Blog Archives
Credit Traps Snag Consumers
Nearly 20 years ago I worked for a small consumer advocacy
organization in Washington, DC. Each week we received sacks full
of mail from consumers across the Country requesting our list of
credit cards with low interest rates and no annual fees. If you
wanted a low interest rate on a credit card back then, you often
had to apply to a bank in Arkansas where interest rates were
capped by state law.
Those were the good old days.
Now, interest rates range from zero percent to a high 39
percent. ...
Read the rest of this entry »
5 Tips for Savvy Use of Your Home Equity Line of Credit
Tapping your home's equity to pay college expenses, consolidate
credit card debt or even to buy a new car or boat is common
place. Many economists attribute the additional buying power
afforded consumers through home equity debt as a primary reason
the nation's economy has been able to emerge from the recent
recession. Yet, aside from simply allowing consumers to
spendmore, the flexibility and efficiency of a home equity line
of credit (HELOC) can provide the financially savvy person with
the ...
Read the rest of this entry »
10 Things to Look for in a Home-Equity Line of Credit
If you are a homeowner, you've probably received offers to
apply for a home equity line of credit (HELOC). Handled with
care, home equity credit lines can be an excellent way to
improve financial flexibility, provide readily available cash
reserves for emergencies, or pay for large expenses (like
college tuition or home improvements) that have irregular
payment schedules. But be aware that not all home equity credit
lines are created equal. If you decide that a HELOC is right for
you, what ...
Read the rest of this entry »
Twitter Tweets about Credit as of February 26, 2010
noelinnan777: refinance mortgage credit help rates equity loans http://bit.ly/3WzNkM
2010-02-26 · Reply
SteveLines: I've been absent on Twitter this week. Too much fun work tracking LO productions, unpaid appraisals and credit reports. Accounting rules!
2010-02-26 · Reply
Canadian_Paula: @merylx57 Apparently, he was arrested last night for credit card fraud.
2010-02-26 · Reply
pyrozero: @Jirsh you are all about customer service and user experience. A
...
Read the rest of this entry »
3 Ways to Improve Your Credit Score by 50 Points In Less Than 30
'What can you do to increase that set of three numbers on your
credit report that can be so important with your financing? '
I came across this question as I was surfing discussion groups
the other day. Check out my answer:
Dear Friend,
Here are 3 steps I used to take my credit score from 592
(horrible credit) to 762 (perfect credit) almost overnight. If
you're interested in improving your credit rating quickly,
you'll find this story helpful:
In 1995 I made a decision that would ruin my ...
Read the rest of this entry »
How to Fax the Credit Bureaus For Faster Credit
Insider Etiquette: How To Stay in the Credit Bureau's Good Graces
Several of the credit bureaus have opened up their fax lines,
(namely, Equifax and Transunion) but only to select
consumers--only those a recent "confirmation number" or tracking
number from a current credit report. In our ebook "Improve Your Credit Score In 24 Hours" we give you
the fax numbers that credit bureaus keep secret. Since January
2003, we've sold 30,000 copies-this tremendous success has led
to a high volume of ...
Read the rest of this entry »
How to Improve your Credit Score Quickly
If you are like lots of people these days, you are thinking of
shopping for a new home or new vehicle. Why? Because interest
rates are still the lowest they have been in 40 years, and now
is a better time than any to get financing. I just bought an RV
myself, and I remember the nervous feeling while they pulled my
credit score at the dealer. 668 *whew*. Not bad as it turns out.
Many people don't plan ahead when shopping for a loan to get the
best credit possible. A lower credit score (one ...
Read the rest of this entry »
Top 10 Reasons Why You Should Review your Credit Report
Besides paying your bills regularly and on time, the single
most important thing you can do so show that you are a good
credit risk is to known what's in your credit report.
Studies have shown that many credit files contain errors that
can harm your credit rating, leading to rejections when you
apply for loans, insurance or even a job. The errors range from
simple human error to being mixed up with a similarly named
person.
It's essential that you check your credit files and monitor ...
Read the rest of this entry »
How To Boost Your Credit Score
Years ago your credit score was a big secret, known only to a
select few such as your mortgage and credit card companies. In
2000, Fair, Isaac Co., the major supplier of credit scoring
software, announced they would begin sharing credit scores, also
known as FICO scores, with consumers.
What is a credit score? A credit score is a tool used by credit
grantors to determine your ability to repay your debts. The
information in your credit report is compared and evaluated
against tens of millions of ...
Read the rest of this entry »
How To Save Money On Credit Cards
Some credit cards offer a cash advance option. But how good a
deal is this?
Not very. In fact, it can be downright expensive.
Why?
Because every time you use your credit card to withdraw case,
more fees kick in:
- Cash advances can carry an upfront fee of 2 percent to 4
percent of the amount advanced.
- The advances have a higher interest rate than regular card
charges.
- Interest charges begin to mount as soon as the money comes out
of the ATM.
- Many issuers also require you to pay down the ...
Read the rest of this entry »
Advantages of Using Credit Cards Instead of Cash
There are many evils associated with credit cards, but there are
benefits that are hard to ignore. One benefit is having the
credit card company act in your behalf to recover funds from a
disputed transaction. Under the Fair Credit Billing Act the
credit card company has to investigate the dispute and either
take the charge off your bill or explain why it is correct. Even
better, you don't have to pay the portion of the credit-card
bill or related interest charges while the dispute is ...
Read the rest of this entry »
Avoiding Credit Card Traps
The next time you open your credit card statement, take a closer
look at the small insert titled 'changes to your credit card
agreement'. You know the one I'm speaking about. It's that
small, folded paper written in legalese that you promise to read
some other time (but of course that time never comes) or you
just discard it with the other 'junk' inserts.
First and foremost you must understand that using your credit
card after you've received this notification results in your
automatic ...
Read the rest of this entry »
Credit Card Companies Are Out for Your Money
You're probably thinking "Tell me something I don't know" but in
this time of low interest rates you might be thinking that
you've got a great deal since credit card interest rates are
low. Wrong. Credit card companies have a cutoff as to how low
their interest rates will go. So when interest rates are low for
lending, that doesn't mean your credit card rate will be low as
well. If you don't know, or aren't sure, if your credit card
company has a minimum interest rate just look at the fine ...
Read the rest of this entry »
Tips for managing your credit cards
h2>The Beginning of the Credit Card Era
In 1951, Diners Club issued the first credit card to 200
customers who could use it at 27 restaurants in New York City.
From that modest beginning, credit cards have become an
indispensable part of modern life. Consumers rely on credit
cards to help them achieve their lifestyle goals by letting them
take advantage of special bargains, spread payments out over
several months, and provide cash in emergencies. Credit cards
have become so widespread that ...
Read the rest of this entry »
Finding a loan with bad credit
No matter what your credit history is the simple fact is that at
some point in your life you will need a loan. If you have a few
black marks on your credit report and you are feeling that your
bad credit will not enable you to qualify for loans, do not feel
despair because there are banks that will lend to people in your
situation.
If you are seeking a bad credit personal loan there are a few things to
consider. Since you are looking for a loan and you do have poor
credit you should make sure ...
Read the rest of this entry »
Ten steps to building a good credit history
Ten steps to building a good credit history
By Drahcir Semaj
Are you thinking of buying a house? Do you want to buy a new car
to replace that old wreck? Trying to get insurance on you home,
auto, or life? In each of these situations, what's on your
credit report will determine if you can get a loan or insurance
and what rates you'll have to pay.
If you're trying to build or repair your credit history, you
have a daunting but not impossible task in front of you. Lots of
people have been where ...
Read the rest of this entry »
Why Bad Credit People Pay Higher Rates
Why Bad Credit People Pay Higher Rates by Dave Czach
Let's face it. People with credit problems pay higher rates for
the same reason people pay higher auto insurance premiums -
risk. Virtually everyone knows if you receive a traffic ticket,
you get points on your driving record and an increase in your
insurance premium. Why? Because the traffic ticket has created
an emerging pattern of risk. If you got one traffic ticket, the
chances of receiving another one are now greater than when you
had no ...
Read the rest of this entry »
"Will that be Cash or Credit?"
From Bangkok to Edmonton, credit card statements stuff mail and
email boxes with payment deadlines. Every bill reminds the giver
that gifts given freely do not come free. Giving and buying
often exceed generosity and need as a brittle piece of plastic
becomes an avaricious spoiler of hopes and dreams.
During this week, two families emailed me about credit card
debt. One family lugs $12,000, and $50,000 shackles the other.
Each family wants relief; however, debt accumulation comes
easily while ...
Read the rest of this entry »
How Your Credit Report Affects You
I never thought much about my credit before. It wasn't until I
was in the process of buying my first home was my credit really
called into question. When I first spoke with my mortgage lender
was first real wake up call I had. He then proceeded to give me
some useful information about credit that I would like to share
with you.
There are three major different credit reporting agencies. They
are Experian, Equifax, and Trans Union. Each of these agencies
contain seperate reports on your credit ...
Read the rest of this entry »
Legislators Ponder New Credit Protection Laws
Legislators in Washington, D.C. are considering several
credit-related consumer protections as outlined in The Fair and
Accurate Credit Transaction Act of 2003 (H.R. 2622). If
approved, consumers could benefit from the most wide-ranging
changes to the rules covering consumers and credit in decades.
One of the most important changes would be the right to receive
a free annual copy of your credit report, upon request, from the
three major credit reporting agencies: Equifax, TransUnion ...
Read the rest of this entry »
Six Credit Card Secrets No Bank Wants You To Know
We all get them from time to time. You know, the sealed envelope
in the mail that have a written message such as "You've Been
Pre-Approved For A New Credit Card From..." If you are like me,
you file them away- usually in the trashcan or shredder!
Throughout many years of receiving those offers however, I've
noticed many loopholes that anyone can use to their advantage.
Weather you already have credit cards or still receiving new
offers the following six secrets are what I learned to ...
Read the rest of this entry »
The Proper Use Of Credit Cards
Credits cards are a convenience, not a crutch.
Credit cards are a great way to make purchases and record to the
penny your spending. They also provide a way to postpone payment
on items and thereby earn more interest on your money.
For example, if you have a money market account that gives you
5% annual interest and you spend $1000 a month through your
credit card, you can keep that $1000 in your money market
account for an additional month. At the end of a year you would
have earned an ...
Read the rest of this entry »
The Credit Card Offer
One day I got a call from my credit card company asking me if I
would like to increase my credit limit by borrowing up to $9000
at their special rate of 15.9%.
The operator stated, "Your credit card rate will then be a low
15.9%. How much would you like to transfer today to take
advantage of this offer? Do you have any high interest loans you
would like to pay off and reduce your payments?"
The previous day I had called them to get two bogus late payment
charges taken off my statement. I also ...
Read the rest of this entry »
Credit Card Traps, And How To Avoid Them
B>"0% interest* for the first six months, no annual fees**
and a low fixed*** rate of only 8.9%****!"
* Unless you count the deferred interest we will charge you if
you don't pay off the full balance transfer amount when the
promotional period ends.
** Except the ones we charge for "late payments****", going over
your balance, cash advances, balance transfers, membership in
"rewards" programs, etc., etc., etc.
*** Fixed for the first month, but after we may change it
without notice for: late ...
Read the rest of this entry »
Crushing Credit Card Debt
How much do YOU owe on your credit cards?
The average American family is now over $7000 in debt just on
their credit cards. That debt generates an interest charge of
over $105 each month if your card charges the average 18%. If
you have missed a payment or made a late payment (even by one
day!), you may be paying up to 27% interest or over $157 each
month.
Most credit card companies require a modest payment towards the
card balance. Modest meaning from $10 to $20 a month. To pay off
a $7000 ...
Read the rest of this entry »
Credit for Qualified Retirement Savings Contribution
Credit for Qualified Retirement Savings Contribution
Here we are again its tax time. And with all the turmoil in our
country not to mention in our private lives, Uncle Sam expects
us to sit up and take notice of the time of year and file our
tax returns with the IRS. Well I don't know about you but with
all the tax law changes and the comings and goings it can be
down right confusing for the average American. I spend half the
year before January studying and preparing to meet all of my
clients ...
Read the rest of this entry »
What's Your Credit Score? (and what does it mean?)
Anyone applying for a mortgage will probably hear the term
"credit score" mentioned at least once, and you'll ask "What's
my credit score?" Depending on where you live, you may or may
not get a straight answer. Some lenders or credit companies may
tell you that they cannot legally release it to you, which is
not true. The law does not prohibit the release of this
information. However, in most states, lenders and mortgage
professionals are not required to tell you even though many
times that is ...
Read the rest of this entry »
Making Good Use Of Local Banks And Credit Unions For Low Loan
With the average 30 year and 15 year fixed-rate mortgages
jumping up to several basis points over recent days, consumers
who have been holding out hoping to catch the best level of the
refinance wave may wonder if they have missed the boat. Not
necessarily.
At present the equity markets are making a rebound. If the Dow
goes above 9,000 mortgage rates could rise to or through 7
percent. Two weeks ago thirty-year mortgage rates stood at an
average 5.98 percent compared with 6.01 percent ...
Read the rest of this entry »
Selecting a Good Credit or Budget Counselor
Selecting a GOOD Credit or Budget Counselor!
Most of what credit counselors do you can do for yourself. But,
if you're too emotionally involved with your money situation to
create and stick with a plan and negotiate with your creditors
then using a credit counselor may be a good option for you!
Credit or budget counselors, including those who are listed as
being with the Consumer Credit Counseling Service (CCCS) or the
Genus/National Credit Counseling Service (NCCS) are ...
Read the rest of this entry »