credit credit card credit report credit reporting credit reporting agency

Introductory APR – why all of it?

The APR that is attached to credit cards is one that we all should have a full understanding of. This is especially true if you make the effort of paying back your existing balances every month. Make sure to take action so you won’t pay off your existing balances each month, that you may be in a better place financially with your current credit cards. It’s a great time to be in, especially if you’re carrying a balance each month.

Consider the APR

What a lot of people don’t realize is the APR. It may be quite simple to understand, but it is important to be aware of. The APR is the interest rate charged by a credit card issuer. The difference between a regular interest rate and a credit card APR is very significant, as it tells the truth about how much interest you may or may not pay each month in order to pay your balance in full each month.

The APR can, and usually has an upper bound set at up to 30%. Higher the APR, the less credit card interest you pay and the better. But normally a lot lower interest. That’s because the card issuers are required by law to tell you exactly what the credit card interest rate is if you do your due diligence. In effect, you are agreeing to pay for what the issuer says you will be charged if you pay your balance in full each month. The result is that at the end of the year you pay in full what the issuer is actually charging you. Meaning you owe exactly what the issuer is charging you.

What to do if You Have Bad Credit

The thing to do first is to speak to your credit card company. Be honest and ask the right questions. Before you sign with any company, read the fine print on the credit card. If you have any blemishes on your credit report that you’d like to have fixed, the credit card company may be able to work out an arrangement, which is sometimes called a fraud settlement. This settlement will settle the fee for you and get the bill down. In return for the check, the issuer will tell you whether or not it reached a financial settlement with you, based on the information you gave them.

What Happens After Bad Credit?

Once negative information has been stored on your credit report, it often becomes so bad that problems can arise. If you are considered in serious financial trouble, it may seem impossible to be certain that you’re a good credit risk. The only thing you are really guaranteed is that you will manage to improve your credit to a standard that’s just ‘not good.”

What to do If Your Credit Report Isn’t Good

If you find that your credit report is a low priority, bad idea, remember it! Get your credit card statement in order. Take all of your credit card statements, open each one and keep all items and information. If anything, should you have any errors, direct the credit card issuer to the pertinent credit reporting agency. Then write all of your credit card statements yourself. If you don’t, chances are you’re facing a tough decision, one you may regret this summer.

A Good Credit Report

As long as your credit report contains all of the information pertinent (not only the items you may have disputed), a simple, accurate, and thorough credit report is the answer. Through a proper investigation, you will find your credit report performing the service that it claims to: helping you get credit ‘not everything’ is accurate. This report ensures you a number of accurate accounts and decisions that will improve your credit rating. Now, you know how accurate your credit report is.

Checking Your Record Once a year, the three major credit reporting agencies (Equifax, Experian and TransUnion ‘these organizations report those credit accounts in a much more accurate and systematic manner than the traditional reporting agencies, and help people better understand exactly what the actual errors are – and what the actual corrections may be – applying for an extension, for example, to pay a bill for a month instead of just one.’ This report will help you to repair your credit) you can check and correct your credit report, and a simple request to a credit bureau (Equifax, Experian, and TransUnion ‘these agencies report any type of errors that occurred between the credit purchase or charge and the due date – only the most up to date facts will be made available to you). You can use your own information without ever going to a credit reporting agency.

Contacting the Credit Reporting agency should be quick and methodical. Don’t feel discouraged; you may not even need to call them. A credit record agency makes an application to all consumers, so a small fee may be applied, but never more than the fee that is assessed to you.