You get turned down for buying gas at less than the right price if you are like me. What I mean is you watch stocks go down just because of everyone else watching. This type of thinking only affects you when you have bad credit. Most of the time when people cannot make timely payments they stop doing things and all they do is steal cars and loans and make poor financial decisions.
If you have bad credit, in most cases this type of thing will simply never happen to you. Even if a major bank came to your rescue and decided to raise your credit limit this will still happen to you. Many times these kinds of decisions will remain in your head until the bank finally decides to invest in you that particular type of ability.
I believe is what I am trying to convey to you was that you should NOT be afraid to get scared. You should NOT expect that by using your credit card not only does the bank give you the freedom you need but it will also protect you from getting into debt and eventually bankruptcy.
For example if you have $900 in down payment on your credit card you are not still $900 in delinquency. This is because your credit card company gave you the ability to pay off higher interest expenses. If you have credit cards for that matter, you are still only in debt for interest expense. The whole point of having a credit card is it allows you to pay off your debts right away.
If you are caught in this type of situation, they will either state something like you have no credit, that is completely false or state something like you are only in debt because you didn’t spend enough on your card. The result will be confusion and then they will say your card was even there or not there at all. In my case my first mistake was with my credit card company and they now make sure that people do find those cards.
Another way to avoid credit card trap is not to bring it up at all. Remember I only brought it up to ask them to raise my credit limit. They didn’t even raise my credit limit. All I asked them for was $.0050 of interest expense.
OK so you thought all that was just a joke – it IS serious. You actually went above and beyond to make it completely clear that you DID NOT accept any responsibility for your debt. For example you are NOT responsible for car rental fees if your car is stolen and the owner isn’t someone that you can trust with your car – legally you aren’t responsible for any unauthorized purchases you make legally, even at your favorite stores legally.
When you find out that someone has obtained your credit card you should immediately report the card stolen to the police. It is important that you will know so you are making sure you aren’t the only one keeping score legally.
Once you report stolen cards do remember to stay alert so you can share your security with others so they too are aware about any unauthorized charges that may be in your card. If you are paranoid and should notice anything strange in your account it’s essential that you alert the credit card company so that everyone sees it immediately.
Bad Credit And Home Equity Loans
If you are considering taking out a home equity loan or a home equity line of credit (HELOC), there are several options available to you. A home equity loan is the way to go. If you live near a school, a road trip, a wildlife refuge, or is close by, a home equity loan is a great choice for your needs. A home equity loan is also a good option for someone wanting to refinance a home’s mortgage or for someone looking for low monthly payments. It is important to keep in mind that many small loans are limited and if you apply elsewhere you may not receive the payment.
Getting A Home Equity Loan
There are a number of steps that you can take as you approach the moment you acquire your property loan or HELOC. You will want to shop around to find the best rate. Many Home Equity Line of Credit lenders will offer an introductory rate of 0% for 6 to 12 months or for a variety of different lines of credit. After the initial period of time is complete, you will be eligible for a fixed rate in the regular money market. This offer may or may not apply to you.
You will need to choose the lender that will provide you with the best rates for your property. For example, if you are looking for a HELOC or a fixed line of credit, you will have a better chance of satisfying the requirements of a low initial interest rate or a low credit limit. If you plan on using a line of credit or any type of equity line of credit, you will want to start with a lender you trust.
Check Your Interest Rates.