Nov 16

One of the reasons why many people find it extremely difficult to keep up with a good credit score rating in credit score scale is by spending indiscriminately and not keeping track of their financial transactions. That is the reason why their bad credit scores plummet from being a respectable score to being a score which is definitely not going to incorporate a feeling of security in the minds of financial money lending institutions.

So, to understand what a credit score is and to raise your credit score, one needs to know that it is the figure which is going to be referred to, by a financial company, when you apply to it for a loan. The idea is that if a client has a reputation of paying his bills in time, he is definitely going to pay off the outstanding amount in matters of the loan which he is taken from the company and will raise your credit score. This loan can take the shape of mortgage, auto loan, student loan and any other sort of loan, which calls for a large amount of money to be borrowed from a creditor.

So it is extremely important that one knows the importance of good credit score which will raise your credit score. Some people have a tendency of buying a number of credit cards, because the deals which came with them were so attractive and they think that having a number of credit cards will raise your credit score. That means that they are under the impression that any sort of outstanding bills on the credit cards are going to be managed in a methodical manner, by them, because they are financial experts and know credit repair secrets. Soon they find themselves in all sorts of financial problems, because they cannot settle the bills. They cannot even repay the loans. The credit score of such clients is definitely going to drop drastically in credit score scale, because they have already gotten a negative rating from their creditors. One thing, which you should not do in order to raise your credit score on credit score scale is maxing out on your credit cards, because you went on a spending spree. This is going to have an adverse affect on your credit scores, especially when you do not have that much money to pay off your bills at hand.

That is the reason why many people find their credit card rating and credit scores dropping off, after they default on a number of long-overdue payments. This is definitely going to show up adversely upon your credit card statement and report, and that is the first thing a financial institution is going to be looking for, when you ask them for a loan. What you need to do is to raise your credit score rating by paying your bills promptly and in time. A credit card is definitely not a means of supplementing your income; you have to pay the piper sometime. Once you understand this, you can have a healthy credit score in credit score scale in future.

Jul 22

Indeed, if a credit card is used properly, it can be the most powerful financial tool. But not everybody can afford all the expensive rates of most credit card issuers offer. This is where the low APR credit card ushers in—to help people who plan to maintain a balance on their account and not to pay the full amount monthly. But, what does APR stands for in a low APR credit card?

Basically, APR is the cost of credit as a yearly interest rate. APR stands for “Annual Percentage Rate” of charge can be used to compare different credit and loan offers. The APR on credit cards is usually calculated monthly based on the current amount in the card. The monthly interest is calculated as if the current card balance would remain the same over a year; the interest on the amount over a year (APR) is worked out and divided by 12 to give the monthly interest. It is a must that all lenders tell the client what their APR is before signing any agreement.

Although the arrangements and terms may vary from lender to another, it is better for people to avail a low APR credit card because the lower the APR, the better the deal for them to spend more money in shopping around.

Why choose a low APR credit card?
Low APR credit card is a good choice for those people who are into a tighter financial budgeting. Being the most important attribute of a credit card, APR determines the significant balance over a longer period of time.

In a low APR credit card, the amount of interest one must pay on his or her credit card balance depends on its APR because the lower the APR is, the better it is him or her because it means they have to pay less interest. APRs in a low APR credit card can either be “fixed” or “variable.”

If you are planning to have a low APR credit card, there are so many cards that offer low APRs that can be found online. These low APR credit cards are chosen using a factoring scheme that organized these cards by computing a number of their attributes to place the best deals at the top.

Some of the questions one have to ask when looking for a low APR credit card includes the charges—if they vary or a fixed rate; and if these charges are variable because it might affect the repayments and if these rate are fixed or will it stay the same. Searching for a low APR credit card may also include inquiries on the possibility of any charges that are not included in the APR like optional payment protection insurance or an annual charge. If there are any, make sure that you understand what they are and when do you have to pay them. Lastly, looking for a low APR credit card should include questions on the conditions of the credit and how would these conditions suit you.

If you are now seeking for a low Apr credit card you may begin looking for a scheme that could help you save hundreds in interest with a low interest credit card and low cost processing.
Most low APR credit card offers 0% APR for the first months on purchases, cash advances, and balance transfers. Through
these, low APR credit card can warn rebates towards any item purchased. They also offer $0 liability on unauthorized purchases, and no annual fees.

Some low Apr Credit Card that have very good intro rate for purchases is recommended for those who would want to avail one. They also offer good deals if one carry high balances on other cards and need to transfer the balance.

Indeed, having a credit card can be useful and convenient, and can even help build a strong credit history that will help you with future activities like home-buying, paying for higher education, and even finding a job. But, before you apply for a card, consider the advantages and disadvantages especially with the current financial situation you are in.

May 31

If you have filed bankruptcy in the past, and you’ve found yourself in financial trouble again, you’re probably wondering if you are eligible to file for bankruptcy protection again. Filing for bankruptcy a second time is rarely a pleasant thought – but if you’re struggling with debt, you need to know if this is an option for you.

In truth, there are no limits on how many bankruptcy petitions you can file; however, in order to receive a second discharge, you’ll have to wait a certain amount of time between filings.

The amount of time depends on the type of bankruptcy you previously filed, and the type that you intend to file now. Here are the guidelines for bankruptcy filing eligibility:

  • If you previously received a Chapter 7 discharge (which erased your debts, rather than restructuring them), you will have to wait 8 years before you can receive another Chapter 7 discharge. If your second filing will be for Chapter 13 protection (which reorganizes your debts), the waiting period is 4 years.
  • If your previous bankruptcy was a Chapter 13, you’ll have to wait 2 years before receiving another Chapter 13 discharge. If you’re seeking a Chapter 7 discharge, 6 years must have passed since your Chapter 13 filing.

Keep in mind that the time periods are measured from filing date to filing date, not from discharge date to filing date.

Also, there are exceptions to all of these rules, so you may be able to file before the end of the waiting period in certain cases. If you are considering another bankruptcy, contact a bankruptcy attorney to find out if you qualify for an exception.

Apr 22

Can the 37 Days to Clean Credit Guide really help you? I am sure you have already seen this system created by Chris Brisson, who had successfully managed to increase his credit score by 135 points in only 37 days before. Even though I was desperate to repair my credit, I found the claims really impossible to believe at first and went on to find out from other users of this guide about how they did with the methods inside.

1. Does 37 Days to Clean Credit Really Work?

It was then that I discovered that it really works and I received a lot of positive feedback from the people who have read this guide. It contains many secrets of the credit reporting industry that has helped many people raise their credit score fast. If you are looking for ways to pay off your debt fast and delete negatives, you will want to take a look at 37 Days to Clean Credit.

2. What Are the Things You Will Learn by Reading 37 Days to Clean Credit?

When I first read the chapter about the things that credit repair experts do not want you to find out about cleaning your own credit, I was quite shocked but glad that I found out about them. They are the secrets that no one talks about. It is because people can use this knowledge to improve their credit score by as much as 100+ in less than a month.

You will also learn how writing one letter can quickly increase your credit score by 42 points. There are also 6 power dispute techniques that can be used to quickly get rid of negative items. The main aim of the system in the guide is to help you rebuild and repair your credit again and keep it great.

3. Who is Chris Brisson?

He is the creator of 37 Days to Clean Credit guide and he has discovered most of the secrets that the credit industry is hiding from the public.

Apr 3

When it comes down to opening up your own business or if you have one know, you’re probably wondering how you can get a line of credit and how much credit you’re going to get when you go out and apply for it. Well, I asked a few bankers and asked them this same question and this is what they told me.

When it comes down to opening up a shop, you can either apply for a loan or you can apply for a credit card. Each one is going to vary greatly when it comes to a limit. You may find that you’re going to only get a $6,000 credit limit with a credit card but with a loan, you can get up to $50,000.

Determining your credit line is going to depend on a few things. First and foremost, they are going to look at your credit score on your personal accounts. If this is bad, you can count on getting next to nothing. If you get anything, it’s going to have a high limit. The next thing they are going to factor in is your debt to income ratio. If you’re making $50,000 a year and have $150,000 in debt, there’s something wrong with this picture.

In the end, it’s going to come down to your credit score like anything and it’s also going to come down to the debt that you have. If you have next to no debt and your score is good, you can count on getting a great line of credit. Look at both business loans and credit cards and see what you can come up with.

Mar 2

The times are tough. Card companies are hurting, and the lending market is frozen for those who need it. As long as you don’t have an excellent credit history, you are going to be snubbed by lenders and card companies. Paying your bills on time is only one part of the equation. Many folks assume that as long as pay their balances on time, they will be fine. In reality, many have suffered from this lack of knowledge and fallen on hard times. Knowing how to fix your credit is not something that only people with less than stellar track-record should be worried about. Life throws curve balls at all of us, and the more you know about these issues, the better chance you have of dealing with them in a calm matter.

If you are new to the whole concept of repairing your credit, you should know about the following:

  • credit repairScore: your score is more than just a number. You need to understand what affects your score badly and try to avoid it. Your D/C ratio is one of the many factors that you need to be concerned about. The more you know, the faster you can up your FICO-score.
  • Report: Everybody knows what a credit-report is, right? But do you know how to get it for free? Are you aware which companies can help you monitor it more effectively. Can you even read your report properly?
    Dealing with creditors: let’s say you are in big trouble. There is a right way and a wrong way to deal with creditors. By knowing how to deal with these guys, you can get back on the right path faster.
  • ID theft: as someone who’s been a victim of identity theft, I know it’s something you don’t want to deal with. That’s why you should keep your eyes and ears open and protect your information at all times. If your identity is stolen, you need to contact authorities and start reversing the effects fast. But you’ve got to know where to start.
  • Laws: knowing the laws can help you figure out what rights you have. You should always know your rights to protect yourself against unjustified action by creditors and card companies.
  • Litigation: dealing with litigation is a whole other animal here. If you are in this stage, there are probably a lot of issues you wonder about. By reaching out to others who have had the same issue, you can face your challenge easier.

There you have it. As you can see, there is more to credit repair that meets the eye. By staying informed, you save yourself time and focus on things that matter more, like your family and your life.

Jan 10

The Fair and Accurate Credit Transactions Act, signed into law on Dec. 4, 2003, gives every American the right to a free credit report every year from each of the three major credit bureaus — Equifax, Experian and TransUnion. What the law doesn’t do is give every American the ability to read their credit report. Not one word in the law says the credit bureaus have to write it in plain, easy-to-understand language. Go to Federal Trade Commission and click on consumers then credit and read it for yourself. Hopefully you’ll stay awake.

While all credit reports follow a basic format, some vary so what you are about to read doesn’t apply across the board. If you didn’t get it directly from one of the bureaus mentioned above, your best bet for a translation is the source providing your copy.

Here is the four-part skeleton most bureaus use. Part one is your identifying information. This would be information like your name, social security number, previous addresses, current address, date of birth, driver’s license number, telephone number, spouse’s name and your employer and length of employment. As with all sections, pay close attention because chances are pretty darned good, some of it is wrong.

 

It is wrong because this information comes to the bureau from a myriad of sources and the bureau doesn’t take the time to update or correct it. That leaves you as your own correcting agent.

Part two is your credit history. This is usually the longest part of your report because you probably have had department store accounts, multiple credit cards, multiple bank and other financial institution loans, mortgages, car loans, lines of credit, home equity loans and other transactions involving credit.

 

Sometimes you will see the bureau calls these accounts trade lines. No big deal because they are still your accounts.

These accounts usually start with when you opened the account then tell the type or kind of credit (installment, car loan, personal loan, etc.) and whether it is in your name or someone else is on the account with you. The total amount of the loan with your high credit limit or if it is a credit card, your highest balance follows. The next thing it shows is how much you still owed and if the payments are fixed or minimum monthly amounts. Your status, open/inactive/closed/paid, follow your payments then comes the item everybody wants to know, how well you’ve paid on the account.

This is where the bureaus list if you are late, and if late, how late and how often you’ve been late. If you are not late, it will show you pay on time.

Part three is called Public Inquiries or Public Records. This is where tax liens, judgments, foreclosures and bankruptcies are listed. You want this part to be blank and I do mean blank. If you see anything here, attempt to correct immediately if not sooner.

Part four is the Inquiries section. It is divided into two parts. Part one is the inquiries you initiate by filling out a credit application. This section is generally referred to as the hard inquiry section because you are the initiator of the inquiries.

The second part is called the soft inquiry section. What you’ll find here are the names of companies who have sent you offers of credit or current creditors who are monitoring your account.

 

Sometimes there is a fifth section called Remarks. Read it because you never know who reported what about you.

Each credit report bureau places an explanation of terms usually on the backside of the report pages. In it, they explain what the numbers and letters you see next to your accounts mean. So, if you see something like I9, don’t fret, as it should be defined in the explanation of terms.

Of course, I9 could be negative, so you may have to fret. Either way, you are now almost totally armed to deal with that free credit report the law said the bureaus had to give you.

Good luck and may all your credit be A+.

Jan 9

Have pending balances on your credit cards? Unable to pay off these high interest balances? Don’t get upset because balance transfer credit cards can help you to easily scrap off these credit card dues easily and reduce your credit card debts conveniently.

credit cardsGenerally balance transfer credit cards are offered at 0% interest rate for an introductory period, usually between 6-12 months. The 0% interest rate applies to your purchasing made during that introductory offer and this way you can easily save a great deal of money. It is suggested to pay off your balances on time each month. If you falter or miss your payments then you will end up paying extra in terms of extra fee than what you would have saved.

Before you apply for a balance transfer card, it is important to check out certain things. First check if there are any fees involved, as these vary from one card to another. Various companies generally charge a certain amount to bring over an existing balance. The usual rate is around 3 percent of the total amount and in many cases, the money you save in terms of interest will overshadow the cost of transferring. But contrary to this there are many cards that will not charge anything. With your balance transfer cards you can easily pay off you’re piled up debts that carry higher interest rate and can easily pay off all existing debts and become debt free.

Some of the cards come with additional benefits like rewards, discounts or cash back offer. You can choose you’re on this basis to make maximum out of it. When you start shopping with your credit card you get cash back facility or rewards on the purchases you make.

If you are facing credit problems then also you can apply for balance transfer credit cards. If you have CCJs, IVA, late payments, arrears, defaults and bankruptcy in your credit report even then you can easily approach for these cards.

Online you can easily apply and access wide information about balance transfer credit cards. You can apply by just filling up a simple application form with few personal details.

Balance transfer credit cards offer various benefits and easy financial assistance to all. You can easily apply and get these cards.