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How To Survive In A Plastic World, Qualifying For Credit Card
Let's face it, having credit is no longer a choice. "Don't leave home without it" is more like "can't buy a home without it." Your credit now determines the neighborhood you live in, the kind of car you drive and, sometimes, even whether or not you get a particular job. Credit cards are great financial tools and the convenience they provide is beyond question They are easier to carry than cash and offer valuable consumer protection under federal law. Establishing A Good Credit History Suppose you haven't financed a car loan, a computer or some other major purchase. How do you begin to establish credit? First, consider applying for a credit card issued by a local store and use it responsibly. Ask if they report to a credit bureau, most major department stores do. If they do and if you pay your bills on time you'll establish a good credit history. Second, consider a secured credit card. A secured credit card requires that you open and maintain a bank account or other asset account at a financial institution as security for your line of credit. Your line of credit will be a percentage of your deposit, typically from 50 to 100 percent. Credit card application and processing fees are not uncommon for secured credit cards. In addition, secured credit cards usually carry higher interest rates than traditional no secured credit cards. What To Do When You Are Denied A Credit Card If you're turned down for a credit card, it is important that you ask why. It may be that you haven't been at our current address or job long enough, or that your income doesn't meet the issuer's criteria. As you'll discover, different credit cards companies have different standards. But, if you are turned down by several companies, that may indicate that you are not ready for a credit card. On the other hand, if you've been denied a credit card because of information supplied by a credit bureau, federal law requires the creditor to give you the name, address and telephone number of the bureau that supplied the information. If you contact that credit bureau within 60 days of receiving the denial, you are entitled to a free copy of your report. It is extremely important that you dispute any inaccuracy with the credit bureau, but also with the company that furnished the information to the credit bureau. No one is going to make corrections on your behalf. "Credi-quette" --The Miss Manners Guide To Proper Credit Card Handling Once you get a card in the mail, sign it immediately so no one else can use it. Note that the accompanying papers have important information, such as customer service telephone numbers in case you have questions or your card is lost or stolen. File this information in a safe place ? one that is easy for you to access. Call the card issuer to activate the card. Most cards come with stickers affixed that give you a telephone number to call. Many issuers require this step to minimize fraud and to give you additional information. Keep your account information to yourself. Never give out a credit card number or expiration date over the phone unless you know who you're dealing with. A criminal can use this information to steal money from you, or even assume your credit identity. Keep copies of sales slips and compare charges when your bill arrives. Promptly report in writing any questionable charges to the card issuer. Don't lend your card to anyone, even a friend. Your credit privileges and history are too precious to risk. Credit Card Land Mines ? Watch Your Step! While a credit card makes it easy to buy something now and pay for it later, you can lose track of how much you've spent by the time the bill arrives if you're not careful. And if you don't pay your bill in full, you'll probably have to pay finance charges on the unpaid balance. What's more if you continue to charge while carrying an outstanding balance , your debt can snowball. Before you know it, your minimum payment is only covering the interest. If you start having trouble repaying the debt, you could tarnish your credit report. And that can have a sizable impact on your life. When a negative report makes it more difficult to finance a car or home, get insurance or even get a job, it can be frustrating, embarrassing and downright painful. Copyright © Credit and You | All Rights Reserved | To find out additional rights you have as a credit card user, how to get your first credit card, easy steps anyone can take to repair there credit report, the different types of credit cards accounts, and how to find out if your getting the best credit card deal visit http://www.creditandyou.com/creditcards.html it's a free information website!
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Getting a credit card with low interest rates will save a borrower significant sums, usually much more than the annual fee. Plus, once good credit is established, the annual fee may later be waived. Another interest rate will usually apply, as well ? the rate for cash advances. Cash advances are usually limited to a couple hundred dollars, but credit card companies often insist that when paying back the balance, the credit portion must be paid back first, then the portion that the cash advance applies to. So if you are going to keep a balance on your credit card, be aware that cash advance interest rates are higher than the regular interest rates. Cash advances can be incredibly helpful in emergencies, though, when a credit card cannot be used.Visa and MasterCard are by far the most commonly accepted credit cards, so less commonly used cards such as American Express and Discover often offer special rates for new customers. 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Can Credit Search Entries Affect Your Ability to get Approved for a New Loan in the UK? About Search Entries: Do you Know the Benefits of Checking your Credit Report? Do you know why you should check your credit report? Good Credit Is Not A Good Reason To Borrow More Money After Youve Achieved Financial Freedom The most important thing for you to remember is that the only way you'll ever be able to achieve financial freedom is if you are able to avoid getting back into debt once you've paid off everything that you owe. It seems like a lot of the different websites that give advice regarding bad credit are not looking at this the right way. Sometimes it almost sounds like the only reason you want to pay off your debts and improve your credit is so that you can borrow more money! All About Balance Transfers What is a balance transfer? Are you paying higher interest on your credit cards than you think? Many credit card holders sign up for a credit account with an 8.9% interest rate and then later realize that their interest rate has been bumped to 27.4%. Why? Is Your Credit Score Being Held Against You? Credit Scores That Hurt Avoiding ID Theft and Credit Fraud Article excerpted from the new book, "How to Do Space Age Work with a Stone Age Brain" TM copyright 2004, all rights reserved, by Eve Abbott, the Organizer Extraordinaire
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