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Bad Credit Loans - You Do Have Options
If you are one of the millions of people walking around today
with a bad credit rating, you may well be wondering how you'll
ever be able to get a loan again in the future. Well wonder no
longer. If you need a loan and have bad credit, the...
How To Get A Bad Credit Student Loan or Student Loan Consolidation To Help Your College Education?
The best time to start getting information about bad credit
student loans and student loan consolidation is your junior year
in high school. In order to determine the exact amount of the
loan that you would require, you should research thoroughly...
Mortgage and credit card companies under the spotlight on consumer charging
For the first time since May 1996 reports have indicated that wage increases have risen faster than house price inflation. According to Nationwide, "The overall picture remains one of a gently softening market". The signs indicate that the housing...
Teaching Students To Keep Out Of Credit Card Debt - The Parents' Role
Parents have the full responsibility for their children and their education. It is up to parents to teach their children what's right and what's wrong, how to conduct themselves as good citizens, how to cross the road safely and generally protect...
What Does My Credit Score Mean?
Lenders are using credit scores more and more to make decisions about who they will lend to. The main developer of these scores is called Fair, Isaac Co (FICO), thus these scores are often called FICO scores. Scores range from 300-850 with a lower...
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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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