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3 Ways to Improve Your Credit Score by 50 Points In Less Than 30 Days.
“What can you do to increase that set of three numbers on your credit report that can be so important with your financing? “ I came across this question as I was surfing discussion groups the other day. Check out my answer: Dear Friend, Here are...
A Guide to Getting Bad Credit Home Improvement Loans
You might be wanting to look into bad credit home improvement loans but are unsure of where to start. After all, how do you get a good loan when your credit isn't the greatest? What you probably don't realize is that there are a number of lenders...
Bad Credit Home Equity Loans
A home equity loan allows you to borrow against the equity you have built in your house. Even if you have no equity, you may be able to borrow up to 125% of the value of your home. You can use the extra cash to consolidate bills, fund college...
Credit Repair Resources
If you are having problems with credit you might want to surf
the market for resources that can help you find a way out of
debt. The many resources available do not include the many
spammers that tell you in three minutes we can get you out...
How To Repair Your Credit Report
A credit report is run on a buyer when he or she needs to buy something that will take a long-term loan, such as an automobile or a house. The credit report can come from one of three agencies – Equifax, Experian, and Trans Union. Each of these...
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Credit Cards – What is the “Universal Default Clause”?
Most people who carry major credit cards are well aware that the interest rates associated with them tend to be higher than for other types of lending, such as home or auto loans. Anyone who has paid their credit card bill late more than once or twice is also aware that doing so may cause the interest rate on their card to go up – sometimes by quite a lot. Many credit cards carry interest rates of as much as 20% or 25% annually, and customers who want to avoid interest rates in that range make an effort to pay their bills on time.
What many people do not realize, however, is that up to one third of all credit card issuers now include what is known as a “universal default clause” in their bills. This information, usually disclosed in the tiny print on the bill that few people bother to read, indicates that the interest rate on your credit card may be increased if you pay bills late to other lenders, even if you pay your credit card bill on time.
This means that paying any bill late that could show up on your credit report, such as an auto payment or a utility bill could cause your credit card interest rate to go up. This, in turn, could hurt your credit score. There is currently nothing in Federal law that prohibits this practice; the law only
requires that lenders disclose it in writing. Credit card companies justify this by saying that customers that make late payments to anyone increase the risk for all lenders. Nevertheless, many, if not most, credit card customers are unaware that such policies exist.
Not all credit card companies have such a policy; in fact, most do not. Customers who are not interested in having the interest rates of their credit card tied to their ability to pay their phone bill on time would be advised to read the fine print in their credit card statement. If such a policy exists, you could either complain to your credit card issuer about it or shop around for another credit card. The lesson to be learned here is a valuable one – when you receive your credit card bill or a notification that your credit card billing terms have changed, take a moment to read the fine print.
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 debt consolidation and credit counseling, and HomeEquityHelp.net, a site devoted to information regarding home equity loans.
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| Credit/Debt Management - Tools and Advice for Managing Credit and Debt |
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