avoid late fees to save money If you’ve just discovered that you’re actually living paycheck to paycheck then, it’s about time that you make the necessary changes in the manner by which you handle, not just the cash that goes directly to your pocket, but also your existing lines of credit. Pin ItAfter all, recent studies have shown that failure to live up to the terms and conditions of your credit account, most especially to your payment schedule, will cost you a great deal of cash, usually in the form of penalty charges. This means that the time, effort, and resources you’re willing to invest to avoid big expenses may all be in vain if you keep on incurring small yet regular fees, like interest and late payment charges. Now, let’s take a closer look at some of the pesky fees and charges we should all be wary of. Credit Card Late Fees Most people own at least one credit card and if you are a cardholder, you should ask yourself, “How well am I handling credit card repayment?” Do you pay your utilities on time?
Does Canceling a Card Hurt Credit So you’re thinking about cancelling one of your credit cards. Perhaps you want to close out the account because your card has a high rate or maybe you feel that you just have too many credit cards and you’re not using that one account as much. However, before you call up your issuer to cancel that account, you must first consider the pros and cons. Pin ItDid you know that cancelling a credit card can badly pull down your credit score? There are two reasons why cancelling an account affects your credit score. It’s important to understand that credit utilization makes up 30% of your total FICO score. Another significant factor in calculating credit scores is length of credit history (10%). Options To Consider Before Cancelling What is the real reason why you want to cancel a card? You can also avoid paying the interest rate fees by paying off your monthly balance in full each month. BAD CREDIT-OK and NO CREDIT CHECK! This article was written by the writing team of NewHorizon.Org.
what happens if you go over your credit card limit Credit is a funny game. A good bit of your credit score does not come down to how much you owe as how you categorize it. This is particularly true with credit cards. Whatever you do, avoid maxing one out unless you don’t mind seeing your credit score take a ding. Pin ItThe credit-to-debt ratio is an important calculation in the personal finance world. Why must you avoid maxing out a credit card? Another reason you should not allow this is that when your card max out, you will need to pay off a portion of the balance in order for you to use the card again. some company will go ahead and freeze your account which makes the card useless. BAD CREDIT-OK and NO CREDIT CHECK! This article was written by the writing team of NewHorizon.Org.
How to Use Coupons to Save Money How to Use Coupons for Holiday Shopping 5.00/5 (100.00%) 1 vote As the holiday season draws nearer, consumers prepare to be confronted with bigger expenses. There are many tips on how you can save more from your holiday shopping. One of the most efficient strategies is to use coupons when you shop. Pin ItBut did you know that you can save even more if you can use your coupons the smart way? Know exactly what you need to buy. Cutting or printing out all the coupons you can find can be a waste of time and energy. Don’t buy items you don’t need. Consequently, just because an item is on sale does not mean you should go and buy it. Look for online coupon sites. In the past years, consumers had been using coupons to save on purchases by looking through magazines and newspapers. Use coupons for items on sale. Department stores usually hold annual sale events especially as the holiday season nears. Check the expiration date. Know the merchant’s policy. Check the coupon’s expiration date.
Bankruptcy and Cosigners The Effects of Bankruptcy to Your Cosigner 5.00/5 (100.00%) 1 vote When filing for bankruptcy, it is important to check the rules especially if you have a co-signer. Your co-signer was the one who co-signed your debts when you applied for it. Pin ItGenerally, a co-signer is accountable to pay in case the borrower defaults payments. Chapter 7 and 13 Bankruptcy and Your Cosigner If you’re qualified to file for a Chapter 7 bankruptcy, you should know that your co-signer will not be exempted from the obligation. A co-signer is only protected from liability with a Chapter 13 bankruptcy. With the new repayment plan, the borrower’s debt will be reduced along with the interest rate. [Article: Possible Reasons Why People File for Bankruptcy] During the whole repayment plan’s term, the co-signer will be free from any obligation. Bankruptcy and Your Attorney Obviously, a co-signer is presented with a huge accountability when it comes to debts.
applying for first credit card How to Qualify for Your Very First Credit Card Account 5.00/5 (100.00%) 1 vote Be sure to have a savings or checking account with a bank nearby. Bear in mind that having a bank account can help improve your chances of being granted an affordable line of credit. Pin ItJust remember that most banks and credit card firms today will require you to have a savings or checking accounts for at least two years. Prepare a significant sum of cash, especially if you wish to take out a prepaid or a secured credit card. A gentle reminder though. Scout for online card issuers. Hence, we encourage you to go the online route to get the credit card you want. For college students out there, search for affordable student credit cards. So, what are you still waiting for? HELPFUL ARTICLE: Should You Have Multiple Credit Cards BAD CREDIT-OK and NO CREDIT CHECK! This article was written by the writing team of NewHorizon.Org.
benefits of the new credit card law The Credit CARD (Card Accountability, Responsibility and Disclosure) Act of 2009 was signed into a law on May 22. The changes made were meant to protect consumers from unreasonable terms and conditions of credit card companies. As a consumer and credit cardholder, how can you benefit from the new law? In this article, let’s discuss the new credit card rules: Rules on Credit Card Fees. Furthermore, credit card issuers cannot penalize a borrower for submitting late payments with other accounts. [Article: Advantages of the New Credit Card Law] Nevertheless, consumers must keep in mind that for credit cards with variable interest rates, there is no rule that imposes a cap limit on rate increases. About the Author Melanie Mathis is a credit analyst and a writer for 8 years.
Joint Account Credit Card In a joint credit card account, both people are responsible to make repayment. If you plan to open a joint account with your spouse, child or friend as a partner, consider these tips to avoid the risks and problems: Set a spending limit for both of you. It’s important that both of you understand the limit when it comes to spending. Experts recommend not using more than 30% of the credit line to maintain a good score. Inform your joint account partner about your spending. Although it’s not necessarily to tell your joint account partner every single item you charge to the account, it is recommended that you let the other person know if you want to use the credit card for a large purchase. Check the account before using the credit card. To make sure that you do not go over the agreed limit, be sure to check your account before using it for payment. Talk about payment responsibilities. Communication is vital to a successful joint account relationship. Be aware of the possible consequences.