The Equal Credit Opportunity Act (ECOA) ensures that all consumers are given an equal chance to obtain credit. This doesn't mean all consumers who apply for credit get it: Factors such as income, expenses, debt, and credit history are considerations for creditworthiness.The law protects you when you deal with any creditor who regularly extends credit, including banks, small loan and finance companies, retail and department stores, credit card...more
Federal law prohibits issuers from sending you a card you didn't ask for. However, an issuer can send you a renewal or substitute card without your request. Issuers also may send you an application or a solicitation, or ask you by phone if you want a card - and, if you say yes, they may send you one.Cardholder ProtectionsFederal law protects your use of credit cards.Prompt Credit for Payment. An issuer must credit your account the day payment is...more
credit card, credit cards, credit, creditorNowadays many credit card companies offer perks to lure new customers ranging from introductory offers with zero percent interest for transferred balances, Reward Programs offering airline mileage and cash back, and discount programs with select merchants. While these offers may be very enticing, there are five key factors, none of which include perks, that you should consider when choosing a credit card.FEESOne of the first factors to consider when selecting a credit card is the number of fees associated with using the card and the totality of all of them if incurred. Companies can charge a variety of fees with the most common being annual, closure, over-the-limit and late fees. Because, not all companies charge the same fees and the level of the fees can also differ, it is important to read all of the fine print and details that accompany any credit card offer. Annual FeeAn annual fee is a membership or participation fee that is charged for having a card. An annual fee can range from $25 to $50. Closure FeeSome companies also charge a closure fee when an account is closed. This fee also falls within the $25 to $50 range. Over-the-Limit...more
Great deals on credit cards are available now at your nearest credit card dealer - or in your mailbox. The time for getting a really useful card can now be obtained. Because of competition, the credit card companies have now decided to give something back in exchange for your payments - on a rewards credit card, and the incentives can be rather...more
For some one with bad credit, taking care of all the needs and demands gets quite tough. It is one of the most demanding circumstances; where in the bad credit borrower tend to loose the financial freedom. Eventually, in the absence of the necessary funds, the same applicants can no way overcome the problems. It is in situation like these that...more
Keep Your Credit History Clean - Remove A Negative Credit Record From Your Credit Report.It can make a difference of up to 18% in loan repayment costs.For example, on a 30-year, $150,000 fixed rate mortgage, a borrower with the best credit score, 760-850, will pay 5.59%, or $860 per month, while someone in the worst score range will pay 7.18%, or $1,016 per month.This can make a big difference to the household budget, so it's to your advantage to keep your credit score as low as possible.The 3 major credit bureaus, Experian, Equifax and Trans Union are similar and feature a "Credit Score", which is derived from credit report information submitted to them about you.Uner the Equal Credit Opportunity Act, a credit scoring system may not use characteristics such as race, sex, marital status, national origin or religion as factors, though they are allowed to use age.Credit scores are determined by your bill-paying history, the number and type type of accounts you have, late payments, collection actions, and outstanding debt. The total number of points reflects how likely you are, statistically-speaking, to pay back a loan.If you are denied credit, the Equal Credit Opportunity Act forces...more
A good credit score is the key to a lot of opportunities these days. A credit score can open up the door to a lot of opportunities and conversely, can shut the door of opportunities, depending on the credit ratings. An individual with a good credit...more
Who dislikes bonuses? People are often enticed by attractive bonus offers and credit card offers are no different. Shrewd credit card companies are using lucrative credit card rewards to lure new customers in and sustain existing customers. Reward...more
You may not know it, but every time you take out any kind of loan or credit or pay something back, it gets counted on your credit rating. Who keeps a record on you will vary according to where you live, but the big three credit reference agencies are...more
For a person using the payday loans service, there are two basic benefits: convenience and access to much needed financial assistance in times of crisis, which would be otherwise unavailable to them. If you want to apply for quick finance online, you...more
Why do some people get offers for pre-approved credit cards and others don't? What do car dealers know about your financial health that you don't know? The answer is your credit score.Your credit score is a number generated by a mathematical formula...more
If you have a history of late payments, unpaid bills, or accounts sent for collection, your credit record will suffer. A bad credit record gives you a low credit score and makes it difficult for you to get needed credit or loans for things you...more