Credit Building is Fun

Five tips to help raise credit scores

2011-07-19T07:44:00.000-07:00

The higher your credit scores, the better shot you have of getting a loan or credit card application approved. Improving your credit scores takes time, but it can be done.

Start by getting free copies of your three major credit reports at the government-authorized site annualcreditreport.com.

1. Check your reports for accuracy. Financial columnist Liz Weston, author of "Your Credit Score," says to look for credit cards or other accounts that aren't yours, negative entries that are more than seven years old, duplicate past-due items and incorrect Social Security number or date of birth.

2. Dispute errors. Credit bureaus are required by law to investigate mistakes you bring to their attention and report back to you. Typically, they ask the creditor that reported the past-due information to check its records. If the creditor can't verify the info or doesn't respond, the item should be deleted.

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Man Pick-Pockets Pastor's Church Credit Card

2011-06-02T22:54:00.000-07:00

Edmond police said they are looking for a man who pick-pocketed a pastor and then went on a $1,000 shopping spree.

The theft happened on May 22 at 3 p.m. at the Crest Foods grocery store at 2200 W. 15th St., according to the Edmond police report released on Thursday.
As the pastor was loading groceries into his vehicle, he told police that someone must have pick-pocketed him in the parking lot.

The pastor told police he didn't realize the theft had happened until his credit card company called him about charges put on the church's credit card.

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Secured Credit Cards Explained

2010-12-17T00:34:00.000-08:00

Most people face two problems when deciding whether or not to get a Secured Credit Card are first, not knowing how to choose one, and two, getting the money to secure a credit card. We'll talk about both of those here.

A lot of people believe that it will be expensive to get a secured credit card, but the truth is you can find secured credit cards that have a secured amount as low as two or three hundred dollars. Keep in mind, that when you receive the card you'll be able to use it right away, so even if you can't afford to spend $300, and you want to use it for expenses, you can do that, after the card arrives. Just remember, to pay it off at the end of the month if you use it to pay your bills.

Secured Credit Cards With No Annual Fee?

2010-08-03T12:32:00.000-07:00

Hunting for a secured credit card is only hard if you make it that way. If you have already done the search for one, you're going to find that many of them have fees. The fees are going to vary, depending on the bank that you're going to apply with.

What kind of fees am I going to see?

The application fee: Some banks want to get everything out of you. This is where they will charge you just to process your application.
Monthly fees: You will get charged each month that you use your card.
Annual fee: You're going to be charged each year to use the card, no matter how often that you use it. As long as it's active, you're going to have to pay it.
Misc fees: You're going to have your typical fees such as your over the limit fees and more. You're going to have to look at the application to get more information.

Secured Credit Cards - the Basic Facts

2010-07-29T00:51:00.000-07:00

Credit card is a part and parcel of modern life. The credit card offers us the ease and simplicity to spend money without carrying cash, is versatile and handy to use and provides us the means to establish and recreate our credit rating. The secured credit cards are however, not without its disadvantages, the main one being high interest rates charged on it.

How would you rate your capacity to purchase a home or the car you want or the loan you simply need? How significant is it for you to have a good credit rating? In order to establish and spruce up your credit score, the best possible option is to have a secured credit card.

A secured credit card for bad credit is in effect the opportunity to regain a sound financial position.

Due to the easy accessibility of credit reports through well-established credit bureaus today, credit issuers rely increasingly on these reports to make their final decision on providing you credit. A credit card is often denied to you when you do not have a credit history. This is often in the case of the young adults who have never taken out a loan or have so far used a credit card through a parent. It can also occur in the case of divorced people who have never had a credit card in their name.

Secured Credit Card - A Great Way to Get Started

2010-07-15T07:27:00.000-07:00

Everyone is sure looking forward to get hold of his very first credit card. Having your own tiny piece of plastic that can 'make the world go round', as many would call it, could be a very exciting thought. Probably, but before signing up for one, you should make sure you have understood all the responsibilities that comes with it. There are so many forms of credit cards out there, not to mention the many institutions that offer the service. A little research about the different types of credit before jumping in the bandwagon could benefit you greatly. As you acquaint yourself with the world of credit, many would advise you to get a Secured Credit Card before going for any regular credit line.

What is a Secured Credit Card?

Just like other cards, a secured credit card is also a credit instrument issued by the same financial institutions that offer other forms of credit. It is also tied to specific terms that you have to agree on upon signing up, interest rates also apply to it, with minimum amount due in every billing cycle and is established with a specific credit limit. However, unlike most cards, a secured credit card is backed by collateral in the form of funds deposited in a savings or checking account and managed by the card issuer.

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How Can Secured Credit Cards Help Me?

2010-03-18T19:40:00.001-07:00

Are you searching for a credit line to resolve your monetary worries, but, you do not have a credit history to back you up? Then worry no more, because secured credit cards could help you clear up your financial woes without the requirement for a credible credit history. But wait, how do their offers work? What are some essential considerations when looking for a secured credit card? The answers will be provided below.

What are Secured Credit Cards?

A secured credit card as was mentioned above is a good option for a person who wants to build his or her own credit history. A lot of people use these cards with the intention to prove their capacity for managing their credit and finances so that eventually they could have a good credit score that will help them be entitled to standard or non-secured credit cards.

Could I Really Get Credit Cards Even Without Credit History?

2010-03-15T23:14:00.000-07:00

The response to the question above is a definite yes. Credit firms and banks are now improving their programs just so they could provide lines of credit to people without credit history and also to those with bad credit history.

The point behind this strategy is to make certain the steady circulation of money all throughout the financial systems, as well as to assist individuals build or repair their respective credit history, so that, shortly, they may be able to apply for unsecured credit cards.

But what are some credit cards offered to people without credit history and to those who have accumulated large debts?

Establish Credit by using Secured Credit Cards

Among the most well known credit cards for no credit and bad credit history are secured credit cards. While these credit cards could have low initial limits, high interest rates and fees, secured credit cards are particularly designed for those who are about to establish their credit history.

A Closer Look at Secured Credit Cards

2010-03-11T20:00:00.001-08:00

A secured credit card isn't for everybody yet if you want to build or rebuild your personal credit history, it is the exact type of credit card you need. In this post, let us discuss the most frequently asked questions about secured credit cards or also referred to as bad credit credit cards.

Who needs a secured credit card?

You may want to apply for a secured credit card if you have bad credit or no credit history. Because getting approved will not be determined by your credit score, anybody can readily obtain a secured card with no difficulty.

Continue reading A Closer Look at Secured Credit Cards

Information About Secured Business Credit Cards

2010-01-07T07:43:00.001-08:00

When you’re in business, establishing your business credit history is a must. Having a business credit history that is separate from your personal credit history opens will open more doors of opportunity for a growing business and makes business transactions so much easier. Obviously, with an excellent credit to back your company, you’ll also gain the trust of suppliers, investors and get quick approvals from lending companies.

For a newly started business, Secured Business Credit Cards are a big help in establishing your business credit history. Here some basic pointers about secured business credit card that you should know.

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How to Get the Best Secured Credit Card Offers

2009-12-09T10:19:00.001-08:00

Secured credit card offers a lot of different benefits which may include; they are safer, convenient to use and easier to carry than cash. You are empowered to buy goods and get other services and charge them to your credit for later payments.

They also offer customer protection under the law, most of the major cards are acceptable in most places world wide, they can also server as cash during an emergency, another advantage you will have is with holding payments until the mix up is resolved, it offers guarantees to motel and travel reservations.

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Be Careful About Secured Credit Cards

2009-11-25T07:25:00.000-08:00

A secured credit card is often the first step to establishing or re-establishing credit. Many advisors will recommend starting out with a secured card and then moving on to a unsecured card. In general, it is a good way to build a credit history. Most lenders like to see some sort of revolving credit on your report.

A secured credit card allows you to open and maintain a savings account that works as the security for your line of credit. You can't spend any more than you have in your savings. Some banks will even limit you to half of your savings as your credit card limit. The deposit can range from a few hundred dollars to thousands.

What Banks Have Secured Credit Cards?

2009-11-09T10:37:00.000-08:00

There are just a small amount of major credit card companies and they are Visa, MasterCard, Discovery and American Express. There are large amounts of lending institutions that will issue credit cards and almost all of these companies offer the consumer the secured credit card. The major lending institutions are normally banks that are major banks with a large amount of depositors. That is why it is important that these banks make sure that when they issue credit that they will not only get all their money back but make a profit from the loan.

The bank lending institutions know that it is loans that help them to grow and prosper. It is important that they make a loan to someone who will make a great effort to pay back because soon the bank would go broke. The economy has changed the ability for most banks to make loans. That is why the secured credit card has become the number one credit card today.

Secured Credit Cards and High Fees

2009-11-06T20:15:00.001-08:00

Obtaining a secured credit card can become one of the most costly credit cards on the market today. It is the interest rate, membership fee, charges for late payments, and other fees accessed that can eat up the amount of money you put into a savings account to secure your credit card. It is not easy for you to get a credit card and maintain a good credit record when most of the money you apply towards your card is eaten up in fees.

A secured credit card may help you when it comes to making reservations at hotels or airlines but the expense behind using one may make you wish that you had another resource. You need to make sure that your APR% is within reason, that membership fee for the year is not high and most of all that there are no hidden costs attached.

Bank Secured Credit Card Offers

2009-11-03T09:55:00.001-08:00

Bank secured credit cards can be termed as small plastics that are issued to the clients for buying goods and services based on a promise from the credit card holder to pay at a later date mostly by the end of the month.

Based on the above the credit card issuer gives a line of credit to his clients who in turn can use it to get advanced cash make payments to merchants.

They are very different from charge cards for the charge card the payments need to be done in full every month.

Secured Credit Cards and Your History

2009-10-27T10:19:00.000-07:00

When it comes down to applying for a secured credit card, you're probably wondering what they look at as far as history goes. To be honest, the companies don't look at a lot; they pretty much want your deposit. If you supply them with a deposit, you're guaranteed a card most of the time.

When you apply for a card, the first thing that the company does is look at your credit history and score. If your score is good or bad, they are going to approve you for a secured card because once again, it's the deposit that matters. If you're unsure of your credit score, make sure you find out what it is beforehand because you may not if you're eligible or not for a regular card. A regular card is going to be a lot better simply because of the fees you're going to encounter.

Continue reading Secured Credit Cards and Your History

How to Avoid Secured Credit Card Bankruptcy

2009-10-16T03:54:00.000-07:00

It is rather hard to find ways to pay off debts when you are almost going bankrupt. There some organizations, though, that can offer their services at a very affordable cost.

These groups will help one in debt management and get realistic payment plans.

There are also others who use credit cards to pay their debts off. Although it is also tough to get one, there are still some issuers who make it easier for the individual so that they are able to pay off their debts and avoid bankruptcy.

When one chooses to get a secured credit card, bankruptcy will surely be a farther option. These types of credit cards are great in helping rebuild bad credit.

Secured Credit Cards - What Kind Are There?

2009-10-14T02:49:00.000-07:00

With a bad credit report, you may find a bit difficulty to get a new card, but this does not mean you will never able to get a credit card. In recent days, many banks and financial institutions have started offering credit cards even to people with bad credit. Thus, this is another opportunity for you to reestablish your poor credit ratings.

Kinds of Cards:

Generally, banks offer these cards in two different forms such as secured credit cards and unsecured credit cards. For secured cards, you will have to deposit a sum ranging from hundred to thousand dollars as collateral for your personal credit limit.

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Secured Credit Cards - A Chance to Rebuild Credit

2009-09-23T09:34:00.001-07:00

If you have a low credit score, you're probably anxious to bring it up, and fast. The trouble is, it can be hard to get approved for a credit card when you have less than perfect credit. And filling out too many applications can make your score drop even more.

But there is good news. Secured credit cards provide a chance for you to rebuild credit and get back in the game. Here's how.

Apply for a Card

The first step toward rebuilding credit is to apply for a secured credit card. This type of card is easy to apply for, and almost all applications will be approved. This can be a relief if you've had a hard time getting credit.

Continue reading Secured Credit Cards - A Chance to Rebuild Credit

Secured Credit Cards - Things You Should Know

2009-09-15T02:44:00.001-07:00

Few people believe they know the whole thing about the secured credit cards. When you send in the deposit, you may get credit card. Prior to you go and jump in secured credit card race, there are some things that you must know.

You have to pay

Think you are entitled to low interest rate card just because you are giving security deposit? Rate of 5 or 6 % is dancing on your head, you would think twice. Interest rates of the secured cards are equal to the unsecured cards, & how much you will pay will depend on the damaged of your credit.

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How to Get a Secured Credit Card Today

2009-09-09T03:25:00.000-07:00

If you have bad credit and you're looking to find a credit card that will help you improve your score over time, you should be looking for a secured credit card. If you're unfamiliar on how they work, I'll give you a quick cliff note version.

Since you're at high risk to most credit companies, you're going to have to prove to them that you can pay off your bill. IN order to do so, they are going to ask for a deposit. This deposit is going to be your credit limit. Let's say you put $500 on the card, this will be your credit limit. Now, the card works like a credit card but if you don't pay your bill off on time, the company will dip into your account and take the money they need. This again will hurt your credit score. If you pay it off on time, you will only see an increase over time.

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Things to Know About a Secured Credit Card

2009-08-04T00:47:00.000-07:00

Secured credit cards are those credit cards, wherein you have to deposit cash as security to obtain them. This security or collateral further becomes a line of credit in your account. For instance, if you deposit $500 in your bank account, your credit limit becomes $500. This means, whatever sum you deposit in your account, it happens to be your credit limit. By depositing hefty sum in the bank account and making monthly installments on time, you can increase the chances of getting more and more credit or reward from the bank.

You get hordes of benefits from a secured credit card, such as it gives enough finances, even if you have poor or bad credit to improve your credit rating. You can enjoy the full-fledged benefits of these cards by making regular monthly payments. In addition, you need to choose a right secured credit card company, which reports your credit status to credit reporting agencies.

Things to Know:

Secured credit cards certainly improve your credit rating by sending the credit reports to all the credit agencies, thereby helping you in rigging up your credit status. If you make all your payments promptly, the credit card companies eventually will convert these credit cards into unsecured credit cards, so that you can start reaping maximum benefits from these cards.

Saving Money on Bad Credit Home Loans

2009-07-13T04:25:00.000-07:00

People who apply for home loans have different reasons. Some need the money to renovate their homes; others would like to use the money for an investment; some need the money for an emergency; while others would like to take a grand vacation. If you’re planning to apply for a home equity loan, it is best to consider your reasons. First, do you really money? Is it extremely necessary to loan money just to serve your purpose? If you really have good reason in obtaining a mortgage loan, then do so. However, exercise caution.

There are steps you can take to save money on your home loan. Let’s take a look at some of them:

Check out different lenders. You can visit online websites of various lending companies to check out the rates they offer. Aside from the interest rates, check out other costs as well. Also, consider the repayment period offered by the lender. It is more advisable to take a loan with longer repayment terms than those with shorter repayment period. Remember, the shorter the repayment period is, the higher the monthly rates will be.

Continue reading Saving Money on Bad Credit Home Loans

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How To Get The Best Secured Credit Card for Bad Credit

2009-07-06T01:21:00.000-07:00

Secured credit cards are wonderful option for people who can’t qualify for a standard credit card because of the status of their credit. The best credit cards especially those that come with rewards usually require good to excellent credit. If your credit score fails the criteria, owning a secured card can be your tool in improving your credit.

What are secured credit cards? These credit cards for bad credit require its holder to submit a deposit money in his account. The security deposit may amount from $200 to $1,000 depending on the credit card issuer. The amount of deposit often determines the credit limit that will be given to the secured credit card holder.

Why is there a need to submit a security deposit? Apparently, this gives the credit card company an assurance that in case the credit card holder fails to keep up with his credit card debts, they can use the security deposit as payment. This makes up for the risk having bad credit.

Continue reading How To Get The Best Secured Credit Card for Bad Credit

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Information You Should know About Bad Credit and Business Loans

2009-07-02T01:40:00.000-07:00

When setting up a business, one major concern is where to get sufficient financing. Do you have enough savings to fund the business on your own? Or would you like to get assistance from another resource? In most cases, new entrepreneurs prefer to fund their business with the help of a lender or an investor. But what if you had bad credit?

Since your personal credit history would be the first thing lenders would consider before giving you a loan, having a high credit score would surely ensure that your application would get easily approved. On the other hand, having bad credit can be a disadvantage. Even if you find lenders who are willing to grant you a loan, you may find that these loans have high interest rates and restrictive conditions. What are the things you should know about bad credit business loans?

Getting a Bad Credit Loan

It is understandable for lenders to charge higher interest rates to clients with a history of poor credit. Because they pose a higher risk to lenders, they may also come with more expensive fees. Nevertheless, you can be assured that your business loan application would be easily approved. Still, having bad credit doesn’t mean you should settle with unfair terms from lenders. If you do your research carefully, you can find subprime lenders with reasonable rates and terms.

Continue reading Information You Should know About Bad Credit and Business Loans

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Getting A Business Loan with bad credit

2009-06-29T07:30:00.000-07:00

Are you thinking about applying for a business loan but is hesitant because of your credit? If you’re credit status hinders you starting a business, you’ll be glad to know that there is help available. The good news is, there are lenders out there who offer bad credit business loans that are especially created for people with poor credit.

Bad Credit Business loans for Bad Credit

Yes, a bad credit business loan may just be what you need. The first step you should do is to find a legitimate and reliable bad credit business loan lender. Remember that not all lenders offering bad credit business loans are for real. Some are fake and some are even scams! To avoid being a victim of such lenders, you need to do your research well.

Continue reading Getting A Business Loan with bad credit

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Business Credit Cards for People With Poor Credit

2009-06-25T03:08:00.000-07:00

Small business owners with excellent credit scores or companies with outstanding business credit do not encounter problems when applying for business credit cards. But for those with poor credit or bad credit, getting an approval may be difficult. Still, that doesn’t mean you can’t acquire a business credit card.

Getting a Secured Business Credit Card

Before you start applying for a business credit card, obtain a copy of your credit report. Is it possible to work on improving your credit first before sending in your application? However, if you really need a business credit card immediately, you can also apply for a secured business credit card.

Continue reading Business Credit Cards for People With Poor Credit

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Credit Cards For Bad Credit Can Be Helpful!

2009-06-24T00:21:00.001-07:00

Credit cards for bad credit can represent the first measure in taking the needed steps to restore your credit back to life.

Applying for and getting credit cards for bad credit can actually end up being quite helpful to consumers if they're used correctly. The following are a couple of great reasons why getting a credit card, especially for those with bad credit can be a sensible idea.

Credit cards for bad credit can help people keep track of their spending habits. Most charge cards designed for consumers with not so healthy credit send detailed reports of what is being bought with the credit card. This is really a terrific way to determine exactly what you're spending your money on every month and then choose what can be cut out. More dependable spending habits are a great practice for consumers, regardless of what their credit history may be.

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Applying for a Poor Credit Car Loan

2009-06-22T02:05:00.000-07:00

There are times that an individual who suffer from a bad credit history may find it very difficult to get approved for loans. For instance, what if you’re badly in need of a car and you can’t afford to wait longer? What if there’s no time for you to work on raising your credit score first before applying for a car loan? Is it still possible for you to get approved for a car loan despite bad credit?

The answer is yes! You’ll be glad to know that there are lending companies who extend loans for people with poor credit. In fact, if you search the market, you can find car dealers who are also willing to give loans to interested clients. Why is this? Car dealers are usually after selling as many vehicles as they can. Since a lot of prospective customers have bad credit, car dealers have decided to open their doors to these people with the objective to reach their maximum number of sales quota for the month.

About Bad Credit Car Loans

Of course, car loans that are offered for bad credit are expected to have higher interest rates than loans that require good credit. Because you are deemed as a high risk borrower, lenders and dealers would like to get some assurance by imposing higher interest.

Read on Applying for a Poor Credit Car Loan

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Is Consolidating Credit Card Debt A Good and Wise Option?

2009-05-14T03:39:00.000-07:00

If you notice that you’re having difficulty in juggling your credit card payments, it’s time to take appropriate action immediately. Don’t wait until bills pile up in your mail or until your credit card issuers start to call you about past due charges. Acting upon the problem right from the start can save you from bad debt.

Many consumers own more than one credit card. Add to this, many people carry balances on not just one card, but on two or all their credit cards even. Carrying over balances from one billing cycle to the next is a very risky habit. With the high interest rates on most cards (ranging from 15% to 19%), anyone can easily get stuck in debt in just a few months. If this is a familiar situation, what can you do?

Consolidating Credit Card Debt Options

Consolidating or combining credit card debts is a viable first step towards debt recovery. However, it’s not just about transferring your balances to a new credit card. First, finding the right balance transfer credit card to use for consolidation is crucial. Second, being consistent with your payments is the only way you can get free from multiple credit card debt. Let’s consider these two important aspects of credit card debt consolidation.

Finding the Right Balance Transfer Credit Card

Continue reading Is Consolidating Credit Card Debt A Good and Wise Option?

Secured Credit Cards are Tools to Good Credit

2009-04-01T22:15:00.000-07:00

People are often encouraged to build their credit history or improve their credit scores by obtaining credit. Ironically, most lenders require excellent credit before they grant an approval. If your problem is that you have never had credit or you have a poor credit score, chances are your application will be declined. Do you have other options? Fortunately, yes!

Secured credit cards are made especially for people with problems with their credit score or for people who haven’t yet started building a credit history of their own. That’s right. Even with poor credit or even with no credit at all, you can still get approved if you apply for a secured credit card. Does this prospect interest you?

What is a secured credit card and how do they differ from regular good credit cards?

read on Secured Credit Cards – Tools to Good Credit

Things that Lead to Bad Credit

2009-03-16T02:49:00.000-07:00

As a consumer, maintaining an excellent credit history would work to your advantage. However, keeping credit in good standing may not always be that easy. In fact, many people suffer from bad credit and not everyone understands the factors that can lead to bad credit. Let’s take a look at the following points:

Occasional Late Payments. !5% of your FICO score is based upon your payment history. This means, timeliness of payment makes up a significant percentage of your credit. Are you often late in paying your bills? Even occasional delays with your payment can badly damage your credit score. This is why it’s very important to be aware of your due dates.

But what if you can’t make it on your deadline of payment? The best thing to do is call your creditor and give them an advanced notice. Explain to your creditor why you won’t be able to submit on time and request them not to report it as late payment. Creditors would usually give up to 30 days extension for customers who make an advanced request.

Continue reading Things That Lead to Bad Credit

Bad Credit History - One Of The Basis in Hiring An Employee

2009-03-01T20:52:00.000-08:00

The importance of having a good credit history is often emphasized. Some people reason out that they really don’t care much about their credit history because they’re not applying for credit anyway. However, your credit history isn’t just for getting approved with loans or credit cards.
It isn’t just about getting lower interest rates and more credit privileges. Your credit history also plays an important role in how employers judge your credibility and ultimately, in getting the job that you want.

Yes, this is the reason why students are encouraged to establish their credit history early and maintain it in good standing. Thus, by the time they graduate and enter the corporate world, they will not have difficult time getting hired just because they have a bad credit history.

How Your Credit History Can Affect Your Job Choice

Continue reading Bad Credit History - One Of The Basis in Hiring An Employee

Secured Credit Cards Help People Get Back to Life

2009-02-22T23:43:00.000-08:00

Trying to improve one’s credit report can be a challenge. Applying for new credit may prove to be difficult as many lenders prefer clients with good to excellent credit. However, thanks to bad credit credit cards and secured credit cards, getting approved for a new credit card even with a poor credit score is now made possible.

What are secured credit cards?. As the name suggest, these credit cards are extended to people with no credit history or poor credit history. The applicant is simply required to submit a security deposit which is usually equal to the credit limit of the card. This lowers the risk for the lenders. Thus, anyone- regardless of the status of his credit report can apply for a secured credit card and get approved without hassle. In fact, secured credit cards can be used as tools in rebuilding or improving damaged credit.

How much is the security deposit that you need to submit? The amount depends on the requirement of the credit card company. Most credit cards require a deposit ranging from a minimum of $200 to $500 to $1,000. In most cases, the amount of the security deposit also determines the amount of credit limit allowed to the card holder.

Continue reading Secured Credit Cards Help People Get Back to Life

Unsecured Credit Cards - How They Work

2009-02-10T22:35:00.000-08:00

All credit cards- regardless of their type (business, personal, rewards credit cards, etc) - can either be secured or unsecured. This article talks about unsecured credit cards and how you can get the most out of them.

What are Unsecured Credit Cards?

As its name implies, an unsecured credit card is one that doesn’t require any guarantee or cash deposit. Consequently, credit card companies offer this type of card only for customers with good to excellent credit history.

Some cards provide unsecured credit cards for consumers with average credit. However, to make up for the risk, these cards may come with higher interest rates or additional charges.

Try to search for unsecured credit cards online and you’ll see a wide selection of cards from different banks and issuers. Usually, credit cards with rewards programs are unsecured credit cards that demand good or excellent credit.

Continue reading Unsecured Credit Cards - How They Work

The Difference Between Canadian Prepaid Credit Cards and Canadian Secured Credit Cards

2009-01-26T23:00:00.000-08:00

Canadian Prepaid Credit Cards can be used much like a regular credit card in the sense that you don’t need to bring cash to make a purchase. These cards usually have a Visa or Mastercard logo on them so they can be used to buy goods or pay for things at merchants and establishments where credit card payments are accepted. A prepaid credit card can also be used to shop from the internet. What makes it different from a secured credit card?

What are Prepaid Credit Cards?

Providers of prepaid credit cards do not check credit history. Regardless of your credit rating, you can apply for a prepaid card and get approved with no questions. However, prepaid card companies don’t include credit reporting to the major credit bureaus (Equifax Canada or TransUnion Canada). Therefore, if you want to build your credit history, a prepaid card may not be the best tool to help you.

A prepaid credit card is not attached to your bank savings account either. In order to use the card, you must first deposit funds to your prepaid card. If you put $300 in your prepaid account, you can use the card as long as you have a remaining fund enough to make another purchase. Whenever you’ve used up your balance, you’ll need to deposit cash again before using it.

The Difference Between Canadian Prepaid Credit Cards and Canadian Secured Credit Cards

Steps On How To File For Personal Bankruptcy

2009-01-13T22:35:00.000-08:00

Personal bankruptcy is a very serious decision. One has to carefully weigh his options and the consequences of his decisions before taking this step. Bear in mind that a record of bankruptcy will stay on your personal credit report for at least seven years.

A record of bankruptcy will impose certain limits and restrictions on your future plans. Therefore, being stuck in bad credit doesn’t mean you have to think about filing for bankruptcy right away. Consider all other possible options first to recover from bad debt.

Nevertheless, if you made the decision and if you’re ready to go through the whole process, here are the steps you should take when filing for personal bankruptcy.

Seek credit counseling. In the past, a person who decides to file for bankruptcy can just fill out an application and submit. However, since the amendment of the bankruptcy law, this decision is not up to the individual anymore.

In order to know if you’re eligible for bankruptcy, it is mandatory to first complete a credit counseling course from a government accredited agency. The credit counseling agency would be the one to decide whether you are a candidate for bankruptcy or not.

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How To Get A Cosigner For A Bad Credit Car Loan

2008-12-14T23:34:00.000-08:00

When applying for bad credit car loans , some lenders may require a co-signer with your application. Thus, in case of a default, the person who co-signed your car loan would be liable to continue the repayment. This arrangement gives the lender more confidence in providing the car loan to an applicant with bad credit. How do you get someone to co-sign a loan for you?

Bad Credit Car Loan Cosigning

If you have a bad credit history, your preferred lender may ask you to find a cosigner. Of course, you’ll want to get someone who has an excellent credit standing. A relative or a friend can agree to cosign your car loan for you but you need to make sure that he or she is clearly aware of what is involved in co-signing a loan.

You also need to carefully consider if your cosigner is capable of taking over your car loan repayment just in case you fail to keep up with it. Otherwise, you could be putting him/her in a risky situation since your lender can pursue legal action against your cosigner if you default on your payments. Ask your cosigner if he/she is willing to guarantee the car loan on your behalf.

Protect your Cosigner from Liability

Would your cosigner’s credit score be affected by your auto loan? As long as you avoid late payments, there should be no complications about it. Nevertheless, should you delay or miss on your car loan payments, your lender should instantly send a note to your cosigner so that he/she can be aware of the risks.

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Steps In Renting An Apartment Despite Bad Credit

2008-07-28T22:49:00.000-07:00

The importance of having an excellent credit cannot be denied. Creditors are not the only ones who use them for approving applications. Employers and even landlords use credit reports in checking an individual’s background.

If you have plans of renting an apartment but with bad credit, what are the steps you can take to ensure that you’re prospective landlord will approve you? In this article, we’ll be providing some advice on how you can rent an apartment you’ve chosen despite bad credit.

1.Take a look at your credit report. The first important step for you to take is to personally check your credit report. What factors may have contributed to your low credit score? Is it really your poor payment habits or are there certain errors or false information in your report that pulled down your score?

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Can Credit Card Debt Relief Be Attained?

2008-07-23T20:38:00.000-07:00

Today, thousands of people are finding themselves with huge debt problems resulting from credit card debt. Are you one of these people? Are you having difficulty managing your monthly credit card payments? Is your credit card company starting to send you notices or reminders to pay your past due debts? What should you do to gain control of the situation?

Credit Card Relief

Is credit card debt relief really possible? Usually, people with credit card debt consider debt consolidation as the solution to the problem. By taking out a loan and paying off all existing credit card debts, one can prevent the continuous increase or accumulation of interest rates.

And the debt consolidation companies...

Loan consolidation enables a person to consolidate multiple debts into a single debt with a single, lower interest rate.

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Let's join the Personal Finance Forum

2008-07-21T23:49:00.000-07:00

Reach out to other people.

Join Your Personal Finance Forum

A place to share and discuss your credit concerns, your own financial struggles and triumphs...and get real help from real people.

Tips In Filing for Bankruptcy In the United States

2008-07-10T18:00:00.000-07:00

If you are thinking about declaring a personal bankruptcy, this article contains some essential points for you to ponder. The procedures in filing bankruptcy in the United States somewhat differ depending in your local State. It is advisable to talk to your lawyer about the specific bankruptcy laws in your State. Here are the basic details of bankruptcy that you need to know.

To file or not to file.

Never seek bankruptcy without first considering all your options. Is it really necessary for you to file for bankruptcy? Remember, a record of bankruptcy will stay on your credit report for up to 7 years. Such a derogatory mark can be a major disadvantage in your life. If you are faced with a serious debt situation, perhaps you can take on other alternatives.

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Tips In Filing for Bankruptcy In the United States

Working Towards Good Credit

2008-07-07T00:44:00.000-07:00

You’ve ordered a copy of your credit report and you’ve found several late payments listed under your credit history. These late payments will certainly pull down your credit score. As a result, you may find it difficult to get approved when applying for loans or credit cards. Since creditors often prefer clients with good to excellent credit rating, those with bad credit are often denied or rejected. What can you do when confronted with this challenge? Is there a way to get over bad credit? Let’s discuss positive ways on how you can work towards a good credit standing.

Addressing the Root of the Problem

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How To Refinance Your Home or Car with Bad Credit?

2008-07-01T01:19:00.000-07:00

Bad credit refinance is the process of taking out a new loan in order to cover the cost of a previous loan. The second loan should have a lower rate of interest or a lower monthly payment. Bad credit refinance is most beneficial when the first loan is taken during a period of high interest rates; and since then the rate of interests have been declining, so that the second loan is taken on a lower rate of interest.

However, if the difference in the interest rates is not significant, then bad credit refinance should not be undertaken because some lenders require an additional charge for refinancing.

How To Refinance Your Home or Car with Bad Credit ?

Tips To A Better Credit Report And Score

2008-06-20T01:43:00.000-07:00

Having a high credit score can significantly make a difference on how lenders approve your credit applications and how lenders give you their rates. What is the best way to improve your credit score? To better answer this question, we’ll be taking a look at how credit reports and scores are calculated.

Your credit score is totaled based on five major categories – your payment pattern, your payment history, your debts, the types of your credit, and new credits in your account. Now, let’s discuss each of these credit score categories.

Your Payment Pattern
Obviously, how good of a payer you are will affect your credit score greatly. To analyze your payment pattern, simply ask yourself the following questions: • Do you pay all your bills promptly?
• Are you in the habit of delaying on your payments?
• Do you have past due bills in your account?

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Making Your Credit Report Work For You

2008-06-11T22:10:00.000-07:00

Have you ever heard of a credit report? You have probably been hearing about the importance of good credit for quite some time now. However, you may not know exactly how you can achieve the good credit status that is highly sought after these days. One thing that you need to know is that you can actually use your credit report as a handy tool to help you build up or improve your credit score.

Basically, your credit report is a complete history and record of all of your loans, credit cards and so on. This report will include such information as your payment histories, where you have applied for credit, where you have applied for employment and more.

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The Ups And Downs Of Online Debt Consolidation

2008-06-05T22:22:00.000-07:00

Online debt consolidation has been a hot topic on everybody’s lips nowadays. People are divided in their opinions about online debt consolidation because there are those who swear that they’ve been saved from bankruptcy, thanks to online debt consolidation while there are those who say online debt consolidation is such a no-no, like all other financial processes done over the Internet, because it’s too risky.

This article would hopefully be one of the few to tackle the issue of online debt consolidation in an objective manner. The advantages and disadvantages behind online debt consolidation would both be considered but in the end, we leave it to you to decide since it’s your life, your money and your bills.

Let’s begin then. Just for clarity’s sake, debt consolidation is adding up all your bills together and asking a debt consolidation company to do some quotes for you online. Some sites even assure you that you need not show any documents at all to avail yourself of online debt consolidation. So that’s an advantage of online debt consolidation over other institutions like banks, for example.

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how to increase credit score by 18 points in one day

2008-05-29T22:31:00.000-07:00

If you are like most people, you have been hearing about the importance of a good credit report since you were able to hold a dollar in your hands. One of the best things that you can do for yourself is to keep a good watch on everything that has to do with your credit. The better your credit is, the better the chance you have to get good rates on loans, credit cards and so forth. There are several steps that you should take in order to go through the process of building a good credit report that you can be proud of.

Read on How To Quickly Increase Your Credit Score In One Day

How Businesses Can Play with Business Credit Cards

2008-05-21T01:53:00.000-07:00

Using business credit cards in financing your business makes it possible for small business owners to start operations even with limited budget. Unlike large corporations who may have connections with financial institutions, small businesses usually have to rely on their own finances with regards to their business expenses. However, business credit cards can help small business thrive in the market. Most businesses are using Citi Business cards.

Short of Cash? Not with Business Credit Cards

With the help of business credit cards, small business are able to invest on the necessary equipment, purchase raw materials or buy merchandises to get their business running. Since a business credit card allows them to get these materials in advanced without paying for them in cash, a business can still buy some time and start marketing its products before the due date of their balance ends. If the purchases are made at beginning of the credit card's cycle, a business can take full advantage of the entire grace period that it is allowed. Small business can even have the option to pay for their debts in full or in installment basis.

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How Businesses Can Play with Business Credit Cards

Why Secured Credit Cards Are A Safe Way To Establish Credit

2008-05-15T02:01:00.000-07:00

Secured credit cards are designed to assist people who havenever had credit or those who have bad credit, in order to enable them to establish a good credit rating.

Typically, secured credit cards are issued when the holder is able to offer a type of “security” deposit to the lender by depositing a pre-arranged amount of money into a savings account, money market or certificate of deposit.
This is how it works: Why Secured Credit Cards Are A Safe Way To Establish Credit

A Case For Having A Secured Credit Card

2008-04-27T01:03:00.000-07:00

By Monty Loree

A secured credit card is just that; a credit card secured by a deposit account held by the cardholder. The card holder may then deposit anywhere between 100-200 percent of the amount of credit as he may desire. But sometimes the credit card issuers may reduce that to only 10 percent. From the issuer standpoint, the secured credit card is better as there are fewer delinquencies when the cardholder suspects he may lose something by not paying.

From the cardholder's standpoint, a secured credit card can serve the purpose of building your FICO scores. For these types of cards, everyone is invited.

For the sake of prudence, it has to be said that secured credit cards make the better choice.

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A Case For Having A Secured Credit Card

How To Write a Credit Dispute Letter?

2008-04-20T23:52:00.000-07:00

Anatomy of A Credit Dispute Letter

The Fair Credit Reporting Act or FCRA of 1970 has recently been strengthened in order to allow anyone to dispute negative disputes on their credit report. This can be done with a letter of dispute and in turn the credit bureaus must either delete the listing or verify it.

The key to repairing bad credit is to write a properly formatted letter of dispute to one or all of the credit bureaus and send them out via registered mail. Always keep a copy of your correspondence and the receipt from your registered mail letter for further reference. It is also important to make copies of your credit report to include in the letter, not originals.

Below is a step-by-step guide to writing a letter of dispute to get rid of those black marks off your credit report for good.

Get Your Credit Report

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How To Write a Credit Dispute Letter.

How To Quickly Increase Your Credit Score By 18 Points in One Day

2008-04-18T01:29:00.000-07:00

If you are like most people, you have been hearing about the importance of a good credit report since you were able to hold a dollar in your hands. One of the best things that you can do for yourself is to keep a good watch on everything that has to do with your credit.

The better your credit is, the better the chance you have to get good rates on loans, credit cards and so forth. There are several steps that you should take in order to go through the process of building a good credit report that you can be proud of. As long as you pay attention to all of your accounts as well as all of your expenses, it should be fairly easy for you to build a good credit report.

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How To Quickly Increase Your Credit Score By 18 Points In One Day

Building Your Credit With Secured Credit Cards

2008-04-07T01:10:00.000-07:00

Hands down, using a secured credit card to rebuild your credit is the best way to do it. Even if you have no credit, getting secured credit cards is like having training wheels on a bike. A great way to learn how to handle the new responsibility of credit.

With a secured credit card, you may have to pay a higher than average interest rate, however, this does not mean that the interest charge is outlandish. Many secured cards offer competitive rates under 19% and again, this is where diligent research on the part of the user becomes paramount. You should be cognizant of all grace periods, the penalty for late payments and the fees charged should full payment not be made within the proscribed time frame.

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