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Your credit rating is taken into consideration in just about any part of your personal life. From buying a house to getting insurance, your credit rating is important. By maintaining good credit, you can save money by getting lower rates on your home loan to a car loan. A good credit rating can even qualify you for a low interest rate credit card.

When you look at new credit card offers today, the majority of them give you a 0% APR introductory period, which is extended from six months up to fifteen months, depending on the financial institution. If you normally carry a balance on your credit card, in the short term this 0% APR can save you money, that’s true. But when the introductory period is over, did you get the lowest interest rate credit card available?

If you’re looking at new credit cards, you need to look past the 0% introductory offer. There is a range of interest rates the issuer considers. If you have good credit and qualify for a low interest credit card, you really can save a lot of additional money over the years.

A low interest rate credit card is advantageous for people who normally carry a balance on their credit card account. With a new credit card that has a 0% APR introductory period, you can transfer the balance from your higher interest rate cards and pay down your debt interest free. Then when the special 0% offer expires, you will still have a low interest rate credit card.

It has probably taken you a few years to accumulate that good credit rating by budgeting and keeping within you financial means. But occasionally life throws us a curve ball and we can fall behind with our bills. If this happens, the financial institution reserves the right to raise that interest rate.

Keep in mind though, that the financial institutions are run by people just like you and me. Once things straighten out and you are again in good standing with the issuer, if you give them a call, they will often times reinstate that lower interest rate. They do value your business.

Have you ever had a problem that just won’t be resolved? The endless phone calls, letters and hours of worry can really start to get to you.

Often, there are mistakes made on credit reports that are difficult to correct. Perhaps someone else’s account is showing up on your credit. Maybe a lender reported the wrong information. I had a lender once report a late payment, while providing a payment schedule that showed I never missed a payment. They refused to remove it, saying that it was indeed late, though they couldn’t give the month it was late. Another lender said that I sent them a check that came back as non-sufficient funds, when it had been an electronic debit over the phone. They had submitted the routing number as the account number, causing the missed payment. Yet they argued with me for days that they were “holding in their hands” the check with NSF marked on it. It took a phone call from my bank to straighten it up.

It can be frustrating. Yet, vital. Your credit report dictates what you pay to borrow money and have insurance coverage. A mistake can cost you thousands of dollars if not cleared up.

You’ve gone through the appropriate channels and provided all of the necessary paperwork. Yet, the creditor still refuses to fix the report. What do you do now?

You can start by writing a statement of up to 100 words that states your dispute of the accuracy of a credit report item. You then submit it to the credit bureau. It will be added to your credit report at no charge.

The law, through the Equal Credit Opportunity Act, requires lenders to consider information that shows that your credit report may be inaccurate. You simply provide the lender with the documentation that proves your dispute. It is best to do this in advance of the lender’s credit check. That way, you are all prepared.

If you feel it is the credit-reporting agency’s fault that the inaccuracy remains on your report, you could sue the credit-reporting agency under the Fair Credit Reporting Act for “negligent” or “willful” noncompliance. If you win, your court costs and attorney fees will be paid.

You can continue to gather your documentation and re-submit your dispute. Perhaps new info and a new set of eyes at the agency will lean more your way.

In general, the best way to remove something is to have the creditor request it be removed. You may be required to provide the creditor with your documentation. They will not admit to having it right out. For example, a credit card company recently sent me a credit card in my maiden name for my mother’s account. She had never requested me to be added to her account. When it showed up on my credit report after three requests to be removed from the account, I was angry. The company swore that they had no records of my name ever being on the account, but that they would have it removed from my credit. It took six months.

Make sure you check your credit report three times a year. You are entitled to one free credit report annually from each of the three major agencies. You can go to www.annualcreditreport.com for more information. When applying for a loan, ask what your credit score is, just for curiosity. Most credit scores can be purchased online for less than $10. Make sure you check your FICO score, as it is the one used by lenders.

Martin Lukac represents http://www.RateEmpire.com and http://www.1AmericanFinancial.com, a finance web-company specializing in real estate and mortgage rates. We specialize in daily updates, mortgage news, rate predictions, mortgage rates and more. Find low home loan mortgage interest rates from hundreds of mortgage companies!

Your credit rating, like a report card of your credit history, is important when determining your economic status. When your credit rating is good, can easily obtain a loan, a mortgage, or credit cards, among other things. But if you have a spotty payment history with a creditor, or even went into default with one or more loans, this negative action is reported to a credit reporting agency, which keeps track of your credit report. With a bad credit rating, you will be unable to get a loan or a credit card (or at least one with a reasonable interest rate). Without a credit card, you can’t rent a car, or even shop online. Having a good credit history is crucial to most financial opportunities, and it is important to begin repairing your credit as quickly as possible if you find yourself classified as “poor.”

Most people hesitate to attempt to fix their own credit, because they are unsure where to begin. The first step to credit repair would be to order a current copy of your credit report from the credit reporting agency. To find out which of credit reporting agency tracks your credit, take a look at a declined credit application. This letter will indicate the credit reporting agency that provides your credit rating.

If you’re concerned about the cost of the report, don’t be. Most people don’t know that you are entitled to a free credit report. To get one, just contact the credit reporting agency either by mail or through their website, and request an application. Once you receive it, fill it out and mail it with a copy of your identification, to the credit reporting agency. If you’d rather not wait for the mailed credit report, most credit reporting agencies will also provide your credit history on the internet. Unlike the mail method, however, viewing your report online will cost a fee.

No matter how you get it, it is absolutely necessary to review your credit report. Look for any possible mistakes in your report. If there are any, you should request, in writing, that the credit reporting agency investigate the item. After you have done this, the credit reporting agency legally has 30 days to provide you with documentation regarding the entry. If they fail to do so, the entry must be removed from your credit report.

When you request that an item listed on your credit report be investigated, be sure to send any supporting documents you might have along with the request. It is uncommon, but agencies can sometimes make a mistake, or possibly mix up your credit information with another customer’s. You may also request that the agency note any entries being investigated on your file.

It is absolutely necessary that you review your credit report before attempting to repair your credit. Unless you do so, you will have no idea what you are dealing with except that your credit rating is listed as “poor.” It is important to find out how poor it actually is, and what is listed on the report, causing a low score. You could be dealing with several missed payments, or only one defaulted loan. You may have just received the black mark on your credit history, or the negative items could be six and a half years old and nearly ready to expire. Knowing exactly where you stand with your credit is crucial to beginning your credit repair process.

For more free credit repair information like this article, please visit: Free-Credit-Repair-Advice.com

It is a fact that many people fail to use their credit cards properly. Only when they have gained a credit card balance which is difficult to pay off do they begin seeking help. While it is possible to pay off your balance and get out of debt, it is much easier to look for the warning signals which indicate that your spending is getting out of control.

If you find that you are only able to make the minimum payments each month, this is a sign that you’ve allowed your balance to become so high that it will be difficult to pay off. If any of your credit cards have been maxed out, this is another sign that you need to get your spending limits under control immediately. If you are charging more money on your card than you bring in from your job, this is a bad sign as well. If you are using the money from one credit card to pay off another, this is another bad sign.

If you find that you’re in denial, and don’t want to talk about how much you owe, it is time to seriously look at your financial lifestyle to see what is wrong. People who are having problems with their credit cards may have to resort to using their retirement savings or other funds in order to get out of debt. People who are seriously in debt will begin using their credit cards in order to buy necessities such as food or gasoline.

If the examples above describe you or someone you know, this is a sign that you are in financial trouble. By this time, it is usually very difficult to pay off your credit cards in a reasonable time period. If you feel that there is nothing you can do, it may be best to begin looking at debt consolidation or even bankruptcy. Before you do either, you should first consult a lawyer or credit counseling service to find out which option is best. The first thing you will want to do is stop using your credit cards.

Adding more money to the balance won’t make things easier. While you may not be in a situation which is this serious, if you find that you are buying things on impulse, this is a sign that you shoud stop. If you can’t afford to pay for something in cash, this is a sign that you should avoid using your credit card to pay for it. If you really want it, it may be best to save money. If you feel that saving money for the product will take a long time, you should realize that it will take a long time to pay off your credit card as well.

Joe Kenny writes for CardGuide.co.uk, offering the latest information on credit cards, visit them today for more best buy credit cards.
Visit today: http://www.cardguide.co.uk

If you are a member of the unfortunate group of people who have less than perfect credit, or poor credit, you know how tough it is to get approved for any kind of a normal credit card. Many times the credit card offers you do receive are disguised as being legitimate when in actuality they are a rip-off. They offer inflated fees, astronomical interest rates and ridiculous terms. These companies target consumers with poor credit who are trying their best to rebuild it and take advantage of their situations. Let’s take a closer look at one such credit card offer that is going around these days.

There are several different credit card companies that send out pre-approved credit card offers disguised as legitimate Visa or MasterCards, when really they are credit cards for store clubs or catalog clubs. The offer tells you that you are pre-approved for a credit line of up to $5,000 with no security deposit. They make you believe you’ll be rebuilding your credit and enjoying the convenience of having a credit card in your wallet.

It sounds so good doesn’t it? Your desperate for a credit card and this wonderful offer comes in the mail. I get these myself, but let’s take a closer look at the fine print and what this is really about. Here is a typical headline in the letter you get. “Congratulations! You have been pre-approved for a Visa card with a $5,000 credit limit!” It goes on to say that all you need to do to activate your card is to verify your personal information, sign it and send back the pre-approved application. Your new card will be sent immediately.

If you continue reading the entire document you will find that this isn’t a regular Visa credit card. It will only allow you to make purchases with the credit card in their special “store” or “online catalog”. You can’t use it anywhere else. The products usually consist of non name brand items like electronics and house ware products.

A little further down the letter it states that in order to activate your new credit card you’ll need to send in a check or money order for $299.00 to cover the activation or new account fee. Of course you’ll immediately get a discount on your first purchase. Some companies will also charge an annual fee of another $100-$200 on top of the activation fee. It’s not beginning to sound like such a great offer now is it?

This is just one example of many that are sent out to unsuspecting consumers in the mail every day. Here are just a few things to watch for with any credit card offer:

• You can only use the new credit card to make purchases through the company’s online catalog or store. The items are priced much higher than you can purchase them elsewhere. You’re trapped into using the card for these purchases only.

• The credit card has ridiculously high fees, such as hundreds of dollars of an activation fee, joining fee, annual fee, or monthly account fees. These fees are how the credit card company makes its money off the backs of consumers who are desperately trying to rebuild their credit.

• High interest rates. Credit cards from companies like this can often have APR’s of anywhere from 25% all the way up to 45% or more. You have to read the fine print and keep this in mind.

The best thing you can do with an offer like this is to take it and throw it in the trash. Take the $250 you would spend to open an account with one of these credit cards and spend it on a secured credit card instead. You can easily get a Visa or MasterCard with a security deposit. These companies report your payments to all the major credit bureaus each month and before you know it you’ll be on your way to rebuilding your credit. Keep this in mind the next time you receive one of these fantastic new credit card offers in your mailbox.

Michael Russell Your Independent guide to Credit Cards

If you are surfing the web looking for information about credit repair, you will find free credit repair letters at several sites, but you will also find that there are software programs with “fill in the blank” type letters. Whether you choose to pay for a sample letter for credit repair or use one of the free credit repair letters, the process is the same.

Before the letter writing can begin, you will need to obtain copies of your credit report. These can be viewed and printed at www.annualcreditreport.com. The Federal Trade Commission (FTC) recommends that you spell it correctly or you may end up at an impostor site. The FTC also has brochure which includes a sample letter for credit repair.

Once you have your credit reports, you will need to check them for inaccurate information and report the inaccuracies to the applicable credit bureau. This is also referred to as a dispute or disputed information. You can use the wording in this sample letter for credit repair or the wording in other free credit repair letters. The main thing to remember is to keep the letter unemotional. Simply state the facts.

Sample Letter for Credit Repair:

Today’s Date

Some free credit repair letters suggest that you include your name and address at this point, others include it at the end. The FTC sample letter for credit repair suggests the use of the phrase “complaint department”. The use of that phrase, as well as where to put your name and address seems to be a personal choice.

Address of the Credit Bureau which is reporting the inaccurate information:

Equifax

PO Box 740256

Atlanta, GA 30374-0241

Trans Union

PO Box 2000

Chester, PA 19022

Experian

PO Box 2104

Allen, TX 75013

Re: Credit File Problem

To Whom It May Concern: (Dear Sir or Madam)

I recently reviewed a copy of the credit file your company maintains in my name. While doing this, I identified the following problem(s): (The sample letter for credit repair suggested by the FTC is written a little differently.)

I have enclosed the following documentation that supports my claim:

If you have any “proof” that the information is inaccurate, (statements, cancelled checks, the “proof” depends on the individual item) list it here and enclose a copy (not the original). If it is not possible to provide “proof”, for instance if you do not believe that you ever had an account with a listed company, simply state what information you are trying to correct and leave out the line about documentation.

Please investigate and correct this (these) problem(s) as quickly as possible and send a corrected copy of my credit report to my home address.

You may want to include a copy of the inaccurate credit report with the disputed information circled or highlighted. If you are disputing several items, you can use one letter for all or one letter for each. The credit bureaus may be less likely to consider a claim frivolous if you send one letter for each disputed item. They are not required to investigate disputes which they consider “frivolous”.

Examples of free credit repair letters close formally, using “Sincerely” and your signature.

If you do not receive a response from the credit bureau within 30 days, you can send a follow-up letter. A follow-up sample letter for credit repair follows. The date, greeting, closing and addresses would be the same. The body of the letter would be something like this:

On (applicable date), I contacted this bureau regarding the inaccurate information in my credit file. I have waited a reasonable amount of time and have received no reply regarding my dispute. Please correct this information immediately.

You may want to include a copy of the original letter, credit report and any documentation that you originally sent. If the credit bureaus do not respond to your requests; if you cannot achieve results using this or another form of free credit repair letters or a sample letter for credit repair included in software programs, contact an attorney, preferably one that specializes in credit repair issues.

For more information about the sample letter for credit repair, visit the Credit Repair Blog.

The writers and editors of the Credit Repair Blog are committed to providing accurate information about credit repair issues. Visit us at http://badcredit-repair.blogspot.com

On the surface, 0% balance transfer credit cards are incredibly enticing, especially if you have outstanding credit card balances. But there are a few details you need to understand before taking the balance transfer credit card plunge.

Some consumers seem to get in trouble overnight with credit cards. Seemingly broke and deeply in debt, some desperate card holders are constantly on the lookout for a quick fix for the credit problems. A 0% credit card balance transfer
might appear to be the perfect solution. Many among us desperately jump at such offers without much forethought. 0% deals on balance transfers or purchases might seem irresistible even to the most credit worthy person. But especially if you have a large outstanding card balance (or balances), a 0% credit card balance transfer will seem especially lucrative. And to no surprise, there is no shortage of these type of balance transfer offers currently available in the marketplace.

Regardless of your credit circumstances, you should exercise caution and thoroughly investigate all aspects of any credit card offer that you consider. Despite the obvious attractions of a balance transfer credit card, it is worth giving a second thought before you cut up your old credit card to make room in your wallet for the new one. Companies often fail to clarify the fine print, hiding those rather unpleasant details which could cost you dearly in the long run.

Let us start with a very typical credit scenario. Imagine having a $10,000 outstanding balance on a credit card with a 10% annual APR, translating to $1000 in finance charges on a yearly basis. On the other hand, imagine securing a credit card that offers you 0% on balance transfers for the first year of membership. Transferring your card balance to a 0% balance transfer offer would cut down your annual interest expense by $1000. Exciting, isn’t it?

But did you bother to check what the interest rate would be after the introductory interest-free period? The rate might turn out to be significantly higher than your existing card, and you do not want to be caught on the wrong side of a high APR. Forewarned is forearmed. You will need to plan ahead - and not just a day or two before the interest-free period comes to an end. Some consumers might be surprised to discover that when an introductory APR offer expires that the rate of interest can revert retroactively to an APR of 23% and beyond. If you do not pay off your balance systematically and end up with a large balance when the introductory offer expires, many times consumers are stuck paying out an outrageously high APR because they did not pay down their card balance at all. So above all, make sure to plan on paying off that balance before the introductory period expires or you may regret it.

0% Balance Transfer - Some Pointers

When considering balance transfers credit cards, help yourself by asking these questions:

- What will be the interest rate once the initial introductory 0% balance transfer period is
over?
- Is it comparable to my current APR or will it be significantly higher? What is the net difference?
- Particularly if you plan to carry a card balance over time, what will be the long-term net effect of the difference in APR’s?
- Do I want to get into the habit of switching from one 0% balance transfer card to another?

If your current credit card offers a better long-term ongoing APR than the new one, it makes more sense to stick with what you’ve got, especially if you have the means to pay off your card balance without incurring large finance charges. A balance transfer card most certainly has its own pros and cons but if you wish to use balance transfers to your advantage, make sure that you understand the net benefits of the card over the long term.

For more on balance transfer credit cards, Robert Alan recommends that you visit CreditCardAssist.com