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Talbert's Articles in Credit

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Tips To Apply For A Credit Card Filling out a credit card application is just like filling out a job application-everyone needs some tips to use so that they get approved. Free Credit Reports are Available, But Watch Out for Scams Unknown to most Americans is the passage of an amendment to the Fair Credit Reporting Act (FCRA) that Congress passed into law in 2004. This change in law now allows every U.S. citizen to obtain one free copy of their credit report from each of the three main reporting agencies (Experian, Trans Union, and Equifax) once per year. In order to avoid a crush of traffic to the official free credit report Website, the plan is being rolled out in stages. Secured Credit Cards are Easy to Get and Help Build Your Credit Score As we have pointed out before, establishing credit can be tricky if you do not already have credit. The first thing any lender wants to do when you apply for an account is to check your credit report. And if you have no credit, there will not be anything on the report that suggests that you are worthy of any. It’s a classic “Catch 22” situation. What can you do? Instant Credit Offers Can Lure You into High Interest Rates You are at your favorite department store, preparing to buy a thing or two that you saw on sale. You head on up to the cash register and pull out your checkbook, or perhaps a major credit card. The kind sales clerk says to you, “If you’d like to apply for our credit card, we will give you a ten percent discount.” Credit Counseling is No Good if You Don’t Know What You’re Getting The recently passed bankruptcy law known as the.Bankruptcy Abuse and Consumer Protection Act was intended to make it harder for consumers with debt problems to file for bankruptcy protection. It was also intended to keep the credit card companies profits as high as possible, as that industry suffers the most from bankruptcy filings. An additional “benefit” to this legislation is to provide financial counseling to those who need it. Credit Card Minimum Payments Will Increase to Four Percent For many years.the major credit card companies have allowed their customers to pay as little as 2% of their outstanding balance each month. This payment, while minimal, has actually allowed the credit card companies to reap record profits, mostly because of high interest rates. While interest rates on home loans have lately been in the neighborhood of six percent, the interest rates on credit cards sometimes reach as much as thirty percent per year! Credit Card Costs and How to Reduce Them During the last ten years, Americans have fully embraced the idea of using credit cards to make purchases. In fact, the average American household owes nearly $10,000 in credit card debt. As a result, the credit card companies are reaping record profits.

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