Credit Repair Articles

Credit Card Rates Climb to Another Record High

2011-09-19T09:00:00.000-07:00

Interest rates on new credit card offers climbed to another record high this week, according to the CreditCards.com Weekly Credit Card Rate Report.

The average annual percentage rate (APR) on new credit card offers rose to 14.96% -- surpassing the previous record of 14.94%, where the rate had stood for the past two weeks.

It's the third week-to-week increase in the past month. It's also the fifth time in 2011 that rates have hit a record high. That's nothing new, however: In 2010, a record was set eight times. CreditCards.com has tracked rate changes since 2007.

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Federal Prosecutor Is Latest Credit Card Skimming Victim

2011-09-07T02:37:00.000-07:00

ATM credit card skimming has gotten so pervasive that thieves managed to snag the digits of U.S. Attorney Jenny Durkan, a federal prosecutor, and lift $1,000 from her bank account.

"I, of all people, knew better," Durkan told KING5. She said she was in a rush and didn't check the machine like she usually does, even though she noticed before entering the bank that the door lock appeared to have been tampered with.

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Kirkwood police looking for credit card thief

2011-09-02T04:11:00.000-07:00

Kirkwood, MO (KSDK) - The Kirkwood Police Department is looking for the person who stole credit cards from the locker room at the Westborough Country Club on South Berry Road.

Authorities say the theft happened August 23, and the cards were used the same day at the Target store on South Kirkwood Road, a restaurant in Creve Coeur, and at an electronics store. The purchases total over $4,900.

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Tips to figure out your credit cards

2011-08-22T20:42:00.000-07:00

August 2, 2011 (WPVI) -- As you pull them out of your mailbox, credit-card offers can seem so enticing - 0% percent introductory interest rates, attractive cash-back options, and no annual fees. It may seem like the ideal time to get a new credit card.

But Consumer Reports says be aware that your credit score can take a temporary hit when you apply for new cards.

"You might not want to risk that if you're applying for a mortgage or other significant loan in the near future," says Chris Fichera of Consumer Reports.

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Money Matters: 4 Tips for Improving Your Credit Score Read more: http://www.wmur.com/money/28768934/detail.html#ixzz1VosT9Cn9

2011-08-22T20:31:00.000-07:00

Repairing bad credit is not quite as simple as repairing your car. It can take years for your credit score to bounce back from a delinquency or default. And without a good credit score, you can find yourself fielding rejection notices when you apply for a loan or credit card. Or you could have to pay a significantly higher interest rate to borrow then someone with a higher score.

Why is your credit score so important? It’s the number that lenders use to gauge how likely you are to repay debts on time. It is derived from information compiled in a credit report -- including your payment history, the amount you owe creditors compared with the amount of credit that is available to you, and the extend of your credit history. Generally speaking, the higher your score, the lower your perceived risk to lenders.

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Credit score holds after fiscal 'emergency'

2011-08-15T22:17:00.000-07:00

The “economic emergency” declared last year in Middletown has not resulted in changes to the township’s credit rating issued by Standard & Poor’s.

Middletown is in a “sound financial position with reserves sufficient to manage through the recession,” according to a July 29 S&P report that was released by the township this week.

The township was given an AA+ “very good” rating in the analysis, which comes after officials refinanced some $8 million in debt. Refinancing bonds issued in 2006 will save the township about $540,000, officials announced at Monday night’s supervisors meeting.

The board of supervisors voted unanimously to begin the refinancing process in May. Middletown has about $30.7 million in overall debt, according to the report.

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Visa Pushing New Card Technology

2011-08-15T06:06:00.000-07:00

Visa Inc. is urging merchants to take the first step in resolving a long-running tussle over how to make U.S. credit and debit cards more secure and compatible with those used around the world.

Visa, which runs a network that processes electronic payments, announced a plan aimed at encouraging merchants to install technology at the cash register that accepts a card embedded with a computer chip. The card, which is widely available throughout the rest of the world, is considered to be more secure than traditional cards that have a magnetic stripe on the back.

There is just one problem: The cards are largely unavailable in the U.S. because banks say there isn't enough demand to justify their added cost.

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How your free credit report and score can help you get the best deals

2011-08-11T23:10:00.000-07:00

We see offers we can’t turn down racing across our TV screens, night after night. No money down, nothing to pay for a year, four years’ interest free credit, couldn’t be better. And indeed, it couldn’t be better. But did you know that these offers aren’t actually open to everyone? That really they are credit agreements that will only be offered to people whose personal credit rating satisfies the merchant? Getting hold of your free credit report and score will show you how lenders see you, and how much of a risk you appear to be to them.

Your personal credit rating is more than a matter of mere academic interest. Not only can it determine whether you are eligible for special in-store offers – and indeed for any financed purchase of say, a car, a new kitchen or an additional bathroom – it can affect the interest rate you have to pay on the credit that you do receive. Adverts will only show headline rates; in reality, the rate you pay depends on your credit rating and your free credit report and score can show you what this is, and what factors affect it.

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For-Profit Educator Is Sued

2011-08-10T00:59:00.000-07:00

WASHINGTON—The Justice Department and four states on Monday sued Education Management Corp., alleging the operator of for-profit colleges falsely certified that it was eligible to participate in federal student loan programs.

The legal complaint came in a false-claims lawsuit that was originally filed by two of the company's former employees.

A federal judge in Pittsburgh, where the company is based, unsealed the lawsuit in May after the Justice Department indicated that it planned to intervene in the case.

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Free credit score firm has captured my cash

2011-08-07T20:13:00.000-07:00

A secretive marketing firm is accused of locking thousands of people into expensive 'credit score' subscriptions without their knowledge. It is believed to be just one of dozens of firms, some legitimate, seeking to take advantage of consumers' growing anxiety about the credit information that is held about them and how it is used.

Adaptive Affinity of Edgware, north London, has previously been investigated and censured by the Office of Fair Trading for mis-selling reward scheme membership.

Now it is being accused of almost identical practices in relation to its credit score services, which it 'sells' through about ten similar-sounding brands. These include Credit Rating Matters, High Credit Score, Quick Credit Score and Credit Score Matters.

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Borrower Nightmares: Soldiers battle car dealers over inflated prices, loan terms

2011-08-04T00:00:00.000-07:00

Lori Mendoza saw an advertisement last year from South Colorado Springs Nissan, a dealership that promotes itself as "Proudly Serving our Military" and promises bargains for men and women in uniform.

That sounded good to Mendoza, an active-duty soldier stationed at nearby Fort Carson (Colo.) Army Base. With help from her mother, who co-signed on the deal, she traded in an older BMW and drove away with a 2010 Nissan Rogue.

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Credit Card Secrets: 3 Things Your Card Company Would Prefer You Didn't Know

2011-08-02T00:35:00.000-07:00

I've been in the credit card comparison business for a while now. I'm generally very pro-plastic -- in my own life, I use credit cards almost exclusively, and only rarely use a debit card or cash. The benefits simply outweigh the risks: added purchase protection, an interest-free loan from the bank (provided you pay your entire balance off before the due date each month), cash back or air miles, and the list goes on...

Over the years, I've found out a number of intriguing "secrets" about the industry. Here are a few of my favorites, I hope they help you out! (And be sure to peruse this week's newly posted credit card deals over in our deals portal -- there are some great offers available this summer.)

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Tight Times Boost Business Credit Cards

2011-07-29T01:00:00.000-07:00

More small companies—already struggling with weak sales and tight lending—are being forced to rely on business credit cards to provide working capital.

Many of these cards are subject to unannounced rate changes, unrestricted penalties and other terms that were banned from consumer cards in the wake of the financial crisis.

The situation is prompting lawmakers to renew calls to extend to small businesses the protections that consumers got under the Credit Card Accountability Responsibility and Disclosure Act. That act prevents card issuers from raising rates without notice, applying penalty rates to existing balances and charging over-limit fees that are higher than the amounts owed—all common features on many business cards.

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How Money-Savvy Women Can Save The Economy

2011-07-26T23:41:00.000-07:00

They say women are better at everything. But women are also our most underutilized economic resource. Here’s why women must put financial empowerment to work in personal finance and business.

In our playground days, we learned girls rule and boys drool. While we’ve all grown up since then, it turns out that girls may, in fact, rule when it comes to business, money management, and more.

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All Categories Deals Reviews Cell Phones Apple Household Gaming Contests THE SWIPE IPAD CREDIT CARD READER IS HERE

2011-07-25T08:27:00.000-07:00

We could be dead wrong, but this looks to be the first credit card reader for the iPad. It comes from the folks at AppNinjas. The reader allows merchants to process credit cards using their iPad, provided of course they’re connected to the Net via WiFi or 3G. Their compatible Swipe app costs 99 Cents in the App Store and all new customers approved for a merchant account will receive a free credit card reader worth $79. Cost to use their service is 24 cents per transaction plus 1.74 percent of the sale in addition to a $24.95 monthly fee. The Swipe reader is also compatible with an iPod or iPhone.

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5 Money-Saving Credit Card Tricks for Travelers

2011-07-21T05:40:00.000-07:00

Everybody knows about reward credit cards that let you accrue points or miles toward your next getaway. But there are other ways your credit cards — and how you use them — can save you money. You can stretch your summer vacation dollars with these tips — none of which require you to open up a new credit card account or enroll in yet another loyalty program.

1. Smart travelers — especially those whose trips take them outside U.S. borders — know it’s better to have a credit card that doesn’t tack on foreign transaction fees, which generally add 3 percent to the price of a purchase made overseas. But using any credit card will get you a better exchange rate than either getting cash from a U.S. bank before you leave or exchanging money when you reach your destination, according to Odysseas Papadimitriou, founder and CEO of Evolution Finance. He crunched the numbers and compared those three different ways travelers can exchange funds.

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Competition Between Credit Card Issuers Heats Up

2011-07-18T00:18:00.000-07:00

Come rain, sleet or snow, consumers are being swamped with credit card applications and balance transfer offers these days as the mailman brings the most teasers and solicitations from issuers since the start of the recession back in December 2007.

As observed by Moshe Orenbuch for Barron’s online, “Mail volume is an important measure of the competitive landscape. We believe that the operating environment faced by credit-card issuers is one of the most competitive in the history of the business.”

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Time to play hardball with credit companies

2011-07-14T01:08:00.000-07:00

Dear Bruce: I am trying to help my brother pay off his credit card debt (about $30,000). I think the debt is from two or three cards. He and his wife have separated and he has limited income — Social Security and a 401(k).

I do not know the amount of the 401(k). It certainly is not substantial. He pays his car loan using monthly withdrawals from that account. If he could get a loan from a family member to pay off the cards, he would repay that loan when the bungalow he is living in is sold.

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Monday, Jul 11 2011 11:26 AM Suspects wanted for fraudulent use of credit card

2011-07-11T20:18:00.000-07:00

The Bakersfield Police Department is asking for the public's assistance in identifying suspects wanted for fraudulent use of a credit card.

On June 25, the victim's wallet was stolen from his vehicle, which was parked in his open garage. Within hours, one of the victim's credit cards was used multiple times at local businesses.

The two primary suspects used the card to accomplish the actual purchases, while two other suspects were present or took possession of the loss. Two vehicles used by the suspects are both extended cab pick-ups, one white, one silver.

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• Credit Cards for bad Credit
• Loans for People with Bad Credit

Borrow against your home to pay credit card debt? Read more: http://www.foxbusiness.com/personal-finance/2011/07/07/borrow-against-your-home-to-pay-c

2011-07-07T17:31:00.000-07:00

Should home equity be used to pay down credit card debt?

If you have equity (cash value in excess of loans against it) built up in your home, good for you! You've been doing a good job of managing your money in the homeownership department. And, you're still coming out on top in view of the slide in home values. Therefore, you have the ability to borrow against what is likely your largest asset, your home, in two ways. You may choose to secure a home equity loan in a lump sum, or you may choose a home equity line of credit (HELOC) to draw from as you need it.

The difference between loans and lines:

Home equity loans are usually obtained by borrowing a fixed amount, for a fixed period of time, at a fixed interest rate. They are like a second mortgage.

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European Banks May Introduce Regional Credit Cards, FTD Reports

2011-07-06T01:35:00.000-07:00

European banks will make a decision later this year on whether to introduce a European credit card to challenge the payment networks of MasterCard Inc. (MA) and Visa Inc. (V), the Financial Times Deutschland reported, citing project officials.

About 24 banks from seven countries, including Germany, France, the U.K. and Spain, are involved in the plan, the newspaper said, citing Georges Pauget, the head of the project and former chief executive officer of Credit Agricole SA. (ACA)

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Getting Out of Debt: Easier Said Than Done

2011-07-04T23:59:00.000-07:00

Every day thousands of people attempt to take on the colossal task of trying to dig themselves out of debt. Climbing out of debt can sometimes feel like a full-time job and takes serious work and discipline, but with the right education, preparation and willingness to succeed, it can be done.

There is a laundry list of issues to be confronted when getting out of debt. First and foremost is reigning in the spending by creating a tight and complete budget and sticking to it. That means either an individual or a family must sit down and list everything they spend money on and make adjustments from there. The next step is to figure out how much money is coming in the household after taxes.

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Credit Card Issuers Ease Consumer Lending

2011-07-03T22:54:00.000-07:00

NEW YORK (LowCards.com) -- There are continued signs the financial outlook for credit card issuers is improving.

Credit card issuers recently reported defaults and late payments had dropped to pre-recession levels. Last week, a survey released by the Office of the Comptroller of the Currency showed that some banks are gradually easing lending standards on credit cards.

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New Wave of Credit Card Offers Target the Affluent Read more: http://www.foxbusiness.com/personal-finance/2011/06/29/credit-cards-for-rich/#ixzz1QiZu

2011-06-29T18:20:00.000-07:00

If you're looking for a credit card, many of the big banks are offering them right now with competitive deals—but there's a catch. Many of the promotions are targeting the rich, according to the Wall Street Journal.

Credit card companies in the U.S. mailed out 1.4 billion offers for new cards in the first quarter of 2011, according to Mintel Comperemedia. This is up 69% from one year earlier, at 826 million a year. Of those sent out in this time period of 2011, 59% offered incentives, up from 30% during the same time period of 2007, Mintel reported.

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Debts that unsettle the score

2011-06-21T19:48:00.000-07:00

Are medical-bill collection accounts buried away inside millions of consumers’ credit files — even bills that were fully paid or settled years ago — functioning as a drag on the housing market?

That might sound far-fetched, yet some credit and mortgage-industry experts say negative medical-collection records are playing a little-recognized but significant role in depressing otherwise creditworthy loan applicants’ scores. Lower scores, in turn, are disqualifying borrowers from getting mortgages in today’s toughened underwriting climate or forcing them to pay higher interest rates, fees and down payments.

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A health check for your financial plan

2011-06-21T01:52:00.000-07:00

If you made a financial plan and stuck to it at the beginning of the year, you will find your stress levels have diminished significantly, when it comes to money. The time and effort of spending a few hours each month on your finances are starting to pay off as your debt feels more under control, your savings are building up and you have a better sense of where your hard-earned cash goes every month.

If you have followed a month-by-month financial plan, by now you would have set up a budget, started a savings plan, spent a month on a no-plastic diet, faced up to your debt and assessed your insurance premiums.

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Financial tips for teens with summer jobs

2011-06-21T01:47:00.000-07:00

If your son or daughter has a summer job, here are some tips for maximizing income and instilling good financial habits:

This may be the first time the worker is faced with a W-4 form. If summer earnings, combined with any other income that is earned during the year, are not enough to incur income tax then he or she should claim exemption from withholding. This avoids having to wait until tax time to reclaim the tax that was withheld unnecessarily.

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How Your Credit Report Affects Your Credit Score

2011-06-19T23:13:00.001-07:00

You know that your credit is important. However, many people focus on their credit scores without realizing the impact that their credit reports are having. Indeed, in some cases, it can be difficult to separate your credit score from your credit report.

However, these are two information sources for lenders and others to use when determining your creditworthiness. Understanding the relationship between the two can help you make better credit decisions that will benefit you in the long run.

Your Credit Score is Based on Information in Your Credit Report
Your credit score is a number. This three-digit number is based on information in your credit report. A credit score is a way for financial service providers to get an idea of the sort of risk you are quickly. Combing through a credit report can be time-consuming. Your credit score reduces your borrowing behaviors to a single number that is fairly easy for most financial service providers to understand.

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The Best Credit Cards For College Students

2011-06-16T20:23:00.000-07:00

My favorite credit card pick for college students who are new to the credit game has to be the Discover More Student Card, which is available with a 0% intro APR promotion through Outlaw's card offers portal.

The 0% introductory APR lasts for 6 months, you earn 5% Cash Back in changing spend categories such as gas, travel, and restaurants, plus there's Discover's standard $0 fraud liability and this card has no annual fee.

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Readers Offer Best Money Advice From Dad

2011-06-16T01:47:00.000-07:00

What's the best financial advice your father ever gave you? In honor of Father's Day, we asked our readers to send us their dads' money tips and got some great advice.
Dad always said, "Count your pennies and your dollars will take care of themselves."
-- Brian G.
"Don't pay someone to do a job for you if you have the skill to do it yourself."
-- Jimmy K.
"Save a little, spend a little; you'll always have a little."
-- Mike D.

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Governor Lobbies On State's Credit Rating

2011-06-15T04:56:00.000-07:00

Governor Rick Snyder says he is pleased with the reception he got on a visit to New York. The governor and his budget team asked bond firms to upgrade the state's credit rating. But it could be years before he gets his wish.

Like most states, Michigan's credit rating was downgraded as its revenue and economy struggled through the recession. A better score would mean lower interest rates that could save Michigan taxpayers millions of dollars on roads, schools, hospitals and other big construction projects.

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Do Your Credit Reports Contain These Three Red Flags?

2011-06-13T18:34:00.000-07:00

If your credit reports are riddled with numerous late payments or major black marks – like a recent foreclosure or a fresh bankruptcy filing – it probably comes as no surprise that you'll have a tougher time getting a loan than someone with perfect credit.

But what about those of you who have decent credit ratings, or maybe even good credit? A solid FICO score alone frequently isn't enough to get a loan application approved, especially if other items on your application are sending up warning signs to a lender.

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California Assembly bans using credit reports for most hiring

2011-06-12T20:13:00.000-07:00

SACRAMENTO -- California lawmakers have voted to block employers from using consumer credit reports when they are deciding whether to hire workers for most jobs.

The state Assembly passed AB22 with the bare majority needed, sending it to the Senate.
If signed into law, the bill would stop the use of credit checks in hiring, except for managers, law enforcement, financial jobs and certain other positions that handle valuable items or information.

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RBA considers cap on credit card surcharges

2011-06-08T02:12:00.000-07:00

The Reserve Bank says a growing number of merchants, particularly online, are charging customers excessive credit card fees and it is considering caps to prevent this.

The bank's figures show more than 40 per cent of very large merchants now include a surcharge, while only around a quarter of small merchants do.

The Reserve is considering allowing credit card companies to place a cap on the cost of surcharges, potentially limiting them to recovering the cost of the credit card fees that the merchant pays.

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Manage Your Credit

2011-06-05T20:30:00.000-07:00

It is important that you manage your credit reports. Your credit reports determine whether you can access credit, and the terms on which you can access it. Your credit reports can also affect your ability to secure employment.

There are three national credit reporting agencies in the U.S.: Equifax, Trans Union, and Experian. Each maintains a file of information on you believed probative of your credit worthiness. They produce credit reports on you from their files and sell them to prospective creditors and employers. The information maintained in the files includes your age, Social Security Number, your payment history on credit extended to you in the past, your current and prior addresses, and your current and prior employers. Credit files often contain inaccurate information.

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Ask the County Law Librarian - Fixing Errors on Your Credit Report

2011-06-04T00:23:00.000-07:00

Q. A couple years ago, a collection agency got a judgment against me without my knowledge. After they started garnishing my wages, I filed a motion to vacate the judgment since I was never served. I won, but the judgment is still showing up on my credit report. How do I get it off? Thanks,

Anya

A. Congratulations on getting the judgment vacated. Since you no longer have a judgment against you, the credit bureaus should remove it from your record. Unfortunately, it’s rarely that easy. Credit bureaus (and the public record researchers who sell them the data) commonly miss changes such as an order vacating a judgment, satisfactions of judgment, and the like. (National Consumer Law Center, Fair Credit Reporting, Ch. 4.3.2.5.2.)

So, what do you do now?

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How to secure your life against identity theft

2011-05-31T20:10:00.000-07:00

No doubt about it, technology has made our lives simpler. Today, people can handle most financial transactions online in an instant. But technology also allows criminals to use sophisticated tools to get hold of people's personal information.

The crime of stealing people's personal information is called identity theft. In December, the U.S. Department of Justice issued its first report on people's losses from identity theft from 2006 to 2008. The report found that about 11.7 million people experienced some type of identity theft during those two years. That means about 5 percent of all people age 16 or older in the United States were victims.

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Heard About the New Credit Score?

2011-05-30T02:22:00.000-07:00

There is lots of talk going on about the new VantageScore credit scoring system. Have you heard?

This credit scoring method places more emphasis on your recent history and can also include your rent and utility payments. It’s supposed to help give lenders a better picture of your overall credit worthiness by including bills that you have been paying for years and have not been getting credit for under the FICO scoring method. Experian is the only credit reporting agency to include rental payments so far.

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Action Plan: Tips for managing your money in June

2011-05-26T17:00:00.000-07:00

"Vacation, all I ever wanted," sang the Go-Go's, back in the 1980s. Well it's that time of year and that means you may be tempted to start spending more and running up your credit card bills. But a little planning now can help you stick to a budget throughout the summer.

Keep an eye on these key dates and money matters:

JUNE

19: Father's Day - Be a smart shopper. Search for online coupon and promotion codes on sites such as www.retailmenot.com and www.promotionalcodes.com .

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Clean Your Credit Score Up – Find Out How

2011-05-25T17:59:00.000-07:00

Once you study your personal budget, there will not be a whole lot of room left to fulfill any obligations. A skipped or delayed payment here and there will soon get you to clean up credit score in order to bid for time. No one is going to come to your aid you’re quite frankly stuck with a bunch of interest rates by means of late charges, additional interest, a higher APR and a nasty credit rating.

Let us show you some sound and the best ways to boost your credit rating without buying further in debt and without involving with bad credit lenders. Despite your situation may be, explore these tips to get your personal finance life back on track. Just as you acquired a bad credit ratings, you can rebuild a good credit standing.

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How to get a free credit report

2011-05-25T02:25:00.000-07:00

Your credit report is your financial reputation. The way you handle your money is recorded in your credit file, and there are a number of people who check your credit report and use it to make judgments about your likelihood of paying back a loan and other areas of responsibility.

It's not just lenders who will look at your credit report: Insurers, employers, cellphone service providers and landlords may all want a peek at your credit report.

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Photos show thief using stolen credit cards

2011-05-23T20:12:00.000-07:00

COLUMBIA, SC (WIS) - Richland County deputies are asking for the community's help identifying a suspect wanted for theft from motor vehicle and credit card fraud.

Sheriff Leon Lott said the person stole several credit cards from a vehicle parked at a movie theater in the Village on April 28. The victim said multiple purchases were made at several locations, totaling several thousands of dollars.

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Five Of Six Card Issuers Report Reductions In Late Payments And Defaults

2011-05-22T17:29:00.000-07:00

Now that all the data is in, it's confirmed that five out of the six largest credit card issuers have reported reductions in late payments and defaults for the month of April. Only Bank of America said that defaults rose.

The 6 largest credit card conglomerates stated that consumers are more aware of their spending and payment patterns. With the exception of Bank of America, late payments and defaults on card balances hit record lows.

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Debt and Statute of Limitations – What You Should Know
Bad Credit Credit Cards
secured credit cards

Google Wants to Become Your Personal Finance Advisor

2011-05-19T20:26:00.000-07:00

In its attempt to break into the personal finance market, Google has launched a new tool for finding and comparing financial products.

At its core, Google Advisor is a personal finance comparison tool. It helps you check the rates for mortgages, credit cards, CDs, checking accounts and savings accounts by providing a list of financial instruments that meet your search criteria. For mortgages, Google provides data such as APR, monthly payment, fees and contact details. If you’re looking for a credit card, the search giant provides data on rewards, card type, purchase APR and the annual fee.

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Unsecured Credit Cards
Guaranteed Credit Cards

Can bankruptcy fix orchestra? Yes, it's the best chance

2011-05-18T20:21:00.000-07:00

The Philadelphia Orchestra is in a financial crisis, and the board of directors believes bankruptcy gives us the best chance to save it.

Our financial problems did not develop overnight, but they have intensified in recent years. And as much as we regretted this decision, running out of money and going dark was a poor alternative.

We have a plan to revive the orchestra, but we need relief from contractual entanglements that threaten our existence. We will also need substantial support from Philadelphians who value the orchestra's contribution to the city's quality of life.

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Credit Card Defaults Trend Down

2011-05-17T19:33:00.000-07:00

Regulatory filings by major credit card companies for the month of April have shown a declining trend in credit card defaults. On Monday, five of the nation's top six credit card companies reported a decline in card defaults.

While JPMorgan Chase & Co. (JPM - Analyst Report), American Express Company (AXP - Analyst Report), Discover Financial Services (DFS - Analyst Report), Citigroup Inc. (C - Analyst Report) and Capital One Financial Corp. (COF - Analyst Report) recorded further drop in their respective credit card defaults, Bank of America Corporation (BAC - Analyst Report) reported a surge for the same.

Card companies usually write off the loans that are 180 days past due and assume them to be uncollectible. JPMorgan reported a decrease in net charges-off (NCOs) to 5.60% of its total loan balance in April compared with 6.02% in March. This is the lowest NCO rate for the company since December 2008 and is also substantially lower than the peak of 10.91% recorded in January 2010.

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Credit card rates stabilize after reforms

2011-05-17T00:16:00.000-07:00

The credit card industry’s bark looks worse than its bite.

A new study finds that more than a year after provisions of a major credit card reform act took effect, the dire warnings of higher borrowing rates, bigger penalties and fewer options for consumers have not come to pass.

Instead, according to the Pew Safe Credit Cards Project, interest rates, penalties and annual fees have stabilized, for the most part, as consumers enjoy greater protections and more transparency.

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Bankruptcy and Its Effect on Your Credit Score

2011-05-15T17:02:00.000-07:00

One common question for people considering Chapter 7 or Chapter 13 is: How will bankruptcy affect my credit score?

May 15, 2011 /24-7PressRelease/ -- The U.S. economy has experienced one of the most turbulent times in its history over the past few years. A weak housing market and high unemployment rates have left many people uncertain about their future while struggling to get out from under debt.

As a result of these difficult economic times, many people have been forced to consider bankruptcy. According to The Wall Street Journal, 1.41 million people filed for bankruptcy in 2009, up 32 percent from 2008. While bankruptcy has been a helpful and necessary process for many people, some are hesitant to take that step out of fear or a misunderstanding of how bankruptcy works. One common question for people considering Chapter 7 or Chapter 13 is: How will bankruptcy affect my credit score?

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Five Ways to Keep Emergencies Off Your Credit See full article from DailyFinance: http://www.dailyfinance.com/2011/05/12/five-ways-to-keep-emergenci

2011-05-12T13:04:00.000-07:00

Late with your credit card payment, even by a few days? Your procrastinating could prompt a new "penalty rate" of up to 29.99% if your Visa or MasterCard has the Bank of America logo, the bank confirmed late last month.

While this rate will only be applied to new purchases made after the penalty is applied (and "an account will be reviewed before it is implemented," according to the bank), it could be the new trigger for a cascade of bad credit experiences. For one of my good friends, the day her credit card rate jumped to 24.99% was the signal of a downturn that didn't end until she'd gone through bankruptcy -- all the more reason to find ways to (a) avoid being late on your credit card payment and (b) avoid using credit at all.

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A Tearful Breakup Letter To The Credit Card Company

2011-05-11T15:41:00.000-07:00

Jon Acuff cut up all his credit cards and cancelled all his accounts. He thought was enough to end his relationship with his credit card company. But one of them wasn't quite ready to move on. They sent him a letter that was oddly close to something a spurned lover begging for another chance might send. "They hadn't heard from us in a while and just wanted to see how we were doing, writes Jon. "They promised that they'd change if we took them back. Things would be different this time." That got Jon thinking that he should write a letter back in the same vein to give their relationship total closure.

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Tips on how to improve credit score

2011-05-10T17:46:00.000-07:00

Your credit score influences many areas of your life. A prospective employer will check your credit when considering you for employment. Your insurance agent might check your credit when deciding to insure your car or home. Your lender, whether for a home loan or other consumer debt, will check your credit score when making a determination.

Your credit report shows the history of your borrowing activities they have been reported to the credit reporting bureaus -- TransUnion, Experian, and Equifax -- by lenders, court records and others at a point in time. The credit score helps credit grantors quickly evaluate this information because it gives a snapshot of your payment history.

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Can unused credit cards impact your credit score?

2011-05-09T15:24:00.000-07:00

Those innocuous looking credit cards sitting peacefully in your wallet or purse, unused and docile, still impact your credit score. Believing they have no effect, since they have zero balances, is a common mistake.

Credit cards always impact your score
Whether used or untouched, credit card accounts influence your credit score. When you apply for credit card offers, you are also agreeing to affect your credit score for better or worse.

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Credit Q&A: Will Checking My Credit Hurt My Score?

2011-05-08T18:14:00.000-07:00

Q. Will checking my credit report hurt my score?

A. Many people believe pulling their credit report for the purpose of checking it themselves can inadvertently cause their score to drop, since credit inquiries account for a small part of credit scores, but they are mistaken in almost every case.

“There are many different types of inquiries,” John Ulzheimer, president of consumer education for SmartCredit.com, says. He explains that typically, though, these fall into two different categories: hard inquiries, which are generated whenever a lender pulls your credit to see if you are likely to pay back a loan, or soft inquiries, which occur whenever your credit is pulled but no debt is likely to be incurred because of it. (For instance, when an employer does a background check or a bank pulls your score after you apply to open a basic checking account.)

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A score card on using credit cards abroad

2011-05-05T15:44:00.000-07:00

Before packing your passport, you may want to find out what your credit cards charge to convert currency, such as dollars to euros. I was surprised to discover that my Nordstrom Signature Visa card was a better overseas companion than my Citibank MasterCard, Chase Visa or American Express. Nordstrom Bank charges only the 1 percent foreign-transaction fee that Visa assesses, but Citibank and Chase charge 3 percent. American Express charges 2.7 percent.

For frequent overseas travelers, Sean O'Neill, a contributing writer at Budgettravel.com, recommends the Capital One card, which charges nothing for converting dollars to pesos, pounds, etc. Capital One spokeswoman Pam Girardo said by email: "We do not pass on the 1 percent assessed by Visa/MasterCard (we absorb it), nor do we assess a fee of our own."

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Fallout From a Poor Credit Score

2011-05-04T20:50:00.000-07:00

IF you want to see how quickly you can ruin a great credit score, just skip a mortgage payment.

Lenders use credit scores to measure how you handle debt. The number you’ll see most often is your FICO score. It runs from 300 to 850. The major credit reporting bureaus developed a rival, VantageScore, with scores from 501 to 990.

Missed mortgage payments, serious loan delinquencies, loan modifications, short sales, foreclosures and bankruptcies all drag down credit scores. Because a mortgage is such a big slice of anyone’s credit profile, it carries more weight than other loans. Both FICO and VantageScore have studied and quantified those impacts.

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5 Factors That Can Affect Your Credit Score

2011-05-03T15:46:00.000-07:00

Since the credit crunch took hold it has become increasingly hard to be accepted for credit and even those with a near perfect credit history cannot be sure that they'll be eligible for a good deal.

But if you are refused credit you are often not given any explanation as to why you have been refused and you may not be aware of the factors that can affect your rating.

Below are five ways in which your credit score can be adversely affected:
1. History
Payment history accounts for around one third of your total credit score and is the single most important factor in calculating your credit rating.
So it is imperative that you keep your payments up to date to maintain a good payment history.

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Identity theft: You have the power to stop it

2011-05-01T17:06:00.000-07:00

While identity theft has grown rapidly on a national level, Louisiana has seen one of the highest state increases over the last few years.

To avoid the scams, an individual must first be able to identify them. One popular type facilitated through the Internet is called "phishing." Thieves are fishing for your personal financial information, seeking account numbers, passwords, Social Security numbers and other confidential information to access bank accounts and credit cards. With the information, thieves can take out loans or obtain new credit cards in your name, damaging your financial history and personal reputation that can take years to rebuild.

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Credit Card Cos: Who’s Doing What in Mobile Payments?

2011-04-27T19:53:00.000-07:00

Visa is making a strategic investment in mobile payment provider Square, providing the start-up with an undisclosed sum of money as well as a new advisory board member. It’s a nice boost for Square, which is on a roll as it tries to ramp up payments via a smartphone. But it also highlights the growing role of credit card companies as they try to prepare for the growing mobile payments boom.

As more and more transactions flow through a mobile phone, Visa, Mastercard and American Express have been making moves to position themselves in different ways to take advantage of this trend. It’s not just a passing interest for these companies. In many ways, they need to be actively involved in the rise of mobile payments, which can threaten to cut them and their cards out of the process. Here’s a look at what some of the biggest players are doing in the field:

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Get Out Of Bad Debt in 2011…

2011-04-26T23:04:00.001-07:00

(ThyBlackMan.com) Are you stuck in a bad debt situation? If yes, don’t feel hopeless. As long as you know the right steps toward credit repair, you can get yourself out of bad debt. This article shows you what to do to get out of debt starting today.

Know your debts. You need to know the exact status of your debts. Begin by ordering a copy of your credit report from the three major credit bureaus. If you haven’t received your free report for this year, you can request for it from http://Annualcreditreport.com.

Once you have credit report, examine it closely. See to it that all information and charges in all your accounts are correct. In case of errors, send a dispute letter to the credit bureau that issued your report. Upon receipt of your letter, the bureau will conduct a 30-day investigation and if your dispute is valid, you will also receive updated copy of your report for free.

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Get Out Of Bad Debt in 2011…

2011-04-26T22:44:00.001-07:00

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Choosing the Best Credit Card

2011-04-25T17:59:00.001-07:00

YOU bought the plane tickets, booked the hotel and rented the car. But have you packed the right credit card?

As credit card companies vie for a favored position in customers’ wallets, they’re pitching new travel enticements, from waiving foreign transaction fees that can add up to 3 percent to your purchases abroad to picking up fees for checked baggage. Earlier this month, for example, American Express did away with the 2.7 percent foreign transaction fees on international purchases for Platinum Card holders, and added two new travel benefits — Priority Pass Select airport lounge access in more than 300 cities worldwide and free membership to Global Entry, which offers expedited security clearance for pre-approved travelers entering the United States.

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Money tip: A quick lesson in financial literacy

2011-04-24T23:06:00.000-07:00

Money is continually coming into our lives and leaving it, but that doesn't mean practice makes perfect.

Surveys show that Americans still have a relatively poor understanding of basic money concepts, what experts call financial literacy.

To heighten awareness, for the past two years President Obama has proclaimed that April is National Financial Literacy Month.

Our lack of money knowledge is not because we're a bunch of dummies. The financial world has grown increasingly complex — try shopping for a cellphone plan or choosing a mutual fund or understanding a variable annuity.

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5 Smart Ways to Spend Your Tax Refund

2011-04-19T17:54:00.000-07:00

Roughly three quarters of Americans will get a tax refund this year averaging about $3,000. Not a bad payday for most of us!

If you’re going to receive a refund this year, spend it wisely. If visions of shopping sprees have been dancing in your head, I strongly suggest you put those fantasies on hold until you’ve answered the following questions:

1) Have you paid off the balances on your credit card(s)? If you answered no, I can’t emphasize this enough: use your refund to pay off as much of that debt as possible; this is by far the best financial investment you can make. If your card interest rate is 12%, you are in essence guaranteeing a 12% return on your investment. As lame and boring as it might seem to use your refund for this, do it. Now. You’ll be much better off financially.

2) Do you have at least three months of living expenses tucked away?Experts recommend having three to six months worth of living expenses in liquid savings to cover “just-in-case” issues like a major car repair, a medical problem or an unexpected job loss. This “emergency” or “rainy day” fund will protect you from unexpected financial issues. So if you answered no, dump that refund into your savings or money-market account and build up your emergency fund--the peace of mind is worth missing out on the shopping spree.

Read more: 5 Smart Ways to Spend Your Tax Refund

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Credit Cards: How to gain cash back to help pay the bills!

2011-04-18T20:10:00.000-07:00

The high cost of living is making cashback credit cards a popular way of making money to reduce the hit on consumers’ squeezed budgets.

Certain credit card providers offer incentives to use their credit cards to spend, and as a reward to spending over a certain amount, the card holder will often receive either cashback or points which can go towards other expenses.

Different credit card providers offer different rewards, and often they will offer different types of credit cards depending on the particular reward, or spending habits the consumer is likely to benefit from the most.

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Top Credit Card Mistakes

2011-04-18T03:00:00.000-07:00

Top credit card mistakes? Capital One Financial Corp reports customers continued to improve their credit card payment habits in March, reveals Business Week.

However "thirty-three states showed an increase in average credit-card borrower debt from the previous quarter," according to TransUnion's quarterly analysis of trends in the credit-card industry.

That has Michelle Singletary of the Washington Post concerned and she makes several points in a column titled: "Bad credit card habits could make a comeback."

How Many Credit Cards Is Too Many?

2011-04-14T17:54:00.000-07:00

With all kinds of special promotions available, rewards programs offered, and different store and brand affiliations, it's no wonder people are tempted to add more credit cards to their wallets. From Visa to MasterCard, Discover, and American Express, the choices for credit card issuers and offers go on and on. It can be challenging to select the perfect card for your needs, so sometimes accepting more than one credit card offer gives an easy solution. But when it comes down to it, how many credit cards is too many?

"There are two ways to look at this, depending on your objective," says Gail Cunningham, Vice President of Public Relations at the National Foundation for Credit Counseling. "A person really only needs two general purpose credit cards. One is the card where they charge their everyday purchases and pay off the balance in full at the end of the month. This card could be a rewards type card, but the APR doesn't really matter since they will never carry a balance from month-to-month.

Read more How Many Credit Cards Is Too Many?

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The Truth About Credit Cards & Car Rentals

2011-04-13T20:19:00.000-07:00

Most of us have been told it’s a waste of money to buy the optional insurance coverage when we rent a car. At up to $25 or more per day, it’s definitely not cheap! Furthermore, it has been instilled in us that our credit card or personal auto insurance will have our back if something happens. But can we really count on them?

Not too long ago, through my site Credit Card Forum, I received an email from a man named Harry. He wrote, “I rented a car in Madrid, Spain. In a tight parking garage I scraped the side—net damage about 649 euros." His rental company assured him that his credit card would cover all of the expenses, but then, after he filed the claim, it was denied. The card issuer told him that coverage applies only in the United States.

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What's the best way to spend your credit card reward points?

2011-04-12T17:41:00.001-07:00

Millions of people who use credit cards earn reward points for every charge they make. In addition to airline tickets, you can get merchandise, hotels , even tickets to the rodeo! What's the best way to spend your points? Consumer Reports Money Adviser says that the best value by far is to get an airline ticket. Consumer Reports Money Adviser calculated the value by comparing the miles you spend to the actual cost of the item.

For instance, the average price of a domestic flight is about $350. That divided by the 25,000 miles it can take to get a ticket, and each mile is worth about 1.4 cents. Even if you have to use 35,000 miles, the value of the mile is still a penny.

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Card Debtors Study Cites 'Economic Shocks'

2011-04-12T04:09:00.001-07:00

A study released by Demos, a research and advocacy organization, may shed light on why some working families have credit card debt and others don't.

The study, "Understanding the Debt Difference," is based on survey research of 2,248 low- and middle-income adults between April 2008 and August 2008, and contrasts the demographics, financial habits and economic circumstances of those with credit card debt and those without it.

For survey respondents who met the criteria for the "indebted" group, the average amount owed was $9,799, and 52% said they had the same or more debt than three years before. More than half of the indebted households said they had been late or had missed a credit card payment, and 37% were still paying off a credit card they had cancelled.

Read more Card Debtors Study Cites 'Economic Shocks'

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Riding the Plastic: How to Use Credit Cards

2011-04-10T23:12:00.000-07:00

Credit cards can unlock worlds of opportunity, allowing people to buy things they want with just a swipe of plastic.

But convenience can come at a steep price, especially when careless cardholders spend more than they earn and find themselves deep in debt.

The issue took a more sinister turn last week when a politician died inside a Citibank office in Jakarta while being confronted by debt collectors reportedly hired by the lender.

Irzen Octa, 50, the secretary general of the National Unifying Party (PPB), reportedly racked up credit-card debts worth Rp 68 million ($7,900) and was unable to pay back a loan of Rp 100 million.

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Credit Cards in College: A Financial Stepping-Stone or Setback?

2011-04-07T20:17:00.000-07:00

Credit cards can help college students build credit and can be useful for covering unexpected expenses. But used unwisely, credit cards can lead to serious debt, and worse.

College is a time for young Americans to fulfill many important milestones: first time streaking naked in public, first time kissing someone you barely know, and first grown-up credit card. Unlike the first two, credit cards can be wonderfully beneficial for college students in helping them reach financial maturity. But, like all-you-can-drink Jell-o shots at the bar, there are serious risks involved if you go overboard.

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Smartphones: The Credit Cards of the Future

2011-04-06T18:50:00.001-07:00

Like many other wireless companies, Spring Nextel Corp. is planning a program to allow users to make purchases with their mobile phones, reports the Washington Post.

This project would allow users to make purchases using their smartphones by tapping or waving them in front of electronic readers in stores. The purchases would be billed through users’ regular credit card statements. Sprint could share in revenue from sales of coupons or advertising rather than taking a percentage of each transaction.

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Video released of woman allegedly using stolen credit cards

2011-04-05T21:13:00.000-07:00

HOUSTON (KTRK) -- Sheriff's deputies need your help to find a woman they say has made thousands of dollars in purchases with stolen credit cards.

Back on November 22, the female victim was at work when Harris County Sheriff's Office investigators say someone stole several credit cards from her purse. When the victim checked her credit card statements, she noticed several unauthorized purchases.
On the same day, investigators say a woman made more than $4,500 in unauthorized purchases at a gas station and several retail stores in the Sugar Land area. The woman also bought a $2,800 laptop at an Apple store with the victim's credit card.

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6 Ways to Save on Mother’s Day

2011-04-03T19:52:00.000-07:00

There’s no reason for you to drop a wad of cash on outrageously expensive gifts this Mother’s Day. After all she’s done for you, you can thank Mom by showing her a good time. That’s right. Celebrate your mother, your wife, your grandmother, your aunt or your sister with your presence. Quality time spent with the ones you love need not require a whole lot of money. Just get out there and get creative. And don’t worry. We’ve compiled a few fun ways to help you make it happen:

Have a hike and a picnic. If she likes to stay active (or should), take your favorite lady on a light hike at a nearby park or walking trail that offers a scenic opportunity to exercise and reconnect at the same time. Bring along some healthy snacks from home, choose a great spot to spread out a picnic and relax for no more than the cost of your time. Not sure where the closest park is? Check out the National Park Service site to find the green space closest to you and Mom.

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Credit Report Tips for Consumers

2011-03-31T21:43:00.001-07:00

When was the last time you’ve taken a look at your credit report? Ask a trusted financial advisor and surely, you will be advised to regularly monitor your credit report in order to protect your credit history. You don’t have to wait until you suspect to have been a victim of fraud or Identity theft. You can check your report once every six months or twice a year as a precaution.

Why is it important to personally check your report? By doing so, you can scan your report for errors or unauthorized charges and ask the bureaus for corrections right away. If you notice any unusual activity in your report, a thief may have been using your identity or accounts to commit fraud. Checking your report regularly gives you the chance to prevent ID thieves from committing crime against you.

How to Protect Your Personal Credit

Aside from monitoring your credit report, what else can you do to keep your personal credit standing in good shape?

Minimize the use of your available credit. Credit utilization makes up 10% of the FICO score. Financial experts recommend not exceeding 30% of your allot credit to protect your score from dropping. You can minimize use of your credit limit by avoiding unplanned credit card purchases, paying off your monthly charges in full and submitting your payments on time.

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Choosing a Credit Card – Carefully Read the Disclosures

2011-03-29T19:53:00.001-07:00

If you’re thinking about getting a new credit card, expect to be confronted with many choices. How will you know which credit card is best? Read on the rest of this article and find out.

Fees and Interest Rates

It’s important to look for a credit card with a low rate of interest. However, do not make a choice based on the low rate alone. For example, there are many credit card issuers that offer a low introductory rate but once the introductory period ends, the rate could instantly soar and become a burden.

Some credit card issuers that offer introductory rates may try to make up for their losses by imposing expensive fees or finance charges. When you see a promotional offer, consider carefully how long the offer will last. Compare the interest rates versus the fees.

Terms and Conditions

Credit card issuers are mandated by the law to disclose the complete terms and conditions in the contract. As a consumer, it is your duty to read and understand the fine print. Don’t be discouraged by how small the letters are and how lengthy the agreement is. Be willing to exert time and effort to avoid making the wrong choice.

5 Money Saving Tips That Will Also Help You Lose Weight in 2011

2011-03-16T00:42:00.001-07:00

1. Cut out soda- Period. That means diet soda too. Soda offers no nutritional value and is expensive considering it provides you with nothing!

2. Limit (or eliminate) fast food and meals outside of the home – Eating fast food is expensive and terrible for you. Most of the food is full of sugar and fat. Eat as close to the source as possible by choosing healthy fruits, vegetables, beans and grass fed beef.

3. Get Enough Sleep – While this may seem like a silly tip, it is important. Not getting enough sleep causes us to seek ways to stay awake such as eating junk food or drinking energy drinks. If your tired, you are also less likely to work out. Go to bed 30 minutes earlier each night until you are getting the recommended 8 hours of sleep per night.

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Understanding Bad Credit Card Debt Consolidation

2011-03-13T20:48:00.001-07:00

Bad credit standing and negative financial position are seen to be limiting an individual in availing of a loan. Though there are some cases where the loan is approved, still, the conditions on the loan are modified to match the risk that the company is facing with the individual.

Credit card debt consolidation can be facilitated through guaranteed and unsecured consolidation loans. The former uses the collateral of the home as a guarantee for the loan quantity and this only charges low interest. The latter, on the other hand, does not involve any collateral and charges high interest rates with strict requirements because of the risk involved.

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What You Should Do When Debt Overwhelms You

2011-03-01T00:31:00.000-08:00

Do you have huge credit balances? And do you feel overwhelmed by your existing credit accounts? If you answer yes to these two queries, then you need not worry anymore. Below you will find tips on how you can gradually resolve your credit woes for you to eventually regain your credibility as a borrower.

Tips on How to Resolve Your Credit Problem

1. Contact a qualified consumer credit counseling agency. If your credit accounts overwhelm you, then it will be good to seek professional help. You can find this in a consumer credit counseling program. What is actually offered in this program?

Well, for starters a credit counseling program will give you a tailor fit solution or plan to resolve your credit problem. A certified credit counselor will first determine whether your finances will allow you to repay your credit accounts. Then, he will devise a debt management plan that will help you pay off your outstanding credit obligations for you to gradually repair your bad credit history. But suppose you do not have the means to pay off your debts, what will your credit counselor advise you to do?

Read more What You Should Do When Debt Overwhelms You

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How to Handle Credit While Unemployed

2011-02-20T20:59:00.000-08:00

Due to the recent economic slump, many employees were unexpectedly laid off from the companies they’re working for. Even those in the higher position were not exempted from the effects of recession. What to do when confronted with this situation? How can you handle your obligations to your creditors when your monthly salary has been completely cut off? Consider the following practical suggestions:

1. Focus all your energies on finding a new job. Since you cannot change the situation, the best thing to do is to take positive action right away. Don’t waste any time and start your search for new employment immediately. If you can’t find openings for permanent positions, you may look for a part-time job until a better opportunity becomes available.

2. Understand your rights. Get to know your rights as a borrower as stipulated in the Fair Debt Collection Practices Act. Creditors must treat you with respect and dignity even if you cannot submit your payment on time. However, you should not ignore or try to hide from your creditors as this can only make the situation worse.

Read more How to Handle Credit While Unemployed

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How can I Start Building My Credit History?

2011-02-18T00:24:00.000-08:00

People with no credit history often find it frustrating and very difficult to get approved for credit cards and loans. After all, most lenders and credit organizations today are somewhat hesitant to offer their credit programs to those who do not possess credit.

Despite this fact, you need to persevere and be diligent enough to search for lenders that offer bad credit credit cards and bad credit accounts. Why? This is because you can only launch and successfully build your credit history by applying and getting approved for a certain type of credit or card program.

To help you in your quest of finding and securing a credit card for bad credit or a bad credit loan, we have enumerated several tips that we encourage you to employ. Through them you can be allowed to use a particular credit or card program which will help you attain your goal of establishing your credit profile.

Tips for Consumers who Want to Build Credit History

1.Understand the common requirements of lenders. Since you do not have a credit report to present to a prospective lender, be sure that you are well aware of the other application requirements that you need to submit to your chosen credit company. This way you can increase your likelihood of getting approved for the bad credit loan or bad credit-credit card you are applying for. What are some of these credit requirements? These are:

- A Bank Account. - Some lenders require their applicants to have a checking or savings account. They use your bank account history in evaluating the merits of your bad credit account application. So the way you manage your bank account can have an impact on whether or not you will be approved for a bad credit-credit card or for a loan program.

Tips on Acquiring a Bad Credit Credit Card

2011-02-14T18:25:00.000-08:00

Below we have listed six helpful tips that our readers can use should they want to acquire and use bad credit credit cards.

Six Tips on Getting Credit Cards for Bad Credit

Consider all the available bad credit credit card options. Before you apply for a particular card account, it is vital that you are knowledgeable about the different types of bad credit credit cards. You need to know what is actually offered in different card programs. Conduct your own online research of the features, terms and conditions you can expect from these cards. You also need to be well-aware of the differences between and among prepaid debit cards, prepaid credit cards, secured credit cards and other card options. This way, you can be guided in selecting the right card program that will suit your needs and that will meet your expectations.

Consider all the possible methods through which you can get your desired credit card for bad credit. A lot of consumers are only familiar of the direct means of applying for credit card for bad credit programs. However, because of the rapid improvement in technology, there are card companies that are now accepting applications over the phone or through the internet.

Preparing for a Bad Credit Home Loan

2011-02-09T21:41:00.001-08:00

Prospective homeowners with poor credit often think that their less-than perfect credit standing is a big obstacle to finding home financing options. So instead of diligently searching for lenders that may extend them credit lines, they sit down in their rented apartments and pads, thinking that owning their abodes will just be an elusive dream.

But is this belief correct? Of course not! There are lenders and credit organizations nowadays that especially cater to the needs of people with poor credit ratings. They do not only provide bad credit-credit card to people with less than perfect credit scores; they are even willing to offer bad credit home loans to these consumers. After all, it will be only through credit card for bad credit deals and bad credit home credit accounts can individuals with poor credit be given the chance to realize their dreams of becoming homeowners.

Read more Preparing for a Bad Credit Home Loan

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Easy Ways to Manage Debt and Avoid Bad Credit

2011-02-08T19:56:00.000-08:00

Managing debt need not be too difficult or complicated. If you know the right strategies, you can avoid being stuck in a serious debt problem and protect your personal credit. On this post, we discuss easy debt management tips that you can apply to stay away from bad credit:

Take advantage of online banking. Have you heard of online banking? Most banks today offer online banking service which means you can do almost any type of banking transaction through the internet. For instance, you can check your account at any time from your personal computer simply by logging in to your account. This way, you can monitor your account and be alerted about unauthorized charges.

Paying bills can be done online as well. Not only is this option a great convenience but it also prevents you from being late in submitting your payment. Hence, take advantage of the online banking feature and use it manage your debts and protect your credit.

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How to Use Debt to Improve Personal Credit

2011-02-06T20:46:00.000-08:00

Acquiring debt is an essential step to build personal credit history. If you will not apply for credit, then creditors will not have anything to report to the credit bureaus and the credit bureaus will not have any information to include in your file. Hence, in order to establish credit history and build a solid credit score, the first step is to apply for a credit account such as a personal loan, car loan, mortgage, credit card, etc.

Why should you be interested in building your personal credit history? At some point, you might need to acquire financial assistance from a bank or lending company. Let’s say for instance that you are ready to buy a house or you need to buy a car. Both of these purchases require a significant amount of money and if you don’t have sufficient savings, then you will need to acquire financing. In fact, most consumers have been able to invest a car or a home by applying for a loan.

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Easy Ways to Manage Debt and Avoid Bad Credit

2011-01-27T08:39:00.000-08:00

Take advantage of online banking. Have you heard of online banking? Most banks today offer online banking service which means you can do almost any type of banking transaction through the internet. For instance, you can check your account at any time from your personal computer simply by logging in to your account. This way, you can monitor your account and be alerted about unauthorized charges.

Debt Consolidation Companies

A Review on Bad Credit Cards

2011-01-17T22:08:00.000-08:00

The recent economic recession has led many companies drastically down suffering huge losses. The result some of the companies are at the brink of closure and some had to lay off their employees. Being put in such a situation, people are not able to repay their loans and credit card bills. This resulted in considerable number of problems regarding credit reports. Not to mention, the general trend of the credit sector was going downhill and credit card companies were forced to offer people services like bad cards to improve their credit rating.

In today's financial world, it is pretty well understood the necessity of having a credit card. There are many reasons, whether good or bad for having plastic in your pocket. These bad credit cards come with many features.

Nowadays, bad ones are easily available because of the continuous offers flashed by the credit card companies. One of them is credit card for bad credit with high limit. People who have the lowest credit rating of 500 have an opportunity to rebuild or repair by having this type of cards.

A Review on Bad Credit Cards

2011-01-17T21:45:00.000-08:00

Recession Survival Guide for Consumers

2011-01-12T12:39:00.000-08:00

The recent economic crisis has brought about significant changes in the lives of many people. Some had to deal with loss of jobs, repossession, foreclosures, reduced income, bad credit, and other financial problems. Yet despite the fact that the economic state is beyond our control, there are steps that can be done to minimize its impact. In this article, let’s discuss how you can better deal with economic hardship.

Prepare for Survival

While things are going great, you need to be prepared for the worst. Financial specialists advice building up your personal savings until you have enough funds to last for at least 6 months or longer. This way, you can have some cushion in case you lose your job or your monthly earnings get cut down.

If you are presently employed with a company or managing your own home business, see to it that you set aside a portion of your earnings to your savings account. Acquire your personal health insurance policy and take advantage of a low rate if your company offers employee insurance. Make sure that you are setting aside a separate emergency fund easily within reach for unexpected expenses that may come your way.

Read more Recession Survival Guide for Consumers

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Seven Smart Tips to Get Out of Bad Debt

2010-12-05T23:59:00.000-08:00

Many people find themselves struggling in the middle of a bad debt situation due to unforeseen circumstances such as job layoffs, illness, and natural disasters. Others may have been stuck in bad debt as a result of uncontrolled spending, poor financial management, or addiction problems like gambling.

What can you do to get yourself out of bad debt? Getting out might not be an easy task and you might not be able to free yourself of bad debt overnight. Nevertheless, if you know the right steps to do, then you should be able to successfully get out of debt a little at a time.

Below is a short guide to help you get started:

1. Create a realistic budget plan. You need a written budget plan that you can follow. Such a plan will help you keep track of your monthly expenses so that unnecessary spending can be avoided. By creating a budget plan, you can be sure that your monthly income is allocated well according to your priorities.

2. Pay high rate debts first. If you are dealing with multiple debts, find out which of your debts incur the highest interest rates and make them your priority. By paying off these debts in full, you can stop your charges from further accumulating. Afterwards, you can work on paying off your other creditors until you manage to pay each and every single debt you may have.

Home Financing Tips for Bad Credit

2010-11-25T23:27:00.000-08:00

Buying a home involves a large sum of investment and for this reason, must be done with utmost care. If you plan to buy a house anytime soon, it’s important to get to know all the details first before taking action.

For instance, your personal credit history will be a crucial factor in your search for home financing. Most lending companies and banks require good to excellent credit and if you have an average credit rating and unimpressive employment background, you might be considered as a high risk customer.

Obviously, your search for home financing would be a lot more challenging if you have a bad credit score. You can imagine how lenders might feel if they see a bad credit history in your report. If you have a low score, you might need to look for subprime lenders as they are the ones who offer bad credit loans.

This doesn’t mean you should put up with excessive rates and fees just because you have imperfect credit rating. While the process can be tougher, it is still possible to find a reasonable mortgage deal despite a bad credit history. Here are a few home financing pointers for consumers with bad credit:

1. Buy a home you can afford.

You can increase your chance of getting approved for a home loan if you apply for smaller financing. Be realistic. Take a look at homes which are sold at a price that you can afford. Just because a house is sold at a lower market value does not necessarily mean it is of a poor quality. It’s all about knowing the attributes that makes a house worth the investment.

RESOURCES for YOU:

Bad Credit Home Loans

Car Financing Tips for Bad Credit

2010-11-23T19:50:00.000-08:00

Obviously, the best car loan deals are reserved for customers with impressive credit rating. Nevertheless, this doesn’t mean customers with bad credit do not deserve to be treated with respect. As a consumer, you should always look out for your best interests, regardless of your personal credit rating.

When looking for bad credit car loan financing, it’s always best to spend extra time doing research and comparison. This article presents some insight to the most common issues that a consumer searching for a bad credit car loan may encounter.

Factors that Affect Car Loan Terms
Generally, interest rates and repayment terms are based upon a number of factors. The list includes the type of car being purchased, the amount of loan, the amount of down payment, the borrower’s present economic status, credit history, credit score, etc.

If you have a bad credit score, do what you can to improve your rating. Order a copy of your report from the three major credit bureaus and see if there are errors or negative information which are pulling down your score. You can request for errors and negative remarks older than seven years to be removed from your file by sending a letter to the bureau that issued your report.

Bad Credit – You Can Do Something About It!

2010-11-16T06:49:00.001-08:00

When stuck in a bad credit situation, some people try to get help from the wrong sources and end up getting ripped off. A lot of scammers promise instant bad credit relief to attract unsuspecting victims. But did you know that you can do a lot on your own to improve your bad credit?

Check out the list below and see if you’ve done any or all of these steps to achieve complete credit repair:

Check your credit report.

Did you know that you can get a free copy of your credit report once a year from each of the three major credit bureaus? All you have to do is visit annualcreditreport.com or send your request to Annual Credit Report Request Service, P.O. Box 105281 Atlanta, GA 30348-5281. You may also call 1-877-322-8228.

RESOURCES for YOU:

Credit Reports Online

Debt Consolidation Services

Things Which Can Hurt Your Personal Score

2010-11-12T07:56:00.000-08:00

When applying for new credit, a potential creditor can approve or disapprove your application based upon your personal credit score. Needless to say, a low score can instantly send a negative impression to a lender while a high credit score makes you an ideal candidate for credit.
Yes, consumers need to be aware of their credit standing and understand how they can keep it in good shape. In this article, let’s talk about some of the things which can hurt your score:

1. Late Payment Submission
Your FICO score is comprised of 35% payment history which means even occasional late payments can damage your score. Don’t wait until your due date of payment arrives before taking action. Pay your bills as early as you can. More importantly, don’t charge purchases to your credit card if you’re not sure whether or not you can pay on time.

2. Neglecting Debt
Just because you can’t pay your debts does not mean you shouldn’t take any action. Ignoring your obligations is the worst thing a borrower can do. If you can’t pay your credit card debt in full, pay at least the minimum due. If you know you’re going to miss your due date, contact your creditor in advance and explain your situation. You might be able to request for an extension or adjustment in your payment terms.

Resources for YOU:

Credit Reports Online

Managing Your Credit Card for Business Effectively

2010-11-10T00:59:00.000-08:00

Do you want to try using a credit card for business? Indeed, there are many advantages to using small business credit cards such as being able to separate business and personal finances, building business credit, enjoying great rewards, just to name a few.

However, in order to really maximize the benefits that business credit cards bring, the business owner must know how to manage it effectively. If this is your first time to obtain a credit card for business, here are some tips for you:

Don’t Mix and Match!

Do not mingle personal purchases with your business purchases. Don’t forget that your main purpose for opening a separate business credit card account is to be able to monitor your business spending. If you’re going to charge personal buys to your business credit card, no matter how small the value is, you could lose track of your spending which can endanger your business.

Limit Your Accounts

Using one or two business credit cards should be enough for support and for building business credit. Applying for too many business credit card accounts may increase the risk of overspending. In addition, catching up with monthly payments can become a problem.

Cancel Your Card But Protect Your Credit Score

2010-10-27T04:13:00.000-07:00

Whether you want to cancel your credit card because of its high interest rate or you simply just have too many credit cards, it’s important to do it correctly to avoid inflicting any damage to your credit score. What are the rules on cancelling a credit card?

Listed below is a step-by-step guide on closing an active credit account:

Never cancel with a balance. The number one rule is this: NEVER close your credit card account while you have an existing balance. If you racked up a huge amount of debt and you’re having a difficult time catching up with your payments, see to it that you will not be using that credit card on new purchases. Focus on the task at hand, which is to pay off your balance one step at a time. Once you have completed your payments that should be the only time you can start thinking about closing your account.

Call your issuer. You can find your credit card company’s customer service number at the back of the card or on your billing statements. Once you call up your issuer, verify that you have no remaining balance in your account. After making sure that you have zero balance, tell the representative that you want to cancel the card.

RESOURCES to YOU:

Credit Reports Online

Personal Finance Tips When Your Life Changes

2010-10-13T19:45:00.001-07:00

Major changes in our lives can also have a huge effect on our personal finances. And because some events may not be as well as we expected, it’s important to always be prepared. In this article, let’s talk about three major life changes that can confront all of us and what we can do to face up to financial crisis.

Unemployment and Loss of Income
The recent economic slump has left thousands of people without jobs and with barely enough finances to get by. Financial experts advise all consumers to build up a personal savings account that would be enough to support them for at least six months or longer. This way, in case of a job loss, you will have funds to support you and your family as you look for a new job.

If you have lost your job, you need to act quickly and create a new budget plan that will suit your present financial situation. Closely examine your monthly expenses and find ways to cut back your costs. True, it may require some sacrifices on your part but it is an important step to avoid aggravating the problem.

Personal Finance Tips When Your Life Changes

2010-10-13T17:32:00.000-07:00

Major changes in our lives can also have a huge effect on our personal finances. And because some events may not be as well as we expected, it’s important to always be prepared. In this article, let’s talk about three major life changes that can confront all of us and what we can do to face up to financial crisis.

Unemployment and Loss of Income

The recent economic slump has left thousands of people without jobs and with barely enough finances to get by. Financial experts advise all consumers to build up a personal savings account that would be enough to support them for at least six months or longer. This way, in case of a job loss, you will have funds to support you and your family as you look for a new job.

Bad Things You Don’t Want to See in Your Credit Report

2010-10-06T05:44:00.000-07:00

Did you know that the information contained in your credit report can open or close opportunities for you? In this article, let’s discuss bad remarks that you’d never want to see in your credit report:

1. Charge-offs. Charge offs are debts that have been unpaid for so long that creditors have given up collecting them. But don’t think that it’s a good way to escape from your payment obligations. Debts that have been charged-off will be indicated in your credit report and can instantly drive away potential lenders when you apply for new accounts. It could stay in your report for seven years.

2. Debt collections. When a borrower defaults from payment, a creditor can assign the collection of the account to a separate agency. Debts passed on to a debt collection agency will also be reflected in your report. Needless to say, the fact that you have defaulted from your debts can send out a negative impression to a potential lender.

recommended resources: credit reports online

Loans for People With Bad Credit - Check It Out

2010-10-03T22:42:00.000-07:00

If you have bad credit history it does not mean that you cannot get the money you need. There are some lenders that deal specifically with personal credit advance for people with bad credit.

There are some companies that will lend money as a title advance against your vehicle even though you have bad credit. Most of the lenders will not even check your credit.

They will only require paycheck stubs, a voided check, from your account, a picture i.d and a current utility bill which is in your name.

These advances are secured and unsecured. Loans for people with bad credit are secured advances and are typically available to homeowners. This is because the advance is considered as a risk, so consequently the lender requires some form of security in the event when the borrower fails to make the repayments.

If you are in need of some cash, then you can apply online at your local cash advance or payday loan store. They will give you cash the same day and the process is quick and painless. Just make sure that you borrow what you need and pay them back on time.