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A New Year’s Resolution

One of the most frustrating moments in life is figuring out how to make all of your payments or even maxing out your credit cards. For most people it seems like a constant strain to make all of your monthly payments and to apply two consecutive days off or overtime for two consecutive days to apply for a credit card. For many people, finding a credit card without having to work for extra pay is rather anachronistic, to say the least. The question is how do you separate when you need to use one credit card, store a paycheck or send in an application form for a loan, from all of those other responsibilities and interest free periods. Simply put, should you have two credit cards if you need a loan or even an application and you need to apply for a credit card with two or more cards, should you do that every other time? If you are one of those unlucky individuals, you may well decide that you have to apply for an extra credit card to accommodate all of your payments, each month and either apply for the credit card for the rest of your life or pay off the card immediately. The thought of waiting to pay off the credit card debt just feels really, really good.

The fact of the matter is, on one level, it’s very important. There is no way that you have to have two or more credit cards if you are responsible enough to apply for one, right?

Well, what you have to do is make sure that you are consistently working on paying off all of your credit card purchases in full each month, including your debit and credit cards, so that you can be able to use your credit cards for all of your spending needs and finances when you need to. If you get to a point where there is a shortfall of one or more credit card balances from your other accounts, try to call your credit card company and ask them to lower the outstanding balance from $1,000 to a placeholder balance on another card. They don’t seem to be willing to budge on that one. You may want to add another credit card to this list if you find yourself completely out of borrowing money to pay your bills while you are on a high budget.

Finally, make your year end financial plan your first year of living at your present financial status. This step is really required in order to make sure that you do not fall into the trap of having two major credit cards, one used for shopping on campus and all the other for paying off the other credit card balance on that one credit card, and the other for paying off the other credit card balance on the last credit card.

When you do find yourself in a tight financial situation with one or more major credit card companies that still accepts your credit card payment during the application process, seek the advice of your financial advisor or a professional financial planner who may be able to provide guidelines on ways to make your year-end financial plan a little easier to keep abreast with while on a budget. One final word of advice – figure out how much your limit is so you aren’t overpaying because you’re only going to be paying what you can afford to pay each month!

Copyright 2005 Ed Vegliante.

How To Repair A Bad Credit Rating

You owe it to yourself to learn as much as you can about credit repair. When you start repairing bad credit it takes some practice and you’ll start to see some patterns. Some of the problems you might have with a credit repairing practice include:

A lender is considering a new offer from a bank (e.g., Bank Americard – Citibank). It’s important to carefully assess whether they will consider your credit standing. If they do consider your credit worthiness – and likely to outweigh other risks you might consider borrowing from another source – you may want to delay taking any action. This way, the lender (e.g. lender) does not have to consider whether you will be able to pay the next bill in full.

you may not be able to pay the full loan amount. If you have a secured loan, try to carry a $100 down payment, then put the $100 down.

If you have a new car, do not apply for a new car with a credit repair (CRT) firm. These vehicles will be harder to repair and could make your credit rating much less likely.

What is a TCA?

The truth about credit repair is that a TCA is a complete repair. A bad credit report will stay on your credit report for seven years. After that time is up, you will first need to clear up any accounts that you had. Now you need to start looking for new credit cards and other financing.