If you are paying interest on your home equity line of credit, which you acquired in 2001, you should consider filing bankruptcy while you are paying off your existing mortgage. This way lenders will be able to determine if you are financially in good standing and will not be forced to pay more of your payments to avoid higher rates.
1. Pay off the balance (or all of it) each month. Be aware that paying all of the balance each month will decrease your interest rate and will also lower your monthly payments.
2. Don’t open unnecessary late fees or other finance charges.
3. Don’t use your credit card which has a credit limit greater than 20,000% until the bill is paid.
4. Don’t open unnecessary credit card accounts that have a higher interest rate than your existing ones.
5. Check your checking and savings account for unusual amounts of money. Don’t close any of your existing credit accounts that have a higher than 20,000% interest rate.
NOTE: Lenders don’t always want to do this, but you shouldn’t. This should be one of the main reasons why they decide against your application.
6. Don’t close any accounts that have a high or lesser than 20,000% interest on them.
7. Check your credit card statement for unusual amounts of money.
11 Tips On The Best Credit Cards
Many people today do not understand the terms ‘Credit Cards’ and know nothing of the ‘Well-Secured Card Or A Secured Visa’!’ But there does seem to be a cosiness of mind when you know your credit score just might be one a number of points higher than your average. Here are some of the top tips on credit cards for those who have some issue with credit. Among the most important of these is the ‘Keep It Simple, Don’t Overdo The Job’:
1. Keep accurate reports of all loans you make and of any extension of credit-related credit;
2. Use a credit-scoring service, such as Fair, Isaac, or Equifax, to check your reports and to compare your data with other accounts or to personal information. If you find a low number – say ‘100 – corrects out-of-date information, ask the lender to take this information down.
3. Pay off old charges, even if you can’t justify it because you don’t have the finances available.
4. Pay your bills on time and as approved as you can.
5. Do not use your credit cards unless you have immediate, guaranteed payment – only thirty-day deposits. You can change your mind after thirty days and before you know it you will have paid. Do this only if the bank you choose tells you you can’t make your payment. Otherwise many lenders try to bully you into making a small payment.
6. Pay your bills on time. This shows that you made your due payments, and the payment you made was approved and the bill was placed into your bank account. Credit card payments are paid on the last day you see the bank.
7. Do not use your credit cards unless paying for it is worth paying for.
8. Avoid bouncing checks and incurring high incurring amounts of debt.
9. Keep your outstanding debt-checks. Your credit-line will be at least your maximum liability.
10. Be creative in setting up new creditcards, credit lines, or other financial instruments. Be clear on who to give credit to.
Given these five suggestions, let’s find some of the best credit cards for those with some issues. Perhaps your personal budget dictates a number of points above and beyond your average. After all, that number is about to be said. This applies not just to the cards you select, but to your entire financial management. As the numbers get higher, more and more you will find yourself going beyond your role as the credit card debt-saver, as you will spend more per each dollar spent. And eventually, money will again.
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