Let us create a 3d Digital eBook for you! DigyCat.com
|
||
|
||
|
Credit Information | Let us create a 3d Digital eBook for you! DigyCat.com |
|
|
|
Are you paying higher interest on your credit cards than you think?
Many credit card holders sign up for a credit account with an 8.9% interest rate and then later realize that their interest rate has been bumped to 27.4%. Why? You know that your credit score affects the credit card rates that you qualify for. But, did you know that a little clause in the fine print of the credit card terms and agreements, called the "Universal Default Penalty Clause" may mean that you're already paying a higher interest than when you signed up for the credit card? What does this fine print mean to you? If your credit score goes down or one of your other credit conditions change, then your interest rate increases significantly. This doesn't mean any new charges you make to this particular credit card account: the higher rate affects the entire balance. Yes, even items you purchased with the understanding that your interest rate would remain the original rate. Your credit grantors periodically review your credit report. Almost half of all credit card companies take advantage of you when you are perceived as a delinquent or high-risk borrower. The small print in your account information may include the universal default penalty, which allows the credit card company to increase your interest rate if it uncovers any of these six changes in your credit report: 1. You have a late payment on any credit account. The company doesn't care if you've never made a late payment to them. 2. You go over your available credit line on any credit account. Even if you unknowingly charge a small amount over the credit limit, which many credit card issuers let you do; your interest rate can be raised. 3. Your credit score declines. Just one late payment can hurt your credit score. Experian reports that people with no late or missed payments in the last year had an average credit score of 759; consumers with one or more late payments in the past year had an average score of 598. 4. You charge up too much on one account or many credit cards. If you charge up your credit card near the limit, or even charge up some of your credit cards over the preferred proportional amounts owed, you could pay extra for the privilege. The amount owed on a credit line compared to the available credit is termed the proportional amount owed. With a credit card limit of $5,000, the score will be higher if less than $2,500 is owed. Even better is to owe less than one-third of the available credit or less than $1501. Owing less than ten percent of the available balance gives you the best possible rating. On the other hand, owing over $4,500 on an account with a limit of $5,000 lowers your score considerably, especially if you have too many credit cards and other loans with high balances compared to available balances. 5. Your charge activities indicate a high debt-to-income ratio. If your credit card issuer sees that you've made many new charges and believes that you're getting in over your head, they may raise your interest rate. Even if this is a temporary situation, like many new home owners who make many purchases in a single month, the companies take advantage of the unsuspecting credit card holder. 6. You open new accounts. Opening new credit lines, especially consumer finance accounts, lowers your credit score and adds notations like "Too many consumer accounts" to your credit report. Once again, your credit card company may take advantage of this to raise your interest rate. Credit cards that start with a low interest rate can jump to interest rates as high as 29.99%, if they find any of these new conditions listed on your credit report. Check your credit card statements closely; look to see if your credit card grantor raised your interest rates. If you find that you're paying more than you thought, call your credit card company and ask the reason. Once you determine the cause, you can work on your credit issue. After you've fixed the problem, call back and ask for a reduction in your interest rate. Copyright (c) 2005 Jeanette J. Fisher All Rights Reserved. Jeanette Fisher teaches real estate investing and interior design college courses. She became a credit expert to help her students buy their dream home and multiple investment properties. Jeanette is the author of "Credit Help! Get the Credit You Need to Buy Real Estate" and other books. For more information on building and maintaining a strong credit score, explore the Real Estate Credit Help Center http://www.recredithelp.com Credit questions? Ask Jeanette: http://recredithelp.blogspot.com/
MORE RESOURCES: Credit - Google News Amaker gets the credit for Harvard's success | The Republic - The Republic
Credit Suisse Swings to Loss in Fourth Quarter - New York Times
1 Hot Credit Card Stock & The Future of Mobile Payment - DailyFinance
US Credit Swaps Rise as EU Chiefs Defer Ratifying Greek Plan - BusinessWeek
The best of credit ratings, the worst of credit ratings - Lakeland Times
CREDIT MARKETS: Action Muted As Participants Weigh Greece Deal, Jobs Data - Wall Street Journal
7 Things You Didn't Know Affect Your Credit Score - San Francisco Chronicle
An Earned Income Tax Credit Q&A - Seattle Post Intelligencer (blog)
TEXT-ECB approves credit claim collateral rule changes - Reuters
Republicans Target Tax Credits for Undocumented Immigrants - Fox News
|
 |
|
|
RELATED ARTICLES
Credit Cards - The Top 3 Things You Need To Know Today there are so many different credit cards available, studentprepaid, low interest cards etc. that it has becomes a real hassle to find the right one that will suit your needs. How To Avoid Becoming A Victim of Identity Theft With identity theft statistics currently at an all time high, and climbing, it just makes sense that we should all be doing everything we can to protect ourselves.One of the most prevalent yet overlooked ways your personal information and passwords may be being compromised is through the presence of Spyware on your computer. Improving Your Credit Report Even if you think you have a wonderful credit report, be wary of the error factor. Just as you receive mail with your name and address misspelled, your credit report can have errors as well. Some Truth About Credit Credit is currently and has been historically an integral component of our economy. Credit contribute a person's net worth, and financial power. What Is a FICO Score and How Do I Make It Work for Me? Whether or not you receive a loan and what interest rate you get on your credit card may be determined by something called a FICO score. Named for Fair, Isaac & Co. Big Brother Knows Whats in Your Credit Report - How About You? Whether you are aware of it or not, credit bureaus have been keeping tabs on you and how you use credit. When it's time for you to apply for a mortgage, credit card, or personal loan, your credit report is what lenders look at to decide to approve you or not. Learn About Prepaid Credit Card Prepaid credit cards also called stored value card can be ideal for individuals who are unemployed, have bad credit or difficulty obtaining an unsecured credit card. Prepaid credit cards are also excellent for individuals who have a hard time controlling their spending and prevent the individual from overspending and getting into credit card debt. Credit Score - Reporting Your Financial Health Credit score is one of the most basic, determining factor while loan borrowing. Credit score is the criterion for the creditor to ascertain whether to give you credit or not. Dealing With and Repairing Bad Credit Bad credit can be a burden for otherwise good credit. It may not seem fair at times that financial mistakes in the past can haunt you in the present, but with a little bit of work and some time bad credit can be turned around and repaired. Online Credit Report and Online Credit Reports Online credit reports are easily accessible to those interested in viewing them. If you have wondered about what kind of credit score you have, you can go on the Internet and look at your online credit report. Winning The Credit Game! Everywhere we go, the word credit can be found, shining huge dollar signs in front of our very eyes. Everyday we receive solicitation and promotions offering us credit. Top 5 Credit Misconceptions We have all heard the rumors?from neighbors, relatives or friends. There are a wide variety of myths floating around about what you should and shouldn't do to improve your credit reports and credit scores. The Hitchhiker's Guide To Insanity A new sickness is plaguing the UK called Denial. Denial has resulted in a national personal debt of almost 1. Identity Theft - How Can You Prevent It Happening to You? The nightmare of identity theft strikes an estimated 750,000 people every year. How can you keep from being one of them? While there is no guarantee that you won't become a victim, there are some steps you can take to decrease the risk and protect yourself. Getting Married? What Are The Finance and Credit Implications? There is a big difference between looking after your own finances while living alone, or with parents, and living with a partner. The transition can be very difficult, especially if both partners are strongly independent, or one partner is financially weak and the other strong. New Credit Advice: Dont Pay off Those Credit Cards! Credit needed for real estate mortgage financing differs from credit needed for consumer loans. If you need help getting a home mortgage, these credit tips will help you. Choosing the Right Credit Counseling Agency for You - Some Tips Part 2 Credit counseling companies come in all shapes and sizes. Whether you are looking at working with a local credit counseling organization or a national credit counseling organization there are some very important factors to calculate before choosing the right credit counseling option for you. Student Credit Cards 101 Almost all students have and use student credit cards. Some of the students use them wisely and build for them an early credit history but others accumulate lots of debts that would have to be paid off once the student life is over. Defeating Credit Card Debt With Self Control Credit card debt is a major social problem in some Western countries. To rid yourself of credit card debt, it is best to recognize the problem as both a social and individual problem. Credit Card Debt: One Way To Avoid It One of the biggest problems people have in these modern times is Credit card debt, and worst is USA.Simply because there have always been so many laws and regulations before you could have acard in the rest of the world, you can't for instance borrow someone elses card and go shopping becauseyou always have to show some ID before they accept cards in Europe.
|
|
Looking For Royalty Free Photos for your Website, Business or Advertising?
YourFree.biz Domain Is For Sale - $5,000 For Enquiries eMail Us © www.YourFree.biz 2011 |
|
