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.
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MORE RESOURCES:
 Sabah | Consumer credit rose $14.33 bln in June Reuters - WASHINGTON (Reuters) - US consumer credit expanded at the fastest rate in seven months in June as Americans turned to credit cards and consumer loans to ... US consumer credit rose at double the pace forecast in June Consumers release their credit cards from musty wallets US consumer credit rises at fastest pace in seven months |
Credit Crunch Videos Sky News, UK - Equity, bond, and money markets were reluctant to accept that this was going to be a global banking problem, leading to a massive credit crisis. ... Credit crunch: One year on Many happy returns, credit crunch The Great Panic |
 CTV.ca | US Government charges 11 in massive credit card fraud case Heise Online, Germany - The US government has charged 11 people with stealing tens of millions of credit and debit card details as part of an operation that targeted numerous ... Video: Feds Charge 11 in Massive Retail Hacking Case 11 charged for stealing 40 mn US credit card numbers Credit protection |
 Washington Post | Here comes the credit crackdown Independent, UK - One year into the credit crisis, regulators are hard at work on new laws they hope will prevent history repeating itself. Leading investment banks fear a ... Industry group to address credit risk UPDATE 2-US bank group says new products helped fuel crisis Wall Street group issues recommendations for market reform |
 Reuters | Fannie Mae expects smaller credit losses in 2009 Reuters - N: Quote, Profile, Research, Stock Buzz) will continue to see high credit losses in 2009 but such losses should be lower than this year, the company chief ... UPDATE 2-Credit Suisse auction-rate debt suit may start frenzy Credit crunch cripples European insurers' profits Credit Suisse auction-rate debt suit may start frenzy |
Credit Suisse sued over auction-rate securities Swissinfo, Switzerland - The Credit Suisse bank has been sued in the United States over dubious auction-rate securities trading involving $450 million (SFr481 million). ... STMicro sues Credit Suisse over auction-rate debt UPDATE 1-STMicro sues Credit Suisse over auction-rate debt |
 iBerkshires.com | US June consumer credit rises by $14.3 bln, 6.7 pct annual growth rate Forbes, NY - Total consumer credit expanded $14.3 bln after an upwardly-revised $8.1 bln expansion in May. June's increase was well above the $6.4 bln of additional ... Credit-card Companies Making It Harder To Say 'charge It' Reform credit card industry ECONOMIC REPORT Consumer credit jumps at fastest rate in 7 months |
 Seattle Post Intelligencer | Vigilance necessary to protect credit cards Chicago Tribune, United States - On Wednesday came the news that 1500 people who purchased tickets from Alaska Airlines or Horizon Air have had their credit card information misused by an ... Alaska Airlines, Horizon Air warn passengers of credit card scam Alaska Air says customers' credit cards misused Alaska Airlines, Horizon Air warn of possible credit card abuse |
Fitch Revises MGM MIRAGE Outlook to Negative MarketWatch - MGM and joint venture (JV) partner Dubai World plan to secure a $3 billion credit facility to fund a portion of the remaining $5 billion left to be spent on ... Fitch Revises Tesoro's Outlook to Negative; Affirms IDR at 'BB+' |
Bank Loans: Handle With Care Money Management Letter, NY - However, how that leverage is financed by the manager is important to consider in this credit environment. Bank loan investing suits large public funds and ... SMA Sought For Ashland Credit |
SuperCharged Secret 1 of 5 - Credit Card Utopia
I AM THE CONSUMER. AND I HAVE LOW-RATE SUPER-POWERS!Note: The following is part 1 of a 5 part series.
Taking Control of Your Credit History
Your credit history is important; in fact, in this day and age, only family and your time are more important than your credit history! The first time you established a payment commitment over a period of time for a purchase, you began your history of credit, and the credit bureau created your account. Payments such as the electric company, a rental agreement, a cell phone, a car payment or a low-rate credit card which you also have a responsibility to repay are not reported to the credit bureaus as a part of your credit history.
Do you Know the Benefits of Checking your Credit Report?
Do you know why you should check your credit report?Of course you do, because you have undoubtedly experienced one working in your life!No matter where you roam, your credit report follows you through life, updating all aspects of your life: your employment, where you live, your opened credit accounts, your closed accounts, your payment history, and even public records on you.In this country, a good credit history brings you benefits of all kinds--a home mortgage, an apartment lease, an auto loan, or even more credit--with ease.
How Healthy Is Your Credit
There's only one way to discover the "health" of your credit. You need to examine your credit report.
Credit Cards - A Blessing or a Curse?
Owning a credit card can be quite an advantage. Whether making online purchases, booking an air ticket or a hotel room on the phone or simply being in need of some emergency cash, having a credit card can be a big help.
Credit and Banking Money Saving Services
The first rule when applying for banking and credit services is to always read the fine print and to understand all of it. Read up, take it home, and analyze it, ask the banking manager questions.
Harassment of People in Debt by Creditors
HarassmentHarassment of people in debt by creditors or their agents is a criminal offence under the Administration of Justice Act 1970. It is often difficult to know what to do when you feel a creditor is not dealing with your account fairly.
Small Business Credit Cards
So what do you look for when applying for a credit card for your small business? One thing is for sure, wasting money isn't an option because it can make or break your business. Things to look for are low interest rates and good customer service.
UPS Delivers the Goods, Your Identity
Well now we add CitiGroup and UPS to the Identity Theft corporations who have allowed Americans identity to be lost. Each time we have another identity theft case, we find larger and large numbers being lost.
Credit Card Entrapment - The Secrets are Out
Have you ever wondered why your credit card bill is so high and you can't seem to pay off the balance? Well you are not alone in this. You should be aware of a couple of trick that they use and you probably don't even pay attention to it, but you definitely pay for it and BIG!The next time you open up your credit card statement, take a real close look to all the "junk" inside particularly the very hard to read insert Call "changes to you credit card agreement".
Identity Theft - How to Protect Yourself
"Like the tan? I got tons of sun on that Caribbean cruise. First class tickets to Florida and back! Nope, not an airline upgrade.
Credit Cards: How To Use Them
Credit cards can be a very quick way of getting into even more debt if you do not know how to use them properly. UK debt is now at an all time high and, excluding mortgages, Credit Cards are one of the main contributors.
How To Repair Your Credit Report
A credit report is run on a buyer when he or she needs to buy something that will take a long-term loan, such as an automobile or a house. The credit report can come from one of three agencies - Equifax, Experian, and Trans Union.
What Does Your Credit Score Tell You?
When you apply for a loan or a mortgage, the first thing the lender does is to check your credit score. Based on your credit score, the lender decides the amount of finance you are eligible for and the interest rate at which you will be charged.
Credit Card Balance Transfers Explained
What is a balance transfer ? A balance transfer can be explained simply as a balance transfer! When a balance is transferred usually from a credit card, but possible from a bank account or loan to a credit card with a offer interest rate (usually 0%) for a set period. It does not have to be the entire amount.
Free Credit Report - Really
2005 marks the year that consumers will be able to get a free credit report each year. The roll out of the Fair and Accurate Credit Transaction Act signed into law by President Bush actually began last December 1.
Types of Credit Cards
There are a whole variety of different types of credit cards available which can make choosing the right one a very confusing experience. In order to help you decide, listed below is a useful breakdown of the various types of credit cards available.
Identity Theft Exploding: Here's How You Can Avoid Becoming A Victim
Americans are more concerned about identity theft than unemployment or corporate fraud, according to a survey of 2,000 people conducted by Star Systems.Nine out of ten Americans demand new federal legislation, while two-thirds say the financial services industry needs to do a better job of verifying the identity of customers who open bank accounts (66 percent) and credit card accounts (72 percent).
Ten Steps To Building A Good Credit History
Are you thinking of buying a house? Do you want to buy a new car to replace that old wreck? Trying to get insurance on you home, auto, or life? In each of these situations, what's on your credit report will determine if you can get a loan or insurance and what rates you'll have to pay.If you're trying to build or repair your credit history, you have a daunting but not impossible task in front of you.
Like It Or Not, You Have A Score To Settle!
Like It Or Not, You Have A Score To Settle! (Part 1 of 2 on Credit Scoring)Just when most people finish with school and can stop worrying about test scores, there's a new kind of scoring that enters the picture. It's called credit scoring.