Putting Your Student Loan Payments Together

Category: Finance, Credit.

Using student loan consolidation is a useful financial instrument to help you keep down your payments by lengthening your repayment term and is usually backed by the federal government. generating this way of paying less is pretty much free, though you will pay over the years through the interest you pay.

Student loan consolidation is the act of putting the various loans you took out over your college time, into a new loan, specially created for that purpose. Putting Your Student Loan Payments Together. It is a simple and relatively cheap way to cut your loan payments by pulling them together through one specialized lender. By exploring ways to save thousands of$ $$s on your variety of monthly payments, you will become much happier with your finances. Consolidate Your Student Loan When The Going Gets Tough. It s a great tool to use, especially if you get yourself organized right after college ends- it s even better if you are starting to financially struggle with your student debt. In fact everyone wins when you do this!

So if you need help because you are starting to fall behind with your payments, you really must consider a consolidated student loan. Where To Find Help To Consolidate Your Loan. It s more than likely that one of them has jumped the gun and already got a good deal, so learn from them. First stop to find a good deal is to talk with your former classmates. Talking to your former college or employer may find special deals that will help you too- you will be amazed at the contacts they have built up over the years and that can be very much in your interests to explore. Federal Student Loan Consolidation- Security Government Backed.

Finally, checkout online- there are loads of banks and other finance organizations just dying to help you out with something tailored to meet your personal needs. For a fixed- rate refinancing program that pulls together all of your current federal student you need a Federal student loan consolidation package. Whilst these deals can sometimes be regarded as refinancing, actually all that happens is that the loan rates are simply fixed, for the benefit of all concerned. A Federal student loan consolidation arrangement is way more advantageous for the borrower. Student loan consolidation is a strong financial package backed by government to help you with lower payments. It does this by extending the loan period, so that you pay less now and for longer, which in many cases is a much less painful experience.

Read more...

There Is No Such Thing As The Best Credit Offer - Finance and Credit Articles:

Foremost, you need to note that when on the lookout for an ideal credit card, it has got to be one that comes without added charges or costs, requires ninety to a hundred percent of bank balance as its credit limit and entails a minimum sum of money as the least bank balance. It more so ensures you a quicker relay of your credit card.

You Get Yourself A Credit Card

Category: Finance, Credit.

What today s studies and research reveal is that the personal debt of Americans has reached an all time high now.

It is left to us to find our way out. However, what these figures don t do for us is to help us in any way to get rid of our debts. So don t bother too much about the national figures and the research outcomes. Before the debt situation goes out of your control get a grip of it and try and eliminate it. All you got to do is stay in control of your debts. There are quite a few alternatives doing the rounds today in which you can actually do some credit repair.

How does that work? One of the most popular of these is using credit cards to get rid of your debts. We ll explain. You get yourself a credit card. This has become quite common these days. Buy stuff using that card s credit limit and then you don t have enough money to repay the bank.

You move your debt from one credit card to another. So what do you do? Thereby you can defer your payments for the debt. As you move from one card to another, additional interest gets accumulated and you also need to pay transfer fees for moving from one card to another. But this is one tricky way to deal with your debts. All that you get in return is some extra time. So is it an option at all?

If this continues for too long, you ll end up with nowhere to go and completely bankrupt. It is, in a way. This desperation leads them to make offers that can actually work out to your great advantage. Today credit card companies are desperate to gain as much market share as possible. To move your debt from one credit card to another you might not need to pay any transfer fee. So you can end up striking a good deal.

Also the rate of interest that you will have to pay may be lower. But always be weary of such offers. More importantly, there can be clauses in your agreement where if you fail to pay even once, you might need to go back to the old interest rates and pay the transfer fee. First of all the interest rates are often not fixed and can change at any point of time.

Read more...

If You Are Trying To Rebuild Your Credit Or Are Just Starting Out And Have No Credit History Whatsoever, Getting Approved For Your First Credit Card Can Seem Like An Insurmountable Task - Finance and Credit Articles:

If you are trying to rebuild your credit or are just starting out and have no credit history whatsoever, getting approved for your first credit card can seem like an insurmountable task. A change in strategy will put plastic in your wallet before you know it.

Such A Credit Card Is Not Particularly Hard To Find - Frieda Klosterman's Finance and Credit blog:

If you re going to carry a balance on your credit cards, one of the most important factors is how low an interest rate you can get.

They Do Know That Bad Things Happen As Lots Of Good People Do Have" Bad Credit" - Finance and Credit Articles:

I will be the first person to admit that I messed up my personal credit really bad okay lets say that I destroyed my credit by making mistakes like basically not paying my bills on time a car repo, and a bankruptcy which had limited my options in life severely as I cant get a good" car loan, credit cards with, mortgage loan a high limit" no, none of that.

Usually, People Show A Very Sloppy Attitude Towards Their Credit Card Bills

Category: Finance, Credit.

Usually, people show a very sloppy attitude towards their credit card bills.

Responsibly paying your due credits card bills is the key to create a good financial history in records of banks. Credit card is the biggest help one can ever get on his or her equity of account but mistreatment of this equity by keeping the bills unpaid is exactly what most of the credit card holders do. Conversely, keeping bed debts can ban you for getting best banking facilities. If you are associated with a Christian missionary and are unable to repay your debt, then Christian credit card debt consolidation is the perfect solution for you. This ignorance of credit card debts can lead your financial status to insolvency therefore recognize the value of financial goodwill and consolidate your debts as soon as possible. When you are unable to pay your credit cards debts, interest and other late fees are charged on you.

In such a situation Christian credit card debt consolidation can make your life less burdensome as it is a credit card debt consolidation service for Christians. This not only increases your burden but also leaves a bad impression on concerned bank or credit card service provider. This service helps Christians in repaying their bad debts. By the time you get freedom from accrued interest and penalty, you will have a comparatively less amount to repay. The very first thing this program goes for is elimination of accrued interest and penalty. As penalty charged or interest on credit card debt increases rapidly, exclusion of these penalties through Christian credit card debt consolidation gives you a great relief. Whenever a person applies for a consolidation loan in such institutions, he gets an additional advantage of free debt counseling.

Christian institutions with a motive to help their members in repaying their credit card loans conduct these credit card debt consolidation programs for Christians. This counseling follows the bible to pave your way of better financial position. Christian credit card debt consolidation program helps in lessening the amount of monthly payment so that the person may utilize the remaining money is strengthening his or her financial position through more savings. With the help of this counseling you can find out a better way to spend money in planned manner as it emphasizes on planning before spending. Christian credit card debt consolidation services lend a helping hand for retrieving an effective control over you finances. Whether it is shopping, traveling or any, medical expenses personal need- no matter where you used the owned money, a debt consolidation service consolidates all your credit card bills. It enables you to prepare an efficient repayment schedule so that you may be able prepare a favorable budget for you.

Another great help that debt consolidation provides that it deals with your credit provider company on you behalf. Christian credit card debt consolidation service is a sensible way to say goodbye to your financial uncertainties. By this way you feel relaxed and can continue with your office or studies.

Read more...

There Are Several Factors Why Credit Card Applications Are Rejected - Juanita Doverspike's Finance and Credit blog:

The advent of credit cards has made a huge change in the way business is being conducted.

Low Credit Limits - Finance and Credit Articles:

Bad credit can happen to anyone. Credit card companies see bad credit people as a good means to fill up their coffers.

CreditCardsAssured. Com - Finance and Credit Articles:

Victims of identity theft should monitor financial records for several months after they discover the crime.

It S Fine That Her Credit Scores Were Higher Than Mine

Category: Finance, Credit.

".My wife and I purchased our FICO credit scores the other day. Why?

I was shocked to discover her credit scores were a lot higher than mine! I make more money than she does, and almost all the credit is in my name. " I hear this all the time. I must admit, I felt the same way when my wife s FICO credit scores were higher than mine. It s almost as if husbands are competing against their wives to see who has the better FICO scores. About two years ago I was shopping for a new car. I Thought I Was Prepared.

After I decided on the make and model, I submitted a credit application to the lender. I had checked all three of my FICO credit scores about three months prior to car shopping. My assumptions were wrong. At the time, all three were over 70I also knew the auto lender s tier schedule gave the best interest rate to people with scores over 70Needless to say, I was confident I would be approved for the lowest interest rate and best terms. I was approved. but, not at the, to my surprise best interest rate they offered. Which means I was not offered the best. or the next best. but the third best interest rate. (Yuck! ) This was painful for me.

They approved me in their third tier. I m always in the top tier. As it turns out, my scores were lower than I thought. What gives? The balances on my credit cards that month were higher than normal( I should have checked my scores a few days or a few weeks before I filled out the application. not three months before) . To get their best interest rate I now needed a 740+ score. (Yikes! ) My scores were around 680 at the time. In addition, the lender recently changed their tier schedule.

Guess I shouldn t have assumed. Fortunately, I had financed two cars with the same lender in the past, and each had a perfect payment history. I did catch one lucky break, though. So, as a courtesy, the car dealer convinced the lender to bump me into the second tier. The difference in the interest rate between the two tiers was less than 2% .but I just couldn t bear to be" second best. " So I said, "No. " Sometimes You Need to Walk Away from a Deal. But it was still only second best.

I really wanted this car. I already envisioned myself in it, flying down the road, my gray locks flowing in the wind. It was a convertible. Saying, "No, " really hurt. It s better to walk away than get saddled with a bad deal that will last years. However, one of the most important things I learned when we were recovering from bankruptcy was the ability to not compromise and the willingness to say, "No" .even when it hurts.

Our attitude has always been that if the deal doesn t make sense- there will be a better one waiting for us down the road. How a Husband and Wife can Work Together to Get a Lower Car Payment. So I went to plan B. I talked with Michele, my wife of 14 years, and asked when she last checked her credit scores. So we went quickly purchased her three FICO credit scores from myFICO. com/ 1 All three of her scores were MUCH HIGHER than mine. She hadn t checked them for several months.

How embarrassing is that? It s fine that her credit scores were higher than mine. Now ladies, don t take that the wrong way. But, I m the credit scoring expert! K. , I sulked a little) , I asked myself a question, "How can we use this to our advantage? " I am Woman, Hear Me Roar. So, instead of sulking over it( O. We took action.

We quickly filled out a credit application in her name and I faxed it to the lender. Michele was elected to become the borrower for my new car. As expected, they approved it right away. at the lowest interest rate and best terms they offered. My new car, but financed in my wife s name. Imagine that. I can see it now.

At first, it was a little tough to let my wife finance MY car, but I had to" build a bridge and get over it. " You can t let pride get in the way of your goals. I m getting a speeding ticket and have to explain to the police officer it s my wife s car. embarrassing. You have to take every advantage you get if you want to accomplish what you want. We use whoever has the highest FICO credit score( s) at the time. This is a strategy we ve used for years. We saved several hundred dollars a month by putting the car in Michele s name. If you ve just been discharged from bankruptcy, or are trying to build your credit, this may not be the best strategy for you to use.

When NOT to Use this Strategy. Why not? That s how we rebuild our credit. Because, for people with bad credit, we need as much good credit on our reports as we can get. It s fine that we got the loan in Michele s name, but the problem is that this loan never showed up on MY credit reports. Fortunately, I had already built up my credit, so it was no big deal that the loan wasn t showing on my credit reports.

So, I never got any benefit for paying it on time. However, your situation may be different. When My Credit Scores Went Up- I Put the Loan in My Name. If your scores are really low, and you need to build credit, you re probably better off waiting until you can apply for the loan in your name. So, now that a few years have passed, I decided to convert the auto loan into a lease and keep the car for another three years. And my scores were back to normal. This time I had current information before I filled out the application.

In fact, my scores were higher than Michele s scores( this makes me a happy credit scoring expert) . So the car is back in my name- I guess now I can start speeding again!

Read more...

Credit Card Checks Are Not Free - Finance and Credit Blog:

Credit card companies have worked on numerous innovations and are constantly evolving to create a better experience for card holders, one of the latest innovations is credit card checks. These checks are particularly useful when payments have to be made to organisations that do not accept credit cards.

You Will Find That Many Offer Decent Credit Limits Too - Finance and Credit Articles:

For those considering frequent flyer credit cards, consider all of the benefits that they can offer, not just the obvious benefits. Many of the best credit cards in these programs offer discounts far beyond the standard frequent flyer miles.

A Bank Credit Card Can Help With These Unforeseen Expenses And It Will Also Help Them To Build Their Credit Score - Finance and Credit Blog:

It is important for college students to be able to pay for their tuition, fees and living, books expenses while they are attending post- secondary school. If an emergency occurs and the student needs extra cash, then they need a financial back- up plan.

Evaluate Your Credit Card

Category: Finance, Credit.

Having a credit card is very convenient since carrying a lot of cash becomes unnecessary and you might even have a hard time leaving your credit card at home.

Since you can always buy things without carrying cash around, you are always tempted to buy something that you come across. But with its advantages comes also its disadvantages. If you have excellent control on your finances then good for you. Get organized. If you have a hard time managing your credit card, then these pointers can help you. First thing s first, obtain your credit card records to have a better idea of your spending. A good example would be to find out if you have outstanding debts that should not be there as well as the accuracy of the listing of your former and present address.

Be sure to double check the records for errors and ensure its accuracy. Evaluate your credit card. Some credit card companies have promos wherein they offer lower interest rates for a period of time and this promo may already be over yet you have no idea and are already paying at a higher interest rate. Go over your recent credit card records and look at the interest rates. Also take note of the membership fee, which they charge annually since some have very high membership fees. Pay on time.

Consider cancelling this if you are not using it frequently. It is important to pay your bills on time since it can have a negative effect on your credit record or rating. Try asking the credit card company to remove the overdue charge if you have forgotten to pay it on time for the first time. You will also be able to avoid getting charged because of not paying on time. Manage your debts. Devise a way to pay more than what is required of you so that you will have a reduced payment schedule. If you see that you have more debt than what is comfortable, think ahead and plan out how you will repay it or at least reduce your debt.

Prioritise the card that has the highest interest rate. Don t bite more than you can chew. Do not bring your credit card always when you go around since temptations abound. As the saying" don t bite more than you can chew" goes, do not spend more than you can afford. If you are bent to save money when using your credit card, unnecessary items like jewellery and the like should be at the bottom of your considerations. True, a beautiful gold bracelet may be enjoyable to wear but its price tag may mean paying a lot for the next months.

Read more...

Credit Cards - Marian Bremmer about Finance and Credit:

Just about everyone knows what a credit card is. Do you know what a charge card is?

Credit Card Checks - Finance and Credit:

It doesn t take much to handle your credit at the most basic levels. Plenty of people fail at this, however.

For Borrower Who Wants To Avail Loan, Bad Credit Has Always Been A Stigma - Finance and Credit Blog:

Some people don t dare to apply for a personal loan online because the have a bad credit rating.

So, You Ask, How Can You Get That Low Interest Credit Card

Category: Finance, Credit.

Right now, there are a lot of people who are enjoying the freedom of getting and using low interest credit cards.

You know the story, it wasn, at first t much, but now that you have added a lot of credit onto those cards, and frequently use the plastic, the amount you pay each month in interest has become a bill in itself- something that you do not need. Others are struggling, and slowly finding themselves starting to be overcome by the high interest rates on their cards. So, you ask, how can you get that low interest credit card? In fact, you have probably also noticed that the more money you owe- the more credit card applications you receive. You know those ads for more credit cards are always coming in the mail( your email, too) , and truthfully you re more than a little tired of it. Here are some steps you can take to get one of those low interest credit cards.

While getting all of those applications in the mail, it is best that you take a few minutes to carefully read between the lines before applying. Look At The Percentages. The promises may indicate a low introductory rate, often a gimmick used to get you to apply real quick- without reading the small print. Even if you do not have that 0% introductory offer, but the card has, an 8, say% interest level for the life of the card- this latter offer could be the better one. Card companies will give a 0% interest introductory offer, and then it may go sky high after the initial offer is over. Many cards, the so- called cheap credit cards, may offer you a 0% balance transfer, and possibly even a 0% interest for a specified period.

Look At The Conditions. After that period, if you do, though not have it paid off- it may be time to find another cheap credit card to transfer your new balance to. In general, it is true that it takes a good credit rating in order to get one of the low interest credit cards. Lately, some credit card companies have been raising the interest rates on credit cards for rather simple infractions. So, you may need to accept a little higher interest card than what you are hoping for, use it to get better credit, and then look for a low interest credit card after your credit improves. This could include anything from a single late payment, to paying your utility bills a day late.

Know what the top rate of the card may be. This is another matter to look into if you may be prone to make late payments. Look At Smaller Card Companies. But smaller companies, like Discover and American Express, make some really attractive offers in order to draw the new customers. The major cards, like Visa and Master Card, do not have to make such special offers- simply because they are the larger companies. Look At The Rewards. Of course, this type of card only has real value if you can benefit from the rewards.

Other cards, while possibly not being as low as some of the others, may offer you some good rewards. For instance, a card giving you free air miles is useless- if you never fly anywhere. Another option is a card with Cash Rewards program. While it may not lower your interest so much, the rewards could definitely save you in money elsewhere. Usually this is given if you pay off the credit card debt with each month s billing period. Look To Reduce Your Rates.

This is certainly an additional savings- even above the fact that no interest is charged. One thing that could be very helpful in you getting those low interest credit cards might be something real simple. This definitely is worth a try- whether you call them, or just write a letter asking about it. Through surveys, it has been found that about 51% of the people that just asked for lower rates from their current credit card companies got what they wanted.

Read more...

You Spend Money, You Get Rewards - Finance and Credit:

Rewards credit card offers are all over the place. But the gas rewards cards are some of the most popular.

The ANC First Card Will Make Sure That You Are Protected On The Internet And Off - Mildred Campanaro about Finance and Credit:

Credit cards are often sought after by individuals who are looking to transfer large sums of money from a high interest credit card to a lower rate credit card that will in turn save them money.

What Can A Business Credit Card Do For Your Business - Finance and Credit Articles:

What can a business credit card do for your business? This could be the most vital financial tool your business will ever need.

Both Uplines And Also Downlines Are Important In Any Multi- Level Marketing Business

Category: Finance, Credit.

Primarily, before giving consideration to a move into Multi- level marketing as a side vocation you got to notice certain important aspects that will surely reveal if it s a prudent venture or not. Actually, one is as vital as the other in the business for the reason that they need one another to function.

Both uplines and also downlines are important in any Multi- level marketing business. In a casewhereby a distributor who is only recent on the task at hand is made to obtain costly materials or materials offered by the group, there s a need for this newest distributor to be on his guard as this may well be a mark that all will not work it ought to. So you need to ensure to have a well spelt out inventory of fees entailed in the working of any new Multi- level marketing business opportunity, before you commence with advertising it. Sometimes, per month or annual subscription charges, negligible shopping charges and also shipping charges can minify your income rate later. A thriving Multi- level marketing system will surely need a stable stream of Multi- level marketing leads who are fresh- targeted and also prepared to get in on such a business opportunities. As painless as this sounds, it can excellently help you make the very best in Multi- level marketing.

Do not expend any of your well- deserved money on Multi- level marketing training instruments without giving thought to their quality and also their approach. Some fresh Multi- level marketing marketers frequently encounter drawbacks for the reason that they don t receive assistance from uplines. To round up this article, decide your inspirations and also prerequisites to know if initiating the Multi- level marketing system is proper for you or not, before plowing ahead. This assistance is not just about sponsorship for the reason that the very new Multi- level marketing marketer will have to be supervised. It is not wise to commence a business which you don t like for the reason that you will not succeed.

Read more...

The Wired Plastic Prepaid Visa - Finance and Credit Blog:

Most experts suggest college is the best time to create a credit record, and the best way to do that is with a credit card. The answer to this dilemma?

Simply Put, Your Credit Score Is A Measure Of Risk That All Sorts Of Lenders Weigh When They Consider Lending Money To You - Finance and Credit Articles:

The importance of a good credit score when applying for a new credit card is one small part of a very big financial picture for each of us.

Principally A Credit Score Is An Assessment Of An Individual S Eligibility For Credit - Finance and Credit Articles:

Credit is something almost everyone of use will take advantage of at some point in our lives. There are however a great many people that have never had credit and for some this is out of choice and for others it simply a case of never having been old enough to get it!

An Advantage Of Internet Credit Card Registration Is That It Saves You Both Time As Well As Finances

Category: Finance, Credit.

First off, the less you know about credit cards, the very more likely you are to fall into credit card debts. An advantage of Internet credit card registration is that it saves you both time as well as finances.

It s possible to defend yourself against this by being knowledgeable in terms of credit cards. It also ensures you a faster relay of your credit card. Getting a loan from a bank that offers a low interest loan is one technique which is adopted by credit card debtors to pay off their debts on their credit cards, especially when they merge their debts under one credit card with a zero or an equally lower annual percentage rate. Credit card firms that are very good in providing student credit cards utilize the credit card rate or annual credit card rate( APR) , as a check to stop students from exceeding the credit card limit and as a means of encouraging prompt payment of credit card bills. In a bid to avoid being tagged an obsolete or non- serious business, almost all services in America now patronize the process of collecting payment via the use of a credit card. A lot more often than not, they end up in critical credit card debt.

Countless persons who possess credit cards have a purchase till you drop mentality that tends to make them dismiss the truth that their credit card has a limit. Don t be like such individuals. The offers for credit cards are extensive and can be found practically everywhere. You should target the credit card firm that charges the highest interest rate on your debt and get rid of it first before paying attention to the rest of your debts if you are set to say goodbye to them. On the television, newspapers, radio, publications and even online. From all the foregone it s clear that using a credit card isn t a license to spend money unwisely. Consolidating your credit card debts needs to be a step you take only if you have found a brand new credit card firm that offers lower credit card interest rates than your most recent credit card companies.

Regardless of the sense of protection and invincibility which credit cards supply, you should recollect to live within your means and not use up any more than you can afford.

Read more...

No Credit Cards Are Directly Issued By Visa - Finance and Credit Blog:

Visa stands for Visa International Service Association. Each segment focuses on one particular geographical area, providing offers and meeting regulations that vary from region to region.

Nearly Everyone Who Has A Credit Card Has The Goal Of A Higher Line Of Credit - Dianne Celestin about Finance and Credit:

Nearly everyone who has a credit card has the goal of a higher line of credit. Another reason you may want to increase the limit on your credit card is because increasing your limit could raise your credit score, which could make you eligible for better interest rates on future loans.

But, How Many Of Them Repay Their Debts Timely - Finance and Credit:

Have you consolidated your credit card debts, and find that things are still getting worse? The idea is to repay the debt back with simpler interest rates and monthly payments to a single credit card company.

Do Remember That You Re Liable For All Usage Of The Additional Card

Category: Finance, Credit.

Are you considering adding an additional card holder to your credit card account?

But before doing either, take some time to think about the decision first. It s a really easy process- usually just a quick and simple phone call or a few lines to fill in and submit on an online form. Adding another card holder to your account opens you up to a lot of additional responsibility. Please consider these do s and don ts of adding an additional card holder to your credit card account before requesting that extra card. Yes, you ll be completely accountable for any charges or other use of the extra card listed on your account. Do make sure you are adding a person you trust.

And some people are really great at using persuasion to convince you that adding them to your account is the right thing to do. I know this sounds really obvious, but impulse decisions are often easy to make. Don t ever add friends or non- immediate family to your credit card account. Think of it this way- it s all fun and games until the person makes a charge or purchase that you don t approve of. More often than not, doing so will destroy relationships in a blink of an eye. A situation such as this is a completely avoidable conflict. Do remember that you re liable for all usage of the additional card.

It s not worth letting it happen in the first place. It doesn t matter if you approve of the charges or not- by adding an additional card holder to your account, you re also agreeing to take responsibility for any and all of their credit card swipes. Don t add your children unless you re prepared to pay for any unwise purchases. If you do decide to add another card holder, be sure to review the details of your legal liabilities- they should all be there in the fine print to read before you add a new user. Let s face the facts, teaching our kids a thing or two about financial diligence is indeed our responsibility. Again, it s your credit card account and ultimately, you will have to foot the bill. But don t expect young adults with virtually no previous hands- on credit card experience to make the best decisions all of the time.

Do remember there s a reason someone needs you to add them to your account. If the credit card companies won t give them a credit card of their own, that means there s most likely some kind of issue with their creditworthiness. Ask yourself the obvious question before signing anything- why does this person want me to add them as an additional card holder to my credit card? Do you want to be the one to take this risk? The bottom line is simple- be safe by being sure to think through your reasoning thoroughly before adding an additional card holder to any of your accounts.

Another Easy Way To Help Protect From Fraud Is To Always Keep Your Credit Card With You

Category: Finance, Credit.

Along with increased technological advances it seems there are increased ways for the criminal element of society to find ways to take advantage of it for nefarious purposes. Make sure that you investigate the card you choose carefully and get one that offers exceptional security.

The credit card industry is no exception to this rule and that is why it is crucial that you make yourself aware of the security features that are offered on credit cards today. The credit card fraud problem is not just in the United States, it is all over the world and both the issuing companies as well as consumers themselves are looking for ways to protect against it. It is easy to quickly discover any fraud if you are diligent in doing this. One of the simplest ways that you can guard against fraud is to always be sure to go over your credit card statements and check the purchases made. With many companies these days you can check your account online so if you do this regularly like I do you can catch fraud immediately which will enable you to alert your credit card company. One of the biggest fraud methods is the act of phishing which entails sending fraudulent emails in an attempt to get your private information. If you do this it will protect you and help you to get the credit back for the amount that was illegally charged.

This has become a widespread problem for many companies. Another easy way to help protect from fraud is to always keep your credit card with you. Even companies such as eBay and even PayPal are having issues with fraudsters sending fake emails that look legitimate in an attempt to get your information. When you hand a card to someone always be sure that they give it right back to you so that there isn' t a chance for someone to get the information. No matter what, criminals will always be out there looking for an easy way to make money and one of the easiest is to get someone's credit card and use it to buy whatever they want. Always carry your card in a wallet or some other type of cardholder so that there isn' t a chance for it to easily fall out of your pocket. If you ever become suspicious about certain activity on your card contact the issuing company immediately.

Beware Of Home Equity Lines Of Credit

One of the most important ways to achieve and maintain excellent FICO credit scores is to carefully manage your revolving credit.

Credit cards are the most common form of revolving credit. When I say, "revolving credit, " I' m referring to any credit account you have where the monthly payment can vary. Of course, "revolving credit" refers to almost everything in your wallet or purse that's plastic that you can use to buy something. This also includes retail store cards such as Macy's or Target, and gasoline cards. This includes American Express, MasterCard, Discover, or Visa credit cards. The exceptions are check cards and debit cards.

They' re more like plastic checks than anything else. These little dudes may be plastic and have a MasterCard or Visa logo, but they aren' t really credit cards. Debit cards have nothing to do with your credit scores. In my case, my credit scores were lower than they should have been because I was using my personal credit cards for my business. Why your credit reports can show that your credit cards are maxed out when they' re not. An easy fix.

Those were simple to resolve by just paying the small amounts off. I just applied for a corporate card and began using only that card for anything business related. (You should do the same if you have a small business. ) A few small business leases were also reporting as revolving accounts on my personal credit reports. Then, I did a quick analysis of my credit reports. Beware of home equity lines of credit. The only way to really discover if revolving credit is lowering your scores is to do a quick analysis of your revolving credit accounts. (I' ll show you how at the end of this newsletter. ) That's how I found the big culprit that was destroying my credit scores. When I analyzed my credit reports I got a big surprise. This was fooling the FICO scoring model into thinking that I had an enormous amount of credit card debt.

I discovered several of my home equity lines of credit( HELOCs) were being misinterpreted as credit card accounts. But of course, I didn' t. When I was trained by Fair Isaac Corporation, I got a different story. What I learned was that HELOC accounts can look exactly like a credit card account on your credit reports. I was told there are two situations when a HELOC won' t be mistaken as a revolving credit card: When the original amount of the line of credit is more than$ 50, 000. It's bad enough that my HELOCs were being mistaken as credit cards. but to make matters worse. all of my HELOCs were maxed out!

If the account has a narrative attached to it( e. g. , equity line of credit or real estate) Even though Fair Isaac claims the above is true, I didn' t find that to be the case with my HELOCs. When a HELOC is mistaken as a credit card, and it's maxed out, then it looks like you have a high- limit credit card and you' re using all of its available credit- which lowers your credit scores. My HELOCs were lowering my FICO scores, and it was making it more expensive for me to get personal and business credit. Ouch! This HELOC issue was a tough nut to crack. But we couldn' t afford to pay them all off. We were able to pay off a few of the smaller HELOCs.

So we decided to refinance them into home equity installment loans( HEILs) . There are a couple of important differences between a HELOC and a HEIL. What's better- a HELOC or a HEIL? Once you understand the differences you can strategize on what's best for your credit and financial situation. This means you can have variable monthly payments determined by the balance you owe each month. Here are the differences: - A HELOC is a revolving account.

A HELOC also allows you to take some or all of the available credit out as you need it. just like a credit card. - A HEIL is an installment account( just like a car loan or mortgage) . A HEIL lets you take out only a fixed amount in one lump sum. - A HELOC could be mistaken as a credit card account by the FICO scoring model because they report as revolving accounts. This means you' ll have the same payment every month until it's paid in full. However, a HEIL cannot be mistaken as a credit card account because a HEIL appears on your credit reports as an installment account. How to protect yourself against holes in the credit system. Because of the effect HELOCs may have on our credit scores, my wife and I are now committed to always using HEILs to tap equity in our properties even though the interest rates are usually higher. Here's a strategy you can use to insure yourself against the flaws we' ve been talking about in the credit system.

Just don' t use more than 10% of the limit. If you want to tap into your home's equity, apply for the highest HELOC amount you can qualify for. The most essential part of this strategy is your discipline after you' re approved. This way, even if your HELOC is misinterpreted as a credit card, your credit scores can' t be hurt. in fact, it could even help them. If you can keep yourself from going out and buying things with your new line of credit, you can really protect your credit scores. So, a HELOC can be a good thing if your balance is extremely low or nonexistent.

Had I not performed a quick revolving analysis of my credit reports- I never would have known my credit scores were suffering because of a simple credit misinterpretation. My Wake- up Call. Think about all of the things that can lower your FICO scores. late payments. too much credit card debt. too many inquiries, etc. But to lose points for a silly loophole in how HELOCs are reported is just. irritating. These are legitimate and understandable reasons why your scores would go down. It goes to prove what I' ve been teaching for more than 10 years now. having good credit takes more than paying your bills on time.

Way more.