Question

i would like a credit card but right this moment i dont have no credit in my name.how can i get one of them so i can be better on it.

Megan J.

Answer

Megan

Building your credit score can take some time and effort.  But, it is important to do so and to do it correctly.

You may want to start out applying for a secured credit card.  This is a card that you put a deposit on and the line of credit either equals or exceeds the amount of your deposit.  The trick here is to make sure they report you as an unsecured credit card.  You may also want to consider applying for a gas card or an in store retail card.  These are usually easier to be approved for.

Always pay your bills on time and use your credit wisely, keep you balances low and your credit score should climb.

You can go here to find a credit card  http://www.creditrepair.com/credit-cards/

Also, read this article http://www.creditrepair.com/debt/credit-card-debt/using-credit-cards-wisely.htmlThanks,
Candice

Question

I am overwhelmed in credit card debt and would like to try the debt settlement.  A company called Zwicker and Associates has already taken over my Discover card.  What can they do to me?  Is debt settlement a good idea?

Julianna H.

Answer

Julianna-

Debt settlement is usually a good program for old unpaid collections, charge offs, judgments or tax liens.

Usually, in the cases I just listed, you can get a 40 to 60% reduction in the balance that you owe.

There a few pitfalls to be aware off.

1)      The remaining balance that you do not pay on your settlement may be considered income by the IRS and is taxable as ordinary income.

2)      Your credit report will be updated as a “settlement for less than full balance” which can be a red flag for future creditors that you may apply for new credit with.

3)      Lastly, some settlement companies will take monthly payments from you until you have enough to equal the settlement amount.  Be aware that these monthly payments are going to the settlement company and not your creditors.  This means that the creditors still have the right to attempt to collect the debt including garnishing your wages, getting a judgment or seizing your assets.

Let us know if we can be of any assistance finding a reputable partner for you.

Candice

They teach a lot of things in school. One thing they often fail to teach, adequately teach, is financial wellness. In fact the average American holds four credit cards yet credit cards are often warrant less than an hour’s worth of conversation throughout the typical 4-year degree at most US colleges.  What do Americans know about credit cards?

Americans typically know what their minimum monthly payment is, their credit card limit, how to finance education on a credit card, or perhaps general knowledge that a higher credit score will allow you to hold a higher number of credit cards. 

Here are 10 things you may not know about Credit Cards.

We’ve all heard the stories, nightmares really, of loan sharks, crooks, and leaches in the credit card space that impose unreasonable restrictions on consumers. Consumers seem to be in agreement that there need to be tighter controls to protect consumers in the credit-card space. There are complaints that these credit card companies often initiate arbitrary rate increases as well as penalizing consumers that marginally are late on payments, as marginal as payments that are 1 day late. Share these gripes, check out this MarketWatch article, Interest in new rules boils over. 

Let’s face it, America is a shopaholic nation. And this insatiable desire to shop is fulfilled by the use of credit cards, with 1 in 7 Americans carrying 10 or more credit cards. Americans can’t get enough of this lifestyle, meaning that Americans continue to spend more, year over year.   

But the wind of change is blowing and this time the American consumer is looking to simplify their lives and cut back their once insatiable desire to buy SUV’s, plasma screens, and extravagant homes. In fact, 84% are looking to buy “less stuff”. It’s an interesting and monumental change in consumer sentiment. Read on to find some intriguing signs on how this may be The End of Credit Card Consumerism.

Loaded up with Credit Card Debt? Free Information on Controlling Your Credit Card Debt is one click away.