Looking for Unsecured Credit Cards?

Don’t feel bad, you’re far from the only person on the planet searching for unsecured bad credit cards. I’ve been there myself, and I can tell you, the search isn’t easy — but if you’re trying to turn your life around, you need a good credit card to help. Unfortunately, the credit card industry really likes to punish people for past mistakes, and that means you’re looking at secured credit cards — if you’re lucky. Sometimes it seems like there aren’t any unsecured credit cards available, but that’s not true. They’re just hard to find — and once you do find them, you have to anticipate making a few sacrifices because of your credit rating.

The best way to start your search is by improving your credit rating, even if it’s just by a bit. To begin, learn everything you can about credit cards and debt management. Second, if you already carry some debt and can manage without a credit card for another month or two, hold off. Make absolutely certain that you’re making payments on time and in the correct amounts. Even one or two months of this can jump your credit score a few points, and that can make a big difference when it comes to credit cards. Third check out http://creditcardissuer.us they have a whole list of credit cards for people looking to start their road to recovery in the credit world again.

Like to Improve your Credit Rating?

Your credit score is a three-digit number between 300 and 850, generated by a mathematical algorithm (a mostly secret formula) based on information in your credit report, as compared with information on tens of millions of other people. The number is said to be a highly accurate prediction of how likely you are to pay your bills. If it sounds boring and unimportant, you couldn’t be more wrong. Credit scores are used extensively these days. If you rent an apartment, get braces, buy cell phone service, apply for a job or call to get utilities connected, there’s a good chance your score will be pulled.

If you have an existing credit card, the issuer is likely to look at your credit score to decide whether to decrease your credit limit or charge you a higher interest rate. The higher the number the better you look to lenders. People with the highest scores get the lowest interest rates. And, we hear, they’re getting the jobs. Fair Isaac, the company that created the FICO scoring formula, gives us the following ways to improve our credit scores: Pay your bills on time. Paying late or letting something go to collection can have a major negative impact on your credit score. If you have missed payments, get current and stay current. The longer you pay your bills on time the better your credit score. Be aware, however, that paying off a collection account or bringing an account current will not remove it from your credit report. Look by paying your bills on time you avoid the hassle of late fees, over draft fees and negative reports on your credit report. Its much easier to stay on top of something then to try and climb out of a hole later on!

Using Balance Transfer Cards after the Holidays

With Christmas and at least some of the sales behind us, peoples credit card balances are feeling the strain. According to the latest figures more than four million people plan on transferring their credit card balance to a new card in order to take advantage of zero interest introductory offers. If you are suffering a financial hangover from the festive season then a balance transfer can be an effective way of getting back on track. The average borrower plans to move $1,140 this month which is a significant sum but well down on last year’s figure. In a sign that the nation is trying hard to pay off its unsecured debt the average sum has halved from $2,290 last year and as a result our collective transfer will reach $3.2 billion compared against last year’s $7 billion.

Credit card lenders are prepared to take borrowers’ existing debts on to a zero per cent introductory offer which can last from as little as three months right up to as much as 16 months. They charge a fee based on the amount you are transferring. Their generosity is based on the assumption that many of those who transfer their debt will either fail to pay off the cash before the deal expires or will take on new debts following the deal so it’s not a completely altruistic offer. Anyone planning to transfer a debt can expect to pay between two and a half and three per cent charge on their debt. So anyone moving $1,140 to a new card will face a charge of roughly $34. If you do fail to pay off your outstanding debt before the introductory rate expires then the rate of interest you’ll pay will jump from nothing to around 16%. That means a $1,000 balance will start to cost you around $160 a year.

Having been there myself, your best bet might just be keeping the card you already have and making more then the minimum payment if possible. Even an extra $50 per month can make a huge difference. Balance transfer cards are really wolves in sheep’s clothing. So be careful, if you must get one, use it to strictly “pay off the original balance,” and nothing else. Do not continue to use the card for purchases.

A secured Credit Card can Help your Credit Report

A secured credit card from a lender like Wachovia or Bank of America can be an excellent asset in the process of rebuilding or repairing your credit score. With so many being effected by economic troubles and finances taking a turn for the worse, many American’s are finding they are watching their credit fall into disorder and their credit score go from bad to worse. However, with a secured credit card from major lenders like Wachovia, Bank of America, or another credible institution, you are able to obtain a credit card, which may be difficult for some at the present time, and use the card to build your credit score. Lenders that are well established like Bank of America and Wachovia are often more likely to give you a better rate on a secured credit card and will work with you to rebuild your credit score by not levying fees and fines on the card user.

Institutions like Wachovia and Bank of America will typically work just as any other when it comes to a secured credit card though. Usually, the credit limit is the amount of money you deposit into an account for the secured credit card and will be used to make a payment if you miss one. Remember, though, missing a payment on a secured credit card is going to hurt your credit score rather than help so make sure you are well equipped to make the payments to which you are obligated. People might think that having good credit these days isn’t that important, but believe me it is. If you ever plan on purchasing a house or car in the future, you will have to have some form of decent credit in order to get a good rate on your loan.

Credit Cards that Allow Balance Transfers

Balance transfer credit cards are one of the latest, and new means of reducing credit card debt in a very short span of time. They have gained lot of fame because of their convenience of merging numerous credit card debts on them. The best benefit of balance transfer credit cards are that they only let balances accumulate on one credit card through an application process, by doing this, the debts can be easily stopped from building to ridiculous sizes.

There are a lot of banks and financial institutes offering low interest rates on their balance transfer credit cards. Those looking for reduction in their credit card debt should definitely go for balance transfer credit cards with 0% interest rate. It is a reasonable quick fix so to speak if your looking to pay off your debt in a year or two, instead of five years. This way your actually paying off the debt and not the interest. Also try to find a card that has a “no balance transfer fee.” No reason to pay extra when you don’t have to, and there are plenty of cards out there that offer this. Check out Balance Transfer Cards, and see if one of these cards suites your needs.

Watch Out for Fast Credit Repair Scams

With Americans’ credit scores plunging after record numbers of mortgage and credit-card delinquencies, companies that promise quick fixes, eliminating negative information in credit-bureau files, are proliferating, say federal officials. The pitches are especially attractive to homebuyers and mortgage applicants because they offer a way to raise credit scores enough to get loan applications accepted, and even to qualify for lower interest rates. But two new legal settlements by the Federal Trade Commission suggest seductive “credit repair” come-ons can lead consumers into costly credit rip offs. Both cases involve companies that allegedly claimed they could remove any negative information from consumers’ files. One even said it could do so because it had special inside contacts with lenders and credit bureaus. Successful Credit Service, based in Woodland Hills, Calif., allegedly promised it could erase bankruptcies, missed payments, tax liens and other damaging credit-file data permanently.

“We fix the credit 100 percent guaranteed whether it is a bankruptcy or a 30-day late,” said one of the company’s Internet ads cited by the FTC. “It does not matter how low or how big it is; anything that’s on there, we can remove.” The company could achieve these results, ads said, partly because of the “priceless relationships we have with every creditor, collection company, public-records provider and credit bureaus. We deal directly with these institutions in order to eradicate the problem at the source.” To sign up, consumers had to pay $3,000 to $4,000 upfront. When and if you decide to have a company “fix” your negative credit report, just make sure you know what your getting into up front. Double check the various companies out and make sure about any hidden fees. The last thing you want is to get into further debt.

Basic Knowledge About Payday Loans

More people than ever before are visiting the moneysupermarket.com payday loans page, to search for short-term borrowing ahead of their next pay check. Over the last 12 months, the number of visitors looking at this kind of personal borrowing has risen by 166% – so there’s clearly a demand. However, payday loans are pretty pricey and can be seen as a last-resort loan, used only by those skating close to the edge of financial chaos. Is that true and are Payday Loans right for me? Loans should not be used for casual purchases because they are so expensive.

There are circumstances, though, where they can really help out. For example, if your phone bill is much bigger than you had expected, you could find you’re left with a choice of defaulting on the debt, being charged for going beyond your overdraft limit or taking out short-term borrowing. As long as you are confident you can afford to repay it the next month, a payday loan is preferable to failing to pay and adding a black mark to your credit record. Plus you do not have to worry about having perfect credit to get a loan, after all who has a perfect credit score these days? Click on this link, Payday Loans , and you will be taken to a page with a couple of different companies who are very forgiving about your past credit and can give you an instant online decision, no agonizing for hours or days wondering if you can qualify for a short term loan. Remember though that this money is a loan, so please use it responsibly and be sure to pay it back. This will also help to improve your credit score!