Credit Articles
Mileage Credit Card Tips For How To Apply
(category: Credit, Word count: 514)
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There are many people out there that would love to benefit from owning a mileage credit card but some do not have any idea of where to begin when it comes to applying. Some people like the idea of using a mileage card to earn points for free airline tickets, car rentals and hotel accommodations while others just use it like normal credit card instead of working toward a specific goal. Then they enjoy learning what they have earned at a later date kind of like a big surprise. However, knowing where to start can be a problem when applying for a mileage card.
There are several ways to apply for a mileage card. You can apply online, call the mileage card company, and contact the airline with the mileage card that you have chosen or even fill out an application and send it by mail. Remember when you apply for a mileage card, you will have to give out your personal information. All mileage credit card companies will need your social security number, as they will use it to run a credit check on you. This is why it is so important to have good credit before you apply, many of the mileage card companies will not even give you chance if you have bad credit.
Before you apply for a mileage card, you should do some research on which mileage cards has the best APR rate, incentive and bonus programs, and how you earn points. Many mileage cards have a low introductory APR rate for new cardholders. Some mileage cards even offer 0% APR for the first 12 months. Once again, good credit is what you will need to get this type of great deal.
Another thing you should take into consideration when you apply for mileage cards is if there is an annual fee to have the card and what your credit limit is and if the annual fee will change after the introductory offer. Most mileage cards have an annual fee or some may call it a membership fee. Also be sure to look at your credit limit, you will not one that is too high for your income or your normal spending.
The most important thing to remember when applying for mileage cards is to do your research. There are several different companies that offer mileage cards from airlines to major credit card companies. You will want to be sure that you are getting the best interest rate, the cheapest annual fee, and of course, the most air miles for your money. You may also want to be sure that the mileage card you choose have destinations to all places you travel and that give you the option for your favorite airline. Find out about points or air miles expirations and if there are any blackouts for you to redeem your points.
Remember to weigh the fees against what you will be receiving in points or air miles to ensure that you are really getting your moneys worth.
Bad Credit Loan How To Get The Best Interest Rate
(category: Credit, Word count: 213)
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Bad credit loans are in high demand. And if you do any research on "bad credit loan", you'll find plenty of advice on how to get the lowest interest rate. You'll also find plenty of people willing to give you a bad credit loan, but you'd be making a mistake to accept it.
Unfortunately, most of what you'll find approaches the problem from the wrong direction. The way to get the VERY best interest rate on a bad credit loan is usually overlooked or concealed altogether.
But before we continue, let's digress briefly and look at how significantly the higher rate for a bad credit loan affects the borrower.
Let's say you want to buy a house, but have bad credit. No matter how diligently you shop for a lender, you're still be charged a higher interest rate for a bad credit loan than if you had good credit.
With good credit, you might get a mortgage loan at 6% interest. But a bad credit loan will cost you closer to 12%. Assuming you get a $100,000 mortgage over 30 years, the difference you'd pay in interest amounts to a monstrous $154,461.60 MORE because you have bad credit. That's over 1
What You Should Know About Credit Card Jargon Buster
(category: Credit, Word count: 527)
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Credit cards, as part of the financial industry, use a massive array of jargon. You can't be expected to recognise all these technical terms, and some of them are quite important - so here's a quick guide, in alphabetical order.
Affinity card. This is a credit card that gives a certain amount to a charity of your choice, depending on how much you spend. It is generally best to avoid any charity that wants you to sign up for such a card - don't let guilt lead you to a high interest rate.
APR. Annual Percentage Rate. This is your overall interest rate, calculated yearly, and given as a percentage of your balance.
ATM. Automated Teller Machine. A cash machine. It will give you money when you put your credit card in, but will probably charge an extra fee.
Balance transfer. This is when you transfer your debt ('balance') from one credit card to another. The usual reason for this is to try and keep as much debt as possible on a lower-interest card.
Credit limit. Your credit limit is the maximum amount you can spend or withdraw from your card. Going over your credit limit will result in your card no longer being accepted, and you being charged an over-limit fee.
Fixed rate. A fixed rate card is one where you are given a rate when you sign up for the card and that rate, at least in theory, stays the same for the whole time you have the card. In practice, though, interest rates can be changed for almost any reason.
Grace period. Your grace period is the amount of time between when you spend money and when you start paying interest on it. Good cards can have a grace period of up to two months - bad ones might not have one at all.
Minimum payment. A minimum payment is the absolute lowest amount you can pay back to the credit card company each month - you should pay more, but you don't have to. Minimum payments are usually around 2% of your balance.
Sub-prime. This is a phrase used in the industry to describe customers who are a bad credit risk, but are seen as worth lending to anyway. If you are identified as sub-prime, you'll start getting offers for loans secured on your property - they know that if you can't pay, they'll get their money anyway.
Teaser rate. A 'special offer' low rate, usually written in enormous letters. You will see many offers with "LOW 4.9% APR" in inch-high letters, followed by "for first six months, 21.9% thereafter" in microscopic ones. Teaser offers can sometimes be worth taking, but not if they tie you in for longer than the period of the offer.
Variable rate. This is an interest rate that is worked out by adding a certain amount to the current base rate. Taking this option will allow your credit card to be affected by changes in national interest rates - a good idea if you think they might go down, and a bad one if they're on the way up.
Instant Approval Credit Cards
(category: Credit, Word count: 572)
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The days of waiting for weeks for a credit card application are over. Today, anyone can get a credit card approved instantly. It's very easy to apply online for an instant approval credit card. Hundreds of credit card companies claim they can give you the best credit card available for your needs, instantly. An easy way to apply for this type of card is online, at the credit card company's website. No, that doesn't mean you can download a credit card to use immediately. What it does mean is that your credit card application can usually be approved within minutes.
The approval process takes, as stated above, only a few minutes, but it takes time before you actually receive your credit card in the mail. It's usually about a week to ten days before it arrives. Though you can't use your new credit card within that time frame, you do have the advantage of knowing it has been approved.
With instant approval credit cards you have the convenience of receiving your card quickly. In times past, you had to apply for the card and wait weeks while your credit history was run and the approval process took place. On top of that time frame, you had to wait for the credit card company to send out your card. Applying for an instant approval credit card is fast and convenient in today's market.
One advantage of applying for an instant approval credit card online is that you can research a wide range of credit cards to find the one that is best for you. You can compare interest rates and fees freely and also check for other advantages and disadvantages of the cards you are considering.
There are limits on the applicants who are eligible for instant approval credit cards. Originally, these cards were targeted at consumers who had a perfect credit history. If your credit rating is excellent, you won't have any trouble being instantly approved. Today things are a little different. The competition between credit card companies is very high and there are some companies who are willing to take the risk on a less than perfect applicant in order to get their business. What this means is that you may be instantly approved even if your credit rating is less than perfect. If this is the case and you are approved, use extreme caution and make sure you pay all of your payments on time to assure your credit history is protected.
If you wish to apply for an instant approval credit card online, use a search engine to search for 'instant credit card approval', or 'instant approval credit cards'. The results will be more than you wished for. Then, compare the annual and membership fees, interest rates and other advantages and disadvantages of the cards you are considering. Once you find the best card for you, click on 'apply' fill out the online form and click the 'submit' button. You will have your answer within a few minutes.
As with all other credit cards, you have responsibilities with an instant approval card. Be sure to always pay your credit card bill before the due date and, if possible, pay the entire balance each month to save on interest fees. This will assure you keep your instant approval credit card in good standing and in addition it will look great on your credit rating.
Know More About Your Credit Report
(category: Credit, Word count: 634)
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Credit score is the factor that determines your finance. Your credit score can be divided into your credit history, payment history, accounts you owe, type of credit you used and new credit. It depends upon your credit reporting agency that gives proper weight age to all the abovementioned factors. Even if you have some bad credit experiences, you should always plan to have an improved credit in the future.
Necessary things you should know about your credit report
1. Your credit report can be checked by anyone
Many times, when you take a loan, mortgage or other credit anyone can ask for a look at your credit report.
2. All credit reports are not the same
Three main reporting agencies exists namely, Tran Union, Equifax, and Experian but the method of arriving at your credit score in all the three cases could be different. These scores won't vary much but there could be few point variations which means there could be some or no credit risk.
3. Your credit repair is not a lock
If you take some help, it won't hurt your credit score because a less monthly payment on an outstanding debt such an s credit card in case the person who issues it is ready to report the difference in reduction. Also the lender could reward you the full paid bill for not making any defaults.
4. It is not necessary that a credit report is always correct
Since your credit score is a subjective measure of your credit risk, your credit report should be a factual account of your credit history. These reporting agencies can make errors and thus you should have one free report per agency and you can make any dispute over mistakes. You could be truly a credit worthy if you remain on top of your credit report and keep it free from any errors.
5. If you pay your credit bills it will improve your credit score
Paying all your credit bills on time will really make a good credit score of yours but remember that timely payment of six months won't make you free from default of six years. Try to think in the way of your creditor that would it be better to lend to a person you has just started paying his bills on time or the one who has always paid his bills in due time.
6. Never have too less or too more credit cards
Any type of your credit is included into your credit report that makes up your credit score. If you have too many credit cards and you don't make use of them, it will never improve your credit score. In the same way, having too less credit cards will also affect your credit score.
7. Don't make late payments if you have a good credit score
It might sound unfair, but a late payment on a good credit score is worse than a late payment on already bad credit score.
8. Your credit reports are constantly updated
Your credit report is updated with each new piece of information.
9. If the credit agency makes too many inquiries, it can hurt your credit score
Its better that a credit reporting agency doesn't make much of your credit inquires. This is because it may adversely affect your credit score.
10. Credit repair companies usually promise more than what they can do
Many credit repair companies advertise that they can quickly fix your financial problems but it is not true. In more clear terms, a reputed credit repair company can help you out but each and every credit repair may not do what they promise earlier.
Minimizing Credit Card Debts
(category: Credit, Word count: 399)
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Though purchasing a product through a credit card is comparatively easier than paying cash, falling prey to debts through credit card transactions is even easier. Having high credit card debts is definitely not sensible. The interest rates of almost all credit cards are very high. Most people pay only minimum payment every month and manage to hold up high balances, thus losing a huge amount of money by paying interest.
By following certain precautionary measures credit card debts can be minimized as far as possible. Making the balance transfer to another card which has a low or zero rate of interest for a fixed period could be a good option. By keeping this balance at minimum interest rate, you can now pay off the other debts which have higher rate of interest. Ensure that you can make the payment before the end of the offer period, and keep another offer of balance transfer ready. In case a balance transfer cannot be made, it is better to pay off the maximum amount possible, so that the balance can be quickly brought to a minimum.
A tool for debt consolidation can be excellent in assisting minimization of credit card debts. The interest rate during loan consolidation is lesser than that of credit cards. A personal loan can save you a lot of money. The best way to minimize a debt on credit card is by self control, though it could be practically difficult. Reducing the usage of more number of credit cards is the foremost step in minimizing credit card debts.
Most people, if not all, while sorting out their monthly bills, will give more priority for payments on electricity, telephone or rent and keep their credit card payment at the bottom, but by then some small purchases would have been made by the person through his card and at the end the account may either be carried forward with huge interest or may be paid after the due date. A good method of ensuring card payments and controlling card debt is through auto-pay system on card accounts, wherein your bank will automatically pay the balance due from your account every month. For minimizing debts on cards, ensure that at least the balance due is paid off every month so that late fee and higher interest rates can be avoided as far as possible.
Differentiating Between Credit Cards For College Students
(category: Credit, Word count: 658)
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Whether you are a college student or the parent of a college student, you may have started looking at various types of credit cards for college students. Having a credit card while in college is almost a necessity. Generally, college students do not have much money to spare since they are attending school. Therefore, they need to rely on their parent's financial support or they have to borrow money from a credit card while in school and then pay the borrowed money back later. To choose the right student credit card, however, it is important to understand the differences between different credit cards and the benefits and drawbacks to both.
Unsecured Student Credit Cards
Unsecured student credit cards are those that extend a line of credit to the cardholder. Therefore, you can spend money with the card as a loan and pay the money back later. Since college students tend to have very little credit history, it can be difficult to get a credit card. Obviously, most credit card companies prefer to extend a line of credit to someone with a proven history of paying back loans.
Fortunately, there are a number of credit cards that cater specifically to college students. These companies understand that a person attending college will not have a great deal of established credit history, yet need the help of a credit card to get through college. In addition, the fact that you are attending college gives the companies a reason to believe that you will be responsible about paying back your debt.
The greatest benefit to an unsecured student credit card is that you don't have to have money to use it. Therefore, college students that don't have the cash up front can take advantage of the borrowed money to by books, school supplies, and to help pay for living expenses. This can be a lifesaver to someone who is scraping by while in college. In addition, there are a number of unsecured student credit cards available that do not have annual fees or any other types of fees.
The biggest drawback to an unsecured student credit card is that it is possible to spend beyond your means and acquire a debt that you are unable to overcome. If this happens, or if you are unable to keep up with your payments, your credit can be destroyed. For someone who is working on just getting started in life as an adult, it is not good to get started with a major debt or a big black mark on your credit record. In addition, student credit cards tend to have a higher interest rate than traditional credit cards. Therefore, you may pay a great deal of money in finance charges when borrowing money in this way.
Secured Student Credit Cards
Secured student credit cards are cards that money is deposited onto ahead of time. In other words, if you don't put your own money on the card before spending the money, you can't use the card. Therefore, secured student credit cards are like a debit card. Secured student credit cards do not look any different from unsecured student credit cards.
The benefits of secured student credit cards are that you can still have the flexibility offered by carrying a credit card, but you don't have to worry about burying yourself in debt. For parents that are helping their college-age child through college, secured student credit cards are a great way to provide the student with an allowance to help pay for college expenses.
The major drawback to secured student credit cards is that these cards usually have a large number of fees. Often, there is a fee to set up the account in the first place. Then, there are usually annual fees and maybe even monthly fees. There are also fees associated with depositing, or "loading," money to the card. These fees can be quite expensive.
Straightforward Ways Of Getting A Credit Card After Bankruptcy
(category: Credit, Word count: 500)
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Bankruptcy administers a devastating blow to your credit card. A bankruptcy may remain on your credit report for up to 10 years. But these effects do not remain long lasting; it starts to diminish on your credit report as soon as your case is closed.
Even before bankruptcy drops your previous credit report, you could qualify for credit with good rates and terms. In fact, newly discharged debtors are frequently solicited for enrollment onto new cards. However, before you plunge back into the credit world, consider the extent to which easy credit lead to a bankruptcy filing before you sign up for new cards. You must ensure that a responsible credit habit is maintained for payment of bills, and only a small portion of the available credit should be used.
Most credit card companies will allow you to keep their credit card for use even after you have filed bankruptcy. This is on the condition that you agree to reaffirm the balance on the card and enter into a new agreement, which is signed after the bankruptcy filing. Most creditors want your future business, and hence will be willing for you to use their cards.
A recent bankrupt may give you trouble to qualify for a regular, unsecured credit card. It may even turn out to be more expensive than before, and available with lower limits. Financially, secured credit cards offer you a better deal than any of the unsecured cards you're likely to run into after your bankruptcy.
So it is best to opt for a secured card, which sets a limit for you. This credit limit in a secured credit card is equal to an amount you have to deposit at the card-issuing bank. A secured credit card requires up to $500 to be deposited. This amount may seem miniscule as compared to exorbitant credit limits you may have enjoyed before bankruptcy.
A secured credit card is usually available at lower rates than unsecured credit cards. But secured credit cards have gotten a bad rap, because most don't help you rebuild your credit history.
Also, you must choose your secured card wisely. Look for a card, which has no application fee and a reasonable annual fee. Some secured cards demand huge upfront and annual charges.
If you maintain a good credit limit and make your payments on time, after 12-18 months you could be upgraded to a regular unsecured credit card.
However, there are some unsecured credit cards that you would also do well to steer away from. Most unsecured credit cards charge you such high up-front fees that you're in debt before you even receive the credit card. Since your goal is to re-establish your credit, pick a credit card that you think is best suited for you.
Then apply for that one card. Don't apply for several cards as they will stir up too many new inquiries on your credit reports. This will make your creditors nervous
Applying For A 0 Intro Rate Credit Card
(category: Credit, Word count: 486)
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When it comes to credit cards, the reward credit cards are usually much more popular because more often than not, consumers are dazzled by the concept of earning points and winning prizes for themselves just by using their credit cards. But you see, that's simply considering one side of reward credit cards - and that's the nice side, by the way. The other side would be the high interest rates that reward type of credit cards charge its users. So you see, you're not winning those prizes for free - or at least not completely - unless you have the means to pay for your purchases before the cut-off period or before you get charged with interest.
This article, however, shall enlighten consumers about the less popular type of credit card and that would be the non-reward credit card. A non-reward credit card does not allow you to earn air miles or win gift certificates and other cool prizes for yourself just by swiping your credit card as often as you can. Rather, a non-reward credit card lets you purchase everything you want with a lower interest rate compared to reward type of credit cards.
Of all non-reward credit cards being offered in the market, it's the 0% intro rate credit card that creates the most buzz because of two magic words - zero percent! And that's right - credit card companies kid you not with their zero percent interest rate offer! But of course, that's not all there is to it. Though we have nothing against 0% intro rate credit cards, we do suggest that you apply for a 0% intro rate credit card only when it's the type of credit card that would best suit your needs.
A 0% intro rate credit card would be most suitable to a type of user who can not afford high interest rates like what's being charged by reward credit cards, that's for sure. Secondly, a 0% intro rate credit card would also be most suitable to someone who has pressing needs to buy or acquire something but has not enough money to go through with the purchase. Because of their very situation, having a 0% intro rate credit card would be of most help since even with the required monthly payments, they still wouldn't pay as much as they would with other types of credit cards.
Of course, all good things must come to an end and a 0% intro rate credit card is unfortunately no way different. As it is only an introduction rate, once the time allotted for it elapses, you shall revert to paying for normal interest rates.
But that's a long time coming and you don't have to worry about that yet. What's important is to be able to buy what you need and applying for a 0% intro rate credit card is the key!
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