card market is a fledgling one at present, with banks using models from the USA for their own adapted cards.
Features:
The most important feature of a student credit card is that there is no lower income eligibility limit, which allows even a person who doesn’t earn money to obtain a credit card.
Such credit cards are simpler to obtain than normal credit cards, with no income tax returns required. The only documents required are proof of residence and proof of enrollment at any institute.
A second major feature of most student credit cards is that they offer a lower cash limit and revolving credit limit, along with a lower service charge on the revolving credit limit.
Finally, there is no joining or annual fee, and the car is generally valid for a period of 5 years, and eligible to students who are 18 and above.
Warning:
A problem with student credit cards that has arisen in the USA, and which we would do well not to emulate is when credit card companies encourage students to use the student card to pay off their student loans. This plunges them deeper into debt, and often students are unable to pay back the loans on the credit card. The credit card companies compensate for a low monthly interest fees with an unusually high annual percentage rate, so the bills on a student card should be paid on time and in full.
NextGen Gold Visa Card:
A good example of a student credit is the Bank of Baroda’s NextGen Gold Visa Card, which is a card exclusively for students offering low interest rates as well as the primary features of their standard Gold card. The card is a prime example of a characteristic student credit card; 1.5% revolving credit service charge as opposed to 2.5%, and a higher APR.
Reminder:
Three things that a student must remember before obtaining a student card:
The card should be used for small purchases, not for any extravagant items.
The bill should be paid in full before the end of the year, otherwise the high APR kicks in.
The details and offers of the card should be studied in full before a card is purchased, with special emphasis on the APR and the late payment charge.
Features:
The most important feature of a student credit card is that there is no lower income eligibility limit, which allows even a person who doesn’t earn money to obtain a credit card.
Such credit cards are simpler to obtain than normal credit cards, with no income tax returns required. The only documents required are proof of residence and proof of enrollment at any institute.
A second major feature of most student credit cards is that they offer a lower cash limit and revolving credit limit, along with a lower service charge on the revolving credit limit.
Finally, there is no joining or annual fee, and the car is generally valid for a period of 5 years, and eligible to students who are 18 and above.
Warning:
A problem with student credit cards that has arisen in the USA, and which we would do well not to emulate is when credit card companies encourage students to use the student card to pay off their student loans. This plunges them deeper into debt, and often students are unable to pay back the loans on the credit card. The credit card companies compensate for a low monthly interest fees with an unusually high annual percentage rate, so the bills on a student card should be paid on time and in full.
NextGen Gold Visa Card:
A good example of a student credit is the Bank of Baroda’s NextGen Gold Visa Card, which is a card exclusively for students offering low interest rates as well as the primary features of their standard Gold card. The card is a prime example of a characteristic student credit card; 1.5% revolving credit service charge as opposed to 2.5%, and a higher APR.
Reminder:
Three things that a student must remember before obtaining a student card:
The card should be used for small purchases, not for any extravagant items.
The bill should be paid in full before the end of the year, otherwise the high APR kicks in.
The details and offers of the card should be studied in full before a card is purchased, with special emphasis on the APR and the late payment charge.
Debit Cards vs Credit Cards
This article highlights the differences and comparative advantages and disadvantages of the two types of popular plastic money on offer in India.
The basic difference between the two is the fact that a credit card takes the form of a personal loan from the issuing bank to the consumer, while a debit card is more like a cheque: money is directly deducted from a person’s bank account to pay for transaction.
Some advantages of a credit card over a debit card are:
With a flexile spending limit, a cardholder can take advantage of the easy loan facility of a credit card, and can use it to purchase items or spend money that he expects in the near future, not just money that he presently has in his account.
Most of the major features of a debit card such as withdrawal of cash from ATMs are available on credit cards as well.
A credit card has a wider acceptance and recognition, especially in online transactions.
A credit card has greater security measures ad checks than a debit card.
Credit cards allow for cash back and bonus points schemes that a debit card is not eligible for.
A credit card can be used as a convenient way to check and record your spending.
Since there is a fixed credit limit, a cardholder cannot overstretch his purchases.
The disadvantages of using a credit card: Following are the disadvantages of Credit card
The major one is the hidden costs of a credit card in the form of late payments, transaction fees, fuel surcharge. The consumer must take all of this into account before getting a card issued.
It is not compulsory for the entire balance to be paid, but the interest is charged on the entire amount, regardless of the part paid. This causes a debt trap for the cardholder.
The security of a card is not total and cases of fraud are extremely common even today.
Credit cards can be used at ATM cards, but there is a considerable processing fee required.
All in all, a credit card should be used responsibly and the amount due should be paid in full.
Debit cards provide access to ready money in a more convenient and less invasive form than cheques, and allow for a faster withdrawal of cash.
They can be used by people who do not qualify for a credit card, and the major advantage is that a person spends money that he actually possesses from his bank account.
A debit card can be used to withdraw money from an ATM with no processing charge. A debit card is a more convenient way of carrying cash around.
The disadvantages of the debit card:
There are almost no security measures and a person can use a debit card to clean out the cardholder’s account, if he knows the PIN.
A debit card does not prevent the account from being overdrawn, and has less affordability than a credit card.
A debit card also has a narrower acceptable area in India, with many merchants not accepting it since they are charged a fee every time they do.
The major problems of a debit card are negated by instant notifications of transactions via sms and emails. A credit card or a debit card are both useful tools that must be used carefully and sparingly to maximize your advantage.
The basic difference between the two is the fact that a credit card takes the form of a personal loan from the issuing bank to the consumer, while a debit card is more like a cheque: money is directly deducted from a person’s bank account to pay for transaction.
Some advantages of a credit card over a debit card are:
With a flexile spending limit, a cardholder can take advantage of the easy loan facility of a credit card, and can use it to purchase items or spend money that he expects in the near future, not just money that he presently has in his account.
Most of the major features of a debit card such as withdrawal of cash from ATMs are available on credit cards as well.
A credit card has a wider acceptance and recognition, especially in online transactions.
A credit card has greater security measures ad checks than a debit card.
Credit cards allow for cash back and bonus points schemes that a debit card is not eligible for.
A credit card can be used as a convenient way to check and record your spending.
Since there is a fixed credit limit, a cardholder cannot overstretch his purchases.
The disadvantages of using a credit card: Following are the disadvantages of Credit card
The major one is the hidden costs of a credit card in the form of late payments, transaction fees, fuel surcharge. The consumer must take all of this into account before getting a card issued.
It is not compulsory for the entire balance to be paid, but the interest is charged on the entire amount, regardless of the part paid. This causes a debt trap for the cardholder.
The security of a card is not total and cases of fraud are extremely common even today.
Credit cards can be used at ATM cards, but there is a considerable processing fee required.
All in all, a credit card should be used responsibly and the amount due should be paid in full.
Debit cards provide access to ready money in a more convenient and less invasive form than cheques, and allow for a faster withdrawal of cash.
They can be used by people who do not qualify for a credit card, and the major advantage is that a person spends money that he actually possesses from his bank account.
A debit card can be used to withdraw money from an ATM with no processing charge. A debit card is a more convenient way of carrying cash around.
The disadvantages of the debit card:
There are almost no security measures and a person can use a debit card to clean out the cardholder’s account, if he knows the PIN.
A debit card does not prevent the account from being overdrawn, and has less affordability than a credit card.
A debit card also has a narrower acceptable area in India, with many merchants not accepting it since they are charged a fee every time they do.
The major problems of a debit card are negated by instant notifications of transactions via sms and emails. A credit card or a debit card are both useful tools that must be used carefully and sparingly to maximize your advantage.
Credit Card Hijacking by Identity Theft
Identity theft is the stealing of another person’s identity and using it as your own. Personal information is stolen by identity thieves through various sources, and used to make credit cards and other identity documents. Fraudulent credit cards are the most common result of identity theft. There are various ways in which thieves gather details of someone’s identity. The most common methods are listed below:
Retrieving information from redundant equipment which has been disposed of carelessly, e.g. at public dump sites, information given away without proper sanitizing etc.
Stealing payment or identification cards, either by pick-pocketing or surreptitiously by skimming through a compromised card reader
Eavesdropping on public transactions to obtain personal data
Stealing personal information in computer databases
Advertising bogus job offers (either full-time or work from home based) to which the victims will reply with their full name, address, CVs, telephone numbers, and banking details
Browsing social network sites, online for personal details that have been posted by users.
These methods allow thieves to gather a surprising amount of information and get a credit card issued in your name. The net results of such a measure are disastrous. Vigilance and discretion must be exercised in keeping personal details from being stolen.
Credit Card Hijacking by Cancellation Barrier
Another common form of credit card hijacking is used by subscription companies, the payments for whom are routed through a credit card. The organization creates certain barriers that make it difficult for a credit card user to cancel his subscription easily, and as such continue to charge him for services he no longer desires or needs. This is in direct contrast to the traditional method of subscriptions, where the subscriptions have to be proactively renewed, and are cancelled or suspended if payments are not on time. The credit card makes the user’s money more easily accessible to the subscription company, and the liability resulting from inactivity falls on the user’s shoulders, rather than the company that is providing the service.
Also, since the general monthly cost is low, such practices can go unnoticed for months at a time. Hence, the user must maintain a close eye on his monthly bills.
Credit Card Hijacking by Negative Option Billing
Negative option billing is a business practice in which goods or services are provided automatically, and the customer must either pay for the service or specifically decline it in advance of billing. Thus, if the user makes no response to the bill sent by the company, he is assumed to have agreed with the transaction and the amount is debited from his credit card. This is a practice which is not illegal yet, and many credit card users have been exploited because of such tactics.
Sources:
http://en.wikipedia.org/wiki/Credit_card_hijacking
http://en.wikipedia.org/wiki/Identity_theft
Retrieving information from redundant equipment which has been disposed of carelessly, e.g. at public dump sites, information given away without proper sanitizing etc.
Stealing payment or identification cards, either by pick-pocketing or surreptitiously by skimming through a compromised card reader
Eavesdropping on public transactions to obtain personal data
Stealing personal information in computer databases
Advertising bogus job offers (either full-time or work from home based) to which the victims will reply with their full name, address, CVs, telephone numbers, and banking details
Browsing social network sites, online for personal details that have been posted by users.
These methods allow thieves to gather a surprising amount of information and get a credit card issued in your name. The net results of such a measure are disastrous. Vigilance and discretion must be exercised in keeping personal details from being stolen.
Credit Card Hijacking by Cancellation Barrier
Another common form of credit card hijacking is used by subscription companies, the payments for whom are routed through a credit card. The organization creates certain barriers that make it difficult for a credit card user to cancel his subscription easily, and as such continue to charge him for services he no longer desires or needs. This is in direct contrast to the traditional method of subscriptions, where the subscriptions have to be proactively renewed, and are cancelled or suspended if payments are not on time. The credit card makes the user’s money more easily accessible to the subscription company, and the liability resulting from inactivity falls on the user’s shoulders, rather than the company that is providing the service.
Also, since the general monthly cost is low, such practices can go unnoticed for months at a time. Hence, the user must maintain a close eye on his monthly bills.
Credit Card Hijacking by Negative Option Billing
Negative option billing is a business practice in which goods or services are provided automatically, and the customer must either pay for the service or specifically decline it in advance of billing. Thus, if the user makes no response to the bill sent by the company, he is assumed to have agreed with the transaction and the amount is debited from his credit card. This is a practice which is not illegal yet, and many credit card users have been exploited because of such tactics.
Sources:
http://en.wikipedia.org/wiki/Credit_card_hijacking
http://en.wikipedia.org/wiki/Identity_theft
Credit Cards for Small Businesses
Small business owners who need a quick cash inflow, but are unsure where to borrow from, should consider using a credit card. Business credit cards represent an easily accessible source for a loan, although the availability is offset by the high risk incurred in doing so. However, despite the dangers, there are countless examples of a credit card being used as a financing source.
Larry Page and Sergey Brin's start up of Google was financed by credit cards to buy the necessary computers and office equipment and a terabyte of memory, to start the search engine. Filmmaker Robert Townsend and Director Kevin Smith have used credit cards to finance various movies. Famed hedge fund manager Bruce Kovner began his career (and, later on, his firm Caxton Associates) in financial markets by borrowing from his credit card.
Taking note of such trends, credit card companies offer business credit cards that can be used for financing various projects, and also for the day-to-day running of the business. Visa and MasterCard both offer credit cards that allow business expenses to be charged to them, and easy access to secondary and add-on cards with the same features. Such cards offer reward points, air miles and other fringe benefits as an incentive for using them. They have low-interest rates, to increase sales and offer small businesses a way to cut down on operating costs, as well as providing a speedy method of emergency cash injection.
Another advantage of business cards is that they allow the owner to track his employees’ spending, and also makes his accounting more efficient and easier to manage.
However, business owners who borrow on plastic should strive to use their business credit card for monthly expenses and pay off their balance in full each month. Also, they should make sure to check their account summaries regularly. They should also generally use only one business card at a time, as it sometimes becomes difficult to pay off several balances.
Business owners and administrators should consult issuing banks or financial institutions about the feasibility of a credit card for their business.
Source
http://www.businesscreditcardsite.com/why-business-credit-cards-are-useful-to-your-business/
http://www.businesscreditcardsite.com/10-valuable-tips-about-business-credit-cards/
www.creditorweb.com/categories/business-credit-cards.html
Larry Page and Sergey Brin's start up of Google was financed by credit cards to buy the necessary computers and office equipment and a terabyte of memory, to start the search engine. Filmmaker Robert Townsend and Director Kevin Smith have used credit cards to finance various movies. Famed hedge fund manager Bruce Kovner began his career (and, later on, his firm Caxton Associates) in financial markets by borrowing from his credit card.
Taking note of such trends, credit card companies offer business credit cards that can be used for financing various projects, and also for the day-to-day running of the business. Visa and MasterCard both offer credit cards that allow business expenses to be charged to them, and easy access to secondary and add-on cards with the same features. Such cards offer reward points, air miles and other fringe benefits as an incentive for using them. They have low-interest rates, to increase sales and offer small businesses a way to cut down on operating costs, as well as providing a speedy method of emergency cash injection.
Another advantage of business cards is that they allow the owner to track his employees’ spending, and also makes his accounting more efficient and easier to manage.
However, business owners who borrow on plastic should strive to use their business credit card for monthly expenses and pay off their balance in full each month. Also, they should make sure to check their account summaries regularly. They should also generally use only one business card at a time, as it sometimes becomes difficult to pay off several balances.
Business owners and administrators should consult issuing banks or financial institutions about the feasibility of a credit card for their business.
Source
http://www.businesscreditcardsite.com/why-business-credit-cards-are-useful-to-your-business/
http://www.businesscreditcardsite.com/10-valuable-tips-about-business-credit-cards/
www.creditorweb.com/categories/business-credit-cards.html
Hidden Payments
Merchants who accept credit cards must pay a processing fee ranging from 1- 6 % of the purchase price. These hidden costs and hidden payments are transferred to the consumer in various ways.
The first method is the most commonly accepted one of a surcharge on the payment, leading to the price being higher than the marked price. The problem has been compounded in India, where the credit card companies have not asked for “merchant agreements”, which provide that the processing charges will not be added on by the merchant. This has led to credit cards being used less frequently than they might be, a disadvantage to the issuer as well as the merchant.
A second method is simply marking up of the prices of all items in the shop, leading to the surcharge being hidden in the retail price. While the MRP does restrict this to some extent, the net result is that people who pay in cash are paying as if they were using a credit card. Thus, a part of the revenue earned by the credit card companies comes from people who do not even own a credit card!
The flip side is, with the boom in the credit card market in India, greater volume of credit card sales allow the merchants to keep their existing price structure, and still not lose any profit on paying the processing fee, since the credit card companies have relaxed their rates, as a measure to boost sales and increase the acceptability net. . Credit cards also allow for convenience in repeat sales, and the processing fee is greatly offset by the increased convenience. Also, the processing fee is simply an equivalent payment to the costs incurred in counting, transporting and depositing the cash payments.
Whichever way you look at it, using a credit card can entail certain hidden payments consequences of which must be closely examined before using a credit card.
Source:
Wikipedia
http://www.washingtonpost.com/wp-dyn/content/article/2007/03/08/AR2007030802178.html
Statutory Instrument 1990 No. 2159: The Credit Cards (Price Discrimination) Order 1990
The first method is the most commonly accepted one of a surcharge on the payment, leading to the price being higher than the marked price. The problem has been compounded in India, where the credit card companies have not asked for “merchant agreements”, which provide that the processing charges will not be added on by the merchant. This has led to credit cards being used less frequently than they might be, a disadvantage to the issuer as well as the merchant.
A second method is simply marking up of the prices of all items in the shop, leading to the surcharge being hidden in the retail price. While the MRP does restrict this to some extent, the net result is that people who pay in cash are paying as if they were using a credit card. Thus, a part of the revenue earned by the credit card companies comes from people who do not even own a credit card!
The flip side is, with the boom in the credit card market in India, greater volume of credit card sales allow the merchants to keep their existing price structure, and still not lose any profit on paying the processing fee, since the credit card companies have relaxed their rates, as a measure to boost sales and increase the acceptability net. . Credit cards also allow for convenience in repeat sales, and the processing fee is greatly offset by the increased convenience. Also, the processing fee is simply an equivalent payment to the costs incurred in counting, transporting and depositing the cash payments.
Whichever way you look at it, using a credit card can entail certain hidden payments consequences of which must be closely examined before using a credit card.
Source:
Wikipedia
http://www.washingtonpost.com/wp-dyn/content/article/2007/03/08/AR2007030802178.html
Statutory Instrument 1990 No. 2159: The Credit Cards (Price Discrimination) Order 1990
History of the Credit Card
The concept of using a card for purchases was invented in 1887 by Edward Bellamy and described in his utopian novel Looking Backward. The first version of the credit card was used in the 1920s, in the United States, as an alternate means of paying for petrol. In 1938 several companies started to accept each other's cards. It was not until 1950 that Ralph Schneider and Frank X. McNamara suggested that credit could be used for variegated transactions, in order to consolidate multiple cards. The Diners Club card, which was created partially through a merger with Dine and Sign, was the first of such general purpose charge cards and was called a Charga Plate. It was different to contemporary cards in that it required the entire bill to be paid with each statement; it was followed shortly thereafter by American Express and Carte Blanche. Bank of America created the BankAmericard in 1958, a product which eventually evolved into the Visa system ("Chargex" also became Visa). MasterCard was inaugrated in 1966 when a group of banks started the MasterCharge scheme. It was also the year when the first non-US credit card was issued by Barclays’ Bank in the UK.
At the time, there was no rapid method of communication between banks in different regions, and credit cards allowed travelers to procure credit, even when they were far from their local bank facilities. Credit cards became very poplar in the USA, UK and Canada.
In contrast, many cultures were much more cash-oriented and had developed alternative forms of cash-less payments, like Carte bleue, or the EC-card (Germany, France, Switzerland, among many others). In these places, the uptake of credit cards was initially much slower. It took until the 1990s to reach anything like the percentage market-penetration levels achieved in the US, Canada or UK. Till date, In many countries credit card acceptance still remains poor due to the lack of trust in the banking system of the country.
There are now countless variations on the basic concept of revolving credit for individuals (as issued by banks and honored by a network of financial institutions), including organization-branded credit cards, corporate-user credit cards, store cards and so on. The credit card has had a rapid and eventful history, and is fast replacing paper money as the most popular means of payment in our cities today.
Source
En.wikipedia.org
PBS Documentary “Secret history of the credit card”
At the time, there was no rapid method of communication between banks in different regions, and credit cards allowed travelers to procure credit, even when they were far from their local bank facilities. Credit cards became very poplar in the USA, UK and Canada.
In contrast, many cultures were much more cash-oriented and had developed alternative forms of cash-less payments, like Carte bleue, or the EC-card (Germany, France, Switzerland, among many others). In these places, the uptake of credit cards was initially much slower. It took until the 1990s to reach anything like the percentage market-penetration levels achieved in the US, Canada or UK. Till date, In many countries credit card acceptance still remains poor due to the lack of trust in the banking system of the country.
There are now countless variations on the basic concept of revolving credit for individuals (as issued by banks and honored by a network of financial institutions), including organization-branded credit cards, corporate-user credit cards, store cards and so on. The credit card has had a rapid and eventful history, and is fast replacing paper money as the most popular means of payment in our cities today.
Source
En.wikipedia.org
PBS Documentary “Secret history of the credit card”
Wednesday, May 27, 2009
Do it Yourself Credit Repair Or Hire a Credit Repair Service By Ron Lerman
People commonly choose to repair their own credit because they feel it will save them money. The only costs involved will be for postage to credit reporting agencies, credit card companies, and collection agencies along with the cost for copies of your credit reports. While everyone is eligible to receive one free copy annually, you will also want a copy of your 3 credit scores. Since free copies of credit reports do not include your credit scores, you will need to pay each credit reporting agency for a copy of their report with your score included.
Remember that fixing your own credit can be time-consuming, especially if you have never done this before. You must do your homework! There are laws you must follow to ensure that you are repairing your credit legally and making appropriate demands on the credit reporting agencies. If you do not understand the laws, you won't be able to use them to your advantage.
Keep in mind that credit/collection agencies can be difficult for people to deal with, especially without the proper knowledge base. It doesn't serve the credit agencies interests for you to fix your bad credit. Without collecting money from you, they are out of business!
Many credit repair agencies are well-versed in handling issues as they arise. Your decision as to whether to hire a credit repair agency should be based on how much time, patience, and money you have at your disposal. Many people have been successful at repairing their credit both by hiring someone to do it for them, and by doing it themselves. Each method has advantages and disadvantages. If you have good information on how to do the credit repair yourself, you can save much time and money. However, if you prefer to pay for convenience and can afford the monthly fee, hiring a credit repair agency may also be an option. If you decide to hire a credit repair agency, please investigate any prospective company carefully beforehand to ensure that it is legitimate and reputable.
| For more information on Credit Repair, visit us at Unsecured Biz Credit.com a web site that provides individuals and small businesses with information to build their credit. Article Source: Ron Lerman, Business Credit Advisor |
What is a Cash Back Credit Card? By Tom Tessin
A cash card is one of the most preferred credit cards on the open market today. Many consumers are looking to get something for the use of credit. The cash credit card is available with secured cards, unsecured credit cards, and with prepaid credit cards. The debit card user who normally has one of the major company logos like Visa, MasterCard, or Discover expects cash back rewards on their card.
A card is vital for most consumers because they are so use to getting rewards from manufacturers in the form of rebates and coupons it only stands reasonable for them to get rewards for using the credit card. A good reward program will not cost the consumer an arm and a leg to maintain. It is often part of the package deal that gives you a low APR% and late fee charges. One of the important parts of having a good cash back card is the fact that you earn no matter what you use your credit card for when spending. You should be able to make hotel reservations, airline reservations or on merchandise and still get cash back for all your expenditures.
The normal consumer and the business consumer are all looking for the same good package deal. The college student expects to be able to use the card while in college and have cash rewards when they graduate. A cash back credit card is highly acceptable by one and all in the economic world today, since it can save you so much money if you use it right.
| Find the best cash back cards that give you back as much as 5%, and more of Tom's work all at FINDcashbackcards. |
Understanding the Insane Math Behind Your Credit Cards By Tracey J Smith
Think back to that exciting day when you were approved for your first credit card. Perhaps your parents co-signed for you or perhaps you managed to get one with a small credit limit on your own. Either way, you were on your way to adulthood!
BUT, did you ever stop to think about what you were getting yourself into? Did you even look into the credit card's interest rate and service fees before you applied? Most credit card interest rates are between 15 and 25% these days. Have you done the math to determine what that means? Let's go through an example.
So, you're in the store looking at that brand new digital camera which retails for $349 and is on sale for $299. You absolutely LOVE it! You don't have the cash in the bank to pay for it right now so you decide that brand new shiny credit card in your wallet will do the trick. After all, you can't miss this sale, can you?
Within a few weeks, your credit card statement arrives. On the statement is the $299 for the camera (ignoring the fact that you really would have paid taxes on that as well). You still don't have the money, so you decide to make the minimum payment this month and carry the balance forward. Another month goes by and here comes another statement. Strangely, you still owe them $299 for the camera? How can that be? Didn't you pay them something last month? Yes, you did. But have you ever stopped to wonder what the minimum payment is based on? It's the interest on the amount you owe them, such that paying the minimum amount means you have paid them money but are absolutely no further ahead than when you started! That camera is getting more expensive by the day isn't it? Not really worth it, is it?
Now think of those people that are carrying thousands of dollars as a balance on their credit card. They're paying between 15 and 25% and racking up the charges each month. Let's think about this. What is the interest rate on a loan at the bank? Single digits, isn't it? And hard enough to pay off, isn't it? So why would you EVER carry a balance on a credit card knowing that they're so much higher in interest? Insanity indeed!
And now, one of the craziest questions I have ever been asked. You're carrying a balance on your credit card which we have now discovered is likely at 15%. You get paid a bonus at work for doing a good job and they give you $500. You wonder, should I pay down the credit card balance or invest in a bond? Oh my goodness people, look at the math! If you buy a bond, you might get 2% interest. You're being charged 14% on the credit card. Easy decision...pay down that credit card!
In over 40 years, I have never ONCE carried a balance on a credit card. I have never purchased anything without having the money already in the bank to pay for it. A credit card to me is just a way for me not to carry around cash. If you don't have the discipline to do this, then cut up the credit card and live off cash for a while. You'll find budgeting to be much easier.
I hope this helps our debt-filled society.
| Click below to view another article by this author on personal spending: This author is the owner of http://www.numericalinsights.com |
Prepaid Credit Cards For Free By Tom Tessin
When you open up a bank account you can request a debit card that works like a prepaid credit card and usually there is no fees attached. Most banks like having you as a customer and are more than glad to give you a prepaid debit card. The advantage of course is that you already have a committed amount of money in your checking account that secures your prepaid credit card.
People who have their payroll check automatically deposited usually find that it is very easy for them to obtain a credit card. People who are on a pension, social security or other controlled income often get a prepaid card in order to pay their bills, buy what they need, and make reservations when necessary. The prepaid credit card is one of the best types of credit cards because it is secured with funds already available, provides the consumer an available amount of cash, and protects the lender from losing any money.
The use of a free prepaid card for most consumers has been the answer to their spending problems. It seems that the cost of a secured or non secured credit card has been so high that most consumers shudder at the thought of having to use one for any purpose. The government is trying to put in sanctions that will help the consumer but the lending institutions may cancel the lending procedures in order to stay in business. While the government is coming up with their plan to help the consumer the lenders are also working on a plan to help govern their lending programs it should be interesting to see how it all comes out in the end for everyone concerned.
| Check out some of the best prepaid credit cards on the market today, as well as more of Tom's work all at FINDsecuredcards. |
Credit Cards For People With No Credit - How it Works By Court Tuttle
You might be surprised but even people who have a poor credit rating can also qualify for a brand new credit card. Now before you quality for a credit card with your poor history you need to first make yourself familiar with all the options open to you. You definitely don't want to get the wrong card and you want to make sure that you are protected against fraud and other inaccuracies that can come up with the use of credit.
The first thing you should know is that these credit cards often have high interest rates. This is a simple fact that you are going to have to simply live with. You also need to remember that trust is a big part of the credit card business so once the company trusts you, you will be able to ask for an interest rate that is lower. In order to do so you need to be able to pay off your credit card regularly. These credit cards also offer a balance transfer facility. This essentially means that your credit rating will improve and you can get right on track with improving your credit.
You are probably already anxious to know how you can get your hands on one of these credit cards? Your first step is to do some research about the different cards that are offered to people who have a bad credit history. You an start by applying for a few of them online, you can also printout their application form. If you have really bad credit or if you start to get denied by a lot of companies, I can recommend looking for a secured card. This will help you to get started.
Facts About Credit Cards of This Type
1. You can work towards a better credit rating by using them and paying them off.
2. You still have a level of security when you are having financial difficulty.
3.You can convert a poor credit card into a regular one if you pay off your cards regularly.
Issues With Using These Cards
1. High interest rates.
2. Low limits.
3. High fees.
| If you want to effectively use credit cards for no credit, make sure to pay them off completely each month. Combine this strategy with Bank One signature loans for maximum credit building effectiveness. |
Plan to Use Credit Cards By Teeny Ingberg
Credit cards have become almost a part of everyday life for most people, since they are small and very convenient to carry and make payments. Especially, if you are traveling, carrying cards may be a great choice than carrying cash for personal security reason. Credit cards have been around for a long time and gradually became very popular for many countries and places. There are a few things we will need to pay attention for using the cards wisely and correctly.
You can apply for a credit card from institutes like banks and retailer stores. There are a few things about credit cards that you should do the research to choose the best ones for your requirement and budget. Things like Annual Percentage Rate, which is the annual finance charge for using the card, Annual Fee, which is flat yearly payment for using the card, Cash Advance Charge is a charge for advancing cash to use from the card. Also look at the Grace Period, which is a period for using the credit card without paying the finance charge. The issuer also will offer Introductory Rate for a period of time for using their card with a special lower interest rate as an incentive. There are also Fixed Rate and Variable Rate to think about, Fixed Rate is a fixed annual charge for using the card, while Variable Rate is an interest rate that can vary. Do the research online on the web will be very convenient, just search with the search engine websites. Compare the best offers and plans from the various issuers, consider at least the few things about credit cards we just mentioned.
After obtaining the card, you should also create a plan to use the card. A correct and well-planned usage would save you money and expenses in the future. You should pay the card on time, and it is better to pay at least a little more than the minimum payment. The software such as Outlook ® will include a calendar and reminder for you to enter a reminder to pay the card on time. Spend within the credit card limit is always an advised way to avoid extra charges from the issuers. You could also try to consolidate the card payments to lowering the monthly payment. Credit cards are just like many other tools in life, they will be a convenient and useful tool if we use them correctly and with planning.
| Teeny is a writer for finance, computer, travel, cars, shopping and other subjects for many years, please visit http://www.fidetips.com/finance for more information. |
Thursday, April 30, 2009
Banking, Finance, Credit, Credit Card, Credit Cards
Building credit can be a very exciting thing. Avenues of great opportunities are available if you do it right. It is important to avoid scammers that claim to offer you a debt solution in little or no time at all. Many scammers on the market today are taking advantage of people in disarray.
Do not become the next sucker!!!
Any company that does not advise you of your rights or else let's you know upfront before continuing that most of your credit issues can be dealt with on your own, is probably a fraud. Under the Federal Laws, many of the companies are prohibited in many areas and often a lot of them work out illegal arrangements just to get ahead. There is however, legit companies and organizations that can help you reestablish your credit for little or no charge.
Researching the marketplace is the best solution for finding the right sources. Your local library has a wealth of information at your disposal and it is free to sift through the pages. Take advantage of any opportunity that presents itself and you are well on your way to building your credit.
It is important that you be cautious with your credit choices. Take each step very slowly and consider all of your options before making a final decision. When you have several creditors making offers, it can be very difficult to decide on which one to deal with.
Follow these simple guidelines when deciding on and dealing with a creditor:
Q1. What interest rate are they offering? Answer: The interest rate on your credit account plays a serious role in your ability to keep up with your payments. If possible, always make full payment. Keep in mind that making full payment may not always be possible. This is why you need to consider carefully the interest rate that you are agreeing to.
The interest rate will apply on all minimum payments. An example is below:
Balance owed on account : $350.00 Interest Rate : 5.7% (.057) Minimum Payment : $19.95
Think about this, $19.95 only pays for the interest that is going to be added to the balance owed. You may think that you can subtract $19.95 from the $350.00 owed, however, do not forget to add the .057 to the balance. At this rate, your balance owed will go down very slowly and continue to accumulate interest on a monthly basis.
Q2. Make your payments on time. Answer: Do not make payments before 30 days of the last payment and do not make a payment after 45 days of your last payment. Payments received after 45 days are considered late and payments made before 30 days also get a bad review by creditors.
Q3. Do not apply for credit more than 3 times a year. Answer: If you do, you can easily be denied credit because those actions are perceived as shopping for credit. If you are suspected of shopping for credit, your creditors will deny you. You can keep track of how many times you have applied for credit and with who by looking at your credit report. Your credit report shows all the people have inquired into your report for the last 2 years. After 2 years, the listing drops off your report. Once you begin paying a creditor, take it slow. You are going to get many offers for credit and it is extremely tempting to take them all up on their offers.
Q4. Keep all of your receipts and contracts Answer: Keep all of your receipts for payments made to any creditor. Yes, creditors have been known to misplace a payment received, let's hope it isn't yours. Rest assured if it is, providing you kept your receipts. Saving your contract with any creditor is highly advised. In the event that a dispute should arise, the creditor will be sure to throw in comments concerning your agreement and signature on the contract.
The most important thing to do with regard to your credit is take pride, protect, respect and especially enjoy it. Having good credit is a luxury and can widen the horizons of possibility for you and your future providing your pursue your credit with caution.
About the Author
Are you stuck in bad debt? Having a hard time to secure a loan? or do you have a bad credit rating? Learn how you can repair your credit easily even if you have no credit building experience. Visit here to know more http://www.chuangcomputer.com/credit
Do not become the next sucker!!!
Any company that does not advise you of your rights or else let's you know upfront before continuing that most of your credit issues can be dealt with on your own, is probably a fraud. Under the Federal Laws, many of the companies are prohibited in many areas and often a lot of them work out illegal arrangements just to get ahead. There is however, legit companies and organizations that can help you reestablish your credit for little or no charge.
Researching the marketplace is the best solution for finding the right sources. Your local library has a wealth of information at your disposal and it is free to sift through the pages. Take advantage of any opportunity that presents itself and you are well on your way to building your credit.
It is important that you be cautious with your credit choices. Take each step very slowly and consider all of your options before making a final decision. When you have several creditors making offers, it can be very difficult to decide on which one to deal with.
Follow these simple guidelines when deciding on and dealing with a creditor:
Q1. What interest rate are they offering? Answer: The interest rate on your credit account plays a serious role in your ability to keep up with your payments. If possible, always make full payment. Keep in mind that making full payment may not always be possible. This is why you need to consider carefully the interest rate that you are agreeing to.
The interest rate will apply on all minimum payments. An example is below:
Balance owed on account : $350.00 Interest Rate : 5.7% (.057) Minimum Payment : $19.95
Think about this, $19.95 only pays for the interest that is going to be added to the balance owed. You may think that you can subtract $19.95 from the $350.00 owed, however, do not forget to add the .057 to the balance. At this rate, your balance owed will go down very slowly and continue to accumulate interest on a monthly basis.
Q2. Make your payments on time. Answer: Do not make payments before 30 days of the last payment and do not make a payment after 45 days of your last payment. Payments received after 45 days are considered late and payments made before 30 days also get a bad review by creditors.
Q3. Do not apply for credit more than 3 times a year. Answer: If you do, you can easily be denied credit because those actions are perceived as shopping for credit. If you are suspected of shopping for credit, your creditors will deny you. You can keep track of how many times you have applied for credit and with who by looking at your credit report. Your credit report shows all the people have inquired into your report for the last 2 years. After 2 years, the listing drops off your report. Once you begin paying a creditor, take it slow. You are going to get many offers for credit and it is extremely tempting to take them all up on their offers.
Q4. Keep all of your receipts and contracts Answer: Keep all of your receipts for payments made to any creditor. Yes, creditors have been known to misplace a payment received, let's hope it isn't yours. Rest assured if it is, providing you kept your receipts. Saving your contract with any creditor is highly advised. In the event that a dispute should arise, the creditor will be sure to throw in comments concerning your agreement and signature on the contract.
The most important thing to do with regard to your credit is take pride, protect, respect and especially enjoy it. Having good credit is a luxury and can widen the horizons of possibility for you and your future providing your pursue your credit with caution.
About the Author
Are you stuck in bad debt? Having a hard time to secure a loan? or do you have a bad credit rating? Learn how you can repair your credit easily even if you have no credit building experience. Visit here to know more http://www.chuangcomputer.com/credit
Credit Repair Guide - Building Credit and Stopping Creditors by Nancy Vun
Building your credit is a sure-fired solution for stopping creditors and collection agencies from nagging you every day. If you are attempting to reestablish your status in life, you must realize there is a bumpy road ahead. Creditors are people you owe and if you do not pay, the creditors will go lengths to get their money.
Regardless of the laws and regulations stipulated on credit bureaus, creditors, collection agencies, and other sources that collect debt, many will break all the laws, simply because they want their money. Money has been the root of all humankind evil and when it comes to money, everybody wants some. The best solution to stopping creditors and collection agencies ahead of the game is to pay those bills on time. If you have utilities, insurance policies, car payments, mortgages, credit cards, and other debts you might want to layout a budget plan that you can meet each month.
Combining all your payments will help you see where dangers lurk. If you see, any potential risks ahead make sure to find a solution ahead of the game to avoid creditors and collection agency hassles. No one likes it when people nag us, but when we owe money, you can bet your last dollar nagging is in the making. Do not bite off more than you can chew. If you see that, you are in debt deeper than you thought do not go out to the department stores and shop until you drop.
This will only make matters worse and you are risking your home, car, and other assets in the process. If you see that you are in over your head or potential risks could develop, you might want to get ahead by selling a few valuable items. When you are paid for, the items make sure you apply the funds to your bills, or else open a savings account that will benefit you and your money. Savings that offer no start up fees or interest against your money is the best solution for saving cash. If you get money back or interest on your money in the bank, how much better, you are making money.
Money is what makes the world go around, so if you can make money you will have a solution for building your credit. The last thing you want is escalating to a debt you can get out of and having creditors call you daily. After creditors calls, then you will get calls from collection agencies. After the two are done torturing you mentally, you will have to deal with lawyers, judges, and other potential threatening personnel.
I point this out because many people do not realize the severity of ignoring their bills. If you have a good credit standing currently, it is wise to get copies of your credit reports from the three B's. Keeping your file on hand and current can help you to monitor your credit scores. If you notice any activity on your report that is against you and you did not agree to the debt, it is important to contact the credit bureaus immediately. Your credit is in all aspects of the word your life. If you have bad credit you can be turned down from a job, denied a rental, or turned down when you apply for any line of credit. If you have bad credit you might as well blackball today. There is hope however if you have bad credit. Government agencies and private institutes are teaming up to help those of us with bad credit. The impossible has happen, because now even if your credit is bad you can get a loan, a home, car, or even a credit card. Pre-paid cards are available to those with bad credit. Pre-paid cards are the same in contrast as major credit cards, only you apply money to the account, paying a low fee and then you can use the card.
The world is starting to recognize the struggles that happen every day for many families and individuals, the best solution however for stopping creditors is to build your credit by paying those bills. Never give up hope!
About the Author
Are you stuck in bad debt? Having a hard time to secure a loan? or do you have a bad credit rating? Learn how you can repair your credit easily even if you have no credit building experience. Visit here to know more http://www.chuangcomputer.com/credit
Regardless of the laws and regulations stipulated on credit bureaus, creditors, collection agencies, and other sources that collect debt, many will break all the laws, simply because they want their money. Money has been the root of all humankind evil and when it comes to money, everybody wants some. The best solution to stopping creditors and collection agencies ahead of the game is to pay those bills on time. If you have utilities, insurance policies, car payments, mortgages, credit cards, and other debts you might want to layout a budget plan that you can meet each month.
Combining all your payments will help you see where dangers lurk. If you see, any potential risks ahead make sure to find a solution ahead of the game to avoid creditors and collection agency hassles. No one likes it when people nag us, but when we owe money, you can bet your last dollar nagging is in the making. Do not bite off more than you can chew. If you see that, you are in debt deeper than you thought do not go out to the department stores and shop until you drop.
This will only make matters worse and you are risking your home, car, and other assets in the process. If you see that you are in over your head or potential risks could develop, you might want to get ahead by selling a few valuable items. When you are paid for, the items make sure you apply the funds to your bills, or else open a savings account that will benefit you and your money. Savings that offer no start up fees or interest against your money is the best solution for saving cash. If you get money back or interest on your money in the bank, how much better, you are making money.
Money is what makes the world go around, so if you can make money you will have a solution for building your credit. The last thing you want is escalating to a debt you can get out of and having creditors call you daily. After creditors calls, then you will get calls from collection agencies. After the two are done torturing you mentally, you will have to deal with lawyers, judges, and other potential threatening personnel.
I point this out because many people do not realize the severity of ignoring their bills. If you have a good credit standing currently, it is wise to get copies of your credit reports from the three B's. Keeping your file on hand and current can help you to monitor your credit scores. If you notice any activity on your report that is against you and you did not agree to the debt, it is important to contact the credit bureaus immediately. Your credit is in all aspects of the word your life. If you have bad credit you can be turned down from a job, denied a rental, or turned down when you apply for any line of credit. If you have bad credit you might as well blackball today. There is hope however if you have bad credit. Government agencies and private institutes are teaming up to help those of us with bad credit. The impossible has happen, because now even if your credit is bad you can get a loan, a home, car, or even a credit card. Pre-paid cards are available to those with bad credit. Pre-paid cards are the same in contrast as major credit cards, only you apply money to the account, paying a low fee and then you can use the card.
The world is starting to recognize the struggles that happen every day for many families and individuals, the best solution however for stopping creditors is to build your credit by paying those bills. Never give up hope!
About the Author
Are you stuck in bad debt? Having a hard time to secure a loan? or do you have a bad credit rating? Learn how you can repair your credit easily even if you have no credit building experience. Visit here to know more http://www.chuangcomputer.com/credit
What's the National Average Credit Score? by Juliet Sadler
Credit is said to be a system of buying and selling without immediate payment or security. Credit may be in the form of credit cards or loans.
Any individual who desires to process a credit card or loan application will have to abide by the rules and regulations set forth by the lender. An important factor for any credit application to be approved is your credit score.
A credit score is the determinant factor of lending institutions whether or not you will be granted credit. Your existing credit status as well as your past credit standing makes up for a credit score.
Every nation has a standard credit score to follow to determine the country's financial condition. The United States has a national average credit score somewhere from 580 to 650. You will most likely be granted with credit requests if you have a high credit score.
Since the credit score is highly significant for you to obtain credits as well as balance the national average credit score, there are things you must do.
Seek help from experts.
Do not be overwhelmed by low interests or other attractive credit offers by lending institutions. It is best to consult an expert before you close an agreement with a positive notion.
Financial consultants will help you properly handle your finances. He is responsible in showing you the status of your finances. He may also be your source of assistance on matters about getting credits. He will most likely advise you on the pros and cons of getting credits and the many requirements lending institutions need before they come up with a decision.
Do not let your due date slip.
When you pay your bills on time or before its due date, you are establishing good credit standing. Another advantage when you are paying ahead of time is that you are also making your balances low.
Late payments of bill will not only give lending institutions bad impressions of you but it can also be unfavorable to maintaining a high credit score. To avoid late payments, it is best to keep track of due dates. Prompt yourself that it is "pay time," a week before your credit's due date.
Keep your interest low.
Credit interests establish how good or bad your credit score is as well as the national average credit score. With low credit interests you are likely to maintain good credit standing.
It is recommended that you take on a survey among lending institutions on the credit interest they give. Upon doing your survey, choose which ones can give you low interest yet will still offer you good-quality of service.
Consolidate.
To undergo consolidation is usually common to individuals who experience trouble paying off unpaid debts to their lenders. Consolidation is recommended for such people to unburden them of too much paying pressure.
Evaluate and re-evaluate.
Be your own accountant. Do not let financial problems pile up, instead of waiting for credit reports to be mailed at the foot of your door, make your own. By doing so, you are updated concerning your credit reports.
Self-evaluation of your credit report will help you gauge how much credit scores you still have. Nowadays if you wish to have free consultations regarding your credit reports, you can always go online and find one.
Keeping yourself on the right credit score track will not only help you maintain a good credit standing, it will also help your nation maintain a good average credit score. Having so will stabilize the economy.
About the Author
Interested in ideas for christmas cards? Visit the Christmas Card Ideas website. For detailed information on dangers from broken blood vessel, go to the Broken Blood Vessel website. Stop by the Checkers Rules website for details on rules of checkers.
Any individual who desires to process a credit card or loan application will have to abide by the rules and regulations set forth by the lender. An important factor for any credit application to be approved is your credit score.
A credit score is the determinant factor of lending institutions whether or not you will be granted credit. Your existing credit status as well as your past credit standing makes up for a credit score.
Every nation has a standard credit score to follow to determine the country's financial condition. The United States has a national average credit score somewhere from 580 to 650. You will most likely be granted with credit requests if you have a high credit score.
Since the credit score is highly significant for you to obtain credits as well as balance the national average credit score, there are things you must do.
Seek help from experts.
Do not be overwhelmed by low interests or other attractive credit offers by lending institutions. It is best to consult an expert before you close an agreement with a positive notion.
Financial consultants will help you properly handle your finances. He is responsible in showing you the status of your finances. He may also be your source of assistance on matters about getting credits. He will most likely advise you on the pros and cons of getting credits and the many requirements lending institutions need before they come up with a decision.
Do not let your due date slip.
When you pay your bills on time or before its due date, you are establishing good credit standing. Another advantage when you are paying ahead of time is that you are also making your balances low.
Late payments of bill will not only give lending institutions bad impressions of you but it can also be unfavorable to maintaining a high credit score. To avoid late payments, it is best to keep track of due dates. Prompt yourself that it is "pay time," a week before your credit's due date.
Keep your interest low.
Credit interests establish how good or bad your credit score is as well as the national average credit score. With low credit interests you are likely to maintain good credit standing.
It is recommended that you take on a survey among lending institutions on the credit interest they give. Upon doing your survey, choose which ones can give you low interest yet will still offer you good-quality of service.
Consolidate.
To undergo consolidation is usually common to individuals who experience trouble paying off unpaid debts to their lenders. Consolidation is recommended for such people to unburden them of too much paying pressure.
Evaluate and re-evaluate.
Be your own accountant. Do not let financial problems pile up, instead of waiting for credit reports to be mailed at the foot of your door, make your own. By doing so, you are updated concerning your credit reports.
Self-evaluation of your credit report will help you gauge how much credit scores you still have. Nowadays if you wish to have free consultations regarding your credit reports, you can always go online and find one.
Keeping yourself on the right credit score track will not only help you maintain a good credit standing, it will also help your nation maintain a good average credit score. Having so will stabilize the economy.
About the Author
Interested in ideas for christmas cards? Visit the Christmas Card Ideas website. For detailed information on dangers from broken blood vessel, go to the Broken Blood Vessel website. Stop by the Checkers Rules website for details on rules of checkers.
Do You Know your Credit Score? by Juliet Sadler
In the United States, more credit scores means higher opportunities. You are considered lucky if you obtain and maintain high credit scores compared to those who have incurred no credits at all. It is a popular belief that having high credit scores denotes to being fully responsible with handling your finances. Moreover, good credit scores also equates to keeping up your integrity. To sum it all, high credit score equals good reputation.
Who do not want to earn a good reputation? If you are most likely to apply for any credit program and you wish to see an "approved" mark on your application sheet, then you must avoid the following:
1. No Credit Score.
Having no credit score at all denotes that lending institutions will not have any basis on how you handle your finances even if you are good at it. The credit scores are lending institutions determinant to get you approved with your credit request since they cannot gauge your financial history through:
- Race and origin. Lending institutions will not approve your credit request because you are white or black or you are from the United States or from the European countries.
- Type of employment and salary. Even if you are a janitor and yet incurred high credit scores, then your loan application might be approved over a company manager who has zero credit score.
- Education. Whether or not you have obtained a college degree it does not matter, what matters is a high credit score.
Lending institutions cannot measure approval of your credit request into your religion, age and marital status. This is due to its being subjective. The Equal Credit Opportunity Act sees that the most objective determinant is through looking at credit scores.
Through credit scores, lending institutions will get familiar with your financial background. They will find out the previous and present loans you have, the down payments you have doled out, the interest rates you choose, and most importantly the payment scheme that you have established.
2. Low credit scores.
The average credit score in US is somewhere between 580 and 650. There are major institutions in the US who determines if you are suitable to be given credit. Equifax, Trans Union and Experian are major institutions who compute for borrower's credit score. All three have their own distinct computing system yet still adheres with the national average credit score.
If your credit score falls below the standard credit score, then you are highly prone to seeing your credit applications with "disapproved" marks.
Having credit is not bad after all; it will look appalling if you have been immature on handling such matters. A credit card may be handy for most of the time especially when cash is not readily available. Additionally, others find credit cards safe to bring than stocking cash in your wallet.
Loans, on the other hand are equally important as credit cards especially for those individuals who aspire to have properties which they cannot immediately pay.
With the significance of having cash substitute in the form of credits, it is helpful to get good if not high credit scores. There is nothing wrong with getting high credit scores; all you need to do is be responsible in handling your finances. By doing so, credit will not be a nuisance but will serve as a great aid to you.
About the Author
Read up on symptoms of being pregnant at the Earliest Signs Of Pregnancy website. Find information on saturn facts at the Facts About Saturn website. For info on sigg water bottle reviews, visit the Sigg Water Bottles site.
Who do not want to earn a good reputation? If you are most likely to apply for any credit program and you wish to see an "approved" mark on your application sheet, then you must avoid the following:
1. No Credit Score.
Having no credit score at all denotes that lending institutions will not have any basis on how you handle your finances even if you are good at it. The credit scores are lending institutions determinant to get you approved with your credit request since they cannot gauge your financial history through:
- Race and origin. Lending institutions will not approve your credit request because you are white or black or you are from the United States or from the European countries.
- Type of employment and salary. Even if you are a janitor and yet incurred high credit scores, then your loan application might be approved over a company manager who has zero credit score.
- Education. Whether or not you have obtained a college degree it does not matter, what matters is a high credit score.
Lending institutions cannot measure approval of your credit request into your religion, age and marital status. This is due to its being subjective. The Equal Credit Opportunity Act sees that the most objective determinant is through looking at credit scores.
Through credit scores, lending institutions will get familiar with your financial background. They will find out the previous and present loans you have, the down payments you have doled out, the interest rates you choose, and most importantly the payment scheme that you have established.
2. Low credit scores.
The average credit score in US is somewhere between 580 and 650. There are major institutions in the US who determines if you are suitable to be given credit. Equifax, Trans Union and Experian are major institutions who compute for borrower's credit score. All three have their own distinct computing system yet still adheres with the national average credit score.
If your credit score falls below the standard credit score, then you are highly prone to seeing your credit applications with "disapproved" marks.
Having credit is not bad after all; it will look appalling if you have been immature on handling such matters. A credit card may be handy for most of the time especially when cash is not readily available. Additionally, others find credit cards safe to bring than stocking cash in your wallet.
Loans, on the other hand are equally important as credit cards especially for those individuals who aspire to have properties which they cannot immediately pay.
With the significance of having cash substitute in the form of credits, it is helpful to get good if not high credit scores. There is nothing wrong with getting high credit scores; all you need to do is be responsible in handling your finances. By doing so, credit will not be a nuisance but will serve as a great aid to you.
About the Author
Read up on symptoms of being pregnant at the Earliest Signs Of Pregnancy website. Find information on saturn facts at the Facts About Saturn website. For info on sigg water bottle reviews, visit the Sigg Water Bottles site.
How to Spot a Credit Repair Scam by Juliet Sadler
In the issue of repairing your credit, it is best to do it yourself. Most often, you may hear or see advertisements claiming outstanding credit repair services offering you "legal" and "guaranteed" solutions for your credit problems. These services may use mottos that are quite enticing to those who are in dire need of credit repair. There are even others who get easily convinced after reading "authentic" testimonials from several customers, who might not actually exist.
When you are really in need of credit repair, the first thing you want to do is to act immediately. You should remember that this action should be done by you and not anyone else. Luckily, there are several factors that can help you avoid scam credit repair services.
The Fraudulence
Day after day, several companies appeal to consumers who have awful credit histories. Often, they promise to tidy up credit reports, for a price, to help consumers loan a car, mortgage a home, or even get a job. The horrible fact is they cannot deliver; you should keep this in mind especially if you do not want to worsen your debt. These companies would only take the cost of the services with them and vanish into thin air.
The Signs of a Scam
If you had responded to a credit repair service, there are warning signs that can help you determine an authentic credit repair offer from a fraud. Firstly, be aware of companies that wish for you to pay the cost of the repair before providing any services. In addition, avoid those companies that do not divulge any possible legal rights you are entitled to and what processes you can do yourself without payment.
There are companies that advise consumers to directly contact a credit reporting agency - you should avoid such companies. More so, if the company you have responded to suggests that you to create a new credit identity and then make a new credit report by applying for an Employer Identification Number to use rather than you SSN, you should immediately stop contacting that company.
Lastly, those that advise you to argue all information included within your credit report or take actions that may seem illegal, i.e. generating a new credit identity, should be avoided.
Remember that you could be prosecuted for wire or mail fraud if you use the telephone or mail to apply for credit and give information that are not authentic. Lying on a credit application, misinterpreting your SSN and acquiring an Employer Identification Number from the IRS under false pretenses are all federal crimes.
Most importantly, you should remember that included within the Credit Repair Organization Act is the rule that credit repair companies should not require you to pay until the services they have promised are complete.
The best possible way to avoid poor credit history, and totally keep you safe from fraudulent credit repair services, is to do a periodic credit report review. Reviewing your credit report is important because the information in your report affects your chances of getting an insurance or loan. Make sure that the information is correct, complete and regularly updated before applying for a loan. Lastly, by doing periodic check-up on your credit report, you can be safe from identity theft, which can create a major problem not only in your credit report.
About the Author
Go to the Earliest Signs Of Pregnancy website for information on symptoms of being pregnant. Visit the Facts About Saturn website for info on saturn facts. Want to learn everything on sigg water bottle reviews? Visit the Sigg Water Bottles website.
When you are really in need of credit repair, the first thing you want to do is to act immediately. You should remember that this action should be done by you and not anyone else. Luckily, there are several factors that can help you avoid scam credit repair services.
The Fraudulence
Day after day, several companies appeal to consumers who have awful credit histories. Often, they promise to tidy up credit reports, for a price, to help consumers loan a car, mortgage a home, or even get a job. The horrible fact is they cannot deliver; you should keep this in mind especially if you do not want to worsen your debt. These companies would only take the cost of the services with them and vanish into thin air.
The Signs of a Scam
If you had responded to a credit repair service, there are warning signs that can help you determine an authentic credit repair offer from a fraud. Firstly, be aware of companies that wish for you to pay the cost of the repair before providing any services. In addition, avoid those companies that do not divulge any possible legal rights you are entitled to and what processes you can do yourself without payment.
There are companies that advise consumers to directly contact a credit reporting agency - you should avoid such companies. More so, if the company you have responded to suggests that you to create a new credit identity and then make a new credit report by applying for an Employer Identification Number to use rather than you SSN, you should immediately stop contacting that company.
Lastly, those that advise you to argue all information included within your credit report or take actions that may seem illegal, i.e. generating a new credit identity, should be avoided.
Remember that you could be prosecuted for wire or mail fraud if you use the telephone or mail to apply for credit and give information that are not authentic. Lying on a credit application, misinterpreting your SSN and acquiring an Employer Identification Number from the IRS under false pretenses are all federal crimes.
Most importantly, you should remember that included within the Credit Repair Organization Act is the rule that credit repair companies should not require you to pay until the services they have promised are complete.
The best possible way to avoid poor credit history, and totally keep you safe from fraudulent credit repair services, is to do a periodic credit report review. Reviewing your credit report is important because the information in your report affects your chances of getting an insurance or loan. Make sure that the information is correct, complete and regularly updated before applying for a loan. Lastly, by doing periodic check-up on your credit report, you can be safe from identity theft, which can create a major problem not only in your credit report.
About the Author
Go to the Earliest Signs Of Pregnancy website for information on symptoms of being pregnant. Visit the Facts About Saturn website for info on saturn facts. Want to learn everything on sigg water bottle reviews? Visit the Sigg Water Bottles website.
Credit Card Guide for Teens by Joe Owens
Getting a credit card is a sign of being an adult. For a teen to get his or her first credit card is a coming of age thing. It gives him or her valuable responsibility that would train him or her for the world ahead of him. However, as a teenager, one needs to be careful because these responsibilities come with serious monetary repercussions. One needs to be ready to take up that responsibility of being an adult American. Express credit card applications can be found here and there. Here is a short credit card guide for teens to follow.
Canvass Free credit cards get delivered everyday via mail. You probably get offers monthly. People probably have offered them to you at the mall along with a free gift item. Be wary because these free credit card applications, at least a good number of them, has a catch attached to them. You might be making a big mistake by joining them and you will be obligated, tied to the bank for a long period. The best thing to do first is to canvass around for other credit cards. Read and research each offer to see which one best suits your needs.
Check the Annual Rates One of the most important things you need to cross check when canvassing for a good credit card is the interest rates. What you need to know is whether the card has a variable rate or a fixed rate. Fixed rates do not change over time obviously. Variable rates do as you might have guessed. They usually start out small so that you won't feel the fee and so that you will be enticed to join. But then after some time, the rate could increase exponentially.
Check the other Fees as Well as Grace Periods Of course there are other fees you need to be concerned with when you are searching for your perfect credit card. Perhaps the American express credit card application that you want does not have a long grace period. This is the amount of time given to you to pay your for the credit you used before you are fined for being late. There are also various charges for being over the limit or for cash advances.
Check the Fine Print So many people have been duped because they did not read the fine print. It is perhaps so simple a thing that people tend to forget about it. These fine prints contain extremely significant information. The credit card might have a very low fixed rate but in the fine print, it states that this will change once you have a singe late payment.
For your inquiries, you may want to visit American Express Credit Card Application
About the Author
A Computer Engineering graduate and loves to travel. Reading current news in the internet is one of his past times. Taking pictures of the things around him fully satisfies him. He loves to play badminton and his favorite pets are cats.
Canvass Free credit cards get delivered everyday via mail. You probably get offers monthly. People probably have offered them to you at the mall along with a free gift item. Be wary because these free credit card applications, at least a good number of them, has a catch attached to them. You might be making a big mistake by joining them and you will be obligated, tied to the bank for a long period. The best thing to do first is to canvass around for other credit cards. Read and research each offer to see which one best suits your needs.
Check the Annual Rates One of the most important things you need to cross check when canvassing for a good credit card is the interest rates. What you need to know is whether the card has a variable rate or a fixed rate. Fixed rates do not change over time obviously. Variable rates do as you might have guessed. They usually start out small so that you won't feel the fee and so that you will be enticed to join. But then after some time, the rate could increase exponentially.
Check the other Fees as Well as Grace Periods Of course there are other fees you need to be concerned with when you are searching for your perfect credit card. Perhaps the American express credit card application that you want does not have a long grace period. This is the amount of time given to you to pay your for the credit you used before you are fined for being late. There are also various charges for being over the limit or for cash advances.
Check the Fine Print So many people have been duped because they did not read the fine print. It is perhaps so simple a thing that people tend to forget about it. These fine prints contain extremely significant information. The credit card might have a very low fixed rate but in the fine print, it states that this will change once you have a singe late payment.
For your inquiries, you may want to visit American Express Credit Card Application
About the Author
A Computer Engineering graduate and loves to travel. Reading current news in the internet is one of his past times. Taking pictures of the things around him fully satisfies him. He loves to play badminton and his favorite pets are cats.
How to Get Your FICO Score for Free by Jeremy Englewood
As the financial crisis lumbers on and lenders tighten their policies, more and more consumers are becoming obsessed with their FICO scores. American consumer living is such that unless you've got a good credit score, you're not going to get credit easily. While the Federal Trade Commission mandates the three major credit bureaus to give consumers their free credit report once a year, they allow the credit bureaus to charge a fee for giving out FICO scores. There are, however, several ways through which you can get your FICO score for free.
Guidelines for Buying Credit Card Processing Software by Jack Chevalier
With more customers switching to credit card payments every day, need for credit card processing software has stepped-up. Apart from Internet merchant accounts, there are other equally important tools that business owners use to help them accept credit card payments on their websites. Examples of these include software that helps in accepting and processing credit card payments.
The system allows you to offer flexibility in payment options to the customers. Allowing such payments augments your sales and helps you in garnering more profits. However, while selecting the desirable software for their business, they need to make sure that the software should be user-friendly, as this can help them make the process of making online purchases more convenient for their customers.
While choosing software for your business, think of the following features of credit card software that will help you decide if it will work for you:
- Upgradable: Most processing software can be upgraded regularly via internet. This is a positive feature provide you and your customers with up-to-date technological solutions. As compared to processing hardware which usually becomes obsolete after a period of time, the software is good value for money.
- Compatibility with Different Operating Systems: to increase the usability, make sure that your software is compatible with all operating systems such as McIntosh and Windows. Even if you decide to switch from one system to another, you will be able to use the same software that you had invested in.
- Credit Cards Accepted: Check that your software processes all credit card payments. After all, the whole purpose of installing the processing software is to be able to provide your customers with the additional payment option. If your software does not process certain types of credit cards, the whole purpose would be defeated.
- Additional Features: Don't forget to check for additional features in the processing software. This software is usually supplemented with various features that include user permissions, customer database, file import and recurring billing. Some of these even come with integrated accounting feature that makes your bookkeeping process a lot easier.
- Internet Connection: Some processing software requires internet connection for transactions to be sent to provider. However, there are others which require only a phone line or a modem. Those that allow both are usually the preferred software.
- Additional Hardware: If your transaction volume is high, additional hardware may be used to complement your processing software. Commonly suggested hardware will be credit card magnetic strip readers that may be connected to the customer's USB port via cable. Such readers will allow you to simply swipe the card in order to capture required details. You will not have to key in your customer's credit card details manually. This will save time and make the process more efficient.
There is a variety of credit card processing software available in the market and if you decide to invest in one, you will have to engage in an extensive research based on their features, rates, terms, services and incentives. Choose one that will support your business needs and assists you in achieving your targets.
Browse through http://www.paynetsystems.com/credit-card-processing for more information on Credit Card Processing Software.
About the Author
Jack Chevalier is Credit Cards expert who has written many articles on credit card related topics. For more details about Credit Card Processing and Merchant Account Services visit http://www.paynetsystems.com
The system allows you to offer flexibility in payment options to the customers. Allowing such payments augments your sales and helps you in garnering more profits. However, while selecting the desirable software for their business, they need to make sure that the software should be user-friendly, as this can help them make the process of making online purchases more convenient for their customers.
While choosing software for your business, think of the following features of credit card software that will help you decide if it will work for you:
- Upgradable: Most processing software can be upgraded regularly via internet. This is a positive feature provide you and your customers with up-to-date technological solutions. As compared to processing hardware which usually becomes obsolete after a period of time, the software is good value for money.
- Compatibility with Different Operating Systems: to increase the usability, make sure that your software is compatible with all operating systems such as McIntosh and Windows. Even if you decide to switch from one system to another, you will be able to use the same software that you had invested in.
- Credit Cards Accepted: Check that your software processes all credit card payments. After all, the whole purpose of installing the processing software is to be able to provide your customers with the additional payment option. If your software does not process certain types of credit cards, the whole purpose would be defeated.
- Additional Features: Don't forget to check for additional features in the processing software. This software is usually supplemented with various features that include user permissions, customer database, file import and recurring billing. Some of these even come with integrated accounting feature that makes your bookkeeping process a lot easier.
- Internet Connection: Some processing software requires internet connection for transactions to be sent to provider. However, there are others which require only a phone line or a modem. Those that allow both are usually the preferred software.
- Additional Hardware: If your transaction volume is high, additional hardware may be used to complement your processing software. Commonly suggested hardware will be credit card magnetic strip readers that may be connected to the customer's USB port via cable. Such readers will allow you to simply swipe the card in order to capture required details. You will not have to key in your customer's credit card details manually. This will save time and make the process more efficient.
There is a variety of credit card processing software available in the market and if you decide to invest in one, you will have to engage in an extensive research based on their features, rates, terms, services and incentives. Choose one that will support your business needs and assists you in achieving your targets.
Browse through http://www.paynetsystems.com/credit-card-processing for more information on Credit Card Processing Software.
About the Author
Jack Chevalier is Credit Cards expert who has written many articles on credit card related topics. For more details about Credit Card Processing and Merchant Account Services visit http://www.paynetsystems.com
Five Sercrets to Improve and Maintain Good Credit by Jason Pollington
will provide you with 5 basic very important steps to repair and maintain good credit.
#1) Never make the minimum payment on your credit cards!!!
Don't fall into this trap! Once you get into this habit it will be very difficult (if not impossible) to get out of. If you paid a minimum payment (roughly around $250) on a total of $10,000 in credit card debt with and average interest rate of 9.99% it will take approximately 20 years to pay the debt off and paying an extra $5,000 in interest. The solution is to add an additional $100 a month to the minimum payment. It will not only save you about $3,500 of interest, you will also pay off the debt in less than 3 years. Obviously if you cannot afford to pay an extra $100 on top of your minimum payments you just have to pay what ever you income situation allows you to pay. Essentially you will save a ton of money on interest, and will be debt free a lot sooner.
#2) Trim the fat!!!
What I mean by "Trim the Fat" is keep five trade lines open and close any other remaining trade lines. Here is what you should have… Example: a mortgage, a car loan (if needed), and 3-4 credit cards. The credit cards you should keep are ones with low interest rates, can earn reward points, and preferably credit card companies that have good customer service departments. Try to stay away from the ones that charge an annual fee. I've found that credit cards from your personal credit union or bank are optimal because you can manage them easier and do it with free online banking.
#3) It is good to use credit, just Don't abuse it!!!
By making purchases and paying it off at the end of the month to avoid interest and finance charges. A good rule of thumb is to try and keep the balance below 33% of the limit. That way your credit score will stay in good standing and your payments won't get out of control. It will also allow you to stay away from the credit trap. So if your limit is $1,000 keep you balance under $330 if possible.
#4) Debt consolidation and Consumer Credit Counseling is Bad News!!!
No matter how good the sales pitch is stay away from it. It doesn't repair your credit or improve your score; on the contrary it actually lowers your score. I would recommend going to a Debt Settlement company to negotiate your balances and interest rates for you. That would ultimately lower your outgoing payments and your total debt. That in turn raises your credit score as well. I would shop around first because it could be pricey.
#5) Dispute, Dispute, Dispute!!!!
There are hundreds of millions of social security numbers issued in America. There are only three major credit bureaus (Equifax, Trans Union, and Experian) to collect all of our data and credit information. They are bound to make mistakes and errors on your credit report. The only way to remove them is to dispute them in writing to the creditor and all three credit bureaus. The trick is to send a letter with a return receipt to the creditor and all three bureaus. The Federal Fair Credit Reporting Act allows 30 days for them to respond back. If the bureaus can't verify your debt in that time frame then it will be permanently removed from your credit report.
My Mission is to help as many people (with GOOD motives and intentions) build, and maintain wealth using financial strategies that have already been tested and proven. To learn more about how you can receive this financial education and how to build wealth visit one of my websites below. God bless!
www.turnkeywealthplan.com or www.millionairemindsetacademy.com
About the Author
Hello My Name is Jason Pollington, I am a 27 Year old Entrepreneur. I am married to a wonderful woman and have 2 beautiful little girls. I grew up with 5 brothers (no sisters) in San Diego, CA. Family and God is everything to me. I am also very passionate of what I do and my mission to assist as many people with good motives and intentions to build, and maintain a lifetime of wealth.
#1) Never make the minimum payment on your credit cards!!!
Don't fall into this trap! Once you get into this habit it will be very difficult (if not impossible) to get out of. If you paid a minimum payment (roughly around $250) on a total of $10,000 in credit card debt with and average interest rate of 9.99% it will take approximately 20 years to pay the debt off and paying an extra $5,000 in interest. The solution is to add an additional $100 a month to the minimum payment. It will not only save you about $3,500 of interest, you will also pay off the debt in less than 3 years. Obviously if you cannot afford to pay an extra $100 on top of your minimum payments you just have to pay what ever you income situation allows you to pay. Essentially you will save a ton of money on interest, and will be debt free a lot sooner.
#2) Trim the fat!!!
What I mean by "Trim the Fat" is keep five trade lines open and close any other remaining trade lines. Here is what you should have… Example: a mortgage, a car loan (if needed), and 3-4 credit cards. The credit cards you should keep are ones with low interest rates, can earn reward points, and preferably credit card companies that have good customer service departments. Try to stay away from the ones that charge an annual fee. I've found that credit cards from your personal credit union or bank are optimal because you can manage them easier and do it with free online banking.
#3) It is good to use credit, just Don't abuse it!!!
By making purchases and paying it off at the end of the month to avoid interest and finance charges. A good rule of thumb is to try and keep the balance below 33% of the limit. That way your credit score will stay in good standing and your payments won't get out of control. It will also allow you to stay away from the credit trap. So if your limit is $1,000 keep you balance under $330 if possible.
#4) Debt consolidation and Consumer Credit Counseling is Bad News!!!
No matter how good the sales pitch is stay away from it. It doesn't repair your credit or improve your score; on the contrary it actually lowers your score. I would recommend going to a Debt Settlement company to negotiate your balances and interest rates for you. That would ultimately lower your outgoing payments and your total debt. That in turn raises your credit score as well. I would shop around first because it could be pricey.
#5) Dispute, Dispute, Dispute!!!!
There are hundreds of millions of social security numbers issued in America. There are only three major credit bureaus (Equifax, Trans Union, and Experian) to collect all of our data and credit information. They are bound to make mistakes and errors on your credit report. The only way to remove them is to dispute them in writing to the creditor and all three credit bureaus. The trick is to send a letter with a return receipt to the creditor and all three bureaus. The Federal Fair Credit Reporting Act allows 30 days for them to respond back. If the bureaus can't verify your debt in that time frame then it will be permanently removed from your credit report.
My Mission is to help as many people (with GOOD motives and intentions) build, and maintain wealth using financial strategies that have already been tested and proven. To learn more about how you can receive this financial education and how to build wealth visit one of my websites below. God bless!
www.turnkeywealthplan.com or www.millionairemindsetacademy.com
About the Author
Hello My Name is Jason Pollington, I am a 27 Year old Entrepreneur. I am married to a wonderful woman and have 2 beautiful little girls. I grew up with 5 brothers (no sisters) in San Diego, CA. Family and God is everything to me. I am also very passionate of what I do and my mission to assist as many people with good motives and intentions to build, and maintain a lifetime of wealth.
The trusted place to buy the credit card of your choice. by Steven Lewis
Credit cards are used when there is no cash money in hand. The concept of credit card was based on this line when it was first introduced. However, the basic
concept has undergone drastic change and people started using cash money least. Instead, they began the use of credit cards at the slightest pretext. Soon,
the trend of carrying credit cards started dominating a large portion of the urban world and it gave birth to the concept of 'plastic money.'
The new generation seems to be in the grip of plastic money completely. There are several advantages of having and using the facility of credit cards. If the
users of credit cards keep a track of its usage regarding the billing date and payment date, they can end up having rewards programs by way of getting points
on their purchases. There are also some disadvantages of using credit cards. It is strictly unadvisable to do cash withdrawals on a credit card. If you
withdraw cash with the help of credit card, you would have to pay very high rate of interest for it.
The growing use of credit cards has brought forth several credit card marketing companies. These credit card marketing companies offer the clients a wide
choice of credit cards with several benefits. SmartCreditPlus is one of the most popular credit card marketing companies. It enjoys the trust of a large
number of loyal clients. SmartCreditPlus (website: smart-credit-plus.com) offers the customers the opportunity to review, compare and apply for different
credit cards as well as other services. The online facility gives you the option to choose from a plethora of credit cards.
There are several things that determine the right choice of credit card companies. A person who has just decided to buy a credit card is left with several
questions in his mind. The main question is which credit card to go with. It is recommended that such a person should always know his limit.
If you start searching about the best option in the current market, you would come to know that there are impressive numbers of credit card offers doing the
round. Some of the credit cards available in the present market include no annual-fee versions, no-hassle versions, low annual percentage versions, business
ones, identity theft protection versions, store cards, secured cards, rewards program cards, student cards, travel cards, prepaid cards and gas cards.
Everything depends on the individual which credit cards he or she prefers.
Getting a credit card is subject to elaborate pondering and homework. It is not a thing which you can take a haste decision about. There are high chances
that you would end up having bad credit if you venture into it abruptly. If you go for the wrong one, you would be bereaved of several wonderful facilities.
Apart from it, a bad credit card would also enable you to plunge into debt at a very fast pace. You should always opt for the best credit card that may match
your personal financial positions.
About the Author
Steven Lewis is author of this article on credit card offers. Find more information about credit cards here.
concept has undergone drastic change and people started using cash money least. Instead, they began the use of credit cards at the slightest pretext. Soon,
the trend of carrying credit cards started dominating a large portion of the urban world and it gave birth to the concept of 'plastic money.'
The new generation seems to be in the grip of plastic money completely. There are several advantages of having and using the facility of credit cards. If the
users of credit cards keep a track of its usage regarding the billing date and payment date, they can end up having rewards programs by way of getting points
on their purchases. There are also some disadvantages of using credit cards. It is strictly unadvisable to do cash withdrawals on a credit card. If you
withdraw cash with the help of credit card, you would have to pay very high rate of interest for it.
The growing use of credit cards has brought forth several credit card marketing companies. These credit card marketing companies offer the clients a wide
choice of credit cards with several benefits. SmartCreditPlus is one of the most popular credit card marketing companies. It enjoys the trust of a large
number of loyal clients. SmartCreditPlus (website: smart-credit-plus.com) offers the customers the opportunity to review, compare and apply for different
credit cards as well as other services. The online facility gives you the option to choose from a plethora of credit cards.
There are several things that determine the right choice of credit card companies. A person who has just decided to buy a credit card is left with several
questions in his mind. The main question is which credit card to go with. It is recommended that such a person should always know his limit.
If you start searching about the best option in the current market, you would come to know that there are impressive numbers of credit card offers doing the
round. Some of the credit cards available in the present market include no annual-fee versions, no-hassle versions, low annual percentage versions, business
ones, identity theft protection versions, store cards, secured cards, rewards program cards, student cards, travel cards, prepaid cards and gas cards.
Everything depends on the individual which credit cards he or she prefers.
Getting a credit card is subject to elaborate pondering and homework. It is not a thing which you can take a haste decision about. There are high chances
that you would end up having bad credit if you venture into it abruptly. If you go for the wrong one, you would be bereaved of several wonderful facilities.
Apart from it, a bad credit card would also enable you to plunge into debt at a very fast pace. You should always opt for the best credit card that may match
your personal financial positions.
About the Author
Steven Lewis is author of this article on credit card offers. Find more information about credit cards here.
Get It Quick, Anyway You Can by Tom Shepherd
Get It Quick, Anyway You Can.
It seems the young of today want it all up front. They will go in debt to achieve their desires. The credit cards seem to thrive on this movement. Now they are beginning to back up. Why? They see there is no hope for the ones that are behind, to pay their debt. They all will take the easy way out and let the credit card debt go. What can they do if there is no money to collect. They can raise the interest if they are late, but what good is that going to do if there is no money. As long as the economy held there was hope. Because everyone had a job that paid enough to pay the bills. Now there is no money for the ones that used the credit cards to buy their desires. People were borrowing money to pay bills, but that day is over. It is harder now to borrow from the bank. They have tighten up. Especially on short term loans that have shaky collateral.
The people who own the credit cards had better wake up before it is to late. They need to lower the interest rates instead of raising them. At least they would have a chance to get the principle back, but if they keep going they are liable to lose it all. What they don't seem to understand is, this is different times. People do not believe this can happen. There has been too much credit. People say the fool should have known better. Right now there is a lot of those fools. If it keeps on going the way it is now, it is going to be hard to use a credit card. Everybody is going to want cash instead of credit cards. There will be no way for some people to live because they do not have the cash.
What is the answer? It sure isn't the government bailout. All that does is create more problems in later years. What is the answer? Who can we blame? Greed is a big factor. Everyone is trying to make a quick solution. The fact is that it took several years to get in this situation. You are not going to correct it in one day. So what can we do? The first thing is quit trying to find someone to blame. You should look in the mirror. The reflection you see is partly to blame. Destroy all the credit cards and live with what you have, is the first step. If you do not have the money, do not buy it. Stay out of debt.
Is it to late? I do not know. But we cannot let a person or government dictate what we have to do. I believe the government has shown us their true intentions. And that is to have power over our actions. I truly believe the scheme was to get the American people in debt, so we would become slaves to debt. If they get us in debt, they have us in a situation where there is no hope. An old man use to tell me, "You keep a man hungry and poor , and you can handle him." Well this could backfire. If you destroy the people's will, who is going to pay the taxes. The rich pay about 40% of the tax burden. Where is the other 60% coming from. The government had better wake up. Quit trying to be the boss. Let the people be their own boss, and this problem will correct itself. Yes, we need laws, but only to help us live with our neighbor. We have started this because we wanted it right now, and now we are paying the price. Sell everything you have and pay the debt off. Now you can start over and I hope a lot wiser.
About the Author
My business is called Home For Baby Clothes. We sell baby clothes, infant, discount, toddler, unique, personalized, and organic clothes.
It seems the young of today want it all up front. They will go in debt to achieve their desires. The credit cards seem to thrive on this movement. Now they are beginning to back up. Why? They see there is no hope for the ones that are behind, to pay their debt. They all will take the easy way out and let the credit card debt go. What can they do if there is no money to collect. They can raise the interest if they are late, but what good is that going to do if there is no money. As long as the economy held there was hope. Because everyone had a job that paid enough to pay the bills. Now there is no money for the ones that used the credit cards to buy their desires. People were borrowing money to pay bills, but that day is over. It is harder now to borrow from the bank. They have tighten up. Especially on short term loans that have shaky collateral.
The people who own the credit cards had better wake up before it is to late. They need to lower the interest rates instead of raising them. At least they would have a chance to get the principle back, but if they keep going they are liable to lose it all. What they don't seem to understand is, this is different times. People do not believe this can happen. There has been too much credit. People say the fool should have known better. Right now there is a lot of those fools. If it keeps on going the way it is now, it is going to be hard to use a credit card. Everybody is going to want cash instead of credit cards. There will be no way for some people to live because they do not have the cash.
What is the answer? It sure isn't the government bailout. All that does is create more problems in later years. What is the answer? Who can we blame? Greed is a big factor. Everyone is trying to make a quick solution. The fact is that it took several years to get in this situation. You are not going to correct it in one day. So what can we do? The first thing is quit trying to find someone to blame. You should look in the mirror. The reflection you see is partly to blame. Destroy all the credit cards and live with what you have, is the first step. If you do not have the money, do not buy it. Stay out of debt.
Is it to late? I do not know. But we cannot let a person or government dictate what we have to do. I believe the government has shown us their true intentions. And that is to have power over our actions. I truly believe the scheme was to get the American people in debt, so we would become slaves to debt. If they get us in debt, they have us in a situation where there is no hope. An old man use to tell me, "You keep a man hungry and poor , and you can handle him." Well this could backfire. If you destroy the people's will, who is going to pay the taxes. The rich pay about 40% of the tax burden. Where is the other 60% coming from. The government had better wake up. Quit trying to be the boss. Let the people be their own boss, and this problem will correct itself. Yes, we need laws, but only to help us live with our neighbor. We have started this because we wanted it right now, and now we are paying the price. Sell everything you have and pay the debt off. Now you can start over and I hope a lot wiser.
About the Author
My business is called Home For Baby Clothes. We sell baby clothes, infant, discount, toddler, unique, personalized, and organic clothes.
Healthy Credit in Five Steps by Paul Stabler
It is time to admit that you need to take the credit card accounts that you have opened and begin to get them into shape so that they are no longer damaging your credit and preventing you from getting good interest rates and terms. It is no longer possible to use a passive attitude concerning your finances. You cannot ignore your bills or handle them in a haphazard way and expect nothing negative to happen.
Taking the time to implement the steps below will help you begin to put your credit back in order.
Pay off small credit cards. Get rid of your department store credit cards. This means paying them off and no longer using them. Keep them open however so that you do not experience a drop in your credit score. The only reason people have these is because they have been offered them when they are shopping in the store or they might have a rewards program. The best rewards programs are those that are on the major credit cards. Plus, you can use your major cards at these stores as well. So the reasoning for keeping them does not make sense.
Pay off balances. Get rid of the balances of as many cards as you can. Again, you do not have to close the accounts, just pay them off and then destroy the cards. Keeping the accounts open for a period of time will not hurt your credit. However, you will want to eventually close them. As your credit history goes, they will eventually become a liability because of inactivity, but you can safely leave them open and then consider closing them in about a year or so.
Negotiate terms. Call your credit card companies and negotiate lower interest rates. You will have varying degrees of success with this based on how good you have been in making your monthly payments, but it is worth the attempt. Now is a good time to call and try to get better rates, because card issuers realize that consumers are struggling and so they are taking steps to be able to help.
Focus on keeping your cards with the highest balances current. By keeping these cards current, you avoid bad marks on your credit score and history.
Perform a balance transfer. This is now more difficult to perform, but if you can make it happen, it will buy you some time until you can get some of the smaller cards paid down and then take that money and begin to pay these down as quickly as possible. Look at it as a temporary move, however. Do not get caught up in transferring balances just to try to keep your head above water. You eventually have to pay your balances, so work hard on that as well.
Using these five steps you will see your credit score and history begin to improve in small increments. That will help you begin to control your credit instead of watching it control you.
About the Author
Paul Stabler, Associate Editor for CreditCardFlyers.com
CreditCardFlyers.com is a consumer's haven for credit card balance transfer information and offers. We help you find the right balance transfer card to meet your financial needs and you can compare and apply for your 0 apr balance transfer card online.
Taking the time to implement the steps below will help you begin to put your credit back in order.
Pay off small credit cards. Get rid of your department store credit cards. This means paying them off and no longer using them. Keep them open however so that you do not experience a drop in your credit score. The only reason people have these is because they have been offered them when they are shopping in the store or they might have a rewards program. The best rewards programs are those that are on the major credit cards. Plus, you can use your major cards at these stores as well. So the reasoning for keeping them does not make sense.
Pay off balances. Get rid of the balances of as many cards as you can. Again, you do not have to close the accounts, just pay them off and then destroy the cards. Keeping the accounts open for a period of time will not hurt your credit. However, you will want to eventually close them. As your credit history goes, they will eventually become a liability because of inactivity, but you can safely leave them open and then consider closing them in about a year or so.
Negotiate terms. Call your credit card companies and negotiate lower interest rates. You will have varying degrees of success with this based on how good you have been in making your monthly payments, but it is worth the attempt. Now is a good time to call and try to get better rates, because card issuers realize that consumers are struggling and so they are taking steps to be able to help.
Focus on keeping your cards with the highest balances current. By keeping these cards current, you avoid bad marks on your credit score and history.
Perform a balance transfer. This is now more difficult to perform, but if you can make it happen, it will buy you some time until you can get some of the smaller cards paid down and then take that money and begin to pay these down as quickly as possible. Look at it as a temporary move, however. Do not get caught up in transferring balances just to try to keep your head above water. You eventually have to pay your balances, so work hard on that as well.
Using these five steps you will see your credit score and history begin to improve in small increments. That will help you begin to control your credit instead of watching it control you.
About the Author
Paul Stabler, Associate Editor for CreditCardFlyers.com
CreditCardFlyers.com is a consumer's haven for credit card balance transfer information and offers. We help you find the right balance transfer card to meet your financial needs and you can compare and apply for your 0 apr balance transfer card online.
0% APR Credit Card Offers - Good Deal Or Bad? by Chris
Are 0% APR credit card offers really all they're cracked up to be? Many companies offer this rate to new clients, and many people jump on this kind of offer, but they tend to be bad offers in the end.
While some of these offers might actually be worth your while, most of them are nothing more than bad news in disguise. Why? Well, it all begins with that very fine print. When you are given a new credit card offer, you will find that it comes with a large booklet full of terms and details - read this booklet cover to cover.
You'll find that credit card companies hide important details inside of those pages. Everything from introductory rates to changes in policy can be found inside of that book. While it might seem like a lot of information to digest (and it is), if you don't read all of that print you might be in for a huge surprise.
Speaking of introductory rates, let's talk about those for a moment. While that new credit card company might offer 0% APR credit card offers, this doesn't necessarily mean that the interest rate will remain at zero percent. In fact, the opposite is often true.
Most companies only offer zero percent for a couple of months. After this time, that interest rate will rise. What will be the new interest rate? It's hard to tell, but you can bet that it will be higher than zero percent.
Make sure that you find out exactly what this new rate will be before you sign up for that card. In fact, it's always a good idea to contact the credit card company, ask a lot of questions, and then find out what you can expect to pay in the future. Sure, those 0% APR credit card offers might look great, but they are often full of traps.
How can you avoid becoming a credit card victim? First of all, realize that 0% APR credit card offers don't last forever. Then, make sure that you read all of that fine print. Finally, make sure to pay off that full balance every single month.
This is the best way to avoid any falling prey to credit card companies. You might be tempted by a new card, but this doesn't mean that it's a good idea. In fact, most of the time those zero percent cards are a bad idea . . .
Want more FREE INFORMATION about Credit Cards? Be sure to visit the authors website at Low Interest Credit Cards.
About the Author
The author is an avid writer on topics such as credit cards and finance.
While some of these offers might actually be worth your while, most of them are nothing more than bad news in disguise. Why? Well, it all begins with that very fine print. When you are given a new credit card offer, you will find that it comes with a large booklet full of terms and details - read this booklet cover to cover.
You'll find that credit card companies hide important details inside of those pages. Everything from introductory rates to changes in policy can be found inside of that book. While it might seem like a lot of information to digest (and it is), if you don't read all of that print you might be in for a huge surprise.
Speaking of introductory rates, let's talk about those for a moment. While that new credit card company might offer 0% APR credit card offers, this doesn't necessarily mean that the interest rate will remain at zero percent. In fact, the opposite is often true.
Most companies only offer zero percent for a couple of months. After this time, that interest rate will rise. What will be the new interest rate? It's hard to tell, but you can bet that it will be higher than zero percent.
Make sure that you find out exactly what this new rate will be before you sign up for that card. In fact, it's always a good idea to contact the credit card company, ask a lot of questions, and then find out what you can expect to pay in the future. Sure, those 0% APR credit card offers might look great, but they are often full of traps.
How can you avoid becoming a credit card victim? First of all, realize that 0% APR credit card offers don't last forever. Then, make sure that you read all of that fine print. Finally, make sure to pay off that full balance every single month.
This is the best way to avoid any falling prey to credit card companies. You might be tempted by a new card, but this doesn't mean that it's a good idea. In fact, most of the time those zero percent cards are a bad idea . . .
Want more FREE INFORMATION about Credit Cards? Be sure to visit the authors website at Low Interest Credit Cards.
About the Author
The author is an avid writer on topics such as credit cards and finance.
Offers and Benefits of Credit Cards by Heena Vasvani
Credit Cards are just gimmicks - I heard someone saying it the other day. I was about to ask him - "Is it really so? For how many years have you been using credit cards; but then I did stop as some years back, I used to think on the same lines.
A couple of years back; it was a difficult task to convince me to take a credit card as I hated the word credit as much as I did the card. It was a credit card which has the most basic things like taking credit on monthly basis while spending and getting some discounts off. After using the card for six months, I realized that even with these simple discounts, I was saving Rs 2000/- from my monthly bills. Today, I have two cards.
The recent one I took was Fortune Gold Card by Kotak Mahindra. This newly launched card was offering all those benefits which I required the most like interest free cash withdrawals, zero charge EMI, fuel surcharge waiver and 0% balance transfer - good for my business and business trips.
Apart from this I was getting special offer on Tally9, cash back on railway and flight reservations and offs for calling cabs from car club India. All these were something I had always been looking for and it did bring a lot of difference. Today, I am saving a lot in terms of my traveling and staying outdoors spending - around Rs3, 000 per month - good enough to buy a Playstation, a new dress and a necklace for my nest trip home. Thankfully, I am not too late in making savings on monthly bills.
Today's credit card offers are a change in themselves. They bring a host of facilities in the form of discounts, bill payment facilities, home delivery of gifts, flowers, chocolates, dinning table booking and so on. They bring a host of facilities which were not there before. They put us at ease with the best deals conferred on us from time to time. So, If You Don't Have A Credit Card Till Now, Get One Today And Enjoy The Benefits Of Having A Credit Card…
About the Author
For more information on credit card debt , credit cards deals, online credit cards, new credit card, platinum credit cards, visa credit cards and credit card benefits.
A couple of years back; it was a difficult task to convince me to take a credit card as I hated the word credit as much as I did the card. It was a credit card which has the most basic things like taking credit on monthly basis while spending and getting some discounts off. After using the card for six months, I realized that even with these simple discounts, I was saving Rs 2000/- from my monthly bills. Today, I have two cards.
The recent one I took was Fortune Gold Card by Kotak Mahindra. This newly launched card was offering all those benefits which I required the most like interest free cash withdrawals, zero charge EMI, fuel surcharge waiver and 0% balance transfer - good for my business and business trips.
Apart from this I was getting special offer on Tally9, cash back on railway and flight reservations and offs for calling cabs from car club India. All these were something I had always been looking for and it did bring a lot of difference. Today, I am saving a lot in terms of my traveling and staying outdoors spending - around Rs3, 000 per month - good enough to buy a Playstation, a new dress and a necklace for my nest trip home. Thankfully, I am not too late in making savings on monthly bills.
Today's credit card offers are a change in themselves. They bring a host of facilities in the form of discounts, bill payment facilities, home delivery of gifts, flowers, chocolates, dinning table booking and so on. They bring a host of facilities which were not there before. They put us at ease with the best deals conferred on us from time to time. So, If You Don't Have A Credit Card Till Now, Get One Today And Enjoy The Benefits Of Having A Credit Card…
About the Author
For more information on credit card debt , credit cards deals, online credit cards, new credit card, platinum credit cards, visa credit cards and credit card benefits.
The Benefits of Achieving Credit Report Online You Must Know by Jason Rolances
In this era of high-tech accessibility, you can almost obtain everything online, from ordering pizza, shopping, or acquiring medical advice. Now, it’s even possible for you to obtain a copy of your credit report online. With the high-tech accessibility available, you can examine your credit report online, no matter if you’re relaxing at your own home at that moment. You don’t have to be bothered about waiting for your credit report online to arrive in the mail. You just have to start searching for one of the credit reporting agencies or all three and requesting one.
The Three Agencies
Everyone having credit has a report with all three agencies in charge of credit reporting. They’re Experian, Trans Union as well as Equifax. Every time you take out a line of credit, the lender will typically report to only one of the companies. Consequently, having a number of lines of credit may cause you to have items on one report that aren't on the other two. So, to have your credit standing exactly viewed, it’s very crucial that you obtain your credit report online from all three agencies.
Will It charge Money?
Commonly, it takes money to obtain credit report online from the three credit reporting agencies. It is true that you don’t have to pay for acquiring a copy of your credit report from each of the three agencies, but getting a copy of your credit report online may charge you a small fee, yet you may only be able to acquire it through the mail.
On the other hand, look up the three agencies online as well as see what they are offering. You should consider the presence of third party venders, such as FreeCreditReport.com. Such venders will offer a fee to obtain your credit report online. In reality, it’s not so bad to use their services. For the small fee charged each month, you’ll be allowed to examineyour credit report whenever you want. But, of course, going through the agency itself may save you a lot of money in the long run.
Who Do You Owe?
Well, waiting your credit report online via mail, as well as trust the mail system handling such a valuable document might be something unfavorable for you. Still, you’re recommended to obtain your credit report online, by all means. You will be shown what you owe as well as to whom you should pay, as well as told what you ought to do in fixing your credit. By doing this, it will benefit you to save lots of your money in the future.
Are you still at sea of knowing more about credit report online? Just look around and click the links your best answer herein!
About the Author
For additional benefits you will get with the credit report online, testimonials and the reason why people need to know more about credit report for their financial condition, just click the links on Credit Report Answer.
The Three Agencies
Everyone having credit has a report with all three agencies in charge of credit reporting. They’re Experian, Trans Union as well as Equifax. Every time you take out a line of credit, the lender will typically report to only one of the companies. Consequently, having a number of lines of credit may cause you to have items on one report that aren't on the other two. So, to have your credit standing exactly viewed, it’s very crucial that you obtain your credit report online from all three agencies.
Will It charge Money?
Commonly, it takes money to obtain credit report online from the three credit reporting agencies. It is true that you don’t have to pay for acquiring a copy of your credit report from each of the three agencies, but getting a copy of your credit report online may charge you a small fee, yet you may only be able to acquire it through the mail.
On the other hand, look up the three agencies online as well as see what they are offering. You should consider the presence of third party venders, such as FreeCreditReport.com. Such venders will offer a fee to obtain your credit report online. In reality, it’s not so bad to use their services. For the small fee charged each month, you’ll be allowed to examineyour credit report whenever you want. But, of course, going through the agency itself may save you a lot of money in the long run.
Who Do You Owe?
Well, waiting your credit report online via mail, as well as trust the mail system handling such a valuable document might be something unfavorable for you. Still, you’re recommended to obtain your credit report online, by all means. You will be shown what you owe as well as to whom you should pay, as well as told what you ought to do in fixing your credit. By doing this, it will benefit you to save lots of your money in the future.
Are you still at sea of knowing more about credit report online? Just look around and click the links your best answer herein!
About the Author
For additional benefits you will get with the credit report online, testimonials and the reason why people need to know more about credit report for their financial condition, just click the links on Credit Report Answer.
Bad Credit Cards - Offering More than One Way Out by Margaret Winfrey
Bad credit cards are those specifically aimed at helping those with poor credit ratings, or even no credit ratings. Although at the moment the credit industry is feeling the pinch, there are still credit cards available for those with poor or bad credit. However, if you consider that you fall into this category, or have been experiencing difficulty obtaining a credit card because of your credit file, there are a few aspects of adverse credit cards that you need to be aware of.
The first is that credit companies offering cards to those people who have an adverse credit history are taking a greater risk than they might be with those who have good credit ratings. You might consider this unfair - perhaps there are mitigating circumstances in your past that mean that you are being declined for reasons that don't seem entirely clearer to you.
If this is the case, then you have a certain amount of control, and whilst the figures in black and white seem to suggest that the offer on the table is fixed, in many cases you might find that the underwriters have some control, and if you do have mitigating circumstances and can prove the case, then although there is no guarantee, you might find that the rate is reduced slightly. In some cases what might happen is that the account is monitored and after a period of a few months, as long as the account has been kept in good order, the rates may be reduced, the limit raised or some other benefit provided to you.
In some cases this happens automatically, and you might find that if you open a bad credit card account you will receive notification a few months later advising you that your credit limit has been raised or the interest rate lowered. This will provide you with an incentive to keep your account in good order.
Another major benefit of this relates to your credit file. If this contains adverse credit information, whether a few missed or late bills or even court judgements or bankruptcy, then it will be important to repair this and improve your credit score. If you have successfully secured a bad credit card you will have the opportunity to take the first step to achieve this. By making payments regularly, and in full if possible, with no late or missed payments registered, you can help to improve your overall score.
By improving your credit score using this credit card you provide the option in the future for opening a standard card that will almost certainly have a much lower rate of interest and fewer charges. For many people, a credit card for those with bad credit is the first rung on the ladder to recovering or rebuilding a good credit file.
Credit cards for those with bad credit are not guaranteed, and if your credit file is very poor you might find it difficult or impossible to be accepted. For most, however, options are available, although they could take a bit of finding. You should be aware of the fact that if you make too many applications to firms specializing in bad credit cards this will reflect on your credit record. Each company to which make an application will carry out a credit search, and this search will be recorded on your record, leaving a bad credit search footprint. The more such footprints, the lower your credit score.
It is often worth getting hold of a copy of your credit file so that you can see specifically what is on it that could be preventing you from being able to open a standard credit card. If the information is inaccurate, this needs reporting and you should be able to have it removed.
You may also be able to include your own notes on your file which explain certain entries, giving additional information. If notes exist on an account then a credit company cannot automate a credit check, and it will need to be flagged for an underwriter to have a look. This can help you open a bad credit card that might have a lower rate.
Bad credit cards are of great benefit to those people who have poor credit, perhaps through circumstances in the past that were beyond their control. The convenience of being able to pay using a credit card, particularly over the phone or online, is undisputed, and not having access to a card can present real problems. However, it is important to be very aware of not only the increased charges associated with bad credit cards but also the consequences of not maintaining such a card in good order.
About the Author
For more information on bad credit cards, credit cards for bad credit, and more, go to MyCreditCard.com where you can compare bad credit cards and other credit card offers and applications from major banks and issuers.
The first is that credit companies offering cards to those people who have an adverse credit history are taking a greater risk than they might be with those who have good credit ratings. You might consider this unfair - perhaps there are mitigating circumstances in your past that mean that you are being declined for reasons that don't seem entirely clearer to you.
If this is the case, then you have a certain amount of control, and whilst the figures in black and white seem to suggest that the offer on the table is fixed, in many cases you might find that the underwriters have some control, and if you do have mitigating circumstances and can prove the case, then although there is no guarantee, you might find that the rate is reduced slightly. In some cases what might happen is that the account is monitored and after a period of a few months, as long as the account has been kept in good order, the rates may be reduced, the limit raised or some other benefit provided to you.
In some cases this happens automatically, and you might find that if you open a bad credit card account you will receive notification a few months later advising you that your credit limit has been raised or the interest rate lowered. This will provide you with an incentive to keep your account in good order.
Another major benefit of this relates to your credit file. If this contains adverse credit information, whether a few missed or late bills or even court judgements or bankruptcy, then it will be important to repair this and improve your credit score. If you have successfully secured a bad credit card you will have the opportunity to take the first step to achieve this. By making payments regularly, and in full if possible, with no late or missed payments registered, you can help to improve your overall score.
By improving your credit score using this credit card you provide the option in the future for opening a standard card that will almost certainly have a much lower rate of interest and fewer charges. For many people, a credit card for those with bad credit is the first rung on the ladder to recovering or rebuilding a good credit file.
Credit cards for those with bad credit are not guaranteed, and if your credit file is very poor you might find it difficult or impossible to be accepted. For most, however, options are available, although they could take a bit of finding. You should be aware of the fact that if you make too many applications to firms specializing in bad credit cards this will reflect on your credit record. Each company to which make an application will carry out a credit search, and this search will be recorded on your record, leaving a bad credit search footprint. The more such footprints, the lower your credit score.
It is often worth getting hold of a copy of your credit file so that you can see specifically what is on it that could be preventing you from being able to open a standard credit card. If the information is inaccurate, this needs reporting and you should be able to have it removed.
You may also be able to include your own notes on your file which explain certain entries, giving additional information. If notes exist on an account then a credit company cannot automate a credit check, and it will need to be flagged for an underwriter to have a look. This can help you open a bad credit card that might have a lower rate.
Bad credit cards are of great benefit to those people who have poor credit, perhaps through circumstances in the past that were beyond their control. The convenience of being able to pay using a credit card, particularly over the phone or online, is undisputed, and not having access to a card can present real problems. However, it is important to be very aware of not only the increased charges associated with bad credit cards but also the consequences of not maintaining such a card in good order.
About the Author
For more information on bad credit cards, credit cards for bad credit, and more, go to MyCreditCard.com where you can compare bad credit cards and other credit card offers and applications from major banks and issuers.
What Are the Benefits of Balance Transfer Cards? by Mark Brown
In today's day and age, credit cards are fast becoming a normal piece of life. In fact, most people do not even carry around cash or even checks with them anymore. Buying now and paying later has become more than slogan for people: it's a way of life. One of the more recent trends in the credit card realm is the creation and popularity of balance transfer cards. These cards make having credit and even debt all the more easier to manage. The following are just some of the many benefits of applying for and using balance transfer cards.
A balance transfer card is one that will pay off other debts - everything from other credit cards to loans - so that you can make a single payment rather than many payments. This means that paying off your debt will become that much easier, will get bill collectors off your back, and can save you a lot of money in late fees. In fact, one of the chief benefits of using a balance transfer card is that you will only have a single interest rate to deal with instead of multiple interest rates. This can make quite a difference over time, especially if you have a lot of debt or many credit cards with high interest rates.
One of the best things is that there are cards that offer 0% Balance Transfer for 6 Months. This means that you can transfer balances and have a super low interest rate for a short period of time (i.e. 0% for six months). This makes it all the more easier for a person to pay off their debt and to end up saving a lot of money. After all, if you focus at eliminating debt or chipping away at it during the time you have 0% interest, you could save a lot of money on what you would have paid interest.
The best part is that there are balance transfer credit cards for people of all types and backgrounds. For example, for folks who have lower incomes, there is the St. George Vertigo MasterCard and for those with higher earnings or a solid salary, there is the Citibank Clear Platinum Card. These cards come with different interest rates and credit limits. The variety of balance transfer cards available in today's world makes it possible for people of all backgrounds and incomes to find a credit card that is right for them.
About the Author
Mark Brown brings vast knowledge about personal finance to his writing. His no-nonsense manner in dealing with consumer debt and poor financial management is a result of struggling personally with debt. This gives him a unique insight into the such situations. For more information on balance transfer cards, check out Credit Card Compare.
A balance transfer card is one that will pay off other debts - everything from other credit cards to loans - so that you can make a single payment rather than many payments. This means that paying off your debt will become that much easier, will get bill collectors off your back, and can save you a lot of money in late fees. In fact, one of the chief benefits of using a balance transfer card is that you will only have a single interest rate to deal with instead of multiple interest rates. This can make quite a difference over time, especially if you have a lot of debt or many credit cards with high interest rates.
One of the best things is that there are cards that offer 0% Balance Transfer for 6 Months. This means that you can transfer balances and have a super low interest rate for a short period of time (i.e. 0% for six months). This makes it all the more easier for a person to pay off their debt and to end up saving a lot of money. After all, if you focus at eliminating debt or chipping away at it during the time you have 0% interest, you could save a lot of money on what you would have paid interest.
The best part is that there are balance transfer credit cards for people of all types and backgrounds. For example, for folks who have lower incomes, there is the St. George Vertigo MasterCard and for those with higher earnings or a solid salary, there is the Citibank Clear Platinum Card. These cards come with different interest rates and credit limits. The variety of balance transfer cards available in today's world makes it possible for people of all backgrounds and incomes to find a credit card that is right for them.
About the Author
Mark Brown brings vast knowledge about personal finance to his writing. His no-nonsense manner in dealing with consumer debt and poor financial management is a result of struggling personally with debt. This gives him a unique insight into the such situations. For more information on balance transfer cards, check out Credit Card Compare.
Do you need a credit card to get through the recession? by Reno Charlton
For many people the current ongoing recession has come as something of a shock, as many people have not had to go through this type of recession before, and are therefore finding it difficult to adjust. For some people the answer to maintaining their lifestyle in the current financial climate is to use their credit cards to fund various purchases and spending, but of course this means getting even further into debt at a time when it is important to try and reduce debt due to economic uncertainty and for some even lack of job security.
However, it seems that we could all learn a thing or two from those that have been through recession before, as many of these people learned valuable lessons the first time around and are now better prepared to handle the recession without getting themselves into a financial mess. In fact, the results of a recent poll have shown that around two thirds of those that have been through recession before are not relying on credit cards to get them through.
These people have stated that they have tightened their belts and have stopped spending money that they do not have whilst the recession continues. They said that they have not, and do not plan to, rack up credit card debt to get them through the recession, and that they will therefore be able to avoid getting into further debt.
It is thought that around twenty eight percent of people have not gone through a recession before, and this is pretty much anyone in their mid-thirties and under. One industry official said: "Recession novices will be feeling the greatest shock and worrying about how to maintain their lifestyles while paying off debts, while those that have lived through it before will probably cope better, reverting to old methods of survival."
Of course, some people may find that they simply cannot manage without a credit card in the current climate, but if you do need to have a card to get you through the recession it is more important than ever to ensure that you have the right card, such as an interest free credit card where you can repay the balance within a set period of time without being hit with interest charges.
About the Author
Reno Charlton, award-winning writer, shares her financial expertise as a contributing columnist for Credit Card Comparison, where you can compare bad credit rating credit cards and compare instant decision credit cards.
However, it seems that we could all learn a thing or two from those that have been through recession before, as many of these people learned valuable lessons the first time around and are now better prepared to handle the recession without getting themselves into a financial mess. In fact, the results of a recent poll have shown that around two thirds of those that have been through recession before are not relying on credit cards to get them through.
These people have stated that they have tightened their belts and have stopped spending money that they do not have whilst the recession continues. They said that they have not, and do not plan to, rack up credit card debt to get them through the recession, and that they will therefore be able to avoid getting into further debt.
It is thought that around twenty eight percent of people have not gone through a recession before, and this is pretty much anyone in their mid-thirties and under. One industry official said: "Recession novices will be feeling the greatest shock and worrying about how to maintain their lifestyles while paying off debts, while those that have lived through it before will probably cope better, reverting to old methods of survival."
Of course, some people may find that they simply cannot manage without a credit card in the current climate, but if you do need to have a card to get you through the recession it is more important than ever to ensure that you have the right card, such as an interest free credit card where you can repay the balance within a set period of time without being hit with interest charges.
About the Author
Reno Charlton, award-winning writer, shares her financial expertise as a contributing columnist for Credit Card Comparison, where you can compare bad credit rating credit cards and compare instant decision credit cards.
Don't save - pay off your credit card debt by Reno Charlton
Over the past few years savers in the UK have been bombarded with tempting offers of high interest savings accounts from many financial institutions, including a number of newcomers from abroad, many of which went on to monopolise the UK savings account market. In this highly competitive area some were offering eye-catching rates of interest, and this was persuading many people to stick their spare cash into a high rate savings account rather than pay off their debts.
However, over the past six months the base interest rate in the UK has fallen to its lowest level in the three hundred and fifteen year history of the Bank of England, plunging to just 0.5 percent in March. Whilst this may have been good news for some borrowers, savers had to bear the brunt of these rate cuts, with many left earning just paltry amounts of interest - or even no interest in some cases - on their savings.
When you consider the fact that people are now earning minimal returns on their savings, coupled with the fact that credit card companies are still charging very high rates of interest on credit card borrowing, it is important to get your priorities right. Many industry officials are now strongly advising anyone with high interest debt such as credit cards to use any spare cash to get them cleared rather than sticking it into savings where it will earn little or no interest.
Of course, some people may be worried about doing this in the current financial and economic climate, with some wanting savings as a fallback in case they lose some or all of their income. If this is the case, then it is well worth considering switching your credit card to something like an interest free balance card, so that you can still pay the balance gradually but without being hit by interest charges.
Those that cannot switch to a deal such as this for any reason should bear in mind that if they use any spare cash to pay off their high interest credit card debt, and they then suffer a loss in income, they will have one less debt to worry about, and will still have the credit card to fall back on if the need arises.
About the Author
Reno Charlton, award-winning writer, shares her financial expertise as a contributing columnist for Compare Credit Cards, where you can compare bad credit rating credit cards and instant decision credit cards.
However, over the past six months the base interest rate in the UK has fallen to its lowest level in the three hundred and fifteen year history of the Bank of England, plunging to just 0.5 percent in March. Whilst this may have been good news for some borrowers, savers had to bear the brunt of these rate cuts, with many left earning just paltry amounts of interest - or even no interest in some cases - on their savings.
When you consider the fact that people are now earning minimal returns on their savings, coupled with the fact that credit card companies are still charging very high rates of interest on credit card borrowing, it is important to get your priorities right. Many industry officials are now strongly advising anyone with high interest debt such as credit cards to use any spare cash to get them cleared rather than sticking it into savings where it will earn little or no interest.
Of course, some people may be worried about doing this in the current financial and economic climate, with some wanting savings as a fallback in case they lose some or all of their income. If this is the case, then it is well worth considering switching your credit card to something like an interest free balance card, so that you can still pay the balance gradually but without being hit by interest charges.
Those that cannot switch to a deal such as this for any reason should bear in mind that if they use any spare cash to pay off their high interest credit card debt, and they then suffer a loss in income, they will have one less debt to worry about, and will still have the credit card to fall back on if the need arises.
About the Author
Reno Charlton, award-winning writer, shares her financial expertise as a contributing columnist for Compare Credit Cards, where you can compare bad credit rating credit cards and instant decision credit cards.
7 tips on improving your credit score by Scott McKay
When trying to increase your credit score consumers must realize that there is no legitimate way to boost your credit score overnight. It takes time and patience to build a solid credit history which is the best way of obtaining a high credit score.
There has been an increase in the number of companies that claim they can do just that, boost your credit score by around 100 points or more in a very short period of time. Consumers must remain very cautious when dealing with such companies as many of the tactics they use can backfire, causing your score to decrease and damage your credit rating.
But there is still hope for the many consumers out there who have been hard hit by the declining economy. With foreclosures and credit card defaults still on the rise, lenders all around have tightened up their underwriting guidelines making it much harder to be approved for a loan or line of credit. But there are still many ways for you to start building a higher credit score, making it more likely for you to be approved the next time you apply for credit.
1. Make payment arrangements to get current with any delinquent accounts you may have. Being behind on your payments can make it nearly impossible to be approved for credit even if you have a high credit score.
2. Pay down the balances on your credit cards. If you carry an average of 50% or more of your credit limits than this can have a negative affect on your credit score. You should always try to maintain balances of 30% or below on all of your lines of credit.
3. Add yourself as an authorized signer on another person's credit card. If you know someone who would be willing to add you as a signer on their account than most credit card companies will also start reporting that account under your credit as well, helping to improve your credit rating.
4. Don't close any accounts that are currently open. You may have heard this before and it is certainly true that your credit score can drop by closing accounts. The longer an account has been open the better it is for your credit.
5. Open a secured credit card. This works best for someone who is just starting to build up their credit. There are many lenders that offer these so make sure to shop around. All secured credit cards will have some sort of fee associated with it but some are much lower than others.
6. Contact your creditors. If you are currently behind or having trouble making all of your minimum payments than it wouldn't hurt to try and negotiate with your creditors for a lower interest rate or see if they can lower your monthly payments making it easier to pay your bills on time.
7. Monitor your credit reports. In many cases you may find inaccurate information being reported on your credit reports that can damage your credit. A simple dispute letter to the credit bureaus can correct any false information and get you back on track to building your credit.
About the Author
Creator of FreeOnlineCreditGuide.com, Scott currently works in the financial industry and is feeling the effects of the economy like so many others. He has over 6 years of both personal and work related experience dealing with the credit bureaus and now uses those experiences to help others learn to better manage their credit.
There has been an increase in the number of companies that claim they can do just that, boost your credit score by around 100 points or more in a very short period of time. Consumers must remain very cautious when dealing with such companies as many of the tactics they use can backfire, causing your score to decrease and damage your credit rating.
But there is still hope for the many consumers out there who have been hard hit by the declining economy. With foreclosures and credit card defaults still on the rise, lenders all around have tightened up their underwriting guidelines making it much harder to be approved for a loan or line of credit. But there are still many ways for you to start building a higher credit score, making it more likely for you to be approved the next time you apply for credit.
1. Make payment arrangements to get current with any delinquent accounts you may have. Being behind on your payments can make it nearly impossible to be approved for credit even if you have a high credit score.
2. Pay down the balances on your credit cards. If you carry an average of 50% or more of your credit limits than this can have a negative affect on your credit score. You should always try to maintain balances of 30% or below on all of your lines of credit.
3. Add yourself as an authorized signer on another person's credit card. If you know someone who would be willing to add you as a signer on their account than most credit card companies will also start reporting that account under your credit as well, helping to improve your credit rating.
4. Don't close any accounts that are currently open. You may have heard this before and it is certainly true that your credit score can drop by closing accounts. The longer an account has been open the better it is for your credit.
5. Open a secured credit card. This works best for someone who is just starting to build up their credit. There are many lenders that offer these so make sure to shop around. All secured credit cards will have some sort of fee associated with it but some are much lower than others.
6. Contact your creditors. If you are currently behind or having trouble making all of your minimum payments than it wouldn't hurt to try and negotiate with your creditors for a lower interest rate or see if they can lower your monthly payments making it easier to pay your bills on time.
7. Monitor your credit reports. In many cases you may find inaccurate information being reported on your credit reports that can damage your credit. A simple dispute letter to the credit bureaus can correct any false information and get you back on track to building your credit.
About the Author
Creator of FreeOnlineCreditGuide.com, Scott currently works in the financial industry and is feeling the effects of the economy like so many others. He has over 6 years of both personal and work related experience dealing with the credit bureaus and now uses those experiences to help others learn to better manage their credit.
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