Continual Vigilance

If you’ve ever applied for a credit card or loan, you’ve probably had
your credit report reviewed by the lender. Your credit report has a huge impact on your financial future, so it’s well worth your time to be sure that you understand what your credit report says about you. Even if you’re not interested in obtaining credit, your credit report can impact other areas of your life. Potential employers view your credit report to assess your trustworthiness as an employee. Landlords frequently check the credit reports of their tenants before allowing them to sign or renew their lease.

So whether you knew it or not, your credit report can have a major impact on
your quality of life. With this said I’m sure you can now see that there is a
benefit to obtaining and then verifying that the information on your credit
report is accurate and true.

You can request copies of your report from the three major credit bureaus:
Equifax, Experian, and TransUnion. A recent amendment to the federal Fair Credit
Reporting Act requires each of these national consumer-reporting companies to
provide you with a yearly free copy of your credit report upon your request.

Basically, your credit report is a summary of how you pay your bills; repay
loans; how much credit you have available; what your monthly debts are; and
other types of information that can help a prospective lender decide if you are
a good credit risk.

Your credit report is made up of several sections. The first section contains
personal identifying information such as your name, current and previous
addresses, social security number, telephone number, birth date, and your
current and previous employers.

Your bill paying history with banks, retail stores, finance companies,
mortgage companies, and others who have granted you credit is one of the most
important parts of your credit report. Public records that might indicate your
credit worthiness, such as tax liens, court judgments, and bankruptcies are also
included in the section detailing your credit history.

Your credit report includes a comprehensive listing of all credit granters
and other individuals who have received a copy of your credit report. In
addition, lists of companies that have received your name and address in order
to offer you credit are also included in your credit report.

Most credit bureaus allow both the consumer and the creditor to make
statements if there is a dispute about something on the report. If applicable,
your credit report will include these dispute statements.

Your credit report does not include bank account balances, race, religion,
health, criminal records, driving records, or annual income. You’ve probably
heard about a FICO credit score as well. Credit scores are based on formulas
that use the information in your report, but they’re not considered part of
your credit report.

Problems with your credit report will result in you either being denied
credit or receiving a higher interest rate. Red flags on your credit report
include excessive applications for additional credit, a short credit history, a
high debt ratio, and late payments to previous creditors. In most cases,
negative information will stay on your report for seven years. However,
bankruptcy information stays on your credit report for ten years.

To help improve your credit report, always remember to close unused accounts,
pay your bills on time, never use all of your available credit, and don’t
apply for unnecessary credit.

If you would like to get more free
credit report information you can visit our website which contains many credit
report resources. http://www.my-credit-report.info

This article is copyright 2005, but can be freely reprinted, as long as no
changes are made, including hyperlinks.

The Aspire Gold Visa Card issued by Columbus Bank and Trust is specifically designed for individuals with a poor or limited credit history, and who only need the basic functions of a credit card.

Due to the nature of this card, interest rates imposed for outstanding balances are high, with the minimum variable rates. This simply means that no matter how low the Prime Rate may get, interest rates imposed will not drop below this minimum. On top of that, the rates are tagged to the highest Prime Rate within a 90-day period making low APRs a distant fantasy.

As though these nerve-racking rates are not enough to scare intelligent folks away, the Aspire Gold Visa Card charges various fees that Regular Joes would not call “loose change.” The minute your application is approved, a $150 annual fee for new accounts are imposed followed by a $29 account opening fee as well as a monthly maintenance fee of $78 per annum. All this adds up to $257 just within the first year, excluding any penalty or default fees should you be daft enough to use this card and not the outstanding balances off without fail.

On the other hand, there must be something valuable that this card has to offer in exchange for the steep fees. Well, some of the card’s “additional perks” include various Internet account related activities, auto rental insurance, various travel and emergency related service, all of which are quite run-of-the-mill.

In summary, this card may not be suitable for everyone. In fact, the target market for the Aspire Gold Visa Card should be people who require just the basic credit card benefits, and who don’t mind forking out $257 for it.

Users who plan to pay the minimum on their credit card charges should look elsewhere, or they will end up paying for sky-high interests. Thus, the Aspire Gold Visa would not be suited for users who miss their monthly credit card payments time and again.

For more information or to apply for the Aspire Gold Visa Card, Eric Wasselman recommends Find Credit Cards.

Let’s face it - currency isn’t green anymore. Currency is a slab of rectangular plastic decorated in goldfish, landscapes, paintings or whatever - sporting a magical black strip on the rear side. Plastic is convenient, but dangerous. However, there are instances when credit cards can prove to be necessary. Emergencies, delayed paydays, holidays - all can be aided with a good credit card.

So which ones are the good ones? How can you tell when a credit card offer will live up to the hype that it’s envelope screams at you? The biggest thing to look at is the APR. People used to think that the greater the number of benefits offered by a credit card - the better the credit card. This is simply not the case. When it comes down to it, the best benefit out there is to have low to zero finance charges and interest. A 0% APR credit card provides this benefit. So do credit card companies actually offer 0% APR?

When you receive a credit card offer in the mail, the first thing you should look for is the APR. Likely, it will be printed in bold and set in a huge font. The offer may read 0% annual percentage rate or APR - but look closer. Often the 0% offer is simply a lure to hook consumers and will only last about six months, and then the APR shoots up. Whether the credit card shoots up a lot or a little should be the determining factor on whether or not to sign up for the offered credit card.

Sometimes, even short-term 0% cards can be very helpful. In many instances, 0% APR is attractive to people who need to transfer a balance from a high interest card. Debt consolidation is a smart and common practice to help higher credit scores and manage debt effectively.

It’s hard to find negatives in 0% credit cards, but they can prove to be less beneficial for some. For those who pay off there credit cards every month, and do not have to worry about carrying a balance - a rewards card is the way to go.

All in all, there are three options. One, choose a credit card with the lowest APR possible. Two, go for the card that offers the best rewards - as long as you pay it off every month. Or three, just avoid added debt - because the absence of a credit card always will carry 0% APR.

How Much Could a 0 APR Credit Card Save You?

Knowing when to seek help with credit card bills and high levels of debt is not easy. No one likes to admit they need help, and it can often be difficult to know whether your problems are merely annoying or a real threat to your financial well being. However, the longer a debt problem goes without help, the harder it will be to deal with. While a problem addressed at the first sign of trouble is often easy to solve, the same problem a year down the road may require some drastic measures to address.

If you find yourself able to make only the minimum payments on one or more credit cards, or worse, falling behind on the payments, it may be time to seek professional help. Likewise, if you find yourself making late payments to the utility company, or if you have been late on your mortgage payment or car payment, help may be needed. Late payments on these important bills can severely damage your credit rating and make it difficult to get the loans you need in the future.

When looking for a credit counseling service, it is important to find one that offers comprehensive services aimed at not just getting you out of debt but teaching you how to stay out of debt as well. It is this educational aspect that separates the truly great credit counseling services from all the rest. Look for things like budgeting classes, information on how to manage debt and how to use credit and the like. While your primary focus is to get your current debt burden off your back, the long term goal should be to learn to use credit wisely and take control of your financial life.

It is with eliminating current debt that the debt management or credit counseling company will start. Most credit counselors will contact your creditors on your behalf and work with them to allow you to pay what you owe. In some cases this means the creditors will be willing to lower their interest rate or monthly payment. In some cases they may even be willing to settle for a lesser amount than 100% of what they are owed. The actual settlements obtained will depend on the skill of the credit counselor and the willingness of the debtor and creditors.

It is important to provide the credit counselor with a full list of what you owe, and to whom you owe it. This information will assist the credit counseling service and allow them to provide the maximum benefit with the least amount of hassle.

No matter what type of credit counseling service you choose, the most important thing is to seek help when you need it. These situations do not magically heal themselves, so it is important to know when you need help and to seek that help promptly.

Find out more at http://sosdebt.org/