Category Archives: Good Credit Credit Card

Credit Card Debt Negotiation

Credit card debt is really a menace and a lot of people are facing it around the globe. Credit card debt consolidation and bank loans are well known as ways of reducing and eliminating credit card debt. In all this confusion, credit card debt negotiation almost gets forgotten.

Well, credit card debt negotiation starts right from your credit accounts where you have the most hard-hitting credit card debt. This means credit card debt negotiation has to be taken up with your current credit providers. Before you misinterpret it, let me clarify that we are not talking about chucking off a portion of your debt through credit card debt negotiation. We are talking primarily about using credit card debt negotiations for getting the APR on your current credit cards reduced to some lower figure. So, credit card debt negotiation is about talking to your current credit card suppliers for informing them about your intention to clear off your credit card debt and using your skills (credit card debt negotiation skills) to agree a lower APR rate with them. Basically, credit card debt negotiation is about asking your current credit card suppliers for help/assistance in clearing off your credit card debt. If credit card debt negotiation is successful, it will save you not only money (due to reduction in APR) but also the hassle that is associated with looking for a new credit card (to transfer balance).

However, if the credit card debt negotiation, with your current credit card supplier, doesn’t yield the desired results, you will have to look for other credit suppliers who can help you in consolidating your debt. Again, you will need your negotiation skills (rather credit card debt negotiation skills) to get a good deal from them. If your credit card debt negotiations work out well, you might be able to get a really low standard APR or you might get a longer term on 0% APR (or you might get both). These are really the most important things and your credit card debt negotiations should concentrate more on these than anything else. The other thing to include on your credit card debt negotiation would be the credit limit and other benefits. Here, you are basically trying out the possibility of getting a better credit card as part of your credit card debt negotiation. For people with really bad credit rating, getting an unsecured bank loan or getting another credit card (for balance transfer) is really difficult. For them, getting an unsecured bank loan or credit card is what you would term as credit card debt negotiation.

So, don’t hesitate in going for credit card debt negotiation. It is surely an option available for all.

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How to Build Credit With No Credit Score

developing Credit without Credit History

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Whether you are a new person applying for credit the very first time, or you just have not used credit in sometime, when you eventually do need credit it could be an irritating process. You want a credit history to build credit, but no body will accept you for new credit without a credit history — a chicken while the egg situation. That knows how these rules had become, but we’ll explain to you how-to assist all of them.

DON’TS to Avoid When Building Your Credit

DON’T apply for brand-new charge cards, also bank cards wanted to you at retail stores. If one or more creditor has actually decided that you aren’t creditworthy, odds are the remainder of the lenders will decline you also. And every time you send out in a application, your credit score falls slightly.

DON’T bother getting that loan with a co-signer just for the sake of building your credit. Ahead of the recession, this was a favorite tactic that the majority of people made use of and that worked relatively really. But these days, creditors are more contemplating you demonstrating that you are accountable together with your cash, not just your parents or your good friends. Therefore getting a co-signed loan or becoming included as an authorized user on someone else’s charge card will do-little to absolutely nothing to build your credit up.

Submit an application for a Secured Bank Card

Secured cards are great simply because they prevent you from engaging in difficulty with debt since you supply the money up front. Then, whenever you sue the card, you will be really depleting cash you’ve already deposited in advance. Plus, your card activity is generally reported towards three credit bureaus, assisting you raise up your credit history and develop credit history on your own credit history.

If your wanting to select a secured card, keep these tips in mind:

1. be sure that the game is in fact reported towards the credit bureaus. Most, however all secured cards, repeat this.
2. Create your repayments punctually! The simplest way to destroy your credit would be to make belated repayments.
3. never max your card away. Make an effort to maintain your credit utilization at 30percent to get the best results and take into account that your total credit limit will probably be relatively small.
4. Choose a card with low costs. Some cost absurd fees that just are not worth it.
5. have patience and persistent. It does take half a year to annually to develop your credit rating, therefore expect you’ll wait some time before you apply for a conventional charge card or financing.

One secured card that does report to the credit bureaus, charges relatively low fees, and consistently get reviews that are positive from actual account holders may be the Orchard Bank secured card.

Sadly, it’s really easy to destroy your credit with a few bad choices. But accumulating your credit history from scratch can take a very long time. That’s why you need to continue to be patient and diligent. If you stay with it, you’ll be pleased you performed.

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Budgeting Rules: https://www.youtube.com/watch?v=_au8Vm66xTs&t=9s
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Exactly how Trump Can Impact Your Finances: https://www.youtube.com/watch?v=S0Sv6-lXJhY&t=4s
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Top 3 Best Secured Credit Card

Top 3 Best Secured Credit Card

For anyone who has either bad credit and is trying to rebuild it, or has no credit and is trying to establish it. It is a good idea to get started with a secured credit card

In this video we will cover what to look for in a secured card and go over the top three that are available right now to get.

But first let’s review quickly what a secured credit card is…

A secure credit card is different from a normal credit card because it requires a deposit of your own money of either dollars or up 0 dollars and uses this money as collateral in case you miss a payment.

There are two main reasons why people do this, the first is to repair their credit. If a person has bad credit because they have missed payments before they will have a hard time getting approved for a credit card. However if they pay the down deposit for a secured credit card then a bank or credit card company will feel safer in lending them money because they already have the down deposit to cover any missing payments.

Now the second reason is to establish credit. If you have no history of paying things back how can a bank know that you are able to? This is where a secured credit card comes in handy. When you pay your down deposit you are showing the bank that you committed to establishing credit and can be trusted in having a credit card.

Paying the down deposit and getting a secured credit card will help increase your chances of getting a credit card.

Here is what to look for in a secured credit card

The first thing is A low annual fee or no annual fee at all. The best cards are going to have no annual fee or an annual fee of below dollars

The second thing You are going to want a low APR or monthly interest rate. This way in case you have money sitting on your credit card you won’t get charged much

The third thing is A card that reports to all three credit bureaus. If you are trying to establish credit or build up your credit then you are going to want a card that reports to all three of the bureaus because if you are paying your credit card off every month then your score will go up

The last thing you are going to want to look for is the cost of the deposit. Some cards for will a dollar for dollar trade off. For example a 0 dollar deposit will give you a 0 dollar limit. Other cards but give you a different ratio such as a 0 deposit for a 0 dollar ratio. This depends on your current credit score though.

Now that we know what to look for in a credit card let’s go over the top three secured credit cards that can be used to either establish credit or repair it

One of the top credit cards that had been recommended is the secured MasterCard from capital one. This card requires a security deposit of either , , or 0

There is no annual fee

It reports to all credit bureaus

However it does require a credit check so depending where you are with your credit it how much of a deposit you will have to pay or if you can get approved at all

The next most recommended card is the discover it card

This card has no annual fee

Reports to all three credit bureaus

Requires a minimum security deposit of 0

Requires a credit check

You earn earn rewards of up to 2% and cash out on the rewards at anytime

The last and best card for those who have zero credit history or really bad credit is the open sky card.

There is no credit check required

This means that they will approve anyone who pays the 0 deposit

The only negative to this card is that there is a annual fee of dollars. This can be worth it though in comparison to any high fees you may have to pay due to low credit score.
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The Benefits of Consolidating Credit Card Debt

The process of consolidating credit card debt is certainly a learning curve but is probably one of the best things a cardholder can do that will save them money and simplify their payments. If you are thinking about consolidating credit card debt then there are certain things you should consider first.

What are the benefits of consolidating credit card debt?

Of all the reasons in favor of consolidating credit card debt the one that is most beneficial is that you should be able to get improved interest rates, saving you heaps of cash. In fact anytime you can better your existing interest rate you should consolidate credit card debt. An easy way to see if a specific deal would benefit you is to add up all the interest rates on all the cards you have, divide the sum by the number of cards to get the average interest rate and if the interest rate offered by the new consolidation deal is lower then it is certainly worthwhile consolidating your credit cards as you will definitely save money.

If you have any cards that have a lower rate than the rate offered by the new card, you don’t need to include them in your consolidation.

As mentioned earlier, consolidating credit card debt will actually simplify the payment f your bills as all of your credit card bills will now be rolled into just one, but you shouldn’t do this if you are not saving any money.

Finally, by consolidating credit card debt, you have a much better chance of getting out of any mess you may have gotten into with your cards and it will be much easier to improve your credit history with one card rather than several.

OK, I want to consolidate all my credit cards what next?

Quite simply, go shopping! There are literally hundreds of Credit card companies nowadays, all offering different rates and deals. It may be a good idea to look for companies that offer balance transfers charged at 0% interest for a period of time, usually six months, but beware of the interest rates after this period as they may well be higher than what you were originally paying.

How do I choose which Card is best for me?

Choosing a credit card company for consolidating your credit card debt isn’t rocket science. As long as you keep your eye on the interest rates and the ever present small print, you will know, without a shadow of doubt, which deal is the best deal for you. Don’t be afraid to let the credit card companies know that you are shopping around for the best deal and give them something to beat; if you already have a good deal lined up let them know about it and give them an opportunity to better it, always remember that you are the customer and you owe it to yourself to get the best deal possible.

What if I am in severe credit card debt and am struggling to keep up with payments?

Consolidating your credit cards will help, but you will reach a point when the processes mentioned above for consolidating credit card debt will become useless as they are not designed to counter ever increasing debt but rather to lower payments of existing debt.

If you have fallen too far into debt and the likelihood is that you will struggle to get out of it, it is time to start looking at getting a debt consolidation loan rather than a credit card consolidation agreement. Before you do this you should check out the methods outlined on the sites that are linked to at the bottom of this article.

These methods are disliked by the financial institutions as they are extremely effective at eliminating debt in very short time spans and are totally legal and ethical. So, if you are in trouble financially, you definitely need to check out this information before taking your next step.

Daniel Major is an insightful author on finances and debt. If you would like to know about a new and secret community that is committed to getting you out of debt! Check it out now Get Out of Debt Now