Archive for May, 2009
What Makes a Good Credit Card?
May 21st, 2009 | 
Author: What makes a good credit card? Is it the interest rate? The rewards? There are many things that go into deciding whether certain cards are good or not. And depending on your financial situation, a good credit card for you, may not be a good one for you neighbor. Here are some deciding factors that can help you find the right cards for you.
A good credit card will have a good rewards program. Now this might not be your biggest deciding factor, but it definitely is the most fun. Some companies give out some amazing rewards simply for using their cards. If you are going to use charge cards, you might as well earn some reward points. These points can be redeemed from anything to airline miles, to groceries. Finding a good rewards program can be fun and, well, rewarding.
Interest rate. One of peoples biggest concern with choosing charge cards is getting a low interest rate. This make many people jump when they see introductory rates of 0%. But don’t let this sell you alone. A low interest rate is only one aspect of certain credit cards. Also, low introductory rates can also mean high regular rates, so don’t be fooled.
Annual fee. Good charge cards will have a balance between an interest rate and an annual fee. Typically, the higher the annual fee, the lower the interest rate.
Card company. The biggest deciding factor when choosing cards is choosing a good company. Visa and mastercard are credit giants and are accepted all over the world. But there are many smaller companies that can offer you better rewards and service. You need to consider all of these factors when deciding on the type of charge cards to put on your shortlist.
Posted in Credit Card, Money measurement, Refurbishment Clause, Saving for a rainy day | 
Tags: Credit Card, good rewards | 
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Credit Repair – Building Back Your Credit
There are many ways to correct and improve your credit reports; it’s just a matter of time, effort and understanding of what you did wrong in the past and how you must correct it in for the future.
It’s important to know your score and take corrective action immediately. The golden rule in combating bad credit is to know what’s on your reports. Ranked between 0 and 850, the higher your score the better your rating and a good score means low interest rates and approval for loans and mortgages. There are three major agencies that maintain a record of your credit score Equifax, Experian and Trans Union and you are allowed one free report from each every year, use this availability and request your reports.
After receiving your reports go through them with a fine tooth comb, marking any item that reflects a poor history such as late payments, collections accounts, bankruptcy. You’ll most likely discover that each report has different information as creditors don’t always report all items to all three agencies. Once you have identified your mistakes and address any item that is incorrect or are reporting incorrectly, contact the bureaus in writing for them to investigate and make the necessary corrections.