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Posts from the ‘Credit & Debt’ Category


How to Become a Credit Card Pro


How to Become a Credit Card ProHello, everyone. Some people can live with, while others can’t. Credit cards can be good for helping you manage your finances. If you use them the right way, they can be useful for building good credit. Even though I wouldn’t do this, they can also be used as a backup plan if you have an emergency. Keep reading to get more info about credit cards and their use.

On time payments

Pay your credit card bill on time each month. If you are the type of person, who may forget the due date, set up a reminder or two. If something happens that doesn’t allow you to pay your credit card on time, don’t freak out. You should call your credit card company as soon as possible and let them know your situation. There is a chance that they may be able to help you out. They might be able to delay your due date, set you up with a repayment plan or work with you in other ways that won’t mess up your credit as much.

Pay the credit card in full

The next thing that you should do is pay the credit card in full every month. I’ll be the first person to say that I haven’t been able to do that. I’ve had credit card debt for years. There were times where I had to use my credit card when I didn’t have a job. It wasn’t possible to pay it in full. Now, I’m doing much better. I’m able to pay more money on it. If you use your credit card for ordinary expenses such as for gas or paying a utility bill, you should proceed to pay off the balance at the end of the month. Doing this will help you build your credit. You will also gain rewards from your card. Lastly, you won’t be getting any debt because you paid off the card.

Watch out for free

Credit card companies target people with freebies. I’ve seen different companies give away shirts, bags and even beach towels. I can’t lie, I’m a fan of free, but you have to be careful and pay attention to any free offer. The freebies that you are offered can be considered traps. The credit card company may lure you in. That could end up costing you a lot of money down the line.

Practice Discipline

It can be easy just to swipe that credit card without thinking. Don’t fall into that trap. Many folks lack the discipline to handle credit responsibly. The world tells you to spend, spend and spend again. Heck, you can get a “Black Amex Card” which is seen as a status symbol if you use a credit a lot. By having discipline, you can avoid getting into debt and possibly messing up your credit score.

Multiple credit cards

If you have multiple credit cards, you have to pay attention to them carefully. You don’t want to mix up the due dates. When you have a moment, review the balances and figure out which credit card you want to pay off first. Paying off the balance of the card with the highest interest rate is a good way to save more money in the long run. If you don’t want to go that route, you can also pay the credit card with the smallest balance.

Credit cards can be great to have. You just have to make sure that you don’t abuse them. They can help you build up credit. They can also make your credit horrible. Practice common sense and discipline when using them.


What Credit Score Does Everyone Start With?


What Credit Score Does Everyone Start With?Hello, everyone. Good credit is something that everyone strives for. Whether yours is good or bad, you had to start somewhere. Have you ever thought about what credit score everyone starts out with?

What is your beginning score?

Everyone starts out the same. No one has a credit score at all. Nobody starts out with a credit report. Credit scores are based on the info on your credit reports. Those reports are not created until you have had credit in your name for at least six months. Some people think that you magically get credit once you turn 18 years old. It doesn’t work like that, though. However, you can apply for a credit card once you 18.

Build from scratch

Since everyone starts with no credit score, we all have to build it from scratch. You first credit report will have information on the initial amount of money that you borrow. When starting out, you should get a credit card with a low limit. You also need to use it responsibly.

Your first account

When you apply for your first credit card or loan, the lender may pull your consumer report. If they do that, they will find nothing. Everyone will experience this the first time that he or she applies for credit the first time. Once you get that first credit card or loan, there are a few things that you should do to make sure that your credit score goes up.

Watch the amount

If you are taking out a loan for the first time, don’t take out too much money. You don’t want to start a debt cycle that you are not ready for. The same goes with your first credit card. Try not to get a credit limit that is too high. My first credit card had a limit of $500. That was alright with me until they started raising it higher and higher. It went from $500 to $3000 within a couple of years. That’s one of the ways that messed up my credit. That leads me to the next step.

Use your credit card responsibly

I didn’t do that back in the day. I used my credit card for things that I shouldn’t have. I don’t regret it because it was a heck of a learning experience. If this is your first credit card, you should only charge a small amount to your credit card. Then you should pay the full balance each month. This will speed your credit building process. Doing that shows the lenders that you can use the credit that has been offered to you in a responsible way.

Pay on time

Make sure you pay your loans and credit cards on time. Your payment history accounts for about 35% of your credit score. That is more than a third of it. You can see why paying on time is important. If you think you may miss the dates, set a reminder on your phone or in Google calendar.

If you practice good credit habits, your score can go up after six months. If not, it can go as low as 300. You’re in charge of whether your credit goes up or down.


How to Transfer Money From a Credit Card to a Bank Account


How to Transfer MoneyFrom a Bank Accountto a Credit CardHello, everyone. Hopefully, all is well with you. Today, I have an excellent post for y’all. Many people need money quickly. Someone asked me a question the other day. Is it possible to transfer money from a credit card into a bank account? I sat there and thought about it for a minute. There are a few ways that you can transfer money from a credit card to a bank account. Today, I want to go over three of those ways.

Money transfer card

The first way that you can transfer money from a credit card to a bank account is to consider a money transfer card. A money transfer card is not to be confused with a balance transfer card. The big difference with a money transfer is that it allows you to transfer cash to your bank account. Balance transfer cards don’t do that. When looking for a money transfer credit card, make sure you review the fees. Most of them have a transfer fee. Some don’t charge interest on the cash, though. The money transfer card will give you a length to pay the money at 0% interest. It might be cheaper to do this instead of repaying a debt on your current interest rate.

ATM cash advance

The second way that you can transfer money from a credit card to a bank account is by using an ATM cash advance. An ATM cash advance is when a cardholder withdraws money from their credit card via an ATM. The cash advance will be a percentage of your credit limit. For one of my credit cards, my credit limit is $3600. I could only get $1100 with a cash advance. Cash advances typically have a fee of 3 to 5 percent. To complete a cash advance on an ATM, you will need to know your PIN code. If you don’t have your PIN, you should contact your credit card, provider. They will be able to get the info to you. Once you have that cash, you will be able to deposit it into your bank account.

Credit card checks

The final way that you can transfer money from your credit card to your bank account is by using a credit card check. A credit card check is a check that your credit company offers as a way to write yourself a check for whatever you need at the time. I recently paid off one of my credit cards, and I’ve been receiving credit card checks from the provider for the last three months. I haven’t used them and I probably won’t. The interest rate is very low, but I’m not looking to attain any more debt at the moment.

In review, there are three ways to transfer money from a credit card to a bank account. Using a money transfer card, an ATM cash advance, and a credit card check can help you get those funds into your bank account.

Have you ever used any of these ways to transfer money from your credit card to your bank account?


How to Get a Vacation Loan


pier-440339_640Most people don’t think about taking loans out for their vacation and discovering exactly where is NYC, because they’re using loans for things like college educations, homes and cars. But it’s a perfectly legitimate way to go if you don’t have a lot of other major expenses and you know you’ll be able to pay it back. Though, really not many people fall into that category.

Vacations add up after a while, and it can be incredible just how much those tours, meals, late-night drinks, speeding tickets (although dismissible by taking a defensive driving course), will end up costing. So, if you happen to be dead set on going to one of the more expensive places in your budget, keep these tricks in mind.

The Debate

On the one hand, you’ve got a lot of responsibilities. You may have a car payment, car insurance, phone bills, and a mortgage. On the other hand, it’s freezing where you are and not freezing in places to the South of you. On the one hand, you may get sick later this year and lose your source of income. On the other hand, your city doesn’t have a roller coaster next to an ocean. Maybe you’re planning a wedding soon or want to have a child in the future. On the other hand, if you don’t get a helicopter ride over the Grand Canyon, is life really worth living? These are just a few of the major concerns you should have you on your mind before you go about getting your vacation loan.

Credit History

A loan is a loan, so you probably saw this coming. You can probably just file this under any type of personal loan, thought there are companies that specifically will make loans for travel. Your credit score will be just one factor they’ll look at before you’re granted the loan. They’ll also look at things like your collateral and general assets. There is one major warning about all this: taking out a vacation loan is going to increase the amount of debt you have, and it will likely end up costing more than you think if you can’t pay it off in a timely manner. So, that means that if you’re borrowing a loan of $5,000 at 12%, you’ll end up paying close to another $1,000 if you take the maximum amount of time to pay it off. That sounds like a raw deal to us, and perhaps not worth going to Spain for. You may even get a better deal through your credit card, depending on your carrier.

Can You Pay?

This is a pivotal question to ask before you sign on the dotted line. Because chances are, if you’re going for a vacation loan, you may not be the best at managing your finances. Which can likely make things pretty awkward when you think about the rest of the bills that will add up over time in addition to the one that made your skiing dreams come true. Maybe you don’t care that only 2% of those who take out personal loans say they do it to finance their vacation. You do your own thing, regardless of how society tells you to live your life. While we support that, there are a lot of reasons why Americans as a whole own an astonishing level of debt, and vacation loans certainly aren’t helping. In the end, you’ll likely get someone who can help you get a loan, even if you must borrow at ridiculously high rates. It’s not so much a question of how to but a question of should you.