Credit Card Education

In 2012 millions of consumers will likely submit an application to open up a new line of credit. Before doing so, it is of utmost importance that individuals gain a thorough understanding of their personal credit situation to avoid being extended an offer of higher than expected rates or rejected outright. While every lender has a different set of approval standards, there are basic steps consumers can take to minimize their risk of being turned down for a new credit card.

If you are in the market for a new credit card but you know that your credit score is not in the best shape, or if you don’t happen to have much of a credit history at all, here are some things you can do to boost your numbers and improve your chances of being approved:

Be Choosy When Applying

Instead of submi...

The enticement of a balance transfer offer is that your outstanding balance will accrue 0% interest for a fixed period of time, allowing you to make some headway on paying down your debt. Here are some things to consider before filling out a balance transfer application:

Do You Qualify?

The first order of business when considering applying for a balance transfer credit card is to determine whether or not your credit is in good enough shape to avail you of the offer you have selected. To be eligible for the very best deals out there, you need to have very good to excellent credit, meaning a FICO score in the neighborhood of 750.

This means that you must have some sense of what your credit score is to be able to judge whether or not the possibility exists that you will be approved f...

Approximately one-and-a-half million Americans declared bankruptcy in the year 2010, and for every single one of them filing was likely a tough decision. Surviving bankruptcy may seem like a grim prospect, but as long as you keep your finances on track afterwards, the more time that passes means the less negatively the bankruptcy will impact your credit history and your ability to qualify for things like loans, mortgages and credit cards.

Many people filed bankruptcy in recent years who never imagined they would ever be forced to make such a seriously consequential financial decision. This is a result of the recent recession and country-wide economic downturn that has had an effect upon millions of households throughout America.

There’s no doubt about it: declaring bankruptcy will ...

These days lenders are actively attempting to encourage small business owners to open up business lines of credit by offering a multitude of new credit card products, some of them linked to very generous reward incentive programs.

A large part of the motivating factor is made clear by data that was released over the summer by Washington D.C.’s National Small Business Association which revealed that some 80% of small businesses in the United Sates rely upon credit cards to provide some portion of the necessary financing to run their company and nearly 42% of small-business owners carry outstanding credit card debt.

The Legal Distinction Between Business and Personal

However, if this debt is being carried on a business credit card account as opposed to a personal credit card accou...

Prepaid credit and debit cards have been steadily gaining popularity. According to the Mercator Advisory Group, the amount of funds consumers will put onto prepaid cards is expected to go from $60.4 billion to $233.8 billion in just three years, between 2009 and 2012. This represents a 383% increase. The rise in demand has been met with an ever-growing selection of cards. Consumers now have several different options to pick from.

In general, the best prepaid cards are the ones with the least amount of fees.

Side-step Activation Fees

The costs of acquiring a prepaid card differ extensively from card to card. Some cards charge an activation fee which can be as high as $20. However, there are also many options available that have no such activation fee. While an activation fee is onl...

According to data collected recently by American market research firms, the average household in the U. S. is signed up for exactly twice as many credit card rewards programs as they use, leading to roughly 48 billion dollars-worth of earned rewards going unclaimed each year. One of the reasons why this is happening, experts claim, is because consumers are spreading themselves too thin in regards to rewards programs and therefore have a struggle to keep up with them.

The problem when you have multiple rewards cards is that it is easy to forget all about your different rewards balances, particularly when they don’t seem very substantial.

Set Goals

Decide what types of rewards are most important to you – travel rewards such as free airline tickets and hotel stays? Cash back? Poi...

You may find yourself wallowing in credit card debt these days for a myriad of different reasons. Whatever the cause of your current personal financial crisis, the sooner you formulate a plan of how to attack it, the easier you will breathe. Here are some tips on how to go about getting things under control:

Incorporate Monitoring Your Finances Into Your Daily Routine

If there are tasks you habitually perform every day such as reading the morning paper, jotting down a to do list or brewing a pot of coffee, develop the habit of looking online at the balances of your credit cards, checking and saving accounts as part of your routine. As you do so, make a quick comparison of the amount of money you have at your disposal to the current total of your debts. This will only take you a few m...

People with no credit history or what the industry considers to be “thin” credit history will likely find it difficult to obtain a loan, mortgage or even something as seemingly simple as a credit card account. Lack of credit even has the potential to render them undesirable candidates for certain jobs that require background checks. These people may be students, young adults or people who have chosen not to utilize traditional banking systems.

The catch-22 is that it takes credit to get credit. One good way to begin establishing credit history is by using a credit card responsibly, but in order to get approved for a credit card, lenders usually want to know that you are a good credit risk. In some cases, no credit can be nearly as debilitating as having poor credit. However, due to ...

Shopping can be a hectic undertaking, especially during certain times of the year such as around the holidays. As retailers offer more specials and sales the stores get more crowded. As the stores get more crowded, the opportunity for thieves to strike increases. Make sure that when you are out trying to spend wisely and save money you don’t end up becoming the victim of a crook. Always keep your eyes on your purse or wallet and never leave either unattended even for a moment. Also pay attention to what is happening to your credit card when you hand it over to a clerk or store employee. Make sure you get it back and put it safely away in your wallet after each transaction.

Sometimes criminals aren’t the only ones we need to protect ourselves and our money from. You should also prote...

The weeks leading into the holidays are busy ones, especially for college students. There are final exams to be taken, travel arrangements to be made and tons of presents to be bought for family and friends. When you finally have some free time to do a little shopping, it may be tempting to go over budget if you find the perfect gift for someone on your list. You may figure that, because you have a credit card, it’s OK to splurge – after all it’s not on yourself! However, secretly overspending as Santa is never a good idea because little debts can quickly grow to be big debts, especially on credit cards.

As soon as you get your hands on your first credit card, your mantra should be, “don’t charge it if you don’t have the cash.” Using a credit card as a means to buy whateve...

Consumers travelling abroad may find themselves faced with a payment conundrum when trying to use their cards overseas, especially in places like trains stations and bus terminals. What’s the problem? Well, it’s that little magnetic strip on the back of your card, the one that contains all off the information necessary to make a transaction. This is because most European countries and elsewhere have embedded microprocessor chips in their plastic payment cards and those are what their point of sale terminals are set up to accommodate.

The chip technology, known as EMV for Europay, MasterCard and Visa, is currently being tested by some of the bigger retail banks in America such as JPMorgan Chase and Wells Fargo. Additionally currency exchange company Travelex has begun offering for sa...

With all the talk about the importance of maintaining a clean credit history and keeping your credit score high, there is, understandably, always a lot of attention paid to what sort of behavior and financial situation can result in your score taking a hit. These things can range in scope from filing for bankruptcy to falling delinquent on your mortgage payments to maxing out one or more of your credit cards. However, consumers who are concerned about cultivating a high score often times worry needlessly about things that, in fact, have no bearing at all upon their FICO score such as:

Your Employment Status

If you get laid off from a job that does not mean your credit score will dip. While it is not uncommon for people who lose their job to suffer a lowering of their credit score thi...

A credit card can be an incredibly useful financial tool to have at your disposal, enabling you to pay for things easily and efficiently. However, credit cards can lead users into big debt trouble if not used responsibly. Figure out how to make your credit cards work for you rather than against you. Paying your credit card bill on time is one of the most important aspects of using credit properly and maintaining a good credit score. This can be tricky given the hustle and bustle of daily life, especially if you use more than one credit card. However, because the majority of banks now provide customers with the opportunity to pay their bills electronically, it is now easier than ever to make sure that you make all of your necessary credit card payments on time every single month.

Two Opt...