Credit Card Accounts

Auto Loan financing

2009-08-04T16:18:00.000-07:00

Buying a car in these difficult times can be a challenge. Even more so if like a lot of people your current credit history is a little scary. Previous problems with auto loans can and do limit the options for getting any new financing deals.

Not often is there any simple solution available.

You need a car to get to work.
You need a job to get a car loan to pay for the Loan.
You need a job to get a loan.

Remove one of these steps and it all collapses like a pack of cards. Loan brokers that specialize in selling cars to people with a bad credit history are a godsend. Borrowing money on zero-down deposit car financing is one of the best ways to restore your previous excellent credit history.

With the current economic situation not improving any time soon, having a solution to that restores credit history while providing a much needed car is fantastic.

Online Credit Repair Solution

2008-06-04T14:39:00.000-07:00

Having recent problems with my credit card payments and my credit rating due to the increased interest rates, I have been searching online for a credit repair solution.
Several Websites had articles describing supposed "easy" methods of credit repair. Some offered various methods of re-aging or consolidation of my credit commitments. None however offered any real or workable credit repair solution.
Needing a reliable method to repair credit was essential to my continued use of my credit cards. I continued to look for a credit repair solution to restore my previous good credit rating.

I was therefore excited to find a really informative website that offers a valid and workable credit repair service.
www.RepairMyCreditNow.com offers practical and honest advice to restore my previously clean credit.
Reading the information on the website, including the glowing testimonials from their previous clients, convinced me to sign up for their credit repair service.
The main method they use is to contact all the credit reporting agencies to ensure that the information they use to determine your credit rating is correct and current.
I can not be happier now that my previous excellent credit rating has been restored thanks to the credit repair service offered by www.RepairMyCreditNow.com

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2008-05-16T12:34:00.001-07:00

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Credit Repair: The Past Due Credit Card Cure

2008-05-16T00:43:00.000-07:00

by Jim Kemish

The Ultimate Credit Card Cure

Do you have a past due credit card that is hurting your credit scores? Would you like the creditor to make it current, and even eliminate your entire record of late payments? It can be done. Credit repair expert Jim Kemish explains a neat little trick that may be as easy as picking up the phone.

An Overview of Re-Aging

Credit card issuers have the ability to bring your account current and wipe out your entire record of late payments using a procedure called “re-aging”. Re-aging, if managed properly, can be a fantastic credit repair tool. The re-aging guidelines were set by the Federal Financial Institutions Examination Council (FFIEC) in June of 2000 for the purpose of helping “borrowers overcome temporary financial difficulties, such as loss of job, medical emergency, or change in family circumstances like loss of a family member”.

The Policy Background
The FFIEC is a formal interagency body empowered by the Board of Governors of the Federal Reserve System, The Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, and others, to prescribe principles and standards in the supervision of financial institutions. The re-aging guidelines are observed by all credit card issuers with the understanding that they can take a more “conservative” stance at their discretion. Credit Unions did not opt to adopt this policy, but if you have a credit card with a credit union it does not hurt to ask if they have a re-aging policy.

Some Plain English
It sounds great so far! But how does it work? Re-aging is defined as “returning a delinquent, open-end account to current status without collecting the total amount of principle, interest, and fees that are contractually due”. And it means what it says. If you meet certain, very reasonable, guidelines your credit card issuer will wipe out your bad credit. What are those guidelines?

Nuts and Bolts
There are a few basic rules. The account has to have existed for at least 9 months, you have to offer to make three on-time payments or an equivalent lump sum payment before the re-aging will be finalized, you cannot re-age an account more than one time in any 12 month period and no more than 2 times in any 5 year period. Working on credit repair? Please note that there is no limit on the number of accounts that you can re-age. But I suggest you complete one effort first to get comfortable.

Your Part of the Deal
Just so you understand, this process is designed for cardholders that have a renewed willingness and ability to make payments in a timely manner. Like any credit repair effort there is no point if you fall behind again. It is also designed for cardholders that have experienced a financial hardship. Remember the list of hardships that constitute acceptable causes of past financial problems: loss of job, medical emergency, and change in family circumstances like loss of a family member. There may be other equally acceptable events. But since the re-aging process is taken seriously you should not expect that your request be honored if you say that you just didn’t want to pay your bills!

Getting Started
Are you ready to get started? Call the credit card issuer and ask them to explain their re-aging policy. Some issuers use the term, “curing”. If the person on the phone does not know what you are talking about you should ask for a supervisor. You will want to organize your thoughts in advance. Remember that you need to communicate the reasons for your past delinquency and your renewed willingness and ability to pay on time from now on.

The Deal
Re-aging deals can differ from one issuer to the next. You will want to make sure that all derogatory information will be deleted from your account. It is also a good idea to get the details in writing. Anyone who has made a credit repair effort knows that verbal agreements with creditors have a pretty poor record of success. If they won’t put it in writing, at least take careful notes including the name and direct phone number of the person that you are speaking with.

A Caution
Removing derogatory information from your credit is a great thing. It is the goal of every credit repair effort. But it is important to keep your FICO score in mind as well. If the issuer resets the opening date on your account when they remove your derogatory information you may lose points, depending on the number and age of other accounts on your report. Ask the issuers specifically if they will reset the open date. Some do and some don’t. If they will, you’ll want to consider the impact on your scores. FICO loves old accounts. If you have plenty of accounts with many years of history there is no problem. But if your credit is young and limited resetting an older account could be a set back, at least temporarily.

Copyright © 2007 James W. Kemish. All Content. All Rights Reserved.

Jim Kemish, a well known credit repair expert and consumer advocate, is the president of Sky Blue Credit, a leading credit repair service since 1989. Jim is also the president of Power Mortgage, a Florida mortgage company.

Article Source: www.articlesite.info

Credit Card Holders, Beware!

2008-05-16T00:25:00.001-07:00

by Bradlley Mckoy

No modern man should be caught dead without a credit card, but credit card holders beware. There are more disadvantages to owning that strip of plastic than living without it because once you've missed a credit card payment, you're done in. Here's how to avoid the trap of getting the reverse Midas touch.

Pay Or Borrow As You Go?
The lure of credit cards is irresistible. You have the purchasing power in sticky situations - paying an emergency bill or renting a car. You can have your card swiped anywhere and anytime. Credit card holders also have the edge of making purchases with companies that only accept credit card payments.

With a credit card, you can go anywhere in the globe and have dinner or cocktails in a ritzy resto-bar without having to worry about paying in exact denomination. But this privilege is not without responsibilities.

Credit card holders should be aware that their credit cards should not create debt, but pave the way for them to have good credit. If you are mulling the idea of getting multiple credit cards, think twice before submitting yourself to a life of delayed payment fees, surcharges, and transaction fees for the singular irresponsible act of paying your credit card purchases late.

Late payments automatically accrue interest that creates insurmountable debt and bang goes your credit worthiness. When it comes to credit cards, it's a matter of self-restraint and responsibility because not everybody can manage their credit card debts well. Others fare better in pay as you go, rather than swipe their credit cards anytime they please.

Choose a Credit Card Wisely
Ordinarily, when you go shopping for a new pair of shoes, you look for style, comfort, and affordability. It is the same with credit cards. You have the option to choose a credit card that is suited to your needs.

Take the time to compare credit card offers. Watch out for those low or teaser interest rates during the honeymoon period before the axe falls. For teaser rates, it takes about six months before reality sets in. Also, compare the annual rates that may eat any savings you could have otherwise enjoyed from the low rates at the start.

Seasoned credit card holders know that there are cards that have the same rates, but one will have no annual fee. So fine-tune your search for a credit card that will not charge you steep fines and surprise you with hidden fees.

To enjoy the privileges offered to credit card holders, pay your dues on time, and eventually, you can request to lower your Annual Percentage Rate or APR, enjoy the rewards, and other deals that may crop up. Find out, too, if the credit card company charges a variable or fixed rate.

If You Are Not Careful
Here's the scenario if you take your credit cards lightly. You'll be overwhelmed with the interest rates that'll be the stuff of your nightmares. Consider this - the credit card companies can change the rules anytime they feel the urge. They can just raise your interest rate any time you are late in paying your bills. The credit card companies charges punitive interest as much as 30% for $100 you have neglected to pay.

Before you get a credit card, know how credit card holders cope with identity theft or stolen credit cards.

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Article Source: www.articlesite.info

2008-05-16T00:19:00.001-07:00

A Credit Card Guide For Students by Tom Tessin

When you apply for a credit card for the first time, there are probably a lot of things you’re not familiar with and even though you’re probably in a boat with a million other students, there are things you need to know when you use your credit card for the first time. Even if you haven’t applied for a credit card for the first time, there are a few things you need to look out for.

The APR
The APR or otherwise known as the annual percentage rate is the rate that’s going to applied to your unpaid balance. Every time you don’t pay off your bill in full, you’re going to be charged this rate. This is why I can’t stress enough that you pay your bill off in full. You can’t treat your credit card like a piece of plastic that’s like free money. If you have this mindset, I would highly advise you stay away.

The annual fee

With most first time credit cards, you’ll find that most of them don’t have an annual fee but it is something you’re going to want to look out for. An annual fee is a fee that the credit card companies are going to charge you regardless of how much you use the card. This fee can range anywhere from a dollar and on. There are so many cards on the market; I would recommend you get a card that doesn’t have an annual fee.

Intro Rates / Balance Transfers

Sometimes when you look for a credit card for the first time, you may find that they are offering a teaser rate. Let’s say for example, that you’re looking at a cash back credit card. Some companies may offer the double cash back for the first thirty days. Some people would glance right over this thirty day period and think that they are getting this rate for the length of this card. Make sure that you know exactly what rates you’re getting for the life of the card.

The rewards

I think the rewards are one of the most important parts of the card that you can really capitalize on. One of the main reasons people get credit cards are just for the rewards. You’re going to have to remember that if you don’t pay your bill off in full, you’re not going to be able to take advantage of the rewards. Rewards out there range anywhere from cash back to a point based system. This all depends on what you want.

These topics that I just mentioned are the main points that you’re going to want to know about when it comes down to your credit card. An easy way to see what your card offers is to either look at the terms and conditions the card carrier gives you or to check the card information online. As long as you as know what your card is about and you’re responsible, you shouldn’t have troubles with your credit card.

Find credit cards for students and more of Tom's work at FINDcollegecards

Article Source: www.articlesite.info

Taking Advantage Of 0% Balance Transfer Credit Card Offers

2008-05-16T00:11:00.000-07:00

Taking Advantage Of 0% Balance Transfer Credit Card Offers by
Jay mayweather

If currently carry a balance on your credit cards, chances are you are spending hundreds, if not thousands of dollars a year on interest. How much money you waste every year will vary based on how much credit card debt you have, but, according to studies, the average American household carries approximately $8000 in credit card debt. At a modest interest rate of 12%, this would translate into $960 a year in interest expenses. If the interest rate is higher, say 16%, carrying a balance on your credit card could be costing you over $1200 a year in interest!

0% APR balance transfers provide an excellent solution to consumers who carry debt. With one of these offers, you can enjoy an entire year without interest to help you pay down your current debt and prevent compounding interest from moving your credit card balances into the stratosphere. Here we will discuss the benefits of 0% balance transfers.

The best type of 0% offers are for no fee balance transfers. Buried in the fine print of nearly all credit card applications is the balance transfer fee. This nuisance fee applies to 3% of all balances transferred. Over the past year, balance transfer fees have risen quite a bit. Generally, the maximum dollar amount does not exceed $75-$99 per transaction. However, a few sneaky companies have put no limit on fees.

Fortunately, with a no fee balance transfer, you can avoid these fees. In some instances, the fee to transfer a balance can add up to $100 or $200 on an $8000 balance transfer, depending on how many different cards you need to transfer balances from.

Because there are a limited number of no fee balance transfer credit cards on the market, the next best option for balance transfers is to find a credit card that offers a 0% APR on purchases and balance transfers for 1 year. While the number of these offers is becoming somewhat limited, finding a credit card that offers 0 APR balance transfers as well as a 0 APR on purchases is easier than finding a no fee balance transfer credit card.

To select the best balance transfer credit card, begin by looking at the dollar cap on fees for each transaction. This can be especially helpful if you are simply transferring a balance from one credit card. For example, if you have an $8000 balance on a single card, your maximum balance transfer fee will be $75 to $99, or around 1% of the transaction.

The effect of balance transfer fees grows when you have many small balances on multiple cards, as each card you transfer will be counted as a single transaction with a 3% fee. For example, if you have one credit card with a $2000 balance, two credit cards with a $1000 balance and a third credit card with a $4000 balance, your total balance transfer fee will be $195 or 2.4% of the balance.

Even though paying a balance transfer fee isn't the most pleasant of experiences, the savings you can reap with 0 balance transfers more than offsets this annoying fee. For example, if you are transferring $8000 from a single credit card with a 15% interest rate, your total interest savings, including fees, will be close to $1100. Now, even if you have to transfer balances from multiple credit cards, and thus pay multiple fees, you will still be saving over $1000 on interest. Plus, this doesn't even take into account the amount of money you will save with your 0% interest rate on purchases.

Aside from 0 balance transfers, there is one last type of balance transfer offer. This is the fixed APR balance transfer. For some people, it may be worthwhile to use 0 balance transfers for a number of years, transferring your debt from one company to another until the balance is repaid. However, there is always the chance you may not get approved for a 0% rate in the future. If you would prefer to avoid this risk, a fixed APR balance transfer may be right for you.

With a fixed APR balance transfer, you pay a set rate until your balance is repaid in full. For example, a typical fixed APR balance transfer offer will provide a 5.99% interest rate for life. A few credit cards offer no fee fixed APR balance transfers, but the majority do not. Thus, if you opt for a fixed APR balance transfer over a 0 APR balance transfer, your interest rate in the first year will be closer to 8.99% with fees. However, if you know it will take you many years to repay your balance, the long term rate of 5.99% can provide great savings and the security of knowing your interest rate won't be going through the roof anytime soon.

Overall, the best option for consumers looking to lower their credit card interest rates is a 0 APR no fee balance transfer. However, since these offers are difficult to come by, the next best option is to find a credit card that offers 0 APR balance transfers and a 0 APR on purchases as well. Lastly, consumers looking to pay down their debt over the long term may want to consider a fixed APR balance transfer. However, as with any type of credit card, always look for one with low or no balance transfer fees.

This article was written by Jay Mayweather for Smartcreditchoices.com,, who offers 0% APR balance transfers and no fee balance transfers and compare current 0% APR credit card offers from every major card issuer.

Article Source: www.articlesite.info