April 7th, 2010
Wednesday Trends in Credit Cards & Debt
Having financial difficulties filing your taxes by the upcoming April 15th due date? You could pay your taxes by using a credit card, however, The Sun’s Financial Diary suggests this is not your best alternative. By using any of the official partners authorized by the IRS to provide credit card payment services for taxpayers, you will end up paying more in convenience charges than what’s worth the extra time you get for paying by credit.
Racking up rewards through a generous rewards card is the best way to maximize benefits in this option if you are going to opt for it; just remember that you’ll be putting a big charge on your credit card that could ding your credit score and heap high interest onto your balance if you don’t pay it off in full right away.
For more on credit card news and debt talk, here’s today’s roundup!
February 2nd, 2010
Dear Credit Karma – Credit Cards
Dear Credit Karma,
I have a credit score of 613 after filing bankruptcy a year ago. What is the best secured credit card to start with?
The Public Savings Bank Secured Visa Card is a great first step to rebuilding your credit and also guarantees approval because there is no credit score or income requirement. Like most secured cards, the Public Savings Card requires an upfront security deposit of a minimum $200 and up to $1,500, which also determines your credit limit. Secured cards reports to all 3 major credit bureaus just like unsecured credit cards, but should you ever default on a payment, the minimum will be deducted from your security deposit so you can continue to build a positive credit history.
November 26th, 2008
Ten Ways to Make your Credit Look Better
Have you ever been told to “always look your best”? The same should be true for your credit. You should work to make sure that your credit always looks its best as well. Here are ten ways that you can approve the appearance of your credit.
1 – Pay down your debt.
This is one of the fastest ways to improve your credit by decreasing your credit available to credit used ratio, paying down the balances on the higher interest credit accounts first. If you are using more than 50% of your credit, then you are using too much and need to start paying some of it off for better results.
2 – Use secured cards to make an entrance into the world of credit.
Most banks and credit unions offer secured credit cards, which are excellent for helping you build credit even if you don’t have much to speak of just yet.
3 – Apply for a passbook loan.
These are month to month loans that use your savings account as a means of collateral, which is a great way to show lenders that you are capable of paying off the loan even if your credit is less than ideal. Some banks don’t report passbook loans to the credit bureaus so check with yours.
4 – Utilize retail store credit cards wisely.
These cards are relatively easy to get and can help to build your credit appeal. You can use these cards for purchases that you can pay off right away and build credit in the process.
5 – Keep old accounts open.
Closing an old account is something that you will regret, so even if you are not using the account, leave it open or it could have a negative effect on your credit.
6 – Properly utilize the 100-word Statement.
Under the Fair Credit Reporting Act, you are allowed to add 100 words to your credit bureau file, and this can be utilized to improve your credit image. Just keep in mind many lenders will just review the credit score and ignore any statement.
7 – Perform occasional checkups on your credit report.
By reviewing your credit report from time to time, you will be better able to keep track of changes to prevent negative things from showing up.
8 – Protect yourself from identity thieves.
Identity thieves can wreak havoc on your credit, so it is vital that you take steps to prevent your identity from being stolen if you want your credit to be appealing to lenders.
9 – Maintain good record keeping habits.
This is going to mean attending to your checkbook as often as possible, devising a bill paying system that works for you, and above all else, always paying your bills off on time, every time.
10 – Get professional help, if all else fails.
The two primary sources of help are your attorney, and a legitimate credit counseling company. If you cannot make your credit more attractive on your own, these two sources of help could be just what you need.
Photo Credits: 1
November 2nd, 2008
Roundup: Day of the Dead
There is much to read in this edition about the economy and credit. The photo for this edition was chosen because of the news headlines of a shrinking economy. We hope you appreciate the play with words and photos. Have a great weekend – we’ll see you for a new week of posts starting tomorrow.
National Credit News:
- U.S. Economy Shrinks on Weak Spending says Wall Street Journal.
- NPR writes U.S. Economy Contracts, Signaling Recession
- American Banker asks As Applicants Line Up, Is Fed Near Its Limit?
- MLive says banks becoming more picky when giving loans.
- Here is an editorial from Press Republican on learning from the crisis
Credit Scores:
- Press Democrat publishes surviving the new economy: know your score!
- Your money – tips to avoid damaging your credit score presented by Newsday.
- Dallas News writes Dollar Wise: Knowing difference between FDIC, FICO can keep you ahead.
- Credit Score Cowboy presents Credit Score 101, Do’s and Dont’s
- Top Reasons You Should Check Your Credit Score Regularly by Financial Independence.
- Boise Idaho Blog looks into What You Should Know About Your FICO Score.
Credit Cards:
- Learn about The Credit Card Nightmare by Find Secured Cards.
- Credit Repair Facts presents Credit cards and Bankruptcy
- Consumer Commentary asks Should the Bailout Money Be Used to Forgive Credit Card Debt?
- Money Ning warns to Watch Out for Possible Credit Card Scams.
- Stop The Flow Of Credit Card Offers To Your Mailbox says My Two Dollars.
Debt:
- Green Taxi looks into Great Depression 2.0: 90% More Downside.
- NCN presents 10 Things That Will Happen On The Road Between Being In Debt And Being Debt Free
- Get Out of Debt talks about Bad Credit Debt Consolidation – Brutally Honest Advice.
News about Credit Karma:
- Live Styler does a One on One With Credit Karma’s Kenneth Lin
- Lazy Man and Money writes up Credit Karma’s Credit Simulator (and Other Credit Tools)
- IRS Hitman mentions us briefly in right this way.
- Trapez-Finance posts Credit Card Reviews For Customer.
- Fivonate 2008 | Credit Karma at eFinance Forward
Photo Credits: 1
