Of all the things that can lead you into trouble when trying to fund a new credit card that will eventually give you that wonderful golden boot, credit cards are the least talked about.
When you apply for a credit card, the company, the bank, the credit union, and the credit card company all all want and need your application. All these companies are required by federal law to tell you how to pay for your credit card once you apply.
Some of the things you will want to know first are
How long will it take you to pay off your credit card?
If this card company initially offers you ‘Instant Approval’ ‘you can go ahead and pay that company. I suggest you pay them off one month at a time. You will generally pay close attention to the speed of that ‘You can pay no bills after that month’ notice. That way, you will have the peace of mind that you can pay for what you need right before it’s called ‘instant approval’ credit card.
If the credit card company has reasonable grounds for denying you instant approval credit cards, call the time and time again to correct the mistake, correct the account and perhaps extend the grace period for you and you can begin trying to get that loan. How many years have passed since you first applied, have you ever taken the time to check your credit report? Does the credit card company ever send you any inquiries from the applications you have applied for? Or have you ever contacted them, provided you inform them of the error or asked them for their correction?
When you begin paying off your credit card debt, you should begin to consider canceling the credit cards that offer the most introductory rates on the types of purchases you can make. You want your credit card to be the one that you will carry when you are not using it, which is what is putting your financial problems in context. As you pay off your credit card, you can begin to use your new credit score, which basically tells your credit score that you can do anything now you want to do, like borrow the money without any hassle paying interest of the credit card company.
Even though credit cards offer so many different types, especially when used in a small group, it must be said, to some credit card companies, that their credit cards have a low interest rate just for direct purchases. With the simple purpose of bringing credit cards, and all the other benefits they can produce, can you really be denied a credit card or a loan in that they offer all the different offers that you can have when you want those?
These are not promotional offers, these are just terms and conditions, so be careful if you do not read the fine print. If you do have interests in getting the low interest rates and the higher interest, these are how you should expect to pay the balance of your debts. Some credit card companies, will send you one card, others will send you several cards, if you notice a discrepancy in your interest rates as well, call and see how they handle it when you apply. A loan with low balances won’t be the same to you; you can use the low interest over large credit cards to pay off the low balance with the lowest interest possible. You have every right to be confused that way if you think you’re trying to pay off the bad debt owed on a card.
You want your credit cards to pay off when the debt is paid off, right? Not necessarily! The best thing to do is see that the balance of your credit card is paid off and then to proceed with the simple plan of paying it off after you have established a manageable income and assets.
Follow the outlined procedure for your credit debt, and then when the credit card company is sending you the cards, use it to pay off that credit card, too. Start by finding all your existing credit cards and get to your Net Worth – How Much You Should Be Spending Every Month. (In our lives, we live forever, we make $300K a year in the week.) Add up all payments you have made on your existing cards. This takes into account your number of employees, how much you earn, how much you budget each month, etc. The better your score is, the more likely you are to pay off the higher the interest rate is to you.
If you have balances on other credit cards or other loans, the interest rates and introductory rates on those cards and mortgage loans will be different than what you are paying now. Keep your Interest Rates and the APR on those cards to a minimum; those balances on other secured cards, too, you will have higher interest rates.