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Credit Card Debt: How to Get Rid of it.
This method is simple, but requires some discipline. First, you have to stop any new spending on your cards. Second - you'll need to examine all of your spending. You'll need to know how much extra money you'll be able to put towards paying off...
Credit Cards For Bad Credit
With all the confusing offers directed towards consumers with credit problems, finding credit cards for bad credit can be a confusing task. One way to start is to consider applying for a secured credit card. Often this can be a good first step...
Credit Cards For People With Bad Credit Scores
Sometimes life lands you in a situation that causes your credit to suffer. A job loss or illness can send your credit rating south leaving you with nothing to do about it. Some creditors may let you slide a month or two, but your records will...
Finding The Best Credit Card
When you start your hunt for the best credit card what you're
really searching for is the best credit card for your particular
situation and needs. You may, for instance, be someone whe
travels a lot for business or pleasure. Travel credit...
Prepaid Credit Cards Online
There are some websites you would like to purchase merchandise but you don't trust the website yet with your credit card information. A solution is in place, Get a Prepaid Credit Card! These plastic wonders help you protect your real credit card...
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Build Your Credit with Caution
Building credit can be a very exciting thing. Avenues of great
opportunities are available if you do it right. It is important
to avoid scammers that claim to offer you a debt solution in
little or no time at all. Many scammers on the market today are
taking advantage of people in disarray. Do not become the next
sucker. Any company that does not advise you of your rights or
else let's you know upfront before continuing that most of your
credit issues can be dealt with on your own, is probably a
fraud. Under the Federal Laws, many of the companies are
prohibited in many areas and often a lot of them work out
illegal arrangements just to get ahead. There is however, legit
companies and organizations that can help you reestablish your
credit for little or no charge. Researching the marketplace is
the best solution for finding the right sources. Your local
library has a wealth of information at your disposal and it is
free to sift through the pages. Take advantage of any
opportunity that presents itself and you are well on your way to
building your credit.
It is important that you be cautious with your credit choices.
Take each step very slowly and consider all of your options
before making a final decision. When you have several creditors
making offers, it can be very difficult to decide on which one
to deal with. Follow these simple guidelines when deciding on
and dealing with a creditor:
1. What interest rate are they offering? a. The interest rate on
your credit account plays a serious role in your ability to keep
up with your payments. If possible, always make full payment.
Keep in mind that making full payment may not always be
possible. This is why you need to consider carefully the
interest rate that you are agreeing to.
The interest rate will apply on all minimum payments. An example
is below: Balance owed on account: $350.00 Interest Rate:
5.7% (.057) Minimum Payment: $19.95
Think about this, $19.95 only pays for the interest that is
going to be added to the balance owed. You may think that you
can subtract
$19.95 from the $350.00 owed, however, do not
forget to add the .057 to the balance. At this rate, your
balance owed will go down very slowly and continue to accumulate
interest on a monthly basis.
2. Make your payments on time. a. Do not make payments before 30
days of the last payment and do not make a payment after 45 days
of your last payment. Payments received after 45 days are
considered late and payments made before 30 days also get a bad
review by creditors.
3. Do not apply for credit more than 3 times a year. a. If you
do, you can easily be denied credit because those actions are
perceived as shopping for credit. If you are suspected of
shopping for credit, your creditors will deny you. You can keep
track of how many times you have applied for credit and with who
by looking at your credit report. Your credit report shows all
the people have inquired into your report for the last 2 years.
After 2 years, the listing drops off your report. Once you begin
paying a creditor, take it slow. You are going to get many
offers for credit and it is extremely tempting to take them all
up on their offers.
4. Keep all of your receipts and contracts a. Keep all of your
receipts for payments made to any creditor. Yes, creditors have
been known to misplace a payment received, let's hope it isn't
yours. Rest assured if it is, providing you kept your receipts.
Saving your contract with any creditor is highly advised. In the
event that a dispute should arise, the creditor will be sure to
throw in comments concerning your agreement and signature on the
contract.
The most important thing to do with regard to your credit is
take pride, protect, respect and especially enjoy it. Having
good credit is a luxury and can widen the horizons of
possibility for you and your future providing your pursue your
credit with caution.
About the author:
Tony Robinson is a business owner with vast experience in all
facets of Credit and Credit Repair - for further tips and
techniques visit http://www.officialdebtfree.com
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