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Saturday, 01 November 2008 |
By MIKE SELVON
 Consumers with reasonably good credit may receive several credit card offers in the mail each month. Companies may offer such things as a 0% introductory rate or low rates for balance transfers. While such offers may be tempting, it is wise to read the fine print on any offers you receive before applying for a card. You also need to evaluate your financial needs as well as your own debt management skills before choosing among the proliferation of cards being offered.
The first thing most consumers look at in credit cards is the annual percentage rate, or APR. While this is an important factor, it is not the only thing to consider when evaluating offers. You also need to look at things like finance charges, over-limit fees and late charges. These things can add up to a higher than expected bill.
If you plan to pay off your balance every month, then you should also look at the grace period. This is the period of time you have to pay off your balance before the company starts charging interest. In recent years, |
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Last Updated ( Saturday, 01 November 2008 )
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Friday, 31 October 2008 |
By Ben Needles
 Suppose youve been refused a loan, or offered one, but at an incredibly high interest rate. You are unable to receive a credit card - all of the providers turn you down. This is all because of your bad credit.
What is bad credit and how can you fix it?
Poor credit worthiness is usually defined as having a FICO score of 650 or below, with a score of 500 or lower making you virtually radioactive in the view of credit card companies. FICO is a number reflecting your credit worthiness which is calculated by the three big credit reporting agencies and is based on data they compile including outstanding debt, number and length of late payments, among other considerations.
The first thing you need to do to change this is generally entirely a personal matter. Perhaps you have a hard time imposing a budget on yourself, or you tend to overspend. For these problems, you might need a credit repair specialist or a financial counselor.
However, there are some practical things which you can do to help which are entirely |
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Last Updated ( Friday, 31 October 2008 )
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