A ‘select offer’ means you would like to make an initial offer for a credit card. That offer may be anything from an introductory offer with no annual fee, low interest rates or some combination of the two. So, until you have gotten your credit card, or if you have the choice of taking out a revolving credit card, a representative can advise you on the right way to go. The offer is what you will see!
However, when you apply for any credit card, this will normally be in writing and includes these important details:
The annual percentage rate
The amount to be paid for each month’s balance’s length
If you fall in line with the introductory offers, you will be charged a standard rate for which no fees would be charged ($!)
The revolving credit card (if any)
Under the Introductory Offer, all your credit card balances will be charged a fixed annual percentage rate, typically 2%. What do you mean 2% of interest plus one percentage point on future interest charges? A reasonable guess would be, 1.9% plus interest charges!
However, what you will not be billed for is the late payment of an annual credit card finance fee ($!)
How do you reconcile your credit card balances with your revolving credit card? They have the tricky thing under the Introductory Offer!
Don’t allow your credit card accounts to go into negative account!
Allow your credit card to become charged to your unsecured credit card
You might find it difficult to pay off your balances after you have fallen into the special special interest offer! Did you know that credit card issuers usually do this for a fee?
Therefore, if you have balances on your credit card accounts that are being billed late, you can use the interest free credit card introductory offer and leave balance in your balance until your credit card bill arrives.
How You Can Improve Your Credit Report
Credit reports obtained through a search of the records can help creditors make intelligent and timely payments. Reducing the chances of confusion is a clear way to keep your credit score, insurance rates and even a job that requires you to maintain records a secret.
In a nutshell, you want to make sure your credit report is accurate and up-to-date. In order to do that, you need to know steps you can take to increase your chance of getting one right.
1. Regularly send notices to creditors regarding recent transactions on your credit report (within the last six months), but do not mail any such notice. If the creditor makes an inquiry, you MUST REFUSCELY DO THE RIGHT THING. Do NOT ignore the inquiry letter. If the inquiry is “out of date,” your chance of getting one is slim to nil.
If your creditor reports your current income as $120/month, it is important that you keep all of that income in mind as you work to increase your chance. It is not uncommon for your income to be at or near 100% of its value while you are reporting to creditors. If you plan on keeping that income in a separate account, get a separate electric bill-paying service, like a credit card bill-paying service. Many credit cards give the APR for purchases, but it is important to realize that what you are paying isn’t usually a bill. Some credit cards give a discount. Don’t pay for goods or services.
Don’t put credit cards on your credit report while you are making an ‘up or down payment’ to your creditors. If you are able to make payments, the next step is to send a letter to each creditor outlining your position. It becomes a starting point for counseling with whom you can work together.
2. Pay off your credit cards before they close. Yes, this is a very attainable goal that you can achieve, but it can be challenging and expensive. It will take years to achieve a good credit rating. This is where approaching your debt situation with a willingness to pay no bills becomes difficult.
The most important part is to ask yourself, ‘How long am I going to have to pay off for the bills I have paid? – If this seems too long, you need to consider a different strategy. Start by paying off your balance at least once in six months! Then look for a clear budget that covers all your spending. Cut up “big-ticket” items like the groceries, prescriptions, and cable TV.