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Tips to Manage Your Credit Cards March 5, 2011 - 8:15 amMany people fall into credit card trouble because they’ve mismanaged their credit cards. The task of keeping up with all your different cards and payments can get difficult with the more cards you have. Even if you have just one card, taking steps to manage that credit card can go a long way in helping you stay out of debt and keep a good credit score.
Know Your Payment Due Dates
Credit card law now requires payments to be due on the same day of the month each month. So, if your Citi Visa is due on the 5th this month, it will be due on the 5th next month and each month after that. You don’t have to try to manage all…
Things to Do Before You Apply for a Credit Card March 2, 2011 - 8:14 am
Get ready for your next credit card. If you’re thinking about putting in a new card application, here are some things you should do first.
Make sure you can handle another credit card. Too many cards can be dangerous for your finances. There’s a point where too many credit cards can hurt your credit score. Since credit score calculators haven’t told us what that point is, it’s guesswork. But know that if you get too many cards, your credit score could be affected.
Not only do too many credit cards have an impact on your credit score, it can also make it harder to manage your finances. The more cards you have, the more you have to keep up with. You’ll have to manage…
Orchard Bank Classic MasterCards February 28, 2011 - 6:37 am
Orchard Bank has four cards that are geared toward people who have bad credit. Three of them are unsecured credit cards and one is a secured card, a type of card that requires you to make a cash deposit to “secure” the credit limit. The bank has a unique qualifying process that lets you know which card you qualify for without doing a hard check on your credit.
When you fill out the pre-qualification form, Orchard Bank lets you know which credit card you qualify for: the Platinum, Gold, or Classic card. Then, you can review the card’s terms and conditions and decide whether you want to proceed with the application. If you don’t qualify for any of these unsecured credit cards, you’ll be given…
How to Shop for a Credit Card February 26, 2011 - 3:44 pm
A credit card is a product, even though many people don’t think of it that way. You wouldn’t go pick the first TV you saw on the shelf. Likewise, you shouldn’t sign up for the first credit offer you get in the mail or see advertised on the internet. Shopping around is key to make sure you apply for the right credit card.
Know your credit rating. Credit cards are created for different types of people, usually based on your credit rating. Before you apply for a card, it’s a good idea to check your credit report and your score. Knowing where your score stands will help you pick the right card. There’s no sense in applying for a premium rewards card if you’re…
5 Dumb Things to Do With Your Credit Card February 23, 2011 - 8:42 am
Whenever you think “credit card,” you should also think “smart.” Using your credit card the smart way is key to building and keeping a good credit score and to keeping down the cost of carrying your credit score. That said, there are a few things you should never do with your credit score, not if you want to use it the right way.
Loan it to someone else. When your credit card leaves your possession, you have no control over what happens to it or how it’s used. No matter how much you trust the person you lend your credit card to, things can and do go wrong. They may use your credit card in a way you never would. Even if they don’t…
Should You Co-Sign on Your Kid’s Credit Card Application? February 20, 2011 - 8:39 am
Since the new laws of the CARD Act have changed the way credit cards work, young adults under the age of 21 are no longer allowed to apply for a credit card on their own. The only way they can secure a card is if they have verifiable proof of sufficient income to cover credit obligations or if they have a parent co-sign the credit card application. While it seems like an easy resolution to a situation, a parent who considers co-signing for their child should think twice.
Consequences to a Co-Signor
If a parent elects to co-sign on a credit card application for a teen under the age of 21, they are essentially committing to be legally obligated for all debts accrued on the…
What Credit Card Issuers Won't Tell You About Using Reward Cards February 17, 2011 - 8:01 am
A credit card that offers rewards is as good as it gets. You spend and the credit card issuer gives you trips, cash, or merchandise for charging with your credit card. If you think the credit card issuer is being generous, you’re fooled. There’s a reason credit card issuers give rewards – because they want you to spend more. If you have a rewards credit card, there are some rules you have to follow when you’re using it.
Pay In Full Every Month
This rule applies to every credit card you apply for, but often people relax the rule and make the minimum payment or some other payment less than the full balance. Don’t make exceptions with a rewards card. First, because rewards cards often…
Deciding to Use Credit Counseling for Your Credit Cards February 14, 2011 - 8:59 am
If you’re having trouble with your credit card payments, you may consider using consumer credit counseling to assist you with your payments. Here’s what you need to know about counseling and whether you should make the move.
What is Credit Counseling?
Credit counseling is a program that helps consumers deal with their card payments. Credit counseling is not necessarily all about credit cards. Many credit counseling agencies offer financial management courses, budget help, housing counseling, and pre-bankruptcy counseling.
When you’re having trouble making your payments, credit counselors help you figure out if you’d be able to make your payments under a debt management plan. The DMP is an arrangement with your credit card issuers that lowers your interest rate and minimum payment. If you qualify…
What Happens to Credit Cards in Divorce February 8, 2011 - 8:56 am
In divorce, the two parties will work on splitting up everything. That includes the credit card debt. Managing joint debt after a divorce can be difficult and one spouse can use the joint credit cards to hurt the other spouse. If you’re going through a divorce, be careful about how you handle your debt.
Responsibility for Credit Card Debt
From the credit card company’s perspective, the person who’s responsible for the debt is the person whose name is on the agreement. If you held your cards individually, then you’ll continue to be responsible for the balance even after the divorce. The same thing goes for your spouse’s credit cards. The cards the two of you hold separately won’t affect the other person’s credit record.
The…
The Good and Bad of Credit Cards February 5, 2011 - 8:53 am
You’ll find people on both sides of the fence about credit cards. Some people say they’re the best thing since sliced bread and other say they should be avoided like the plague. There are good and bad things about credit cards. Use both in your decision to apply for a credit card.
Good: Credit cards are convenient.
Using a card for a purchase is a lot easier than using cash and writing a check is simply outdated. Technology has made payment processing lightning fast. Using a credit card keeps you from having to go inside the gas station to purchase your gas. It also allows you to make purchases over the phone and internet. With cash and check you can’t do either of those things.…
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