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Bad Credit Personal Loan - A changed attitude of lenders towards bad credit
Are you afraid of applying for a loan, just because you have a
bad credit? No need to fear anymore. You need to understand the
fact that you are not the only one whose credit status is bad.
Bad credit personal loan can be a solution to your this...
Credit cards and identity theft
As more and more Americans become reliant on credit cards in their daily life, identity theft is growing. Identity theft is when someone uses your personal information without permission. They can obtain credit or use your existing credit to put you...
Factors That Trigger Credit Card Rate Hikes
Are credit card companies trying to scam you? On the one hand,
they provide a valuable service that gives you the added
convenience of being able to purchase items and services you
need and sometimes don't need and to pay them off in a...
Home Owners: Avoid Complications In Credit Repair
Avoiding complications in credit repair is almost important as
getting out of debt.
When we have bills that were neglected simply because we didn't
have the money to pay the bills, or else we purchased items
instead of paying the bills, we...
How To Eliminate Credit Card Debt
There is almost nothing more troublesome than having too much debt to pay each month. Consumers incur debt for many different reasons. Sometimes illness, accidents, or just bad luck can make it seem impossible to get finances under control....
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10 Simple Steps to Manage Your Credit
By far the greatest invention the banks have ever come up with came out in the 20th century. Also the new field of Credit Management was born with the invention of the credit card. It is the most available out of any financial product out there. In fact more than 80% of the U.S. households have at least one credit card. If you want to consider yourself as the "Average" American then you have about 8 credit cards burning a hole in your wallet right now. To make sure that you don't get yourself in any trouble (again) try and follow these 10 Simple Steps for Credit Management.
1. Ignore the bank's/lender's rule on what is an "acceptable" level of debt. Your debt-to-income ratio, as they like to call it, is how much debt you can carry to the amount of money you bring make. Depending on how well you have managed your credit in the past it can fluctuate quite a bit. The average is about 25%. The ideal number is of course ZERO but for starters work on getting it down to 10-15%.
2. Remember what a credit card is...A Credit Card. Just because they have waved their magic wand and sent you your "Pre-Approved" Card doesn't mean go out and use it. The bank does not know your situation or your lifestyle all they look at is the number that you should be able to pay off using most of your "extra" money. They will keep you paying them for the rest of your life if you let them.
Which brings me to the next point...
3. Don't pay just the minimum balances, unless of course you like paying 400% or more in interest. A typical Credit Card debt of $4,500 would take you about 44 YEARS to pay off! And you would end up paying about $17,000 total by the time you are done. When you stop and think about it, does that sound like a good deal to you?
4. Play the Game- Remember that you are the customer and "the customer" is always right. When it come to annual fees and higher interest rates ask for a lower rate. And if you slipped up and got a late fee ask to get it waived (make sure you promise never to do it again...well at least for six month) Remember that it is a lot more cost effective for them to keep a customer happy than it is for them to go get another one. Your $29-$35 late fee does not come close to the money they will have to spend to get a new one of you.
5. While you are playing the game don't get blindsided by the fees. The banks have come up with some very creative ways to make money at your expense. They have the ones that everyone knows like over the limit fee, late fee, and extra card fee. However, they also
have the less obvious fees like account transfer fee, and a fee for talking to a live person instead of a recording. Make sure you look at your statement and check out all the charges. Some of them may surprise you.
6. Know how you stack up- BILLIONS AND BILLIONS of dollars are charged annually to consumer on mark ups in interest rates. That's a lot of money when you look at your share. Your credit information is something you should look at and make sure it is accurate. About 25% of all credit reports have erroneous information contained in them. Make sure your information is accurate and keep an eye on it regularly.
7. Know you limits- When you know you will have a hard time paying even the minimum balance STOP charging. It may sound simple but for millions of Americans it is very hard to do. Of course the easy way Hind sight 20/20 don't get in the situation.
8. If you are one of those people that are disciplined enough to pay off your balance at the end of the month then make sure you are getting some bonus for being such a great user. Get the free stuff that you can use. Some extra Flying miles, free gifts, Cash back reward (my favorite). If you are going to use it might as well get something for your efforts.
9. Only have what you need- You Should have 2 cards, one for what you use regularly and pay off every month and the other for emergencies or business. When you start trying to take advantage of all the deals out there the only one who gets taken advantage of are you. Overkill on your credit cards are not necessary, but being really good at managing a couple of cards is.
10. The statistics are in and they are mind boggling. Bankruptcies are at record numbers and the consumer debt for the U.S. is over 1.7 Trillion dollars! Teach your kids now to not make the mistakes that you did. Financial Literacy is a must for the next generation as we are heading into a cashless society. It's harder to manage what you cannot see. Make sure they understand that the credit card is what pays for food on the table and gas in the car as well as the play station games they love.
About the Author
Mical Johnson is affiliated with Rock Financial, Inc., a Licensed Correspondent Mortgage Lender, Florida Department of Finance. Mr. Johnson hosts Home Buyer’s Seminars which are open to the public each month in the TampaBay area in Florida. To obtain a free copy of Mr. Johnson’s Home Buyer Handbook contact him at www.TampaMortgageGuy.com He is also a contributing author at www.Debt-Free-Personal-Finance.com
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| Credit Reports - Credit Cards - Car Loans - Home Loans - Credit.com |
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| Equifax Personal Solutions: Credit Reports, Credit Scores ... |
| National consumer credit reporting company that offers credit reports, FICO(R) credit scores and identity theft protection products to consumers and small ... |
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| The FTC's web site on Credit |
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| www.ftc.gov |
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| Federal Trade Commission - Consumer Credit Center |
| Features an assortment of helpful articles related to credit issues. |
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| AnnualCreditReport |
| Site set up by the big three credit reporting agencies in the United States, to furnish free annual credit reports, as required by federal law. |
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| Springboard - Non-Profit Consumer Credit Management |
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| myFICO - FICO Credit Scores, Online Credit Reports and Identity ... |
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| Credit Suisse Global |
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| Experian: Free Credit Report and Credit Score, Credit Check ... |
| Credit referencing and consumer targeting for the USA and other countries. |
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| National Credit Union Administration - Home Page |
| An independent federal agency that supervises and insures 7152 federal credit unions and insures 4240 state-chartered credit unions. |
| www.ncua.gov |
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| Credit - Wikipedia, the free encyclopedia |
| Debits and Credits, a type of bookkeeping entry; Credit (creative arts), acknowledging the ideas or ... Retrieved from "http://en.wikipedia.org/wiki/Credit" ... |
| en.wikipedia.org |
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| Credit (finance) - Wikipedia, the free encyclopedia |
| Any movement of financial capital is normally quite dependent on credit, ... Sometimes if a person has financial instability or difficulty, credit is not ... |
| en.wikipedia.org |
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| The National Foundation for Credit Counseling |
| DebtAdvice.org is a service provided by the Members of the National Foundation for Credit Counseling (NFCC), most of them known as Consumer Credit ... |
| www.nfcc.org |
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| FreeCreditReport.com | Free Credit Report and Credit Score Online ... |
| FreeCreditReport.com: Free credit reports and credit scores from Experian. Get your free credit report and credit score now. It's free, fast, and easy! |
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| The Credit Card Prank |
| In my lifetime, I have made nearly 15000 credit card transactions. ... Credit card signatures are a useless mechanism designed to make you feel safe, ... |
| www.zug.com |
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| Credit magazine, corporate bonds, derivatives, structured credit ... |
| Credit magazine provides information on the international credit markets for credit investors, issuers and market professionals. |
| www.creditmag.com |
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| CUNA: The Credit Union National Association |
| News and resource directory about credit unions. |
| www.cuna.org |
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| Credit/Debt Management - Tools and Advice for Managing Credit and Debt |
| Drowning in debt? Trying to improve your credit score? This is the place for you. Get real world information and tips, as well as the legal low down, ... |
| credit.about.com |
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