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Consolidate Your Debt With A Home Equity Loan And Improve Your Credit Score
A home equity loan is a loan based on the difference between what your current home value is and what you currently owe on your house. There are also mortgage companies that will loan a little over the equity you have in your home. They can usually...
Consolidation Debt For Newbies
Consolidation debt to help get you out of the quagmire Will you agree with me if I tell you that, the key to financial success is to live within your means? This is an old belief that modern day income earners have completely forgotten. This is...
Debt Settlement Vs. Debt Consolidation
Debt settlement and debt consolidation both offer ways of
reducing your debt. Debt settlement eliminates part of your
loans, while debt consolidation reduces interest rates. Even
though debt consolidation has the least impact on your...
New Options for Business Debt Consolidation
WeSolveDebt.com provides new ways to stop debt in the current
economic downslide.
San Diego, CA--An innovative debt consolidation company
located in Southern California has helped a growing number of
companies and individuals...
Thinking Beyond Debt Consolidation Loans
Planning to devise a permanent solution to the problems of debt? The chances of success, to be exact, are lesser, given the features which characterize the debts. Debts are the result of the disequilibrium in the relationship between income and...
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Consolidate A Credit Card To Reduce Your Debt
Strange though it may sound a credit card can be a useful tool
in controlling debt. The properly chosen credit card can, in
fact, be used to consolidate debt. There are several features to
look for though if you plan to use a credit card in this manner.
As is always the case before you scrutinize any credit card
option, you should first have a clear understanding of your
credit situation.
Whenever you are approaching a decision about your credit it is
of primary importance to pull your credit report. The government
has mandated that all individuals be allowed an annual free
credit report. When accessing this report make sure that you
have gone to a truly free credit report site. Some companies
lure people into their sites by advertising a free credit report
and then ask for credit card information. Free credit reports
are available from such sites but if you have supplied them with
credit card information you may find that your card will be
billed thirty days later for a credit report update. The charges
will continue ever thirty days or so after the initial billing
until you have cancelled the service. The best idea is not to
give out any billing information in order to receive your free
report.
Get a report from each of the three credit reporting agencies
(Experian, Trans Union and Equifax). When you ask for your
report the site will also offer to send a credit score (FICO
score) for a small additional fee; knowing your FICO is also
beneficial and generally worth the nominal cost. Again, read the
fine print and be careful not to set up any ongoing transactions.
After receiving the three reports analyze them carefully. You
are unique but your name may not be. Make sure all the credit
card bills are actually yours. Also check to make sure your
social security number is listed correctly. Social security
numbers are keyed in by hand and thus subject to error. One
digit misplaced can give you someone else's derogatory credit.
Report any errors to the agencies. Make the report to all three
agencies as they do not share information.
Now you have a list of all the revolving credit card debt
that
you owe, the balances and contact information. This is the money
owed that may be ripe to consolidate on one credit card. Contact
the creditors and find out what the current interest rate is on
each card and if there are any programs which would allow you to
reduce that rate
http://www.springfieldsocialist.com/category/finance-guides.
Let the companies know you are actively shopping for
alternatives to your current rates. Customers in good standing
with their credit card companies, customers with high FICO
scores and customers who regularly charge and make their
payments are valued by credit card companies. It may be that you
will be offered incentives to retain their cards. Also, inquire
about any balance transfer opportunities or other programs such
as frequent flier miles.
Now you are going to design your own program to consolidate
credit card debt. Compile a list of all the companies with
columns comparing the like features: Interest rates, penalties,
incentives, credit limits. When choosing which company to use to
consolidate your credit cards, look at all the features not just
the interest rates. Narrow down the options to two or three
cards. Speak with company representatives. It may be possible to
negotiate even better terms.
Once you have chosen an institution with which to consolidate
credit card debt, follow through and transfer as many of your
outstanding balances as possible to that one card. Adjust your
credit card behavior and be disciplined about your use of
credit. Cut up all the other cards. You may even wish to close
all accounts other than one for emergencies. Don't carry the two
remaining cards in your wallet. Remember, charge cards are nice
as long as you, not the card, are in charge.
About the author:
If you would like the latest credit card
debt secrets you may visit my debt consolidation blog which is updated mutliple times
daily!
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