Best Credit Cards for Your Credit Range
January 19, 2012 by Hudson Watts · Leave a Comment
Guest Post: Credit Karma
Picking your next credit card is a lot like shopping for a new outfit.
You could shop according to a familiar name brand, like Discover or Chase. Or shop according to credit card typerewards, travel, low interest, secured, and morethe way you’d shop at specialty stores for a specific garment.
Or you can shop according to your credit score range, sort of like shopping by department stores that fit your budget. You go to Target, because you know you can afford their mid-range offerings. If you can afford to live lavishly, you shop Neiman Marcus.
Likewise, shopping according to your credit range gives you the most diverse selection of options that have one, important thing in commonthese cards are in your reach. The cards recommended for your credit range are the cards you have the biggest chance of approval for. It’s the most practical strategy to narrow your plastic preference.
So, let’s go credit card shopping.
Poor Credit
Plastic preference: A credit card is your #1 tool to establish or rebuild credit.
The Other Magic Number: Your Credit Utilization Rate
November 10, 2011 by Hudson Watts · Leave a Comment
Your credit score helps lenders decide whether or not to extend credit to you. Maintaining a healthy score will help open more financial opportunities for you.
Its not difficult to understand how to maintain a good credit score if you know some of the main factors its comprised of: your rate of on-time payments, credit card utilization rate, number of derogatory marks, average age of open credit lines, total accounts, and number of hard credit inquiries.
Most of these factors are fairly self-explanatory. Youll likely know how many accounts you have and can control whether or not youre making on-time payments. However, one of these things is not like the others, and can be a bit more difficult to grasp: your credit card utilization rate.
So lets look at what credit card utilization rate is and why its important to know your magic number.
What is it?
Your credit card utilization rate measures how much of your available credit youre using at any given time. Complete Article…
Four Reasons Why Your Credit is Important
October 10, 2011 by Hudson Watts · Leave a Comment
There are lots of things you cant control in life, but one thing you can control is your credit. But why should it matter to you what your credit score is or whats in your credit report? There are several reasons you should pay attention to whats going on in your credit life, and some of them may surprise you.
It will work for or against you when youre applying for a loan.
One of the most significant reasons to pay attention is because your credit comes into play when youre shopping around for a mortgage, auto loan or credit card. The information in your credit report, boiled down into your three-digit credit score, tells lenders whether or not they should approve you for a loan. It also tells them how to set the terms and rates of your loan. For instance, while you may be able to get a mortgage with a credit score of 660, in order to get the best terms and rates you typically need at least a 720.
Credit cards are so 2000 and late
September 26, 2011 by Charlie Stedman · Leave a Comment
By Rich Mintzer
Nicki, a college student, decides it’s time for a new laptop. She finds exactly what she wants online, but can’t buy it because she does not have a credit card. Her close friend offers to put it on her card, but she’s already over her card limit. These are not uncommon situations; in fact, a quarter of U.S. citizens do not have credit cards while so many more are in credit card debt. According to the U.S. Census Bureau, cardholders topped $886 billion in credit card debt in 2010, and that number is expected to top the $1.1 trillion this year.
The alternate route
With those sobering statistics in mind, entrepreneur Danny Shader thought it was time to revitalize the basic concept of paying by cash for those without plastic, those who abuse it and those who don’t want to write checks on their savings accounts to make loan payments.
How does zombie debt affect your credit?
June 28, 2011 by Laura Reveley · Leave a Comment
The moment a collections agent picks up your old zombie debt and brings it back to life, the agent will begin to threaten your credit. Since the debt may be months or years old, the agent can mark you as 90 plus days late on the debt–a significant dent to your credit. If you verify the lender’s right to collect and make a payment, consider asking the lender to remove the negative report from your credit. Many collections agents will be happy to take this step in return for a payment in full.