As the name suggests Secured Credit Cards are cards that require submission of a security deposit before a card is issued to the borrower. That security deposit is then used as the credit limit for your new card. The security deposit can vary from something as small as 100$ to something as big as 2000$. Getting a secured card has many benefits some of which are: It is the perfect tool for people who never had a credit history....more
Bad credit cards are a wonderful option for people who want to use credit cards but cannot get a good credit card because of their poor credit history. Even though there are hundreds of companies giving away these credit cards to people but it's your responsibility to make sure you are getting the most out of your money. These are some of the checks you need to make before going in for a bad credit card: It is obvious that if you...more
As the name suggests bad credit loans are for people with a bad credit record. People normally take these loans for debt consolidation. Some of the things you need to know about these loans are: There are two types of bad credit loans. Secured loans and unsecured loans. The interest rate in a secured loan is much lower than that in an unsecured loan. The reason for this being the fact that the banks normally take collateral security in exchange of the loan amount in case of secured loans. The amount of loan one can take depends solely upon the value of the collateral security provided. Credit history plays a very important role in determining what your interest rate would be. With a slightly better credit history you could end up saving thousands of dollars in loan repayment. A very bad credit history would mean that you will be entitled to a small loan amount and your interest rates would be very high. Another important aspect of bad credit loans is to know where to find them. Internet is always the best place to look for different organizations that provide people with bad credit history financial assistance. Another advantage of searching online is that within a...more
In this highly competitive world, education has become a basic necessity. Without education you can't survive. But, procuring higher education is really difficult if you do not have enough money with you to pay the institute's fees and other associated expenses. So, what a person should do if he/she faces such problem? Fortunately, we...more
Having a good credit score is important, especially for an individual who intends to make a loan. Favorable ratings may allow one to borrow at a cheaper cost, while poor grades may make it difficult for him to seek low-interest loans. There are cases when even a very meager difference in credit ratings could spell a big difference in borrowing...more
Credit scores can be computed using different credit scoring systems but the most widely used system today is the FICO score. Its formula was created by the Fair Isaac Corporation and is the one used today by many lenders, banks, financial organizations and the major credit bureaus (Experian, Equifax, TransUnion.The perfect FICO score is 850 and although achieving this number may seem unrealistic, getting a score ranging from 720 and above is already considered as good to excellent. However, a FICO score below 620 will put you in the category of a "high risk borrower". Thus, it is recommended for everyone to be aware of the factors that make up their credit score.Factors that Determine Your Credit ScorePayment history. Your payment history comprises 35% of your total credit score. Here, how timely you are in submitting your payments, how long it takes you to pay your past due bills, how many times you were late or missed with your payments, and everything that has to do with your payment habits count. Credit line usage. How you use your credit limit makes up the 30% of your credit score. The higher the usage of your credit limit, the lower your credit score is. Ideally,...more
All of us want freedom. We do not want to be controlled or manipulated by anyone or anything. Sadly, some people do not enjoy this freedom because of mismanagement of their own debts. Surely, you do not want to see yourself in that situation. How...more
When in deep debt first of all you should see all options to get out of debt. When you think of negotiation, first think about different options-you can go to a debt settlement company, pay your creditors of your own, or declare bankruptcy at any...more
If you're like thousands of others, last year was a bit of a financial disaster. Paying bills late, not making credit card payments on time, phone calls coming in reminding you to pay an account were common occurrences for so many...more
Your credit file can determine your ability to purchase a home, get a job or even rent an apartment. The importance of your credit file is linked to so many aspects of everyday life that it is imperative that you stay on top of what is...more
Getting Out of DebtGetting into debt can happen to anyone. Unemployment, unexpected health problems, and other life experiences can result in debt. When debt happens, it has a devastating impact on a day-to-day basis. If you are...more
You might have been accustomed to the fact that most personal loans these days are requiring submission of collaterals as security or backup for the loan amount. The idea is that in case the borrower fails to repay the loan amount,...more