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Avoiding Credit Card Secret Traps
Credit card secret traps are the hidden side of plastic that keeps you in debt that is difficult to pay off. The main objective of credit card companies is for you to carry the largest balance you can possibly repay.
Trying to avoid these...
Credit Card Processing
Does your company need credit card processing? It does if you
can benefit from the following:
Credit Card Processing Enhances Your Professional Status. When
customers know that you accept credit payments, they often are
more likely to pay...
Have You Lost Your Credit Cards?
If you have ever lost your wallet or purse with your credit cards inside you know that feeling of fear that sets in. We have all heard so much about identity theft that losing credit cards is enough to strike the fear of God into anyone. If you lose...
Home Equity Loan or Home Equity Line of Credit – Which is right for you?
The most common type of home equity loan is the term loan. This loan is set for a fixed amount of time, anywhere from five to fifteen years. Such loans are typically granted for up to 80% of the value of the home, but some lenders will lend up to...
Protecting Your Credit
With the growth of Internet commerce, awareness of credit card fraud has exploded. Just by following some basic practices the good news is that you can minimize any chance of fraud happening to you. This article provides common-sense information as...
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Good Credit -- Essential for the Prospective Home Buyer
Credit is a funny thing. It can be a useful tool in the hands of an informed individual, or a weight of burden to the unsuspecting. One thing is for certain, you must have a decent credit score to attain a quality mortgage loan.
We speak to hundreds of individuals each month that are in the market to buy property. Unfortunately, many of them have less than desirable credit scores, and because of this, are not able to get prequalified for a loan.
There are numerous reasons for bad credit scores: bankruptcies, late payments, large credit balances, and a host of others. There are many legitimate reasons a person may have bad credit, but frankly, most of the people we talk to have simply made poor financial decisions.
In most cases, bad credit can be easily avoided:
1. On revolving credit card balances, make sure you pay your minimum balance each month. You will even receive a slight credit boost if you pay over your minimum amount, so do it if you can.
2. Avoid "maxing" out credit card accounts. Credit cards are good to have to build your credit, but make sure you keep your spending under control. Preferably, you should be able to pay off any CC balances completely in the same month you spent the money.
3. If you need to make any big purchases, avoid the temptation to place the entire purchase on your credit card.
Instead, put money aside each month until you have enough for the purchase. Remember, just because you have a big spending limit on your cards, doesn't make it your money! You have to pay every penny back plus interest!
4. Try to think of a credit card as a tool for building credit as opposed to a tool for buying the things you want. You spend a small amount each month, and pay it off immediately. This will spike your credit score, and keep you out of CC debt.
5. Make sure to pull your credit rating at least twice a year. This will give you a good feel for what your score is, and most credit score reporting services will give you a detailed explanation for why your score is where it is. If you find any errors, make sure you report and resolve them immediately. It can be long and gruesome work to get a negative mark removed from your credit record, but it can be well worth it when it comes time to buy a house.
I hope some of these tips will be helpful for you as you try to be a good steward of your finances.
You may also want to check out these free resources:
www.FamilyCredit.org www.DebtFreeChristian.org
Justin Smith is the President of the Christian Real Estate Network - http://www.HisMove.com
About the Author
Justin Smith is the President of the Christian Real Estate Network -- http://www.HisMove.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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Federal Trade Commission - Consumer Credit Center |
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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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Credit referencing and consumer targeting for the USA and other countries. |
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National Credit Union Administration - Home Page |
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Credit - Wikipedia, the free encyclopedia |
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Credit (finance) - Wikipedia, the free encyclopedia |
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The National Foundation for Credit Counseling |
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FreeCreditReport.com | Free Credit Report and Credit Score Online ... |
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Ford Credit - Auto financing for Ford, Lincoln and Mercury cars ... |
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The Credit Card Prank |
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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. |
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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, ... |
credit.about.com |
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