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Credit Cards: What You Need To Know

Studies have shown that people generally maintain a business relationship with their first card issuer for 15 years, which is why creditors want to get customers when they are young. The relationship lasts so long because the young consumer doesn’t know how to find better deals.

Many people are suggesting that credit card companies are aggressively trying to get students hooked on credit by luring them with T-shirts and other freebies when they apply for cards. This guide is designed to give you the facts you need to be a wise consumer and the tools to use credit to your

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December 1st, 2009 | Tags: , , , , , , , , , , | Category: APR, AmericanExpress, Bankruptcy, Cash Advance, Credit, Credit Cards, Credit Counseling, Credit Counseling Organizations, Credit History, Credit Rating, Credit Related, Credit Report, Credit Score, DMP, Debt, Debt Consolidation, Debt Counseling, Debt Management Plans, Free Credit Score, Improving Your Credit, Interest, MasterCard, No Credit?, Paying Off Credit Cards, Personal Bankruptcy, Uncategorized, Visa

Improve Your Credit Rating

As surprising as this may sound, the vast majority of consumers don’t know what their credit score is. That fact is almost as bad as not knowing what your blood pressure is, because by the same token, by the time you discover that it is not where it should be, it is frequently too late to avoid the detrimental or adverse effects of a poor credit score, or high blood pressure.

Sometimes, credit scores go by the name of FICO scores. Approximately ten percent of your FICO score pertains to a detailed analysis of the number and types of accounts

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July 24th, 2009 | Category: APR, AmericanExpress, Credit History, Credit Related, Credit Report, Credit Score, Improving Your Credit, MasterCard, Paying Off Credit Cards, Visa

6 Ways to Improve Your Credit Score

Keep your balance low in relation to your available creditKeeping your credit balance to 25% or below your available credit is a good general rule. But, don’t open credit accounts you don’t intend to use just to increase this ratio.

Pay your bills on timeLate payments make a huge (negative) impact on your score. If you have missed payments, get current and stay current.

Make more than the minimum paymentIf you make only the minimum payment on your credit card each month, it may take longer than you think to pay off your balance. For instance, say you have a

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July 22nd, 2009 | Category: APR, Credit, Credit Cards, Credit History, Credit Related, Debt, Debt Management Plans, Improving Your Credit, Interest, MasterCard, Paying Off Credit Cards, Visa

7 Common Mistakes That Can Lower Your Credit Score

Paying bills lateOne of the biggest factors in determining your credit score is your past payment history. While one or two late payments on your credit cards, loans, or other important obligations over a long period of time may not significantly damage your credit record, making a habit (or mistake) of it can count against you.

Not paying the minimum amount requiredI f you don’t pay at least the minimum amount due, your creditors will eventually report your account as past due, which can damage your score. Additionally, paying less than the minimum can result in late fees and additional

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July 22nd, 2009 | Category: APR, AmericanExpress, Credit, Credit Cards, Credit History, Credit Related, Credit Report, Credit Score, CreditWorthiness, Do NOTs, Improving Your Credit, MasterCard, Paying Off Credit Cards, Visa

Credit Card Terminology

Understanding the language of credit cards will help you make informed decisions when choosing one. Below is a list of some of the most commonly used credit card terms.

Annual FeeThe once-a-year cost of owning a credit card. Some credit card providers offer cards with no annual fees. The annual fee is part of the total cost of credit.

Annual Percentage Rate (APR)The yearly interest rate charged on outstanding credit card balances.

BalanceAn amount of money. In personal banking, balance refers to the amount of money in a savings or checking account. In credit, balance refers to an amount of money owed.

Credit BureauA

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July 22nd, 2009 | Category: APR, AmericanExpress, Cash Advance, Credit, Credit Cards, Credit History, Credit Related, Credit Report, Credit Score, Interest, MasterCard, Paying Off Credit Cards, Visa