10 Simple Steps to Manage Your Credit
By far the greatest invention the banks have ever come up with came out in the 20th century. Also the new field of Credit Management was born with the invention of the credit card. It is the most available out of any financial product out there. In fact more than 80% of the U.S. households have at least one credit card. If you want to consider yourself as the "Average" American then you have about 8 credit cards burning a hole in your wallet right now. To make sure that you don't get yourself in any trouble (again) try and follow these 10 Simple Steps for Credit Management.
1. Ignore the bank's/lender's rule on what is an "acceptable" level of debt. Your debt-to-income ratio, as they like to call it, is how much debt you can carry to the amount of money you bring make. Depending on how well you have managed your credit in the past it can fluctuate quite a bit. The average is about 25%. The ideal number is of course ZERO but for starters work on getting it down to 10-15%.
2. Remember what a credit card is...A Credit Card. Just because they have waved their magic wand and sent you your "Pre-Approved" Card doesn't mean go out and use it. The bank does not know your situation or your lifestyle all they look at is the number that you should be able to pay off using most of your "extra" money. They will keep you paying them for the rest of your life if you let them. Which brings me to the next point...
3. Don't pay just the minimum balances, unless of course you like paying 400% or more in interest. A typical Credit Card debt of $4,500 would take you about 44 YEARS to pay off! And you would end up paying about $17,000 total by the time you are done. When you stop and think about it, does that sound like a good deal to you?
4. Play the Game- Remember that you are the customer and "the customer" is always right. When it come to annual fees and higher interest rates ask for a lower rate. And if you slipped up and got a late fee ask to get it waived (make sure you promise never to do it again...well at least for six month) Remember that it is a lot more cost effective for them to keep a customer happy than it is for them to go get another one. Your $29-$35 late fee does not come close to the money they will have to spend to get a new one of you.
5. While you are playing the game don't get blindsided by the fees. The banks have come up with some very creative ways to make money at your expense. They have the ones that everyone knows like over the limit fee, late fee, and extra card fee. However, they also have the less obvious fees like account transfer fee, and a fee for talking to a live person instead of a recording. Make sure you look at your statement and check out all the charges. Some of them may surprise you.
6. Know how you stack up- BILLIONS AND BILLIONS of dollars are charged annually to consumer on mark ups in interest rates. That's a lot of money when you look at your share. Your credit information is something you should look at and make sure it is accurate. About 25% of all credit reports have erroneous information contained in them. Make sure your information is accurate and keep an eye on it regularly.
7. Know you limits- When you know you will have a hard time paying even the minimum balance STOP charging. It may sound simple but for millions of Americans it is very hard to do. Of course the easy way Hind sight 20/20 don't get in the situation.
8. If you are one of those people that are disciplined enough to pay off your balance at the end of the month then make sure you are getting some bonus for being such a great user. Get the free stuff that you can use. Some extra Flying miles, free gifts, Cash back reward (my favorite). If you are going to use it might as well get something for your efforts.
9. Only have what you need- You Should have 2 cards, one for what you use regularly and pay off every month and the other for emergencies or business. When you start trying to take advantage of all the deals out there the only one who gets taken advantage of are you. Overkill on your credit cards are not necessary, but being really good at managing a couple of cards is.
10. The statistics are in and they are mind boggling. Bankruptcies are at record numbers and the consumer debt for the U.S. is over 1.7 Trillion dollars! Teach your kids now to not make the mistakes that you did. Financial Literacy is a must for the next generation as we are heading into a cashless society. It's harder to manage what you cannot see. Make sure they understand that the credit card is what pays for food on the table and gas in the car as well as the play station games they love.
Mical Johnson is affiliated with Rock Financial, Inc., a Licensed Correspondent Mortgage Lender, Florida Department of Finance. Mr. Johnson hosts Home Buyer's Seminars which are open to the public each month in the TampaBay area in Florida. To obtain a free copy of Mr. Johnson's Home Buyer Handbook contact him at http://www.TampaMortgageGuy.com He is also a contributing author at http://www.Debt-Free-Personal-Finance.com
 Google News Updated : Wed, 15 Oct 2008 17:58:10 GMT Obama’s spending how much on ads? - Christian Science Monitor
Christian Science Monitor - By Jimmy Orr | 10.15.08 It’s been a week of non-surprises thus far. Dallas Cowboys cornerback Adam “Pacman” Jones has been suspended - again. McCain calls for 'voter fraud' inquiry A stolen election? Publ.Date : Wed, 15 Oct 2008 16:03:33 GMT AMR Plan to Buy 787s Will Update Fleet, Bolster Boeing Program - Bloomberg
Bloomberg - By Susanna Ray and Mary Schlangenstein Oct. 15 (Bloomberg) -- AMR Corp.'s American Airlines said it may buy as many as 100 Boeing Co. AMR overcomes fuel costs to squeeze out small profit AMR 3Q Net Down 74%, To Buy Up To 100 Dreamliners Publ.Date : Wed, 15 Oct 2008 17:24:10 GMT Polls: McCain forced to play defense in some red states - CNN
CNN - HEMPSTEAD, New York -- New polls out Wednesday in some crucial states that could decide the race for the White House suggest Sen. John McCain is having to defend himself in areas that once were reliably Republican. Union sues over policy banning political material at polling places Pollsters say odds of McCain winning election 'incredibly remote' Publ.Date : Wed, 15 Oct 2008 16:34:00 GMT It's officially over: Madonna and Guy Ritchie are divorcing - New York Daily News
New York Daily News - BY LEO STANDORA Madonna's marriage to Guy Ritchie really is kaput , her rep told the Daily News on Wednesday. "Madonna and Guy Ritchie have agreed to divorce after 7 l/2 years of marrige," Liz Rosenberg said in a statement. Video: AP Exclusive: Madonna, Guy Ritchie to Divorce It's Official: Madonna And Guy Ritchie To Divorce Publ.Date : Wed, 15 Oct 2008 14:56:56 GMT Migraine-hit Janet Jackson to resume US tour - Reuters
Reuters - By Alex Dobuzinskis LOS ANGELES (Reuters) - A rare form of migraine forced Janet Jackson to cancel several dates on her Rock Witchu concert tour but she planned to return to the stage on Wednesday in Washington, DC, her manager said. Jackson was laid low by migraines Janet Jackson: She's Baaaaack* Publ.Date : Wed, 15 Oct 2008 17:02:47 GMT Jerry Jones exposed as gutless by Goodell's ruling - FOXSports.com
FOXSports.com - by Ian O'Connor Ian O'Connor is the author of the New York Times bestseller "Arnie & Jack: Palmer, Nicklaus, and Golf's Greatest Rivalry," which Kirkus Reviews calls an "exemplary sports history. Video: Dallas' Adam Jones Suspended Again Give Cowboys credit for not counting on Adam 'Pacman' Jones too much Publ.Date : Wed, 15 Oct 2008 16:52:30 GMT Hurricane Omar gains strength and nears Puerto Rico - Reuters
Reuters - By John Marino SAN JUAN (Reuters) - Hurricane Omar strengthened on Wednesday as it bore down on Puerto Rico and the small islands of the northeastern Caribbean, and could be a "major" storm by the time it reaches them, US forecasters said. Omar on the Move. Paloma Next? Hurricane Omar heads for US Caribbean islands Publ.Date : Wed, 15 Oct 2008 16:12:36 GMT Increase Online Traffic |
PARLOT::Ebooks, Scripts,
Websites, and more... The economic downturn of the last five years has affected... Read More Secured Credit Card is similar to a prepaid credit card... Read More A new sickness is plaguing the UK called Denial. Denial... Read More Here are some useful tips on borrowing money. Borrowing money... Read More 1- Check your credit report regularly2- Secure personal information in... Read More A good credit history is critically important for the consumer.... Read More Most of us want a good credit report to obtain... Read More With all my bills who would possibly want my credit?... Read More ChexSystems is a company that maintains a subscriber membership service... Read More Few things influence the home buying process more than your... Read More Bad credit can be a burden for otherwise good credit.... Read More Your credit file may not reflect all your credit accounts.... Read More A lot of people have bad credit. It is unfortunate... Read More Your credit rating / credit score is based upon how... Read More Your credit history is important; in fact, in this day... Read More Credit card debt is a major social problem in some... Read More How do these people get my name? If you have... Read More Consumers interested in purchasing or refinancing a home will pay... Read More What do a shoe retailer, an online discount broker, and... Read More The three major credit bureaus, Experian, Equifax and Trans Union... Read More Credit Scores That HurtIs your credit score being held against... Read More Credit scores: all lenders use credit scores to determine interest... Read More No doubt, you've probably gotten literally hundreds of credit card... Read More Getting an annual credit report review has been the advice... Read More Your credit report is a very important piece of the... Read More
Adsense
websites
Credit Report ? Watch Out for Parking Tickets
Rebuild & Keep Good Credit Ratings by Understanding Your Credit Cards
The Hitchhiker?s Guide To Insanity
Useful Tips on Borrowing Money
10 Ways of Reducing the Risk of Identity Theft
Credit Repair Scam - How To Avoid Being A Statistic?
Good Credit Is a Necessity for Everyday Living
Identity Theft ? Who Would Want Mine?
ChexSystems: Who They Are and How it Affects You
Credit Suicide
Dealing With and Repairing Bad Credit
Can You Acquire Good Credit Overnight? You Bet
Credit Repair Kit Sound To Good To Be True? It Is.
Credit Cards Can Help You Get Out Of Debt
Taking Control of Your Credit History
Defeating Credit Card Debt With Self Control
How did a Thief get my Name? Don?t be a Victim of Identity Theft
How Can A Qualified Mortgage Consultant Help Boost Your Credit Scores?
Why Consumers Need a Nationwide Credit Freeze NOW
Credit Report And Correction Techniques
Is Your Credit Score Being Held Against You?
Your Credit Score
My Credit Card Application Was Rejected! Now What?!?
Annual Credit Report and Free Annual Credit Report
What is on Your Credit Report?
Affordable and Reliable Web Hosting Starting at $4.49/Month
7 Consumer Credit Laws You Should Know if You are Trying to Repair Your Credit
There are seven consumer credit laws you should be aware... Read More
Credit Report ? How Your Credit Score is Determined
Most consumers are aware that they have something known as... Read More
Avoiding ID Theft and Credit Fraud
Article excerpted from the new book, "How to Do Space... Read More
What Can Happen to You as a Victim of Identity Theft, Facts & Figure
Is identity theft really that serious? Thousands of people every... Read More
To Repair Credit Is No longer Satisfactory - Learn How To Earn A Millionaires Credit In 30 Days...
To repair your bad credit does not necessarily mean that... Read More
5 Ways To Raise Credit Score
It's not as hard as you think to raise credit... Read More
Good Credit Is a Necessity for Everyday Living
Most of us want a good credit report to obtain... Read More
SuperCharged Secret 5, Credit Card Utopia
LIVING IN CREDIT CARD UTOPIALet's just take a brief moment... Read More
Building Your Credit History
Today, credit is an indispensable part of our lives. In... Read More
How To Establish Great Credit
Building a good credit history is important. If you have... Read More
Our World Of Credit Cards! Which One Is Right For You
There are not many of us who do not have... Read More
How To Save Money On Credit Cards
Some credit cards offer a cash advance option. But how... Read More
Rate Tarts Losing Ability to Cherry Pick
A "rate tart" is someone who switches from one zero... Read More
Building Business Credit
Most businesses want to be able to borrow money when... Read More
The Advantages of Credit Cards
There are many evils associated with credit cards, but there... Read More
Ten Steps To Building A Good Credit History
Are you thinking of buying a house? Do you want... Read More
How Credit Scoring Works
The all important credit score! It determines the amount of... Read More
7 Ways To Squash Identity Theft
It is the scourge of our age: identity theft. Thieves... Read More
Looking for that Low interest Credit Card?
If you have been shopping around for a Low Interest... Read More
Defeating Credit Card Debt With Self Control
Credit card debt is a major social problem in some... Read More
Credit Scoring: What You Dont Know Can Hurt You
You've probably heard the term credit scoring. You may have... Read More
Credit Counseling: Could it Work for Me?
In the face of financial hardship, many seeking a responsible... Read More
Tackling Bad Credit
The first time I heard the term credit history was... Read More
Ethical Finance: Who Benefits From Our Spending?
On one hand consumers are being universally criticised for running... Read More
Lower Your Credit Card Interest Rate Now!
With today's credit card companies, there are many opportunities to... Read More
Credit |