Business Money Finance » Credit

The Best Credit Card Offers To Consider

waycol — Sun, 24 Sep 2006 03:29:18 +0000

Those pre approved credit card offers that you receive in the mail can be simply amazing. Low yearly fees in exchange for opening a credit line in your name make these credit card offers tempting for several reasons.

If you’ve felt the pinch of not enough pennies lately, opening an envelope that guarantees approval of a $5,000 credit limit can seem like a message from the monetary heavens. Another reason they are hard to resist is that with offers that suggest a zero percent interest rate or travel rewards on your spending, it seems as though you are getting something for nothing.

There are always strings attached in every thing in life, and even the best credit card offers are no exception. It’s important to consider a few things before you sign on the dotted line and mail the application back. Ask yourself these questions before you respond:

Repair Or Establish Your Credit With A Secured Credit Card

waycol — Sun, 17 Sep 2006 05:17:56 +0000

A secured credit card is a great way to establish credit history or rebuild credit history if you need to. Even if you have a bad or non-existent credit rating, you are guaranteed to be accepted, and within a year you can establish or begin to noticeably repair your credit. They are not normally the best deals in terms of interest rates, and overall financial effectiveness, but they are a viable alternative for people that can’t get a regular credit card.

When I applied for my first credit card, I was rejected two or three times. I wasn’t really sure why at the time, but the banks alluded to a poor bank credit rating. This mystified me, because as far as I understood I had no credit history whatsoever. I was in my early 20’s and finishing up college, and I had never bounced a check or paid a bill late in my life. Well, not very late at least.

Catch 22
The banks I applied to kept offering me secured credit cards instead, but I resisted them at first. I attempted to get a credit report, but it came back blank, confirming my suspicion that I had no credit history. So, here was my predicament. I had no credit, but I couldn’t establish any credit because I couldn’t get a credit card, because I had not credit. How is that for a catch-22?

Deposits
Secured credit cards all work with the same idea. You give the bank or credit company a deposit, and they give you a credit line which is usually equal to the deposit you gave. The bank is therefore at zero risk because if you fault on your payments they just take it out of your deposit. You, on the other hand, have to give up a chunk of your funds to sit idle with the bank, collecting no interest, and you have to pay a fairly high interest on your balance.

Transition Period
After a period of time (usually about a year) you get your deposit back and are then given a normal, ‘unsecured’ credit line, assuming you were good with your payments. If you had especially horrible credit before hand, or were late on some of your payments, it may take longer than a year to get your deposit back.

Overall, secured credit cards or partially secured credit cards are a kind of last resort, as they are never really a good deal for you. However, they are an excellent way of repairing or establishing credit. A secured Visa card or a secured Mastercard will do wonders for your personal credit rating.

tags: secured credit card

No Credit Card? Apply Now And Start Building Your Credit Rating

waycol — Sun, 17 Sep 2006 05:32:24 +0000

If you have ever tried shopping online, you will know it is impossible to make a purchase with no credit card. You can have all the cash in the world at your disposal, but if you don’t have a credit card, you might as well be broke when it comes to online shopping. Many of the shops that work through the Internet will not even honor cash-on-delivery because there is simply too much risk. Having no credit card means no online shopping.

Anyone who has ever reserved a hotel room knows that cash does not do the trick. You can even go to the hotel in advance and try to put a cash deposit on the room and still come out with no reservation. If you have no credit card, you have very little chance of reserving a hotel room, especially one that is miles and miles from home. The hotel uses the card to insure that payment will be made one way or another. It also helps to make check-out a snap.

Another instance is car rentals. I was in a car accident when I first moved into my own apartment. I had no credit card and I knew no one in the city very well. When I visited the car rental business, I told the representative about my situation. Unfortunately, they could not rent a car to be unless I presented a card. No credit card meant no car rental. They wouldn’t even take a cash deposit because it wouldn’t be enough to cover the cost of the car.

This can be very vexing to many of us who like to do things the old fashioned way from time to time. If you have no credit card, you are often very limited in what you can accomplish, what you can buy and definitely what you can rent. If you have no credit card because of a poor credit rating, there are alternatives you can consider such as a secured credit card or a partially secured credit card.
After a period of time (usually about a year) you get your deposit back and are then given a normal, non secured credit line, assuming you were good with your payments.

tags: no credit card

How To Successfully Apply For A Bad Credit Car Loan

waycol — Sun, 17 Sep 2006 05:52:39 +0000

A bad credit car loan can help anyonw with a less than ideal credit rating to purchase products and services that they would otherwise be un-eligible for.

Getting a bad credit car loan is not as unimaginable as it used to be. There are several banks, financial institutions and even private financiers who specialize in bad credit loans, and you too can access their services if you meet their minimum loan allocation criteria.

If you are looking for bad credit car finance, this is nothing to be ashamed of. In fact it’s quite common. That being said, if it is at all possible to wait until your credit situation improves, you may be in a better position to apply for a regular loan which is less restrictive and a cheaper proposition. However, a bad credit loan can be a convenient and often life saving way to go ahead and get the car despite having a bad credit history. And how exactly do you do so? Well, that is the million dollar question that everyone who wants to go in for a bad credit car loan is asking!

The following are just some of the organizations that specialize in offering bad credit car loans to people who need them. My auto loan finder is a good website that can help you not just know more about bad credit car loans, but also compare the available options to help you make an informed decision. 1800 AUTO YES is another website that offers information and advice on bad credit car loans. Household Auto is also another lender specializing in helping you get a bad credit car loan. These are just a few of the hundreds of available avenues that you can approach to secure a loan and finance the automobile you are seeking to purchase.

Of course, whenever you go in for a car loan, remember that you must be willing to pay the price if you have a less than squeeky clean credit history. After all, bad credit car loans are a high risk for lenders and could come with higher rates of interest, stricter re-payment options and even stringent down payment terms. But as long as you are able to find a terrible credit car loans lender and meet the minimum qualifying criteria , you can get your loan and the car!

tags: bad credit car loan

How To Get A Detailed Truly Free Credit Report Online

waycol — Wed, 20 Sep 2006 04:34:02 +0000

A free credit report online is possible to find, however you need to be aware that the details provided in most so called ‘free’ personal credit reports is always going to be a very limited. If you are just curious as to what your credit score is, these reports will be sufficient for you. However if you want a detailed record of your credit history you are going to have to pay for the service. Most sites that offer a free credit report online also offer a more detailed one that becomes available when you sign up with a paid membership to their site.

Easy Methods To Eliminate Credit Card Debt

waycol — Mon, 31 May 2010 22:01:02 +0000

It’s a fundamental financial truth that one of the best things you can do for your personal finances is to eliminate credit card debt. It is very simple to actually get into the debt trap, but getting out is a little more complicated. While it is complicated, it is certainly not impossible to eliminate credit card debt, especially with some assistance.