What Is a Secured Credit Card?

Credit card companies are eager to hand out their cards. But they won’t give them to just anyone. If you have a poor credit history, or if you have never had any credit in your name, chances are you’ll be left out in the cold when it comes to regular credit cards. But those with credit issues aren’t doomed to go through life without the ability to “charge it.” Secured credit cards are available to almost anyone. They are, however, quite different from your average

Importance of Keeping Lines Open with Creditors

Unless we’re independently wealthy, most of us face financial troubles at some point in our lives. Sometimes we incur unexpected expenses, such as car repairs or medical bills. Sometimes our income drops due to health problems or job loss. This often results in trouble paying the bills. Often, those who are having problems meeting financial obligations avoid their creditors. They do this because they believe that the creditor will be unsympathetic and demand payment right away. What they don’t realize is that when we are

The Three Major Bankruptcy Types Explained

Sometimes people end up with more debt than they can handle. Often it is not due to irresponsibility, but to circumstances beyond one’s control. Job loss, unexpected medical expenses and other such situations can cause finances to take a sudden turn for the worse. When such things happen, bankruptcy can ease the financial burden. Bankruptcy should only be used when all other alternatives have been exhausted. It remains on your credit record for ten years, making it difficult or impossible to obtain loans and other

Fair Credit Reporting Act Explained

Your credit report can affect numerous aspects of your life. It impacts your ability to get credit and the amount you pay for it, but that’s not all. It can also affect your insurance rates, employment prospects and even your ability to rent a place to live. Keeping our credit reports accurate and private is of the utmost importance. This is why the government created the Fair Credit Reporting Act (FCRA). Enacted in 1971, this law contains several provisions that govern how credit reports are

Credit Reporting Agency

Credit can help us get the things we need and want. For most of us, credit is required to buy a home or car. We can also use it to buy everything from vacations to groceries. And increasingly, our ability to rent an apartment or get a new job hinges on our credit. Our credit files are maintained by credit reporting agencies, also known as credit bureaus. In the United States, there are three agencies that keep track of everyone’s credit: TransUnion, Experian and Equifax.

Credit Repair Firms: Can They Help?

Bad credit can haunt us for a long time. Late payments we made years ago can affect our chances of getting a loan or credit card now, and possibly for years to come. Many people face this dilemma, and that is why credit repair has become such a hot topic. The offers are enticing. For a few hundred dollars, or sometimes more, firms offer to erase bad entries from your credit report. But if it were that easy, wouldn’t more people be doing it? Unfortunately,

Bad Credit? Use Credit Cards for Bad Credit and Improve Your Credit Score

There are two types of credit cards for people with bad credit, which in the credit card industry is defined as anyone below a 625 credit beacon score. The first is known as a charge card. A charge card allows you to prepay an amount onto your card, and then you can charge up to the amount you have prepaid. At first, this may sound silly. Why not just pay cash? Well, these types of credit cards for bad credit will actually help re-build and

Prepaid Credit Cards Explained

Credit cards offer many benefits. One of the most obvious is that they allow us to enjoy a purchase now and pay for it later, either in full or in payments. In exchange for that, we pay interest on the outstanding balance. But what if we are interested in the other benefits of plastic and don’t want to pay interest? Sometimes we use credit cards as a matter of convenience. They make it possible to go shopping without a wallet full of cash. They also

The Types of Rewards Credit Card Available

There are lots of different rewards credit cards available so it definitely pays to do a bit of research into what’s available before you decide which one to apply for. To give you a better idea of the options, this article takes you through some of the different types of rewards credit card. Cash back/charity: One popular rewards credit card is the cash back card. This gives you cash back on your purchases (generally around 0.5% but sometimes more on certain products), which you can then