How I Kept A Good Cedit Ratings

Secured Credit Card is similar to a prepaid credit card since the funds you are using are actually yours and not the issuer of the credit card. Generally people who apply for secured credit card or prepaid credit card are people with poor credit or unemployed. Prepaid Credit Card spending limit is the amount of money you loaded to the card. There are no interest or finance charges on a prepaid card. With secured credit card, your credit line could be from 50% to 100% of your deposit depending on the institution giving you the secured credit. Therefore the company giving you the secured credit card has zero risk.

Secured credit card can be very beneficial because it gives you an opportunity to rebuild your credit history and you are able to make purchases just as if you had an unsecured credit card. Many companies require that you have a credit card to make purchases, such as car rental, airline tickets, etc. Ensure that the company issuing the secured credit, routinely reports customers' payment history to any of the three main credit bureaus namely Experian, Equifax and Trans Union. This reporting to the credit bureaus will rebuild your credit history over time.

Closing unnecessary accounts and consolidating your bills to make payments more manageable could be an advantage financially. By not applying for too much credit within a short period of time is another factor that will help in rebuilding your credit rating. Additionally, even though secured credit is like prepaid cards, they do have certain fees attached.
Benefits are similar to that of an unsecured credit card, such as usually being paid interest on your balance in the bank, using Automated Teller Machines (ATM) to make deposits, withdrawals, and making purchases at participating merchants. Following the above steps will strengthen your credit rating.

Unsecured Credit Cards are issued to individuals with good to excellent credit rating. Credit ratings depend on certain criteria, such as one's ability to repay loans. These criteria include payment history, employment history, and financial stability. Individuals with excellent credit will most likely receive a lower interest rate. A major factor in maintaining excellent credit is making your loan payments on time thus avoiding late fee penalties.

Customers should read the credit agreement to ensure that they understand their obligation to the creditor. Making payments on time will strengthen your credit rating. Unsecured credit cards has numerous advantages such as low interest rates, high credit limit, business name options, no annual fees, and low APRs on balance transfers up to 12 months. Closing unnecessary accounts and consolidating your bills to make payments more manageable could be an advantage financially. By not applying for too much credit within a short period of time is another factor that will help in maintaining a good credit rating.

Rebuilding your credit takes time, patience, and consistency. If you consistently pay your bills on time, you will see an improvement in your credit ratings over time. There are no quick fixes for improving your credit report except for mistakes or inaccuracies that can be corrected, hopefully in your favor. Your credit information is maintained by the credit bureaus namely Experience, Equifax, and Trans Union for seven years. Therefore poor credit information will remain on your report for seven years. The good thing is that as negative information disappears with positive information, this will definitely rebuild your credit rating.

Applying for secured credit card can be very beneficial because it gives you an opportunity to rebuild your credit history, and you are able to make purchases just as if you had an unsecured credit card. Many companies require that you have a credit card to make purchases, such as car rental, airline tickets, etc. Ensure that the company issuing the secured credit, routinely reports customers' payment history to any of the three main credit bureaus namely Experience, Equifax and Trans Union. This reporting to the credit bureaus will rebuild your credit history over time.

Business Credit Card 
Business credit cards are very popular for small business owners because of the many benefits they offer. Benefits includes 0% Intro APR on balance transfers, no annual fees, high credit limit, low interest rates, cash rewards, bonus miles, free online account management to choosing card design etc., At iCreditOnline.com we have some of the best business credit cards from American Express, Advantage, Chase, Bank One, Bank of America, Discover, Citibank, Household Bank and more, with online credit card approval. Why waste time going to a bank when you can get a decision in less than 60 seconds with secure online credit card application. Online Credit Card Approval with Online Credit Card Application is fast and easy!

Student Credit Card

Having a student credit card while still living at home or attending school away from home can be an advantage. It gives the student the opportunity to establish credit at an early age and to start asserting their independence. It comes in handy in case of emergency, it is less trouble and safer to carry a student credit card than to carry cash. Parents find student credit cards to be very convenient. They are able to make deposits to their children's account while they are away from home. Students should be careful with their credit card receipts to avoid identity thief.

If you consistently pay your bills on time, obtaining students credit cards is a good way to established credit rating and start building a good credit history while in school. Establishing and maintaining a good credit rating will make it easy to purchase a car, a home or obtaining a personal loan in the future. For students who are not committed to their financial obligation, getting a student credit card is not a good idea. Running up balances, finding yourself in debt, unable to make monthly payments will destroy your credit rating.

Student's credit cards generally have high interest rates. At iCreditOnline.com we offer some of the best student credit cards from Chase and Discover with 0% APR introductory rate for 6 months, no annual fees and online account access. Online credit card approval w
ith online credit card application is fast and easy!

Explanation of some of the credit cards we offer:

0% Intro APR Credit Card or Balance Transfer Credit Card gives you the benefit of using this credit card without making any interest payment on the principal for a stated period of time. This credit card is marketed to individuals with good credit rating who want to transfer balance from a high interest credit card to a 0% intro APR credit card.

Cash Rewards or Cash Back Credit Card earns a percentage on purchases made. This reward or cash back is credited to your account.

Debit Card takes the place of carrying a checkbook or cash. This card is used like a credit card with certain limitations, such as not being able to rent a car. Purchase transactions are contingent upon having enough funds in your checking or savings account to cover the purchase. Verification of funds requires entering your Personal Identification Number (PIN) at a point-of-sale terminal.

Low interest credit card saves you money. Having a good credit rating qualifies you for some of the best low APR credit card offers.

Prepaid Credit Card spending limit is the amount of money you loaded to the card. There are no interest or finance charges on a prepaid card. Therefore the company giving you the prepaid credit card has zero risk. Generally people who apply for prepaid credit card are people with poor credit or unemployed.

Secured Credit Card is secured by the amount of funds you have in your account. Your credit line could be from 50% to 100% of your deposit depending on the institution giving you the secured credit.

Unsecured Credit Card is issued to individuals with good to excellent credit rating. Credit ratings depend on certain criteria, such as one's ability to repay loans. These criteria include payment history, employment history, and financial stability. Individuals with excellent credit will most likely receive a lower interest rate and can receive instant online credit card approval. A major factor in maintaining excellent credit is making your loan payments on time thus avoiding late fee penalties.

Travel Rewards Credit Card benefits may include travel accident insurance, free rental car collision/loss damage insurance, rebate on gasoline purchases, frequent flyer points or bonus miles towards airline flights, free quarterly and annual account summaries.





















By David Hall
Article Source: http://EzineArticles.com

Baby Steps To Raising Your Credit Scores

The value of diligently tracking your credit score is often underestimated. Failure to know what is on your credit rating can keep you from qualifying for loans and in far too many cases will cause you to pay higher interest rates.

The trick to raising your credit score is no secret, but it does take diligence and hard work.

First, check to see what is on your credit report. You can usually obtain a copy of your credit report for free on a trial basis from a number of agencies. Take caution, however, not to overuse these offers. Requesting too many credit reports can actually have the opposite effect on your credit score. When lenders see a large number of credit report inquiries they assume it is due to applying for loans and credit cards. This translates to money problems and lowers your credi

Make sure you obtain a three-in-one report. There are several credit reporting bureaus and each one calculates your credit score in a slightly different manner. It is in your best interest to find out what is being reported by each agency.

If you do have a bad credit score, some of the items that contributed to your rating will take time to clean up, but the good news is that some can be cleaned up in just a matter of days.

Save yourself some money and time and steer away from offers from companies who claim they can fix your credit score for you. In most cases, these companies charge a small fortune and do very little. There is really no secret to fixing your credit. You can do it yourself and save yourself their expensive fees.

When you receive your credit report, be sure to review it carefully. While most of the information your report will probably be accurate, there may be some information that is completely in error. For example, you may notice that while you distinctly remember paying off a bill in the past, it is now showing up as delinquent on your credit report. In worst case scenarios, you may realize you have been the victim of identity theft and someone else is having a good time at the expense of your credit rating.

If you do see something on your credit report that looks suspicious or that you know is completely in error, write a letter. Keep it brief, but state in clear terms what the situation actually is. If you paid off that bill, include copies of backup documentation; such as cancelled checks or receipts. Mail the letter certified with a return receipt requested.

Be aware of what factors contribute to your credit score. Payment history, account balances, age of established credit, recent inquiries and opened accounts, credit mix are the five major factors that makeup your credit score.

Don’t succumb to offers for a certain percentage off a purchase if you open a charge account. That 10 or 15% you might save on your purchase isn’t worth the negative impact on your credit score.

If you have a lot of credit cards, don’t feel you need to get the scissors and start cutting. Credit cards can work to your advantage if used properly and responsibly. For the most part, credit score formulas look at the balances on your credit cards; if you’ve maxed them out, etc. Closing out accounts won’t necessarily improve your credit score. If you know you have a problem with charging everything simply because it’s convenient, lock away all your credit cards except for an emergency card. Then begin a diligent effort to begin paying down the balances on your credit cards. Experts recommend that at any given time you should always have at least 25% of your remaining credit limit available and unused.

Additionally, don’t think that consolidating your credit card balances on one card will help your credit score. Extensive moving around of money is a red flag to lenders and will usually hurt you more than help you.

If you do have an account that has a zero balance, don’t think it will raise your credit score to close out the account. That zero balance account is actually helping your credit score.

Make sure you pay your bills on time, every time. Set up some kind of reminder system if it helps or even set up your bills to be deducted straight from your account.

It may take awhile to raise a low credit score, but the effort is well worth the reward.

By  Ellise Walsh
http://www.articleworld.net

Simple Tricks To Repair Your Credit Card Ratings

Credit report: Does it keep you awake? Follow this baby steps it will help you repair your credit so that you can sleep peacefully at night.

Having money for a home loan can be difficult, particularly when your credit is less than perfect. Try to secure an FHA loan; these are federal government guaranteed. If you do not have a down payment or money for closing, consider a FHA loan

Create a plan (good plan) that works if you are in need of credit repair. You must be committed to making real changes in the way you spend money. Purchase nothing but the essentials. You should only make a purchase if it is necessary and it fits in your budget.

In-case the credit you have does not allow you to obtain new credit, then getting a secured one is much easier and will help fix your credit. With a secured card, you have to fund your account before you use the card so that the bank will be assured that you will pay off your debts. If you open a credit card account, keep charges fairly low, and pay it on time, this will go towards improving your credit score.

Remember that a lower credit score can get you a lower interest rate. By doing this your monthly payments will be easier to afford and your bill will be paid off faster. Try to get the best offer and credit rates so you can increase your credit score.

Never ever trust a business or person who offers to clear up your credit for a price. Especially if it is correct information they say they can remove. Negative info stays on your history for seven years! It is possible to have erroneous information removed from your report, however.
Now the fun begins. If your creditors try to jack up your interest rates, do not pay them. When a creditor hits you with incredibly high interest rates, you may have a case for negotiating to a lower amount. Although, in reality, you did agree in advance to pay any interest charges incurred. If you plan on suing your creditors, you may be capable of having the interest rates viewed as being too high.

If you want to fix your credit avoid companies claiming they can remove all of your issues, even those properly reported. These things are, generally, on your record for seven years. Stay mindful, however, of the fact that false information can be stricken.

Stay in touch with credit card companies if you wish to repair your score. This will help you stabilize your situation and start working towards a better financial situation.
































































By Garland Gleason
http://goodposts.com

How To Easily Overcome Bad Credit

The reason why secured loan financing beats unsecured financing in these situations is that the requirements for approval are less harsh and thus, let almost anyone (even those with a past bankruptcy on their credit report) to obtain finance regardless of thei
r credit score or history. Unsecured financing implies a higher risk for the lender and thus, harsher credit and income requirements for approval.

Risk Reduction Due To Collateral

Secured loans represent a lower risk for the lender because the property used as collateral guarantees the loan repayment. In the event of default, the lender knows that he will be able to repossess the property and force its sell in order to reclaim the money invested. This provides a lot of certainty for the lender and lets him offer better loan terms.

This is particularly important for bad credit applicants because the risk that bad credit represents is compensated with the certainty that collateral provides. And thus, a good loan amount with advantageous loan terms that would otherwise be out of the reach of bad credit applicants is available for them thanks to the risk reduction that collateral provides.

Credit and Income Requirements for Approval

One of the main benefits of secured loans is the fact that the requirements for approval are a lot easier to meet than those of unsecured loans. This is mainly due to the fact that collateral reduces the risk involved in the financial transaction and thus, lets the lender provide advantageous terms in order to attract more customers.

The benefits you can obtain when applying for secured loans like home equity loans are: Lower interest rates that can be as low as a third of the interest rate charged by unsecured financing, Higher loan amounts that will depend on the available equity on your property, Lower monthly payments that make these loans incredibly affordable and flexible repayment programs that can be stretched in order to obtain even lower monthly payments.

An Additional Benefit

Moreover, secured loans can aid you in overcoming bad credit. Not only you can qualify for these loans easily and get approved even with bad credit, no credit at all or a past bankruptcy on your credit history. Also, the timely monthly payments of your loan will keep getting recorded into your credit report, thus increasing your credit score each month.

Sooner than you think you will be able to obtain finance with much better terms due to having an acceptable credit score and history. You just need to avoid missing payments or paying late and you'll do just fine. Remember, with secured loans you can get finance without hassles and improve your credit at the same time.





















By Sarah Dinkins
Article Source: http://EzineArticles.com

Repair Your Credit Using These Simple Tips

When your credit is in trouble, it can feel impossible to find the help you need. This article offers valuable information that will help you start rebuilding your credit. The tactics listed below can successfully be applied to your credit repair tactics.

Before you agree to enter a debt settlement, learn about what happens to your credit as a result of it. Some agreements won't hurt you as much as others. This is why you should research all of the available ones for you before signing an agreement. Some creditors have no concern over how your credit score can be affected by entering into certain agreements. These people just want your money.

If you make a decent income, consider an installment account when you want to give your credit score a boost. All installment accounts must stay above the set monthly minimum, so only open one if you can afford it. Keeping an installment account will help your credit score.

Start paying on bills to help your credit. However, it's not enough to just pay your bills; you need to make your payments on time and in full. Once you start paying your past bills off, you will notice an immediate improvement in your credit.

Start by paying off credit cards with accounts 50% over your limit. You can concentrate on another card once these accounts are lowered to under half of your limit. Your credit score can diminish with balances over 50%, so spread out the debt or pay off the credit cards.

Be very wary of programs that do not sound legal; chances are they aren't. You should steer clear of internet programs that show you how to clear your credit. Do things like this can get you into big trouble with the law. Not only can legal fees add up, but you could end up in jail.

Ask credit companies to lower all of your card limits. This will stop you from racking up giant credit card bills, and show lenders you are responsible.

Contact your creditors to request a reduction in your credit line. This is likely to keep you from overusing credit, which can be a financial burden. It also lets credit card companies know that you are responsible, and this makes them more likely to extend credit to you as time goes on.

Before you decide to go through with a debt settlement, you should be sure you know how it will affect your credit. Some methods will be less damaging than others, and you need to research them all before signing an agreements with a creditor. Creditors are only trying to get the money that you owe them and could care less how that hurts your credit score.

Take a look at your credit report if you have a bad score. The debt itself may be legitimate, but if you find errors in its metadata (e.g. the date, amount, creditor name), you might be able to get the whole entry deleted.

by Adelbert Martens
articlesxpert.com