Archive for July, 2009

Are You Monitoring Your Credit?

July 28th, 2009 Biz Man

Your credit report is the document used to determine how much interest you will pay for credit cards, home mortgage, or personal loans. You need to make sure that it is accurate and correct.

Q. What is a credit monitoring service?
A. With the growing concern about identity theft, many companies now offer credit monitoring services for a fee. Some consumers prefer to monitor their credit reports and personal information by themselves for free; others choose to purchase a service to handle some of the tasks.

A credit monitoring service will keep an eye on your credit report, keep track of certain kinds of changes, and send activity reports to you. For example, a service could alert you if someone tried to get credit in your name. Some services also provide you with additional copies of your credit report or help with resolving problems you discover on your report.

When you consider whether a credit monitoring service is right for you, ask:

Does this service track my credit with all three major consumer reporting companies (Equifax, Experian, and TransUnion)? These companies can have different information about you and it is important to look at all three reports.

Will the service notify me immediately about new activity on my credit files? How will I be notified?

Exactly what services will I get for my money? Does the fee cover daily credit monitoring, all three credit reports, credit scores, help with resolving problems, or insurance coverage for expenses related to recovering my identity?

Q. How can I monitor my credit?
A: Check your credit report regularly to catch mistakes or fraud quickly. Watch for any entries that do not belong to you. Your new right to free credit reports can help with this.

Instead of ordering reports from all three CRCs at the same time, you can order one report from a different CRC every four months. That way, you will get three reports in a 12-month period and be better able to check your credit report for changes or problems. You may also choose to buy your credit reports for about $9 each at any time.

Keeping Your Personal Information Safe

Q. What are signs of fraud or identity theft on my credit report?
A. Your credit report may show that someone is using your personal information: your name; Social Security number; credit card number; or other identifying information. Look for these signs:

– new credit card accounts, loans, or other financial commitments you didn’t make;
– inquiries you didn’t make;
– bad debts on your own accounts, or debts on accounts that you didn’t open;
– legal actions that you don’t know about.

Q. What should I do if my identity has been stolen?
A. Contact the fraud departments of any one of the three major CRCs and put a fraud alert on your credit files.

The alert means that creditors will contact you before they open any new accounts or make changes to existing accounts. The company you contact must notify the other two.

Close accounts that you think have been taken over or opened fraudulently.

Use the “ID Theft Affidavit” when you dispute new unauthorized accounts.

File a police report.

Send a copy of the report to your creditors and others that may require proof of the crime.

File a complaint with the Federal Trade Commission (FTC).

The FTC keeps a database of identity theft cases to help law enforcement learn more about the crime and victims’ experiences.

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Alternatives To Gas Credit Cards

July 23rd, 2009 Biz Man

In these times of sky high gasoline prices and rising costs of transportation, consumers are increasingly interested in credit card services that give them discounts on gas. Instead of looking into a specific gas credit card from an oil and gas company, you might look at the offer for a Chase credit card that gives you gasoline rebates when you use your card.

You can find the Chase credit card offer online at their website, http://www.chase.com. Simply look for the card called the Chase PerfectCard MasterCard. There are several credit card services offered along with this card that consumers find attractive.

· When you use your Chase PerfectCard MasterCard to buy gasoline for the first ninety days, you receive six percent of your purchase price back on your card. So you can go to any gas station anywhere and fill up your car or truck knowing that six percent of your bill will be come back to you. This gas credit card gives you the rebates in the form of credit on your account towards future purchases. So you will not receive a rebate check or cash back award at the end of the year as with some credit card services. Instead, you will automatically have access to this rebate amount when you use your Chase credit card in the future.

· After your initial trial period of ninety days is complete, Chase gives you three percent back on all gas purchases. Anywhere you fill up your tank, you get this rebate benefit. This is better than having a traditional gas credit card with only one gas company, as you would not have the freedom and flexibility you have with the Chase PerfectCard MasterCard.

· But the rebate deals do no stop there. You also receive one percent of all your purchases made on other products and services. This means that no matter what you buy with your Chase credit card, or when or where you buy it, you receive one percent of your purchase price in the form of a rebate. The one percent will be credited to your account for use in the future. Most cards only offer cash back rewards like this. But the Chase PerfectCard MasterCard offers you not only a return on your purchases, but a way to cut down on your transportation costs as well.

· With the Chase PerfectCard MasterCard, there is no annual fee. This is a great deal. You get rebates on all your purchases and you do not have to pay a fee for the credit card services.

· Chase also offers you the all important feature of quality customer service. The Chase customer service hotline is available to you where ever you live or travel at any time of day. If you have a question about your rebates or a need to review your account information, the Chase customer service representatives are at your disposal. And remember that Chase is a banking institution that has been around for many years and is one of the most reliable financial companies you can find.

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How To Get A Higher Credit Card Limit

July 10th, 2009 Biz Man

Almost all credit card holders are aspiring for a higher credit card limit. This is because a higher credit card limit will enable them to make otherwise unaffordable purchases. Credit card holders need to remember that to get a higher credit card limit; they must abide by the terms and conditions of the credit card company or bank.

Below are other ways to get a higher credit card limit.

• The most important thing to do to get a higher credit limit is to prove your creditworthiness. This is the number one thing banks and companies look for in giving a higher credit limit.

• Attract positive attention from the credit card company or bank by paying finance purchases once in a while. However, it is not advisable to make this method a habit and should only be done as a last resort to increase your chances of getting a higher credit limit.

• Proving credit card companies and banks that you are good borrower would definitely convince them to give you a higher credit limit. But be careful as such strategy could only serve the benefit of the companies and banks. A higher credit card limit means greater purchasing power but it also increases the potential of the credit card companies and banks to earn through you through increased interest charges and other fees.

• Always spend within your credit card limit because doing so means that you are capable of controlling your expenses.

• Use your credit card regularly. Don’t keep your cards for emergency use only. If you sue your credit card sparingly banks and credit card companies will be unable to understand your spending and pay back behavior and would be reluctant to give you a higher credit card limit.

• Never make minimum payments. Instead, try to pay for the entire outstanding amount. This would give you better chances of getting a higher credit card limit.

• Avoid late payments as much as possible. Not only do you increase your interest, you also have to pay an additional fine for not clearing bills on time. This would dim your chances in getting a higher credit card limit.

• The best and simplest strategy to get higher credit card limit is to use your credit card wisely. Always keep in mind that credit card companies keep a record of your transactions and payment pattern so always pay your dues on time and never make late payments. Your performance in the records of banks and credit card companies will determine whether you’ll get a higher credit card limit or not.

Posted in Credit Card, Personal Finance Tags: , , , , 52 Comments »

6 Ways To Improve Your Credit Score

July 2nd, 2009 Biz Man

Having a bad credit can be detrimental to your financing and places a number of hurdles in front of you when it comes to availing loans. Having a poor credit score can happen to anyone for a number of reasons ranging from not paying debts off to missing payments on bills. Luckily, there are ways that you can go about improving your credit score.

1. Pay on time
This is by far the most obvious way to improve your credit score, yet is still worth mentioning. It doesn’t matter if you’re only a few weeks late or a few months late, paying your bills late will result in a lower credit score.

2. Pay down debts
This is tricky because you want to have debts paid off almost to its entirety, but not completely. Your credit score is a reflection of how well you manage your credit, but if you pay off your debt completely you have no credit. The best way to approach this is to pay off most of your debt, but leave a little extra to manage.

3. Assortment of credit cards
Similar to paying off your debt is showing that you can manage different types of credit cards. This is not to say that you should have 10 different credit cards, but having a few different kinds will improve your credit score. Having a Visa, MasterCard, Sears and/or gas card will show that you can manage short-term and long-term credit cards.

4. No new credit
Unless it is completely necessary, it is vital that you stay away from getting any kind of new credit. Every time you get new credit an inquiry is added to your report, which drops your credit score to some degree.

5. Don’t file for bankruptcy or foreclosure
Filing for either of these can kill your credit score because of the fact that they stay on your credit report for 10 years. Not only that, but they also decrease your credit score over time. The good news is the closer you get to the end of your 10 years, the less of an impact it has on your credit score.

6. Delete errors in 48 hours
This is the quickest and most efficient method to correcting any errors from your credit report and raising your credit score. There is a lot of paperwork that is required to do this, but it will save you the hassle of having to deal with much more later on.

No matter how you opt to improve your credit score, it is vital that you get a jump on it as soon as possible. Having a poor credit score can kill your financial status and will make it extremely difficult to acquire any kinds of loans down the road.

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Posted in Credit Card, Personal Finance, Wealth Building Tags: , , 2 Comments »

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