Credit Card Articles

When 0% APR Can Really Help

Thu, 15 May 2008 00:00:00 GMT

One of the biggest downfalls of using credit cards to make purchases is the interest rate. If you carry a balance from month to month, you can expect to pay more for your purchases than if you’d paid cash. But some cards offer phases where you don’t have to pay interest at all. What does 0% APR actually mean, and when can it come in handy?

0% APR means that no interest charges are applied to purchases during a specified period. These periods can vary in length, but competition has urged most card issuers to offer about a year of 0% interest. If you know that you can pay off your balance within that time period, 0% APR credit cards can be a boon. If you’re not so sure, watch out; interest rates are climbing, and you’ll get hit with them once your 0% period runs out.

So when is it a good idea to apply for a 0% interest card?

If you’ve got a situation where you’ll be making lots of one-time purchases, a 0% APR credit card can really make life easier. Consider moving expenses. You’ll need to hire movers, pay a deposit or rent at your new address, and probably make deposits on utilities. If you’re replacing some furniture and other items, tack on extra expenses. Instead of using a regular credit card to pay off those purchases plus interest, think about opening a 0% interest card. That way, you’ll have up to a year to pay off the purchase price without paying extra. You can always cancel the card once the balance is paid off.

Holidays are also good times to indulge in some guilt-free shopping. Use a 0% interest credit card to pay for gifts and entertaining expenses. As long as you can pay off the balance before the holiday rolls around again, you’ll have saved quite a bit of money on interest.

Emergencies happen, and it’s like adding insult to injury (sometimes literally) to have to pay interest on medical bills and car repairs. If you’ve been hit with big expenses like these, you might want to get a 0% interest card and use it to pay. Another alternative is to transfer your existing balance from other cards to the 0% card. But watch out for balance transfer fees. You want to make sure that you’re actually saving money by transferring your balance.

When shopping for a 0%APR card, be sure to do your homework. Some cards have hefty fees for enrollment, or even monthly membership fees. You don’t want charges like that to minimize the money you’ll save with 0%APR. There are plenty of good cards out there. Some card issuers even extend special 0% offers to their loyal customers. Check with your bank and your card company to see if they have a deal that’s right for you.

This article has been provided by Creditor Web. At CreditorWeb.com you can compare over 100 credit cards from multiple banks and apply for credit cards online.

The Worst Identity Theft Scams of the Year

Thu, 15 May 2008 00:00:00 GMT

Identity theft. Those two words can strike fear in the hearts of card holders everywhere. It seems like you can’t trust anyone these days. Even friends and co-workers can access your information and open a line of credit in your name. Worse, businesses that drop the ball on their security measures have been breached by hackers to the tune of hundreds of thousands of dollars. Victims of identity theft usually do no wrong, but suffer the consequences anyway.

Here are three of the highest-profile identity theft schemes from the past year.

The Jetsetters

Jocelyn Kirsch and Edward Anderton were young, nice-looking, and had bright futures ahead of them. But they chose to use their powers for evil when they started taking the identities of friends and neighbors to pay for trips to the Eiffel Tower and other exotic locales. These college-aged fraudsters used their ill-gotten funds to finance a $3,000 a month luxury apartment and other high-dollar purchases. They were arrested in December when they went to retrieve a parcel of expensive lingerie that had been ordered in a neighbor’s name. Now the two are headed to court to enter guilty pleas. The moral of this story? If you steal identities, you will get caught. If you steal identities from people you see every day, you will get caught fast.

The Hannaford Breach

This incident was a costly lesson in security measures, and why stores should be ever-vigilant. Hackers installed Trojan software and packet sniffers on computers at 300 of Hannaford’s locations. Thousand of shoppers were potentially affected by this breach. Hannaford issued a warning to customers who used credit or debit cards in their stores between December of 2007 and March of 2008. Card numbers and expiration dates were stolen, and the total damage from the incident hasn’t yet been totaled. What can we learn from Hannaford? Keep your security up to date. If you have to cut costs somewhere, don’t sacrifice your customers’ safety to do so.

No Rest in the Southwest

Arizona had the dubious distinction of being the very worst place in America for identity theft. The rampant fraud affected almost 300,000 residents last year. The financial damages totaled $147 million. Why did this happen? An investigation has been opened to answer that question. Called ‘Identity Theft 911’, this study wants to know why 25% of Arizona residents have fallen prey to identity theft in the past six years. Some possible reasons include lack of government action, the increasing market for methamphetamines, and illegal or fraudulent employment.

In many cases, identity theft victims haven’t done anything wrong, except place their trust in people who abuse or neglect it. Do your part to protect your identity by enrolling in a credit monitoring service. Use online banking to keep real-time tabs on purchases made with your accounts. If you notice anything odd, contact your credit card company immediately. Many of them have measures in place to keep identity theft damage to a minimum.

This article has been provided by Creditor Web. At CreditorWeb.com you can compare over 100 credit cards from multiple banks and apply for credit cards online.

6 Ways Credit Cards Make Life Easier

Thu, 15 May 2008 00:00:00 GMT

Credit cards make life easier in many ways. They allow us to pay for items over time. They let us reserve hotel rooms, plane tickets, and rental cars. Many of them even give us rewards just for using them to make daily purchases. And, of course, they can improve our credit scores to open the door to larger purchases, like homes and automobiles.

But did you know that your credit cards can help in other ways? It’s true. And most card holders don’t even realize what a resource they have in their wallet.

Rental Car Insurance

The next time you rent a car, do a little research first. Your credit card might offer insurance, negating the need to purchase insurance at the rental counter. Call your card services to find out if your card offers this protection. Most Visa and American Express platinum cards do.

Returning Items

We’ve all been the situation where you need to return an item to the store, only to find that the receipt is long gone. Stores don’t like to refund purchases unless you have proof that you made the purchase in their store. If you used a credit card to fund the purchase, all you have to do is whip out a copy of your credit card statement and show it to the retailers. The proof is in the print, and you will be able to return your item with no hassle.

Price Protection

Have you ever found and purchased something, only to see it go on sale the next week? Shoppers hate to feel like they’ve been stiffed out of a good deal. If you have Citi or Chase credit cards, it could be worth your while to see if they offer price protection. Most of these cards will refund the price difference if you can provide proof of the new, lower price within 60 days.

Warranties

If you have an American Express or World Visa card, don’t bother paying for extended warranties at stores. If you used your credit card to buy the merchandise, you might be able to extend the item’s warranty to a maximum of one year – for free. That’s a great way to save a little cash.

Theft and Damage

If you used your credit card to buy an item that was subsequently stolen or damaged, your card might offer you coverage above and beyond what your insurance company will pay. Be sure to document your purchase and the dates and descriptions of the incident. You could get as much as $500 per item, or even $10,000 or more if you have a MasterCard Gold or Platinum.

Credit cards get a lot of flak for getting us into debt. But card holders get themselves into debt by not using their cards responsibly. Know the benefits that your card offers, and take advantage of them!

This article has been provided by Creditor Web. At CreditorWeb.com you can compare over 100 credit cards from multiple banks and apply for credit cards online.

Are 0% Balance Transfer Offers Really Free?

Mon, 05 May 2008 00:00:00 GMT

Paying off credit card debt with 0% interest is a dream come true – which is exactly why a large number of credit card companies offer the promotions. They know it will attract new customers who have debt with other credit card companies to transfer that debt to their cards. But where is the value to the company offer the credit card balance transfer offer; if they let you repay that debt with 0% interest?

Whenever you see credit card promotions that sound like they're going to be a good deal for you, it's best to look into them closely and make sure you read all of the “fine print”. A 0% balance transfer is typically good for a specific length of time, six months or twelve months are the most common terms. If you have several thousand dollars of debt on a higher interest credit card and take advantage of a 0% balance transfer offer for twelve months, the credit card company is betting on you still having a balance once the promotional period ends. When the six or twelve months of no interest repayments end, the balance will start being repaid with interest.

A common mistake many people make when transferring balances under the six or twelve month 0% promotional offers, is not checking what the interest rate will be after the promotion ends. If you're moving a balance that you are currently paying 9% interest to a card with an interest rate of 19% after the promotional period ends - unless you are able to pay it off completely during the 0% interest period, you are not likely to benefit financially over the long term. You would have to start looking for another 0% balance transfer offer, or pay the higher interest until the balance is paid off.

The other often overlooked factor of balance transfer offers with 0% interest is that most of them charge a transfer fee. The fee can range from 1% to 5% of the amount transferred. This fee can add up, depending on how much money you are transferring. There are some instances when the amount you pay for the balance transfer fee will result in more money paid than if you had just kept your balance on the card it was on and paid interest. To ensure you're actually getting a good deal, you'll want to play with the numbers and determine how much you'll spend for the life of the balance if you keep it on the card it's currently on, or if you move it to the new card with the 0% balance transfer offer, and don't forget to factor in a transfer fee if you have to pay one, and what the interest rate will be at the end of the promotional offer.

Interest free balance transfer offers are also only good as long as you make your payments on time. This is important to keep in mind if you sometimes have difficulty keeping up with your payments, because if you send one a few days late you can lose your 0% interest rate and start paying a much higher interest rate.

In order to make balance transfer fees work for you financially, it's actually better to find a low interest balance transfer offer that is fixed for the length of the balance. If you can transfer a few thousand dollars from a credit card with 9% interest or higher, to a card with 1.99% or 3.99% fixed interest on the balance transfer for the life of that balance, you will save hundreds of dollars in interest and actually make out better than the 0% offers (provided you know you can't pay off the entire balance before the 0% offer ends).

This article has been provided by Creditor Web. At CreditorWeb.com you can compare over 100 credit cards from multiple banks and apply for credit cards online.

6 Things You Don't Know About Credit Cards

Sun, 27 Apr 2008 00:00:00 GMT

By law, credit card companies have to disclose their fee schedules to consumers. The trouble is, the calculations of these fees and finance charges are often found in the fine print of the account disclosure statement you receive when you first open your credit card account. In this case, what you don't know really can hurt you.

Here are 6 things you might don't know about credit cards:

1. They don't always have a grace period. Most credit cards offer 20-30 days “grace period”, during which time you could pay your entire balance and not incur any interest or finance fees. It's becoming more common for credit cards to have a shorter grace period, or none at all.

2. A 0% balance transfer offer usually has transfer fees. There are a number of credit cards that offer a 0% interest rate on balances transferred for a specific length of time, but what might not be evident in the offer is the 3-5% balance transfer fee. If you transfer $3000 from other cards to your new 0% interest card, you'll pay between $90 and $150 in fees. Chances are, that will be lower than what you'd pay over the six or twelve months in interest that you're saving on the new card, but just keep in mind it's usually not completely free to transfer a balance.

3. The Two-Cycle billing method is a nasty interest computation method! Credit card balances are computed with either the adjusted balance method, the average daily balance method or the two-cycle billing method. With the two-cycle method, the interest on your average daily balance is computered using your current billing cycle purchases AND the ones from the month before- even if you've paid the previous month's purchases off. Look for cards using the adjusted balance method for the best rates.

4. Fifteen days notice to skyrocketing fees. A credit card company has the right to increase or change your interest and fees at any time, as long as they give you fifteen days notice. Have you ever received an update to your terms in the mail? Most people just toss it in the trash, but keep an eye on these notices because even fixed rate credit cards can change rates if they send you these notices.

5.Lower minimum payment rates mean you pay even more. If you have credit cards, you know the effects of paying only the minimum amount due each month. It takes forever to pay off the balance and often the interest and fees are adding up faster than the minimum payment can pay off the card balance. Where all cards used to require 5% of the balance as the minimum amount due, now it's frequently as little as 2%. Just because your card only requires a $10 payment doesn't mean that's really enough!

6. Increasing of credit card fees across the board. Most people are probably aware of the practice of “universal default” by now – the consumer unfriendly method of raising interest rates on all credit cards from all lenders if the cardholder is late with one of their accounts. So if you pay your Discover Card late, you could see an interest hike on your MasterCard, Visa and American Express cards, too.

Credit cards give us access to spending power when we need it, and the ability to buy or reserve things online or over the phone. When they're not used correctly, or you don't understand the calculation of rates and fees for your credit card, you wind up paying a fortune in unnecessary fees and interest.

This article has been provided by Creditor Web. At CreditorWeb.com you can compare over 100 credit cards from multiple banks and apply for credit cards online.

Understanding Frozen Credit

Mon, 07 Apr 2008 00:00:00 GMT

Credit freezes are often confused with fraud alerts, but they are really nothing similar. A fraud alert is when new creditors are alerted that you may have been the victim of fraud, and the creditor is required to take additional verification steps that prove they should be accessing your credit and opening an account for you before they can issue the credit. Fraud alerts also remove you from receiving prescreened offers for insurance and credit.

A credit freeze is something a consumer can place on his or her own credit report – depending on where in the country you live. Some states allow anyone to put a freeze on their credit; while others only allow the victims of identity theft to freeze their credit. Here are other tips that will help you understand the basics of a credit freeze:

Even if your credit is frozen, your report can be updated by your existing creditors. Don't think that by placing a freeze on your credit report you can slide by with a few late payments that won't get reported!
A frozen credit will only prevent new creditors from accessing the information in your report. If your existing creditors want to check your credit report to see how you are paying your other creditors, they can.
A freeze of your credit is made with individual credit bureaus. If you freeze your credit with Experian, it won't be automatically frozen through TransUnion or Equifax. You have to freeze each manually if you want all access to be frozen.
“Thawing” a credit freeze; in other words, removing the hold you have on your credit report, takes several days to take effect (unless you live in Utah where they're able to unthaw in 15 minutes!) If you plan to apply for new credit or apply to rent an apartment or apply for a new job; you will want to thaw your credit a few days before you'll need it to be sure that these authorized people will have access to the report.
Freezing your credit does not prevent you from using your credit cards. It's not like “freezing” the credit card or “freezing” a bank account. It literally only effects the ability of a new lender to look at your credit report.
While the intent of a credit freeze is usually to prevent identity theft and fraud- there are still numerous ways around it that could result in you becoming the victim of identity theft or fraud, despite having a freeze on your credit. For example, in the event a lender doesn't try to check your credit before issuing a new account, new credit could be opened in your name if the criminal had the right details to do so.

Hopefully, this list has given you some useful insight into what a credit freeze is, and what it is not. Using a credit freeze may help reduce your potential for being the victim of identity theft, but if you are hoping to end the prescreened credit card offers or have creditors alerted to possible fraud activity when they begin to open a new account for you; chances are you are looking for a fraud alert service and not a credit freeze.

This article has been provided by Creditor Web. At CreditorWeb.com you can compare over 100 credit cards from multiple banks and apply for credit cards online.

Are Low Interest Credit Cards Really a Good Deal?

Tue, 01 Apr 2008 00:00:00 GMT

You just got an offer in the mail for a low-interest credit card. That sounds great, right? Interest charges make debt pile up faster, so you’re inclined to jump on this credit offer right away.

Hold your horses, friend. Before you take the credit card company up on its offer, there are some things you need to know about low interest credit cards. They’re not all created equal, and even the phrase “low interest” can mean something very different depending on the company – or the type of charge.

When you get an offer for a credit card – any credit card – you should read the fine print before making a decision. Many companies will try and lure you in with offers of very low interest rates, or even no interest. But these rates don’t last forever. If you check out the card’s terms and conditions, you will almost always find that the really low interest rates are just part of an “introductory” period. These can last as little as three months or as long as fifteen, with six to twelve months being standard.

If you have some important purchases coming up, or if you want to transfer your debt from a high-interest card, then a low- or no-interest credit card could be a good choice for you. Pay off the balance in full before the introductory phase ends to take full advantage of the reduced rates.

Also check out the fine print to see which types of charges the low interest applies to. You might be paying 8% interest on purchases, but cash advances can spike that rate to 20% or higher. Balance transfers and over-the-limit purchases are also subject to higher interest rates. If you incur these types of charges very often, you’re better off with an average interest credit card that charges the same amount for cash advances as for purchases.

While you’re reading through the card’s terms and conditions, check out the policy on universal default. If the company participates in universal default, you should look elsewhere for your next card. Universal default means that any time you’re late on payments, your interest rate can be increased. And that increase isn’t just for late credit card payments. Your late utility bill or late car payment could affect the interest rate on your credit card. It’s best to avoid universal default.

Another factor to consider is the card’s grace period. A grace period is the amount of time you have between making a purchase and having that purchase start to accrue interest. The average length of a grace period is about 22 days, but some cards don’t even offer one anymore. Look for one that does.

Sometimes things sound like a good offer until you get into the details. Always educate yourself about a card’s terms before agreeing to become a card holder. Low interest is a great offer, but first you’ve got to determine if it’s for real.

This article has been provided by Creditor Web. At CreditorWeb.com you can compare over 100 credit cards from multiple banks and apply for credit cards online.

21 Ways Credit Cards can Save You Money on Your Summer Vacation

Fri, 28 Mar 2008 00:00:00 GMT

Thanks to the intense competition among credit card companies, the rewards programs and extra perks for cardholders just keep getting better. You can often use rewards programs to take free trips – or at the very least, extremely discounted vacations. Here are 21 ways credit cards can save you money on your next trip:

1. Airline Miles. If you're going somewhere, you need a way to get there! Many credit cards, including the WorldPerks Visa Cards , offer rewards in the form of airline miles. Every time you buy something with the card, you earn points or miles towards flight tickets. You may earn one mile per dollar spent, or on a handful of cards, up to five miles per dollar spent. Look for cards with a new account bonus- many cards give you enough points after your first purchase (of any dollar amount) to earn a free flight, or a sign-up offer of additional points just for becoming a cardholder.

2. Hotel Nights. The next necessity when you travel is having a place to sleep! There are several credit cards that offer enough rewards points for 2 to 4 nights of free hotel stays for making your first purchase (of any dollar amount) on your new credit card, including Citi Hilton Hhonors Card .

3. Cash Back . The other thing you need when you travel is cash. Cards that offer cash back can act like a savings account that you aren't physically contributing to. If you know you're going to take a trip in a few months, or a year, let all of your cash back rewards build up until you're ready to go and then 'cash' them in. Some cash back rewards program provide the reward in the form of gift cards, such as the Discover More Card, which are also handy for travelers.

4. Go Cruising. A variety of travel rewards credit cards have started offering discounts and reward point redemption towards the cost of going on a cruise, including Blue Sky from American Express. If you've always wanted to go on a cruise, or are a regular cruiser – here's an opportunity to save money the next time you set sail. This benefit is usually part of a basic travel or airline miles card, and is an alternative way to redeem your rewards.

5. Full Vacation Packages. Travel rewards credit cards, like Miles from Discover Card often allow you to redeem your points or miles to obtain a full vacation package. The requirements of the offer and the destinations will vary based on the credit card you use; but for a free trip, most people won't be overly picky about where they get to go!

6. Car Rental. The majority of rewards credit cards offer either free car rental opportunities or discounts on renting a vehicle when you use your credit card. WorldPerks Visa Signature Card offers 3 free days of car rental.

7. Car Rental Insurance. Many people don't realize that when you rent a car using a credit card, like the Citi Platinum Select often you can decline the insurance offered by the car rental company because your credit card offers a collision damage waiver and/or loss damage coverage automatically. (Just make sure you know what's covered before you decline the rental company insurance!)

8. Airport Lounge Access. Your credit card rewards program may entitle you to some VIP service at the airport, including rewards offered through the MERRILL+ card. Roll out the red carpet! Airports have private lounges set aside for frequent travelers and people who travel on business (or who have a lot of money and pay extra for the lounge access). Some lounges offer complimentary beverages and snacks, internet access, and televisions to help pass the time during a layover or plane delay.

9. Travel Accident Insurance . Many travelers purchase travel accident insurance whenever they're going on vacation or traveling for business. What you may not realize is that there are hundreds of credit cards that offer travel accident insurance coverage, including the majority of Chase issued cards, whenever you use the card to make your travel arrangements. There are both domestic travel accident insurance options and worldwide travel accident insurance.

10. Walt Disney World. What family doesn't want to take a trip to see Mickey at Walt Disney World? There are a number of credit cards offering specific rewards programs that help you save money on a Walt Disney World vacation, including the Disney Rewards Visa Card - from Disney hotel stays, to the airfare that gets you there, to theme park tickets and Disney themed merchandise.

11. Wireless Phone Discounts. When traveling, you pretty much always have a reason to call home. Several credit cards include wireless phone discounts, including the AT&T Universal Savings Platinum Card, which offers 30 free phone minutes each month as well as 2 free directory assistance calls per month.

12. Dining Rewards . You've got to eat, whether at home or on the road. Thousands of credit cards provide dining rewards, including the majority of the Bank of America issued credit cards, in the form of gift cards to specific restaurants or discounts on your dining bill.

13. Emergency Roadside Assistance. Just about every Capital One credit card offers this feature, among other credit cards. This credit card benefit is great whether you're at home or traveling. If you breakdown and your credit card offers emergency roadside assistance, you can make a simple phone call and get help.

14. Emergency Cash Disbursment. Some credit card's include a benefit to assist you if you find yourself without cash in an emergency, including the WorldPerks Visa Platinum card. Call the number for customer service, explain your situation, and money will be made available to you.

15. Membership in Travel Clubs. A number of credit cards offer the additional benefit of complimentary membership into a travel club, such as the WorldPerks Visa Signature Card and the Hideaway Aficionado Club membership. The specific benefits of each travel club will vary, but can include things like VIP services at resorts, hotels and villas, upgraded rooms on cruises, and more.

16. Theft Protection. When you use credit cards offering theft protection coverage (no liability for unauthorized purchases and fraudulent use) you can avoid the hassle of getting and using travelers checks. Almost all credit cards provide some level of theft protection these days, including American Express Preferred Rewards Gold Card, and the majority of Bank of America issued credit cards.

17. Free Companion Ticket. Watch for special travel bonus offers, such as the “free companion ticket” currently offered from Citi PremierPass Elite- you basically get two flights for the price of one with these offers, perfect if you're traveling with a partner.

18. Concierge Service. As individuals lives get busier, credit cards are attempting to service the busy lifestyle by offering a benefit of a concierge service. Some cards, including the MERRILL+ card, offer 24/7 concierge service to cardholders and can help you find a destination, make travel arrangements or send gifts.

19. Gas discounts. If your idea of a good vacation or trip involves hitting the open road, a gas rebate or discount reward program is a good way to save money on the high costs of fueling up. Gas cards, including the BP Visa Rewards Card, offer 5% rebates on all gas purchases.

20.Regional Discounts. Whether you live or travel frequently to Chicago, LA, or New York, there are three credit cards that offer discounts in each of these cities to cardholders of the IN:LA, IN:Chicago, and IN:New York cards offered through American Express.

21. Sports Travel Discounts. Cards like the NFL Extra Points Platinum Plus card, give cardholders the opportunity to save on sports event tickets, gain VIP access to events, and save on sports themed merchandise at participating retailers.

Rewards, discounts, and benefits of specific credit cards mentioned were accurate as of 3/28/08; and can change at any time at the discretion of the credit card issuers.

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This article has been provided by Creditor Web. At CreditorWeb.com you can compare over 100 credit cards from multiple banks and apply for credit cards online.

Businesses Can Check Your Credit Report Without Your Permission

Tue, 25 Mar 2008 00:00:00 GMT

For many of us, credit reports are mysterious, and sometimes scary, records of our financial history. We know that we should check them often; invalid items show up sometimes which need to be disputed. But did you know that businesses can pull your credit report without your permission? It’s true. And when you consider the fact that pulling your report can potentially lower your credit score, it’s no wonder some card holders are unhappy.

Why does it affect your score when someone checks your credit? It doesn’t always. Sometimes creditors can check your credit report with a “soft” inquiry, which doesn’t count against you. This is the type of credit check that is performed when you check your own credit or get pre-screened by credit card companies. “Hard” inquiries occur when you actively apply for a line of credit, such as a credit card or a loan. These inquiries can decrease your credit score. Creditors don’t like to see a lot of hard inquiries in a short period of time. When too many hard inquiries are present, the suggestion is that you’re applying for more credit than you can handle – a big no-no.

Problems start when businesses use hard inquiries without a person’s knowledge or consent. It’s typical for employers to check your credit in this way, but even rental car agencies will pull your credit report if you reserve a car using a debit card rather than a credit card. Renting a car is not a good reason for a decrease in your credit score. Some customers have been able to dispute these hard inquiries in the same way that they dispute other items on their credit reports. Others aren’t overly concerned. Hard inquiries lose their impact over a relatively short amount of time.

There are other circumstances where your credit report can be subject to hard inquiries without your consent. These include credit transactions and collections; any business transaction that you initiate; underwriting insurance; reviewing any open account to ensure that your credit is still good enough to qualify for said account; and determining your eligibility for government benefits which are dependent upon your financial situation.

If you’re concerned about items that could be having a negative impact on your credit score, order a copy of your credit report. You’re eligible for one free copy per year. Visit a site like AnnualCreditReport.Com to request your report from all three of the major credit bureaus – Experian, Equifax, and TransUnion.

Once you receive your report, dispute any items that you feel are undeserved. You can do this by sending a certified letter to the creditor and the credit bureaus stating your claim that the items are invalid and should be removed. The FTC offers a sample letter template on their web site. The creditor will have thirty days to respond. If they fail to prove that the item is valid, it will be removed from your credit report. You’re entitled to a copy of the corrected report. Also, think about subscribing to a low-cost credit monitoring service to keep an eye on your credit score and the things that affect it.

It’s a sad truth that we don’t always have control over the things that impact our credit score. But by ordering your credit report and disputing any unwarranted negative items, you will have the satisfaction of righting the wrongs and saving your financial future.

This article has been provided by Creditor Web. At CreditorWeb.com you can compare over 100 credit cards from multiple banks and apply for credit cards online.

Pay Off Those Credit Cards - Fast

Tue, 18 Mar 2008 00:00:00 GMT

Maybe you’re trying to improve your credit score so that you can qualify for a home loan. Maybe you’ve found that the rising cost of gas and groceries is leaving you with precious little money with which to pay down your credit cards. Or maybe you’re just tired of seeing hundreds of dollars fly out of your wallet each month to pay for that lovely family vacation you took – two years ago. The reasons vary, but the story remains the same: All over the world, people want to get rid of their debt. And they want to do it fast.

Is it even possible to pay off thousands of dollars of debt in a short amount of time? Yes, if you’re willing to do what it takes. A little scrimping and penny-pinching today will save you from heavy debt and interest charges down the road. Wouldn’t you like to be debt-free by this time next year? Surely that would be worth sacrificing a few trips to Starbucks.

To pay off your credit cards in a timely manner, you must first forget that you ever heard the phrase “minimum monthly payment”. Paying the minimum amount required by your credit card company will do nothing to get rid of your debt. In fact, it could take decades before your cards are paid off with minimum payments.

Find a way to double or even triple your credit card payments each month. If your minimum monthly payment is $150, send in $300 instead. This might sound daunting, but it’s the surest path to a debt-free tomorrow. Make some small changes in your daily life to compensate. For example, start cooking at home instead of eating out. Negotiate lower interest rates on your credit cards. Reduce your energy bill and other utilities. Get rid of monthly charges you don’t really need, like super-deluxe satellite television packages. When you down-size your other bills, you can devote more money to getting rid of your credit card debt.

Debt consolidation is another option. Go with a lender you trust, such as your personal bank. Try to arrange a personal debt consolidation loan, then use it to pay off the balances on your cards. The loan will likely have a much lower interest rate than the cards. You’ll end up with one loan rather than many indebted accounts, and you’ll have lower payments to tackle each month.

If your credit card debt is small to moderate but subject to high interest rates, try transferring it to a 0% interest credit card. Just be sure to pay off the balance before the 0% introductory phase runs out – typically 6 to 12 months after card activation.

These debt-reduction strategies can be used by anyone. Start now before your debt becomes unmanageable. You don’t want to file for bankruptcy just because you overspent! Instead, take the hard road for a few months in order to have smooth financial sailing down the road.

This article has been provided by Creditor Web. At CreditorWeb.com you can compare over 100 credit cards from multiple banks and apply for credit cards online.