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You Cannot Reduce Credit Debt With The Help Of Credit Cards
Jan 2nd
If you are looking to reduce credit debt, one of the first things you will be required to do is stop the use of credit cards in your wallet. You may perhaps hold the opinion that carrying cash around is cumbersome and the cards offer you an extended line of credit, along with convenience. However, you would do well to remember that any credit obtained also has to be repaid after a short period. Your objective of cutting down on credit debt will never be achieved if you continue using the credit cards in your wallet.
You must understand that having a number of credit cards in the wallet is an open invitation to spend beyond the known sources of your income. You could be lulled into living in a comfort zone and believe that you are worth far more than what you really are. This false sense of bravado can encourage you to spend more money by obtaining credit from different sources. The end result would be insurmountable debts and a rush towards the nearest payday loan business to raise more money.
Doing away with all the credit cards you have will not be an easy task. You will have to get into the habit of managing things within the income that you generate and also make it a point to carry cash around or a debit card that can suit your requirements. You will certainly find yourselves hampered in the very beginning when you adopt such a strategy. However, this is a surefire way to reduce credit debt. You will also be required to repay the credit obtained from different sources. You can get in touch with the agencies directly and ask for a settlement of the money owed. You will find that most agencies will be willing to write off the high interest charges that had been applied on the credit cards and recover just the principal amount owed. Make it a point to never rely on external credit if you wish to stay away from debts.
40,000 Bonus Miles From Continental Airlines Chase Credit Card
Oct 12th
Currently there is a promo going on where you can get up to 40,000 Continental Airlines Credit card bonus miles.
Here is how it works. You will get 25,000 bonus OnePass miles after your first purchase using your new Chase Continental OnePass Miles card. Then if you add an authorized card member to your account you will receive another 5,000 bonus OnePass miles. The last 10,000 miles are earned when you have spent $25,000 using the card.
So from the looks of it, getting the 30,000 bonus miles should be easy, getting that last 10,000 may be a little harder since not many people spend over $25000 on a credit card in a short amount of time.
This is a great deal whether you fly with Continental or United. Remember that they both have merged and shortly so will their frequent flier accounts, so these miles will be able to be redeemed on any carrier once that is complete.
Some other perks that this card offers are as follows:
Annual Presidents Club Day Passes
First Checked Bag FREE
Annual Travel Discount Certificates
Special Guest Privileges through The Luxury Hotels & Resorts Collection
Onr thing to note is that there is an $85 annual fee with this card, but it is waived for the first year. It you travel a lot and check bags, the first bag checked free feature will pay for itself.
Check out the Continental Bonus Miles page for more details
Understanding Your FICA Credit Scores
Sep 30th
If you know nothing about FICA credit scores; that is certainly the least of your concerns as of the moment. When you don’t know what its effects are and when it does not concern you by now, for sure you will never give it a closer look.
However, even if it has nothing to do with you as of the moment, always remember that in the long run, it will. In fact, by the time that your scores are already in trouble, it is so hard to keep them better. Therefore, as early as now, you have to be fully aware of these scores and its effects on you.
First of all, you have to know that these scores generally range from 375 to 900. You scores are essential since it will give lending companies and firms an idea whether they are to approve your loan application or not. It is also their basis for the interest rates that they are to give you. If you don’t need this as of the moment, in time, you might need them. Thus, the rule of thumb here is- the greater your score, the better. Keep your score above 600 always so that it will be considered a good rating. If it falls short, you might end up refusal of applications or interest rates which are not affordable should you go for a loan.
Your scores are affected by several factors. Now if you want to maintain a high score always, try to keep your payment of bills on time. Never delay even just a single day as much as possible. Try to also keep your credits lows. If you don’t badly need money as of now, don’t stretch your credits and give some allowances. It will also help if you keep a good employment history and performance. Avoid changing of jobs from time to time.
With all these done, certainly you will maintain a good score. Just like your grades in school, FICA scores can also adversely affect you and your finances. Check out more of these as well as debt relief at Free Financial Planning Advice.
How to Read a Credit Report?
Aug 21st
Obtaining and understanding your credit report is one of the most important steps you can take to secure your financial future. Many people have never read their report or do not understand what is on it. This can be a mistake for your report impacts the interest rates you pay on credit cards, car loans, home loans and other loans. Employers often run credit checks on you when you apply and during your employment. With all this attention to your credit report, you need to know what is on it to protect yourself and be aware of any negative information on your report.
You do not have to pay to see your credit report. It is easy to get a free credit report. Be careful where you go to obtain your report. Some sites promise a free report, but require you to sign up for their monthly credit monitoring service to get your “free” report.
The best way to obtain your report at no cost is to go to the official government website, annualcreditreport.com. This site was born in 2005 under federal law to ensure that everyone can get a free copy of his or her report. You can obtain one free report per year from each of the three main reporting agencies, Experian, TransUnion and Equifax. Thus, you could actually get three free reports per year if you request one from a different agency every four months. If you want to view your report more frequently, you can pay one of the sites to get your report more often, usually for 9.95.
Once you have your report, you need to read and understand it. First thing to make sure is that it is yours! Similar names or similar social security numbers can sometimes cause someone else’s information to appear on your report. Next, you should look at that site’s explanation of symbols and abbreviations. It will also often have a tutorial on how to read a credit report. The time to obtain and read your credit report is today. Do not delay.
How to Use Money Reload Packs with Debit Cards
Jun 15th
Reloadable prepaid debit cards have hit the big-time. They’re no longer used by just a small number of consumers with credit problems. Now they’re used by all kinds of consumers because they’re recognized as great financial and budgeting tools. They truly help you manage your money better.
If you’re thinking of getting one then you should become acquainted with the money pack reload process. It’s simple really but a little explanation won’t hurt. Here’s how it works.
Money reload packs are bar-coded laminated cards that are sold at the same retailers that sell prepaid cards. They have one use and that is to help you transfer cash onto your prepaid card. Every company that sells a prepaid card will also sell a reload pack of some kind although some companies make a money pack that can be used by several different cards. Make sure to pick one that works with your particular type of prepaid card.
To use a money reload pack you need cash. There are a couple companies that allow you to reload their cards with either a payroll check or a government check but you’ll need to confirm with your own card company if you have that option. Then you’ll also need to find a retail location that’s equipped to handle that kind of reload. But cash will always be accepted.
You take the money pack and your cash up to the cashier and simply tell the cashier how much money you want to reload. They process the transaction, take your cash, and link that amount to your reload pack. Oh, and they also take a small amount as a reload fee – somewhere in the neighborhood of $4.00.
Then you take your reload pack to the nearest PC or telephone to finish up your load. You must make sure the pack’s money gets onto your card by either completing an online activation process or doing the same thing via phone. Once you’ve completed that, your card is loaded up and you’re ready to go.
You can add just about any amount of money to your card that you want, subject to your particular card’s policies. And you can do so whenever it’s convenient for you. It’s a pretty simple process and one of the reasons prepaid debit cards have been so widely adopted.
Rebuild Your Credit with Credit Cards
May 10th
In order to rebuild you credit card fast and do it the right way there are a few things that you need to know. The first thing that you need to know is that there are many things that you can do to repair your credit and then there are things out there that promise to repair your credit but really either make it worse or do not do much of anything. If your goal is to use your credit cards to rebuild credit and increase your credit score then there are few things that you should definitely try before succumbing to the advertised empty promises out there.
Stop charging. It is a simple as that. Don’t do it anymore. If you do not have the money to pay for it then you don’t need, shouldn’t have it and definitely should not charge it. Find a bank that will give you a credit card with a small credit limit so that you can prove that you are capable of handling a credit card. Use the card to pay for things that are normally in your budget. Use the card to put gas in your car or food on the table. The day that the bill comes in the mail, pay it and try to best to pay it in full. Do not make any late payments. With each on time payment that you have on your card your credit score will slowly increase and your credit card company will be notified of your good standing.
There is no need to apply for credit cards that advertise themselves as being for people who have bad credit. The fees for these cards are ridiculous and the interest rates are so high that there is no way that you can get out from under them. Start out slow and small and you will surely see positive results within a matter of months. Before you know it you will right where you want to be.
What fica score is needed for a loan?
Apr 16th
Anyone can get a loan with any FICA credit score. The difference is the amount of down payment required and the interest rate the borrower will pay. The preferred groups for home loans have a score of 720 or above. FHA will consider scores as low as 620 with a heavy focus on the last two years of the credit history.
The FICA credit score computes the borrower’s financial history. It takes into consideration the payment history of this borrower, credit utilization which is the amount of money owed on the credit cards versus the credit card limits, the length of credit history, the types of credit used which are installment, revolving and consumer finance and recent searches for credit. This score is used to predict the percentage of people who will not make their payments in each score range.
When purchasing a home, the fica score needed for a loan is 620 or higher. Borrowers with 720 and above are given preferred treatment and very favorable interest. This score is rated as an excellent score. Ratings between 680 and 699 are called good and have low interest. 620 to 679 numbers are rated okay and they have a reasonable interest rate. The higher your FICA score is, the lower the required down payment will be. FHA requires only a 5% down payment. Most conventional lenders require 10% down for an excellent rating and 20% for borrowers with a score under 700.
Borrowers with lower scores are still able to get loans. These borrowers would need 50% or more of the purchase price and the interest rate will be high.
With careful shopping almost any borrower can find a loan. This credit score dictates the amount of money needed to put down as a payment and the interest the borrower will be paying. High scores mean better terms and a wider range of choices.
Bad Credit Mortgage Lenders
Mar 20th
There are many options that reliable bad credit mortgage lenders can give to clients who are suffering from defaults on their credit history and need further loans to keep them afloat. High interest rates can be a problem especially when personal circumstances change and then they might suddenly seem like too much to pay off. This is when you can use the option of bad credit mortgage to clean up your credit record and get a much better score. These loans can also offer relief from harassing creditor calls who are trying to get their payments out of you.
Bad credit mortgage lenders will look through your individual profile and credit record to offer you a better solution that allows you to keep up with in the future. They can also get you the additional cash that you might require for a home improvements, missed or late finance repayments and some people have even spent their bad credit loans wisely enough to cover a hassle free vacation package. You can even use the personal loan money for child support. If you wish to avoid bankruptcy which places a long term blemish on your credit record and renders you unable to receive regular loans for ten years, then consider the option of bad credit mortgage refinance.
No matter what you are planning to do with your bad credit loan, bad credit mortgage lenders can help you achieve that target. The minute you feel like you will be unable to make any further payments is the right time to act towards finding yourself a lender. Because once the default has been incurred, you will still be able to get the loan but the interest rates will become higher and that will greatly influence your monthly payments. This is why it is always better to act promptly any time you feel like you are close to some kind of financial distress.
The Repo Depot
Feb 28th
If you have credit problems, then a repossession company will have all your details on computer. They will have a huge database of names and addresses of all repossession companies in the US.
An employee just has to lift a phone and speak to the nearest one on your credit report and have them repossess your vehicle from any state of the US. The vehicle will be transported back to the vehicle pound area and stored until the loan company or care hire company claims it back. There are certain things that will prevent you from claiming your car back, especially if the loan to buy the car was raised from a bank. In the worst case scenario if a bank has to spend time and money in another state to get the car back then if you want it back is going to cost a lot of money. This is what you are going to have to do to get your car back:
Pay all repossession costs, storage per day and per night, clamping fees and finally the fuel and transportation back to owners state of residence. This will be followed by the bank demanding all the loan money be paid then they will hand back the car to you. If you car is rather expensive and you only one installment to go on it then it is worth paying all that money to claim it back. But if you defaulted on a payment at the very start then it will not be worth it.
The only way to prevent the car being repossessed and ending up at a repo depot is to change the ignition key, i.e. remove the ignition part and refit a kill switch which will be concealed from the anyones view and has to be flipped in order to drive the car. Most RAs can locate a switch, so if you can get a hold of the car first and do all this then you have not committed a crime so far.
The repo cars guide says that technically speaking you are only doing what was done to you when the car was repossessed. Any RA involved in the repossession will change the position of the switch and some are nice enough to leave it in a place where it can easily be seen. There many RAs in the US whom will drive the car and instead of driving into the vehicle pound will drive into a big shopping center or empty parking space and leave it there for the owner to pick up. He or she will do this if they have to pick up another car from nearby that also has o be repossessed.
Bad Credit Logbook Loans – A Good Idea?
Feb 27th
Many people are looking for a way to get access to fast cash loans these days thanks to the fact that more and more of us are in a position of having a bad credit rating. When you are struggling to make ends meet and have a patchy financial past, it can be difficult to find a lender who is willing to help you out. Bad credit lenders are always on hand as they specialize in giving out loans to anyone who needs them, but they do come at a cost.
Regular lenders such as the high street banks have a reputation to protect, and this stops them acting in a manner that is going to be too detrimental to their customers. Bad credit lenders on the other hand are used by consumers who are in a desperate situation and will use whatever product is available to them. This means that these companies can focus a little more on their own needs rather than your, which means you can end up paying far more than is acceptable for the credit you get from them. If you are uneducated in their use, or simply have no other choice then you might find that using one of these will get you into even more trouble than you are in now.
Bad Credit Logbook loans are one of the options available in these times and allow you to get a large sum of cash secured on your car. Secured loans give the lender an insurance policy against you not being able to repay so they are willing to give out their cash to just about anyone. That sounds great, but they have a very high interest rate applied to them and extra charges are incurred for everything you can imagine. Using a log book loan can mean that your finances get even worse, you should avoid them at all costs.
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