Debt, Credit Repair, Mortgage, Loans, and Credit Card Advice » Credit Card Applications

The U.S Government Promotes Credit Repair

admin — Tue, 18 Nov 2008 07:45:13 +0000

The federal government now backs the removal of everything negative on a credit file and the awesome thing is, they always have! I will use the term credit repair lightly as I do not think that is is appropriate because in order to repair something, something must be broken and that is just not the case. If you will forget the letter writing, new identity scams and credit privacy numbers (cpns), I will show you how to look at this the correct way and get things done once and for all.

The beauty of our legal system is that laws were put in place to protect you, the consumer. You see, credit repair as it is normally practiced, is wrong. If you use the court system , you will not even deal with the three credit reporting agencies (credit bureaus) until you show them what legally needs to be removed via court order. The credit bureaus are simply reporting what is given them and when you have the proper documentation, they will remove that as well. Get something straight right from the start, your credit file with the three credit reporting agencies are not incorrect. Sure, there may be a few items, if any, that are truly incorrect, but that is not the basis of what you will be doing. Where the illegal part comes in is when the creditors, even original creditors, report your actions to the bureaus themselves. You have a big issue with the creditors. What I am saying is that it is illegal for the creditors to report derogatory items and make them accessible to the general public.

There are 320 laws that every creditor has to follow in order to put one single item on your report. They know this and even after knowing this, they fail to follow the law at all and unless you call them out. Once you do call them out, it will either be removed immediately or you settle it in court (hint..they will not show up as they cannot document what is needed). Negatives off, good credit!

Nothing is quite as simple as it sounds, but the basics for this is behind each and every person I have seen have their files wiped clean of all negatives. So is credit repair a scam? If the companies write letters, give you a new file or identity, or go about it any other way than through the legal system, using the laws set up to protect us, then yes Doing it the proper way, through the court system and not only will work each and every time, but be backed by the government 100%.

Beating the Credit Crunch

admin — Sat, 23 Aug 2008 08:08:30 +0000

If you have noticed that your money isn’t going as far as it used to, even compared to a few months ago, you aren’t alone. The current state of the economy means that prices are rising and income is largely staying the same, which isn’t good news when it comes to making ends meet.

But is there anything you can do about it?

Luckily there is – and it means being smart about what you do with your money and how you manage it on a daily basis. Saving a small amount of money on a daily basis might not seem like a lot, but when you add it up over the course of a month you might be surprised at the results!

This is the key to battling rising prices. You may not win every battle and the gains you make may only be small ones, but when they are added together they can make a difference.

The problem is, we all waste money to a certain extent. We’ve all been out shopping and spotted something we’d love to buy… and then we’ve bought it and decided we’d worry about how to pay for it later. That’s the worst way to battle the credit crunch, because money that you didn’t need to spend could have contributed towards paying essential bills or ideally put in a savings account to act as a cushion against future rises in prices.

Budgeting will of course help you to combat unnecessary spending, but the best skill you can have on your side is to identify how you behave with money, and learn new and positive habits to make sure you can take positive action against the credit crunch.

Take a look at your outgoing bills each month as well. Gas and electricity prices are going up, but you can combat them by switching to a new supplier if you find a better deal. The same goes for every other household bill, including your mortgage. The time you spend searching for better deals will be worth it when you reduce your outgoings from the amount you are currently paying.

Make sure you look at every aspect of your monetary situation as well. If you have a car there isn’t a lot you can do to reduce your car tax, unless perhaps you get a smaller car; but you might be able to reduce your car insurance by shopping around. If you have access to the internet you will usually be able to get a lot of services cheaper simply by booking them or arranging them online.

And don’t forget your credit cards either. If you are paying a high interest rate it might be beneficial to try and move your balance to another card altogether – it can save you more in the long run.

But whatever you do, make sure you keep an eye on your finances as being in the know is the best way to stay in control of them during tough times.

Instant Approval Credit Cards

admin — Mon, 25 Feb 2008 16:47:32 +0000

If you don’t have the time to wait for credit card approval then an instant approval credit card might be the route to take. A lot of people don’t have the time or patience for the dated method of applying for a credit card. Traditionally you have to fill out an application, mail it in, and wait for a letter advising you if you have been approved for a line of credit.What happens when you don’t have the luxury of time to get approved for a credit card? This is where an instant approval card comes in handy. Companies that offer instant approval credit cards provide an online link to their application. No more filling out your application by hand and sending it off in a stamped envelope. Now with a click of your mouse you can access the application, fill it out, and submit it.

Not only do you get rid of the time consuming forms and submissions, you can also say goodbye to waiting to be informed of your approval status. After submitting your application for your instant approval credit card you will be notified in minutes of whether you have been approved or not. Going through an instant approval credit card does not diminish your options on what type of credit card you can apply for. Credit card companies offer a variety of choices in addition to this hassle free method. You can choose from gas credit cards, rewards credit cards, or cash back incentives. This is an option that doesn’t have any downfalls. You are able to be approved instantly and still have many of the choices with regular credit cards.

Such cards offered through the instant approval method are the Chase VisaÂ® Platinum Card, DiscoverÂ® More (SM) Card, Chase Free Cash Rewards Visa Card, DiscoverÂ® Open Road(SM) Card, Blue from American Express, Chase Freedom Cash Visa Signature Card, Blue Cash from American Express, American Express Preferred Rewards Green Card, Clear from American Express, and Miles by DiscoverÂ® Card. Talk about a multitude in credit card options. You still maintain the same selection without having to have the patience on waiting days or even weeks for some type of notification in the mail.

So what if you aren’t approved for a credit card through cards with instant approval? You still have opportunities, just possibly through a different type of credit card. The days of getting declined and experiencing the despair of not being able to benefit from a credit card are over. Many of the companies mentioned above have come up with a solution to being declined. When you seek a credit card through instant approval you will know immediately if you are declined. If so you may want to seek a prepaid credit card. You can be instantly approved and in the case of many cards offered can even benefit from some of the rewards credit cards or those that offer cash back incentives, all through a prepaid credit card.

Credit Repair Before A Mortgage Loan

admin — Thu, 14 Feb 2008 15:46:16 +0000

One of the rather large factors that is considered when it comes to mortgage loans is the credit of the borrower. Given the current lending crunch, your score has never been more important.

What is your credit all about? Simply put, it is your financial foot print. It tells people what you do with your money and how you handle it. Nearly all of us have been entrusted with credit cards in one form or another. Our credit reports show how we each go about using those cards in regard to total balances and if we pay them back as well.

Another important factor in your credit has to do with substantive debt. Obligations and repayment histories for things such as homes, cars and student loans get a lot of attention from lenders. These are long, fixed repayment periods that reveal much about a borrower. Should you show signs of late payments or defaults, it tells the lender you are a huge risk.

Applying for a mortgage is akin to running for President. The mortgage lender is going to act like an investigative report and really give you the once over. When it comes to reviewing your credit, the last two years are going to be vital. If you have late payments or problems, you need to get them repaired.

Ah, but my credit is perfect! Well, maybe it is in your mind, but what about your credit report? The big three credit agencies freely admit they have a hard time keeping things straight. Nearly half the people with credit have errors on their reports. These errors can lead to denials on mortgage applications. The first step to major credit repair is to simply order your report and review it. You might be shocked at what you see.

If you have more substantive credit issues, you can take additional steps. First, you can contact the negative reporter and try to come to some resolution. Second, you can put an explanation on the report for each negative issue. Third, you can hire a professional credit repair service to deal with it.

For most people, the important step is to merely go ahead and order a copy of the credit report. The resulting report can lead to stunning discoveries.

Find the Best Credit Card Rate

admin — Thu, 13 Dec 2007 16:08:45 +0000

Â Millions of consumers jump from card to card trying to find a rate that’s better than the one they’re currently paying. Do yourself a favor and don’t play leap frog with the credit card companies. Here are some helpful tips for finding the best rate for you.

But He’s Got a Better Rate!

Upset that your neighbor has a better rate than you? Get over it. If you’re looking for the best rate, there’s something you need to understand…

Not all credit is created equal, and the best credit card rate for you might not be a great rate for someone else. If Mary Jane has never had a late payment or collection account in her life and Betty Sue has had a few, the girls are going to qualify for different rates.

Before you go in search of the best credit card rate out there, take a serious look at your credit situation. If there are some dings or dents, you’re going to have to settle for a higher rate than you may have anticipated.

Check Your Options

If you really want to get a feel for what the best credit card rate is, you need to know what’s out there. That means comparing your options. No, I’m not telling you to apply for every card in the world to see what terms they offer you. What you should do is check the terms and conditions of at least five or six different cards you may be interested in and see who’s offering the lowest fixed rate.

Don’t Let ‘Em Woo You

Most of us know that 0-percent interest rate is too good to last when searching for the best credit card rate. However, a 6.99 or 7.99 percent rate is probably just a teaser too.

If a rate seems to good to be true, it is. Make sure you chose a fixed rate, not a teaser rate. A teaser of 6.99 that jumps to 26.99 isn’t the best rate after all.

Know When To Hold ‘Em, Know When To Fold ‘Em, Know When To Walk Away…

There’s a great country song about knowing when to walk away (and knowing when to run). If you start out with a credit card that offers the best credit card rate, but then the terms change and the rate goes up again and again, it’s time to run.

Sure, the length of your creditor relationships has an impact on your credit rating. That doesn’t mean you should be taken for a ride. If you’re constantly seeing rate hikes, transfer your balance to a different credit card that is currently offering the best rate. Leave the other account open, just don’t use it.

One Size Does Not Fit All

Keep the above tips in mind when looking for the best credit card rate. Sure, 10 or 12-percent interest might not seem like such a great deal when you see offers for less than 10-percent all around you. Just remember, the best credit card rate for you is the best that you qualify for — not the best that the nonexistent perfect consumer with the highest credit score possible might get.

Duped Credit Card Deals

admin — Mon, 10 Dec 2007 04:32:23 +0000

Many credit card companies offer cards at low interest rates. Customers who are attracted to such offers often find that the offer is only valid for a limited period and that they will have to pay higher charges after some time. The unfortunate part is that customers who plan to repay a debt in the long term thinking of taking advantage of the low interest rates will be surprised to find that their debts will be automatically converted under a higher-interest slab.

Many companies also offer zero percent interest rates. Some companies offer as much as 18 months during which the offer will be valid. In most of the cases, companies will require customers to pay a fee upfront, which is often more than what customers would have to pay under a low-interest rate for the same period. In effect, customers are often duped by companies that lure them with the zero percent balance transfer rates. Some companies also provide zero percent balance transfer offer for a longer period of time provided customers make regular purchases every month. The catch is that the purchases are often charged at a higher interest rate. This would obviously offset any savings that the customer may make through the zero percent balance-transfer offer.

When buying a credit card, the most important aspect to note is to repay the debt as soon as possible and not to incur heavy debts on the card. If customers are able to adhere to these simple rules, they will be able to maintain their finances in a healthy position.

How To Apply for a Rewards Credit Card Online

admin — Sat, 08 Dec 2007 17:46:49 +0000

Do you remember the time when you mother received a pen and a ‘thank you’ note from a credit card issuer, for being a loyal customer? Gone are the days of simply and straightforward credit cards. Plain vanilla cards are a thing of the ancient past. The latest buzz word on the credit card scene is a ‘rewards credit card’. Of course, having the Internet as a resource means you can find what suits you best very quickly. So if you know how to apply for a such a card online you will certainly get rewarded, and rewarded in style.

When you apply for a rewards credit card online, don’t be surprised by promises of cash back, gift certificates from your favorite store, discounted air travel, holidays and so on. Today, such cards are very popular and issuers are ready to promise the earth to ensure loyalty. If you do a little bit of research before you apply for such a card, you may even receive hard cash as a reward. Certainly, look for gifts and discounts from the card providers themselves, as well as third party incentives.

There are so many different types of credit cards around today. The competition is bound to get more fierce and edgy. Issuers believe that rewards guarantee loyalty, and the winner in this situation is always the consumer. If you apply for a rewards credit card online you can see exactly what they can offer you.

Before you apply for a rewards credit card, you should explore the options available to you. With the sheer number of cards on the market, there is bound to be some confusion. Sort through all the direct mailers and solicitations and make an informed decision. Broadly there are three types of rewards programs. These are the point based program, the cash-back program and the frequent flier program.

The point based program allows you to accumulate points on certain purchases you make. You can then flip through a catalogue created by the issuer, and choose your own rewards. If you are interested in choice, then apply for a rewards credit card online from a company like the American Express which offers this type of rewards program. The disadvantage of this program is that the items listed in the catalogue may be a bit overpriced.

Cash back programs work best for people who are not big spenders. You get a certain percentage of cash back on items that you buy with your credit card. Sometimes, there may be a limit on the total amount you can receive as cash back. Also, with certain cards, you may have to charge a certain amount of money to your card before you get the rebate.

Finally, the frequent flier programs offer you free tickets with airlines that are tied up with issuers. You have to spend a certain amount of money and charge it to your card before you qualify for the free ticket. You may apply for several frequent flier programs only if you plan on undertaking several international flights. How to apply for a rewards credit card online is easy: you just look at what is on offer and use the simple application form.

Know About Low Interest Credit Cards

admin — Tue, 27 Nov 2007 16:29:41 +0000

The very low interest credit cards are mainly available for people and businesses with good enough credit to qualify for one.Â The differences in what credit card companies are charging for interest rates are alarming. Low interest credit cards are generally considered to be fewer than 10% interest rate. High interest credit cards can soar to over 30% in some cases. You need to be well informed of just how many credit card opportunities are available to you before making a selection.

Keeping the low interest rate over the lifetime of your account is easy if you play by the credit card company’s rules. All payments must be paid on time. No late payments will be tolerated by the credit card company. They will take away that low interest credit card and turn it into a default rate interest. This is usually the highest possible interest rate that they can charge you by law, around 30%. Yes that’s right 30% is the average default rate. Credit card companies can do this even if the payment that you make late isn’t made to them. It can be any other bill that you have paid late on. If it is reported to the credit bureaus, chances are, your credit card company will find out about it and send you a notice of change in terms or something similar.

Finding a low interest credit card that you qualify for will benefit you in many ways. Most credit cards come with a very low to 0% introductory rate for balance transfers. This can potentially save you thousands of dollars over the life of your introductory period. If you transfer a balance from a credit card that has a high interest rate, the amount you pay will come directly off of the balance and no additional interest will be charged during the introductory period. You may even be able to pay off your debt completely with a low interest credit card that has a 0% introductory period. Divide the amount that you transferred by the number of months they allow for the introductory period . This will be the dollar amount it will take for each monthly payment to have it completely paid in full when your introductory period is over.

If you need a low interest credit card because you are thinking of making a big purchase that you want to pay off over a period of time, consider finding a card with an introductory rate on purchases made within a certain timeframe. You might even get lucky and find a 0% on purchases. This lets you buy the item now and pay for it with no interest at all. They allow you to borrow money for free under certain conditions.

Balance Transfer Credit Card Offers

admin — Mon, 19 Nov 2007 11:18:32 +0000

Is a balance transfer credit card your ticket out of credit card debt? It can be. If you’re having trouble paying off a steep balance and the high interest that goes with it, these cards could be the right solution for you. But before filling out an application, take a few factors into consideration. Educate yourself on the transfer process, and you’ll get the most out of your credit card experience.

What Balance Transfer Credit Cards Are These credit cards have a certain appeal that separates them from other forms of plastic. They offer applicants the chance to shift a balance from a high-interest card to a low-interest one. In fact, most of these cards come with an initial 0% interest period. This means you can make payments that are directly applied toward the balance. As you pay down the debt, you can save hundreds of dollars on interest expense.

How to Compare Balance Transfer Credit Cards

Many appear to be the same, but in reality they vary quite a bit. Check the following details as you sift through the options:

Length of introductory period – The initial period of no interest may be as short as three months, or as long as fifteen months. If you aim for at least 12 months of 0% interest, you’ll have ample time to pay off the balance.

What the 0% APR applies to – Some credit cards offer you 0% APR only on the transfer amount. This means that you will be charged a higher interest rate when you make a purchase. Moreover, all the payments you send in will first be applied to the balance, and then to the purchases. While you pay down the balance, the new purchases and their attached high interest rates will sit and accrue on your statements. Eventually, you could pay more in high interest than you planned on. To avoid this, look for a card that offers 0% APR on both balances and purchases. Or limit the use of your card until you pay off the transferred balance.

Check the fees – Most balance transfer credit cards charge an initial fee for bringing over the new balance. This is sometimes a certain percentage of amount transfered. Banks often include a cap, such as $50 or $75, on the transfer fee. The savings you receive on interest usually outweighs this expense.

Additional benefits – While they offer you a chance to pay off nagging debt, many come with other features as well. Some balance transfer credit cards include a rewards program. Others have a low interest rate that kicks in after the introductory period. Think long-term before you apply. Consider what benefits you’ll want after you are debt-free.

Using your Balance Transfer Card These can be a solid solution if they are used properly. Think about creating a payment plan to get rid of the debt. Set aside money each month for card payments. If at all possible, pay off the balance before the introductory period runs out. As the balance dwindles, you’ll gain control of your finances. You’ll also begin to build a stronger credit history. When the balance is gone, you’ll be able to enjoy the card’s additional benefits.

The Difference Between Secured and Unsecured Credit Cards

admin — Mon, 19 Nov 2007 06:18:31 +0000

People often have to decide between selecting a secured or unsecured credit card. Both these types of cards are different in how they are availed and therefore there are some differences between the two. The levels of risks associated with these cards are also different.

The basic difference between secured and unsecured credit cards is that secured cards are guaranteed by the savings in the account holder’s account, while unsecured cards do not carry any such guarantees. Secured credit cards are provided to risky customers whose credit history might not be satisfactory to the lender. In such cases, credit cards are provided to a customer based on the bank balance that the customer maintains in his or her savings account. The credit card company provides the cards on the assumption that if the borrower defaults on the payment, the money that lies in the savings account may be used to cover the costs.

An unsecured credit card on the other hand, does not require the borrower to provide any security. Therefore, it is only provided to people who have a good credit history and have the means to pay back their debts in time. In both cases, the products that are purchased on debt using the credit card will be hypothecated to the credit card company. This means that unless the repayment is made in full, the credit card company legally has a claim on the product that has been purchased. However, credit card companies do not have the time and inclination to claim purchased goods if payments are defaulted.

An interesting observation about secured and non-secured credit cards is that both the cards charge the same rate of interest. Therefore, it is better to go in for an unsecured card than opt for a secured credit card.