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Auto Loans with Bad Credit
Certain types of loans are very hard to get approved for if you
have bad credit. For example, if you have poor credit, getting
approved for an unsecured loan or unsecured line of credit is
out of the question.
However, there are also types...
Bad Credit Loans: How To Get Up to $15,000 Even With Past Credit Problems
Access Loan and Credit Data are offering $15,000 cash loans within 30 days, even to those with credit problems in the past or present. "The reason we are doing this is because we know that many of you have been hurt by companies that make...
Finding A Credit Card That Works For You
Barely a day goes by without getting an offer to apply for a credit card, either by the traditional mail service or online. If this is something you are considering doing, there are several key issues that you will need to understand before you...
How Web Masters Can Start a Home Based Business Using Credit Cards
If you’re a webmaster who has been itching to start a home based business and you are experiencing some cash flow problems and are considering leaving your dreams by the wayside, don’t. Credit cards may be your answer. Now before you start...
Swipe Age: What Is A Credit Card Machine?
Credit card machines nowadays come in various types and prices.
The kind of business a merchant is venturing on determines the
kind of credit card machine that he or she is going to use.
If a transaction should be typed in the machine for it...
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Credit Card Debt – Watch Your Credit Report and Your Bill
Most consumers are aware of the importance of their credit report. This document, offered to consumers and lenders by the three major credit bureaus, offers a fairly complete list of financial transactions and debts incurred by a consumer. Lenders examine the report, along with the associated FICO score, to determine whether a consumer is worthy of receiving additional credit or loans. What many consumers may not know is that credit card companies regularly check their credit reports, and unfavorable entries may result in a higher interest rate on their credit cards.
We have previously noted that many credit card companies employ something known as a “universal default clause” in their terms of service. This clause allows the company to raise interest rates on the customer’s card if the customer pays bills late. A late payment to the phone company could result in a higher interest rate on the Visa card. Most companies also allow themselves the latitude to raise their customers’ interest rates for any reason at all. With this in mind, the credit card companies tend to run occasional credit checks on their customers, often raising rates if they notice any activity that, in their opinion, makes the customer a higher risk. This might happen even if the customer has a history of paying his or her credit card bills on time.
The sorts of
things that may create a “risky” client include taking out additional loans, additional credit cards, or building balances on existing cards to at or near their limits. The companies justify this activity by saying that consumers who do these things create greater risk for the lender, and these costs must be passed on to all of their customers. The problem for the customer is that these higher interest rates are often assigned without warning. The new rate applies to existing balances, too. An interest rate hike today could mean that the television you bought last fall has suddenly become more expensive.
What can consumers do? Keep an eye on your credit card bill and your credit report. You can receive a copy of your credit report, for free, at http://www.annualcreditreport.com. As for your credit card bill, watch the interest rate. If it abruptly changes to a higher rate, call your credit card issuer and ask them about it. They will often reduce the rate if you call and complain. If not, your only option may be to shop around for another card.
About the Author
©Copyright 2005 by Retro Marketing. Charles Essmeier is the owner of Retro Marketing, a firm devoted to informational Websites, including End-Your-Debt.com, a site devoted to establishing credit, debt consolidation and credit counseling.
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| CUNA: The Credit Union National Association |
| News and resource directory about credit unions. |
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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, ... |
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