Seven Myths Concerning Credit Card Usage!

It has been my privilege to work with hundreds of people over the many years I have been involved in the real estate and mortgage business. My experience and expertise have helped them buy their dream home when they thought their circumstances would prevent it. It has been a joy to help so many.
Through these many experiences, it has come to my attention that many people have little knowledge about their credit and how to use it in a way that benefits them. I don’t see this as being their fault. On the contrary, I find it the failed responsibility of the credit industry that makes it so easily available as being the primary culprit.
I have identified what I feel to be the seven most common misunderstandings regarding credit card usage and how it REALLY affects the consumer.
Myth #1 – I pay cash for everything, so I should be able to borrow money since I don’t have any credit cards.
I can’t tell you the number of mortgage borrowers that have come to me who were shocked beyond belief that they couldn’t get a mortgage since they didn’t have any debt. It’s an ironic fact that the lack of credit history actually makes borrowing money quite difficult, not impossible, but difficult.
Since credit scores are generated from the use of credit, it’s not necessarily a good thing to have no credit history if you want to buy a home. In fact, it’s nearly mandatory to get some credit experience.
Now, there are ways to build a credit history in order to buy a home. I have done this very thing using insurance payments, utility bills and cancelled rent checks. I present these to the mortgage underwriter for consideration as an credit history.
There are a few drawbacks using this method. You generally can’t get the lowest rates and you typically need a larger down payment. If you use some of the creative financing strategies I have developed over the years, this can also be addressed, but it requires more work.
If you are someone who is planning on buying or building a home in the next 12-24 months, now is a good time to build a credit history. In fact, many lenders will want to see the accounts, meaning you will need a history about this long.
It’s quite easy to build a credit record. One method I have recommended is to start a savings account at your local bank. Once the balance gets to be a few hundred dollars, ask them to give you a loan for that amount using your savings as collateral.
Make regular payments on the account using the money you borrowed for a few months, then pay it off (one thing that greatly impacts credit scores is a paid in full loan).
Then, do it again.
It’s also possible to obtain credit cards in this manner. Banks will issue you a credit card using your savings as collateral. By using your card in a responsible manner over 12 months, you will quickly gain the experience mortgage companies are looking for.
I often advise my clients to use the card to pay for groceries, then pay the bill using the check you would have written the grocery store. IMPORTANT: If you aren’t a person of discipline, DON’T USE THIS APPROACH!!
Even though it’s possible to get a mortgage without a credit history, it’s much easier to do so with one.
Myth #2 I must have good credit since I keep getting credit card offers in the mail.  If I had a nickel for every time I had a client tell me this one, I could retire. This is perhaps one of the most damaging misunderstandings I come across. Let me state one thing, right here and now, that should be understood by every consumer in America.
Think about it. How much money does the credit card company make on the user that pays their balance off each month to   ZERO!!
However, if they can get someone to max out their credit cards, they make a fortune in interest when the borrower is stuck making the minimum payment every month. Even low rate credit cards can provide the credit card company with obscene returns on their money.
Let me make this clear, you get credit card offers in the mail for one reason:
Let me share a story with you. There was a time in my life when things weren’t going so well financially. My wife had gone through several years of serious health issues that drained us dry of all our resources.
We were often very late on making payments on our accounts. Some of them were even closed out by the lender. On top of that, we had thousands of dollars in medical collections and a home we had purchased was foreclosed on.
Things were bleak!!
Yet, during this time, we continued to receive credit card offers in the mail.
Was this because of our GREAT CREDIT?   Of course it wasn’t. It had to do with the fact that the credit card company saw someone who struggled in the past to make their payments; they knew that if they could get me signed up, the odds were in their favor that I would always carry a balance on the card, thus making them a ton of money.
So, there you have it! Getting credit card offers in the mail have little to do with your great credit and have everything to do with the credit card company wanting you to borrow more than you can pay back.
Myth #3 My credit must be good because my credit card company keeps increasing my credit limit.
This practice by credit card companies is based on a similar philosophy as Myth #2. In other words, the credit card company wants to get you to the point that you borrow more than you can pay back in one month.
Most of the time, the offer to increase your credit limit comes from having a history of paying on time for a few months and carrying a small or no balance.
Again, you have to think about the rational behind the credit card companies. They don’t want to have a bunch of users who can pay the balance in full each month. They don’t make any money that way. Instead, they want to get their customers to the point where they borrow more than they can pay back in a month.
If you doubt the logic of my argument, try this sometime.
After carrying a balance on your card for a period of time, call the credit card company and ask for a limit increase. Chances are, if you have been near your maximum limit, they will decline you. They will do this even if you have never been late with a payment. The reason they will say no is you have already demonstrated that you are the type of borrower who will make them money. There’s no need for them to take the additional risk of increasing your limit when they already know you can’t pay what you owe.
Myth #4 I will be ok with my debt ratios when I apply for a mortgage because I pay my balances in full each month.
This problem with credit cards is a mixed blessing. It is a great practice to pay your balance in full each month. It’s a practice I highly recommend to my mortgage clients. Basically, if you are paying your balance in full each month, you aren’t borrowing more than you are making. Many small businesses operate in this fashion to help with cash flow.
However, you should know that reports to credit bureaus run 30-45 days behind what’s really going on with your accounts on the day you apply for a mortgage. In fact, when a mortgage broker runs your credit report, chances are you will see a balance on each of the credit cards you are paying in full each month.
When a mortgage broker calculates your debt-to-income ratios (this is the amount of money you pay to creditors vs. the amount of money you make) he will be required to use the information on the credit report.
Hopefully, this is a small number, but it can be something that affects how much home you want to buy.
If you want to have those accounts not count against your debt-to-income ratios, you need to have a zero balance carried on those accounts for about 60 days prior to having your credit report run by a mortgage broker.
Since this is probably not too practical for most people, you just need to know that your report will probably show a balance, even if you pay it in full each month and the mortgage broker will have to count it when calculating debt ratios.
Myth #5 When I get a new credit card offer with an introductory interest rate of ZERO percent, I transfer the balances from my other cards to save money and improve my credit.
This practice by consumers who take advantage of those credit card offers we discussed earlier in this report don’t realize how this affects their credit scores when they get ready to apply for a mortgage.
While it may be true that this will save you some money (which only happens if you apply the combined payment amounts on the new card that you were paying the other cards separately). Otherwise, you may be confusing improved cash flow with saving money.
The part of this philosophy that is incorrect is that it will improve your credit. Nothing could be further from the truth. When you accept the credit card offer, you are authorizing the credit card company to do a verification of your credit. They already have some credit information on you, but now they need to check it again to make sure there haven’t been any changes.
This activity alone will reduce your credit scores due to an inquiry being done. Let me explain. When a credit report is run on you, the credit bureau assumes it means you are shopping for credit. This is seen negatively by the scoring system that is used to create your mortgage credit score (also known as a FICO score).
When you have multiple inquiries, which is what happens with these offers, it drops your score by 3-5 points per inquiry. If you are someone who uses these credit card offers on a regular basis, the impact can be dramatic.
In addition, chances are you have used most of the credit limit being offered to you by the new credit card company. This also affects your scores in a negative fashion.
Another scoring criterion is how much of your available credit is in use when the report is requested. In other words, if you have a $5000 limit on your new card and you transferred $4500 from other credit cards; you are close to maximum on your available credit. This will drop your score because the bureau sees this as someone who uses too much credit.
So, you may have improved your score by paying off a loan balance from your previous credit cards, but you lose the benefit because you are close to being maxed-out on your new card.
Besides the negative impact to your credit scores, borrowers who tend to use this practice are only delaying the inevitable, postponing the payoff of these debts until the next offer comes in the mail, and carrying it for years and years.
Let me repeat something I mentioned earlier. The only reason these offers are made available by credit card companies is that they know there is a high probability you will use the new card to pay off other cards.
Because you become the type of credit card borrower they want (i.e. someone who will carry a balance). Statistically, they know you are likely to keep some or all of the credit cards you pay off and use them again. Once you do, you are likely to be a card user who can’t pay your balances in full each month.
Do you know what that was? It was the sound the credit card company made when they sent you that ZERO interest offer.
Myth #6 I may have a lot of credit card debt, but I’ve never been late on a payment, so my credit should be great!!
It is a common misconception that making your credit card payments on time every month will ALWAYS improve your credit rating. This is only partially true.
The person who pays there balance in full every month will benefit from this approach, but the credit card user who is close to being maxed-out will not only fail to see improvement, they will likely see a lower score.
As I mentioned earlier, some of the credit grading criteria are: available credit used and available credit unused. If you are a credit card user who has used most of your available credit, and you are making only minimum monthly payments, you will have a severely negative result with your credit score.
The main reason this is the case is the minimum monthly payment goes mostly to interest on the credit card debt. So, while you get points for making your payments on time, you lose those points because your balances don’t change much as a result of staying near your maximum credit limit.
I once had a mortgage applicant who had nearly $50,000 in credit card debt. There were several reasons for this that I won’t discuss here. She made her payments on time every month, but because her debt was close to the amount she had available on those cards (about $55,000), her credit score was very low.
She had never been late on any of her accounts, but her score was lower than the borrower I worked with who had two late payments in the past 12 months.
It’s because the scoring system used by the credit bureaus see her as someone who not only has too much credit available, but also too much of it in use.
Myth #7 I have lots of credit available to me, but I don’t use it, so my credit should be ok.
This final misunderstanding about credit card use may sound like a contradiction after what we discussed in Myth #6, but it isn’t.
While it’s true that you want to have little of your available credit in use when you apply for a mortgage, that’s not a guarantee that you won’t have a problem getting a mortgage. Let me explain:
Lets say that you make $4000 per month. Your ideal debt ratio would be 28% over 40%. This means that you would ideally have a mortgage payment of $1120 per month and a total of $1600 when you add the other monthly bills (credit cards and car payment).
Now, lets say you have $25,000 in unused credit available to you in the form of credit cards. While your debt ratios are ok if you don’t use the $25,000, they would be shot if you did. Since your total debt ratio would be 55% (based on a $625 per month payment on the $25,000), you could be rejected for the mortgage.
As you can see, in this example, it’s the availability; of credit that can hinder your chance at getting a mortgage.
My recommendation to my clients who get offers of credit line increases is to reject them. It’s not something that is needed in most cases and it can definitely mess things up when it comes time to get a mortgage.
I hope you have seen how some of the most common misunderstandings about credit card usage can keep you from getting a mortgage. While there remain a myriad of creative financing strategies available to the right mortgage broker, the clients who deal with credit cards in the proper manner can go a long way in making the journey to home ownership a smooth one.
I wish you the best of success as you pursue your dream of home ownership.
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Best Credit Cards For Consumers!

Best Credit Cards And How They Can Help

Best Credit Cards
Best Credit Cards

The best credit cards can be a much needed convenience to have at one’s disposal. Using these cards and paying the bill on time and in full is not only convenient, but an excellent way to use good credit. The trouble that many people face when looking for lines of credit is that they don’t know what separates the best credit cards from the cards that will charge them ridiculous fees. By not reading the fine print, these consumers wind up with credit cards that wind up charging them more money than they can pay, inevitably diminishing their credit score.

Difference Between Bad Credit Cards And Best Credit Cards?

When a consumer inspects the market in order to try and find the best credit cards, they will quickly realize that there are innumerable companies that are very eager to sign them up for a credit card, even if their credit is low or minimal. Many of these companies are offering cards which should be avoided. These cards have a very high APR which may get even higher over time as well as finance charges and other hidden fees. Those companies don’t want to give consumers a hand up, they simply want to make money. While credit card companies in general are designed to make money, the best credit cards have a reasonable APR and minimal finance charges with a contract that is easy to understand. By only applying for and using the best credit cards and avoiding credit scams, consumers can obtain a good credit score without breaking the bank.

 What Are Some Other Benefits Of Using The Best Credit Cards?

When a consumer uses some of the best credit cards, they may be eligible to be members of a rewards or benefits club associated with their card. Many of the best credit cards offer points that can be redeemed for gift cards, high end merchandise and even air travel. In some cases, the best credit cards will offer rewards points for gasoline and even cash back rewards for using the card frequently and paying the bill on time. These amenities are just one more thing that sets the best credit cards apart from the rest.

Using Credit Responsibly For Best Credit Cards

Even if a consumer is eligible for one of the best credit cards around, they will not build a high credit score if they do not use their credit responsibly. It is best for a consumer to not make large, unnecessary purchases that they would not otherwise be able to pay for. This indicates that the consumer is living beyond their means and is setting themselves up to deal with debt and eventual bad credit. Instead, a consumer should use the best credit cards for regular purchases such as groceries or bills. These purchases would normally be paid through their bank account, but they can instead use that money to pay the credit card bill, consolidating their finances and improving their credit score simultaneously.

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Best Credit Cards Proper Searching Technique!

The world is so full of companies that offer the best credit cards that one can become confused and not know which one is the best.  Before a consumer conducts research for the best credit cards, he or she should have a firm understanding of the various card types and how they benefit a consumer in a certain way. The following are the four main types of consumer credit cards.

Best Credit Cards for Rewards

Best Credit Cards
Best Credit Cards

Rewards credit cards are some of the best products for consumers of all types. These special credit cards offer the cardholder a multitude of benefits. Three main types of rewards cards exist: cash back rewards cards, points rewards cards and travel rewards cards. When trying to find the best credit cards for rewards, the consumer should take the time to think about what he or she would appreciate the most.

A person who likes the idea of earning cash for every purchase will find the best credit cards in a cash back rewards product. Someone who travels frequently may insist that the best credit cards are ones that offer rewards miles for flights.  A person who likes to buy electronics and other prizes will swear that the best credit cards are the ones that issue points for future online purchases.  Hundreds of rewards cards are available for the debtor’s comparison.

Best Credit Cards for Balance Transfers

Balance transfer credit cards are cards that allow the debtor to carry over balances from other lenders and combine them into the new card’s balance. Some people who have multiple accounts with high interest rates will feel that these are the best credit cards. Balance transfer cards often have zero interest introductory periods. The consumer can take advantage of this introductory period to pay down the balance of the merged account. The best credit cards for balance transfers will offer low or no introductory annual percentage rate for an extended period.

Best Credit Cards
Best Credit Cards

Best Credit Cards for Poor or no Credit

Whether a person is newly established in the credit world or has a negative payment history, a card is available that can help. Poor credit products and no credit products have lower qualifying criteria. These cards may have a higher annual interest rate than traditional cards.  However, the companies that offer these products give consumers a chance when other companies will not.

Generally, the initial credit line for these types of credit cards is not high. The idea is to give the debtor a chance to establish or reestablish himself or herself, without causing the lender much harm if the person defaults. The more timely payments the cardholder makes, the higher his or her credit limit will be.

The Best Credit Cards with no Annual Fee

Many of the best credit cards that have no annual fee also have other appealing features. The consumer should always pay attention to whether the card attaches an annual fee, because such a charge will diminish the value of the total credit line.

The key to finding the best credit cards is to make a list of every desired feature and then use a comparison tool to find the perfect one. Ideally, the selected card will have no annual fee, a low interest rate and a high credit line.

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Best Credit Cards Are Not Created Equal

Choosing The Best Credit Cards Is An Important Process…

Best Credit Cards
Best Credit Card

Choosing a credit card is a process that should not be taken lightly. All credit cards are not created equal. The best credit card is entirely dependent on what it will be used for. However, there are three basic principles that all credit seekers should abide by; never open a credit card that limits your buying power, choose from a well known company, and always read the fine print before signing on the dotted line.

Is A Store Credit Card A Great Way To Establish Credit?

Store credit is limited to that specific retailer, and possibly their sister stores if you’re lucky. This kind of limitation does nothing to boost your credit score. Also, store credit cards usually have an interest rate greater than 20 percent, and no grace period on purchases. This means that you start accruing interest the second an item is bought. Most major credit cards have a 30 day standard grace period before any interest is applied on purchases.Before looking anywhere else; research opening a credit card through your own bank. Having a credit card through your bank is the ultimate in convenience. Many banks let you connect your credit card to your debit card as a safety net, should your account ever be overdrawn. The overdrawn amount will simply be added to your credit card balance which could save you from non-sufficient fund fees.

Best Credit Cards
Best Credit Cards

If opening a credit card through your bank is not an option then keep in mind that the best credit card offers come from reputable banks and credit unions. A good rule of thumb is, if you don’t recognize the name of the bank; don’t open a credit card with them. Lesser known companies typically charge annual fees on top of a high interest rate. An annual fee is charged every 12 months by a credit institution for the convenience of the card. But if the card doesn’t offer special benefits such as airline miles, or a percentage of cash back on purchases, then an annual fee is not worth the mere use of the card.Reading the fine print is a long and laborious task, but with credit cards it is essential.

Many credit cards have enticing offers, such as zero interest for the first three months. Zero interest for the first three months is great, but what is the interest on purchases after the first three months? What are the fees if you go over your limit, or make a late payment? What might cause your interest rate to go up? It is important that you know the answers to these questions before opening any credit card. Changes to your interest rate, or exorbitant penalty fees can greatly increase the time it takes to pay off your credit purchases.Without the proper knowledge; credit cards can go from a wonderful convenience to a stressful burden. Following these simple guidelines will help increase your credit score, and prevent you from accumulating unnecessary debt.

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Best Credit Cards With Tips For Identifying Them!

Best Credit Cards Are Essentially Free Simply Pay Them On Time

Unless you’re living completely off the radar, you are likely being sent credit card offers through the mail, via email and through countless banner ads. However, when you really do want to get another credit card, how do you determine the best credit cards?

Best Credit Cards
Best Credit Cards

However, if you plan to carry somewhat of a balance and want to save as much money as possible, you will want to find credit cards that has the lowest interest rate possible. The interest rate that you qualify for will be partially determined by your credit score. However, creditors will try to compete with one another by offering lower interest rates. Debtors will also want to get credit cards with no annual fee or bank service charges.

When Choosing Best Credit Cards Focus On Actual Interest Rates!

The best credit cards will offer lower interest rates, but will raise them later on. Also, you should fully understand all of the fees that the credit card company might charge, including cash advance fees, over-limit fees and application fees. While fees are relatively common with credit cards, excessive fees can become expensive for the debtor. The worst fee is a penalty that is applied when you do not use the credit card, which can be a punishment for responsible credit card usage.

The credit limit is another important factor. For the most part, you will want a credit limit that is related to the amount of money that you will be able to spend. However, if you have a hard time controlling impulse spending, you might want a lower credit limit.

Find out what the billing cycle is. Most credit cards have a monthly billing cycle. However, there are other credit cards that will bill you as soon as every two weeks. Make sure that you can pay the credit card during the billing cycle.

Best Credit Cards
Best Credit Cards

Why Companies Encourage Customers To Use Their Best Credit Cards!

This can be very useful, since you will essentially receive free items without paying a cent, if your credit card does not have any other fees. The point system can provide you with another way to identify whether one credit card is superior to another. However, it can be difficult to determine whether the reward system of the best credit cards has the best credit cards points system.

Credit Card companies often provide a variety of tools that can make it easier for you to manage the credit cards account. This often includes an online credit card account where you can check your balance and make payments. When you can make your payments online, they will often be posted to your account. Interactive features can also include an estimator that helps the credit card owner determine how long it will take to pay their credit cards off by making the minimum payment.

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Best Credit Cards! The Smart Way!

Best Credit Cards For You

Best Credit Cards
Best Credit Cards

If you are new to the realm of consumer credit, you might be wondering where you can find the best credit cards. You do not want to accept every offer the lenders throw at you, or you could quickly end up in debt. What you want to do is find the best credit cards that suit your needs and your unique situation. Such requires you to ask yourself a few questions before you start looking for the best credit cards. After you have answered the following questions, you can move on to finding a credit card comparison tool that will help you pinpoint the best credit cards.

Best Credit Cards Fees Can I Avoid

If you are a college student or a consumer who values frugality, you will want the best cards that charge you the least amount of extra money as possible. You will probably think that cards that offer no annual fee are the best credit cards. Avoiding an annual fee will allow you to have more money for yourself. Therefore, the best annual fee credit cards for you would be units that offer a zero dollar annual fee.

Annual percentage rates are something that even the best cards carry. You will not be able to find a card that does not have an APR. However, you might be able to locate one that suspends the APR for a certain amount of months. Several of the best cards offer 0 percent APR introductory offers. This special offer allows you to use the best credit cards and see if you like them, while you are sparing yourself of the extra charges.

Best Credit Cards
Best Credit Cards

Which Best Credit Cards Rewards Would I Prefer?

If you like to feel as though you are getting something back from your bank, then the best rewards credit cards would be perfect for you. Cash back best credit cards offer you the potential to earn money each time you use them. Points rewards cards are similar to cash back cards, except you receive points that accumulate instead of dollars. You can use these points to purchase goods or pay your bill.

How Much Money do I Want from the Best  Cards?

Your credit line is a very important aspect of the best credit cards experience. Some companies will offer a new debtor only a few hundred dollars, while others may take a chance by giving someone more than one thousand dollars. The best credit cards for you would be the ones that suit your financial purposes. If you like to have a higher credit line, then you should notate that criterion before conducting your search.

Finding The Best Cards

Finding the best consumer credit cards involves conducting a thorough search. A best credit cards search tool will allow you to compare items by annual fees, interest rate, rewards preferences and credit requirements. If you are just starting out with credit, your options may be limited. However, with six months of consistent timely payments, additional creditors will offer you the best credit cards. You should always thoroughly read the terms and conditions before accepting an offer.

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Best Credit Cards For Consumers To Search For

Best Credit Cards And Their Quest

Best Credit Cards
Best Credit Cards

Finding the best credit cards is a top priority for many individuals, but the quest for credit cards can often be challenging for a number of reasons. There are dozens of credit card offers now available to consumers, but consumers who want to find the best credit cards for their needs will want to consider a few key points.

Your Unique Needs

Each consumer has a unique need in mind when looking for the best offers, and because of this, the credit card offer that may appeal more fully to one person may not appeal at all to another consumer. In order to find the best credit cards for your needs, you should consider how you plan to use the credit card. Do you want to transfer existing balances to the credit card, or are you planning to make small charges that are paid in full each month? Are you purchasing it mainly to take advantage of a rewards program? Each card is unique, so understanding what you are looking for in a credit card is important.

Interest Rates On The Best Credit Cards

In addition, consumers may be interested in looking for the best credit cards with a lower interest rate. Consumers who have plans to pay the balance off in full may find the interest rate of a specific credit card offer to be less important than other factors. However, if there is a possibility that the balance will not be paid off in full, a lower interest rate may be ideal. Interest charges on recurring balances can be expensive over time, and a lower interest rate on a credit card can help to keep the cost associated with owning the card to a minimum.

Best Credit Cards
Best Credit Cards

Special Rewards With the Best Credit Cards

Many consumers today who are looking for the best credit cards are searching for card offers that have special rewards and incentives. These rewards may include cash back or rewards points that can be redeemed for special services or merchandise. Some individuals are specifically looking for the best credit cards that provide the maximum cash back benefits, and others may want to use their cards for travel bonuses and other benefits. Consumers who are looking for the best credit cards for special rewards and points should consider limitations regarding how many points can be earned or redeemed. The fine print for the rewards system should be fully reviewed because some of these programs are designed to be more costly for consumers to use than others.

Special Offers Available For Best Credit Cards

In addition, some of the best credit cards have special introductory offers that can be highly advantageous. However, these are not ideal for all consumers. For example, the best credit cards for some consumers may have zero percent interest and no annual fee for the first six months. After this initial period, the interest rate will adjust upward. A low introductory rate offer may be ideal for individuals who want to transfer a balance and who have plans to pay the balance down within the introductory rate period. However, if the balance cannot be paid off in full, consumers may consider how the interest rate adjustment after the initial fixed period will affect the cost of using the credit card.

While finding the best credit cards is a common goal shared by many, the best credit cards can be elusive to find. Understanding what you want to find in the best credit cards is the first step to take toward identifying which offer is right for you.

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Best Credit Cards and Finding Right Card for Multiple Purposes

Best Credit Cards That Offer Enticing Rewards

Best Credit Cards
Best Credit Cards

Since there are so many different kinds of credit card offers on the market today, most consumers have problems finding the best credit cards for their individual purposes. From the best credit cards that offer great rewards to choosing one that allows balance transfers, each credit card company offers their own terms to each customer. Therefore, it is important for each individual to do their own research so that they can benefit from the best credit cards available.

Best Credit Cards for Consumers with a Bad Credit History

People who have a bad credit history may not think that they can obtain any type of credit card. One common reason for this misconception is that the traditional credit cards are hard to secure from most credit card companies. In some of these cases, the individual may be able to secure the traditional credit card but they may be charged a substantial amount of money in added interest, penalties and late charges. Consequently, most of the best credit cards on the market for people with bad credit are the prepaid credit card offers. Some of the newest features offered by the best credit cards consist of providing easy access via ATM withdrawals and simple ways to place additional money on the credit card.

Balance Transfers and the Best Credit Cards Available

Before an individual chooses a new credit card to transfer their current balance to, there are some things that they should know about these types of credit card offers. One of the first things that they should know is how to choose the best credit cards for transfer purposes. Sometimes consumers have completely maxed out their current card and they may have problems trying to pay it off. In these cases, some people may feel that transferring the balance will help to solve their current situation. While this option may provide some relief, it can also make their situation more difficult if the wrong credit card terms are accepted. For instance, one of the first things that the credit cardholder should do is to review the best credit cards terms that have the lowest interest rate. If the interest rate on the new credit card is higher, the credit card holder should continue to look further. By searching around, the cardholder can find the best credit cards to transfer the current debt to and provide them with more time to pay the balance off.

Business Credits and Best Credit Cards

Since the advent of the Internet, there are more small businesses. Many of these new businesses need the proper credit line. However, finding the best credit cards on the market for a business can be difficult unless the new entrepreneur knows what to look for. One of which is determining the right business credit card limit. As a general rule, businesses are provided with a higher credit line than personal credit holders.

Rewards and Best Credit Cards

To get more business, many credit companies are offering a diversity of reward offers to their customers. From redeeming miles for airline tickets to additional options to fly on any airline, each credit company has to determine how they want to reward their customers. In some situations, the credit card company will offer a percentage of the amount spent as a best credit cards cash back incentive.

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Best Credit Cards for Everyday Use and Rewards!

Best Credit Cards For Daily Use

Best Credit Cards
Best Credit Cards

When considering a credit card for personal use, an individual should consider the best credit cards that will give them a great return. This means choosing a credit card with a great rewards program that gives them points or cash back for money they spend on everyday items. A customer will quickly learn that the best credit cards are not too difficult to find once they start looking for certain criteria.

Not all credit cards are created equal, and some are best for saving for a rainy day. The best credit cards for every day use are those that have low interest rates, no monthly fees, and low spending limits. The best credit cards for gas, shopping, and going out to dinner are those that have a rewards program as well.

The Best Credit Cards For College Students Every Day

Every day spending for college students includes a credit card that is designed around their success. The best credit cards for college students are cards that have low spending limits to avoid going into debt, low or no monthly fees, and a program that encourages safe spending. Many credit card companies offer student-based credit cards as the best credit cards for younger individuals.

The Best Credit Cards For Rewards Benefits

Every customer is different, so the best credit cards that offer rewards varies from person to person. A person who likes to travel can enjoy the best credit cards that offer free airline miles for their purchases. Another individual who enjoys points to use for gas, store credit, or other fun amenities will find the best credit cards for them involve a points or kickback program based on how much money they spend. Still others will enjoy cash back for every dollar they spend, and choose a credit card on this basis alone.

The Best Credit Cards for Building Credit Every Day

Some customers simply want to build credit by using (and paying) on a credit card that is best for them every month. In this case, the best credit cards are ones that offer low or no interest for the first year with on-time payments, followed by a competitive low interest rate that can help them keep abreast of their new-found credit. A low or no interest credit card can give any new user of credit the boost they need to learn how to manage money while building healthy credit at once.

Choosing a credit card that offers both rewards and convenience is easier than ever. With credit cards designed to reward their users in the form of cash, low or no interest, points, and even airline miles, a person can easily find the best credit card that works best for their needs. The key is simply in knowing what to look for, and in using these easy guidelines, anyone can find the best credit card for spending and building credit (as well as obtaining great rewards and kickbacks) that they can love.


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Fixing Credit History In Today’s Economy

Nowadays, millions of people have bad credit scores due to a number of things, such as job losses and a higher cost of living. Luckily, these tricks and tips can show you how to have a better credit score.  The fastest way to improving your credit is to get all outstanding debt paid off. Letting your debts sit idle or, even worse, continue to grow will hamper any other steps you intend to take to resolve your credit problems. If your credit score isn’t as high as you would like it, you can call your banks and voluntarily ask them to lower your credit limit. By helping you use credit cards less, this will help you maintain a low balance. But be sure you don’t exceed your limit and pay a fee! You want to avoid lowering your credit limit to the point that you run the risk of maxing out your current balance.

If you want to fix your credit you should make minimum payments on your accounts each and every month. Whenever your payment is made after the due date, the transgression goes on your credit record. By at least meeting your minimum obligation, the bill doesn’t get reported and your credit doesn’t suffer.Close all your credit cards except for one as a means of repairing your credit. Make necessary arrangements to set up payments, or transfer the balance to your remaining account. Doing this will allow you to focus on paying off one large credit card bill, instead of several smaller ones.Joining a credit union may be a way to boost your credit score when you are having a hard time getting credit. They may offer better rates and more credit due to local conditions as compared to national ones.

Consider debt consolidation as a possible tool to help you repay your debt and rebuild your credit record faster. Consolidating your debt has the ability to not only reduce your debt but to help repair your credit. Consolidation combines several debts into one so that you are responsible for making only one payment. Before committing to a consolidation though, make sure that it will actually help you.

If you are serious about wanting to fix your credit, you need to establish a plan to begin paying down your debt. Existing debt lowers an individual’s credit rating and can be bad to have. Set up a realistic budget and put as much money into paying off your debt as possible. If you do not have any debt, your credit score will go up.

Eradicate your debt. When you apply for a loan, they take into consideration the ratio of your debt and your income. High debt-to-income ratio indicates a borrower that is high risk. You don’t have to pay off your debt in full right away, just get a plan and stay with it to pay off your debt over time.

Start paying on bills to help your credit. You should pay your bills in full each month. Do not let them fall behind again and get yourself in trouble. Once you start paying your past bills off, you will notice an immediate improvement in your credit.

You should locate a good credit repair company to help you. Unfortunately, the credit repair business does have a significant number of companies that are not reputable. Slimy operators are quite common, so beware of credit repair scams. Read reviews online to help you choose the right agency for you.

Use these tips to establish a plan of action for your credit score. Don’t let poor credit affect your life any longer. Use the tips presented here to repair you score and your overall financial health.

For more help to fix credit score and how you or a professional credit cleaning company can remove bad credit items from your credit report visit us.

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