By Larry Goldberg
 
Transforming your good credit rating into a bad one is really not that difficult to do, especially if you have been abusing your credit card.  Credit card abuse can happen when you find yourself relying on your card for nearly all your purchases, have trouble paying more than your minimum balance each month, or have accumulated so much debt that you feel overwhelmed.  If any of these ring true with your spending habits or financial situation, then you may be unknowingly abusing your credit card.

Credit card abuse is a dangerous thing, and it can make your credit report look less-than-ideal to potential credit card companies or lenders.  Because your credit report contains all the information regarding your accounts’ histories and transactions, any negative activity will also be listed.  This is not what you want, as it will likely give lenders the impression that you are not handling your credit accounts responsibly.  Don’t fall into the credit card abuse trap – be careful about how you use your cards and handle your payments.  The impacts to your credit report can be lasting and severe. 

LetsGetCredit.com has more about info about credit card abuse and how it can affect your credit report.

By Larry Goldberg

 It’s a simple fact – credit cards are a part of students’ lives these days, as common as textbooks and homework.  They are convenient, easy to use, and are accepted practically everywhere, even in a lot of campus cafeterias.  But did you know that students have several options when it comes to getting a credit card?

 One of the best kinds of credit accounts available to students is the prepaid card.  With a prepaid credit card, money is added to the card before any purchases are made, so you start off with a specific balance available for you to spend.  With every purchase, your balance goes down, instead of up like a traditional credit card.  These cards are great for college students because you don’t need established credit to get one, and anyone (parents, grandparents, etc.) can put money on your card.  Prepaid cards are also accepted in the same fashion as regular credit cards, both at stores and online.  While there is usually no interest rate with a prepaid credit card, watch for other monthly fees and costs.

 To learn more about prepaid credit cards and how they can benefit you, click here.

By Larry Goldberg

Transforming your good credit rating into a bad one is really not that difficult to do, especially if you have been abusing your credit card.  Credit card abuse can happen when you find yourself relying on your card for nearly all your purchases, have trouble paying more than your minimum balance each month, or have accumulated so much debt that you feel overwhelmed.   

If any of these ring true with your spending habits or financial situation, then you may be unknowingly abusing your credit card.

Credit card abuse is a dangerous thing, and it can make your credit report look less-than-ideal to potential credit card companies or lenders. 

Because your credit report contains all the information regarding your accounts’ histories and transactions, any negative activity will also be listed. 

This is not what you want, as it will likely give lenders the impression that you are not handling your credit accounts responsibly. 

Don’t fall into the credit card abuse trap – be careful about how you use your cards and handle your payments.  The impacts to your credit report can be lasting and severe. 

By Larry Goldberg

We all know how important our credit scores are, right?

But did you know that the amount of debt you have can impact your credit report? People who are drowning in credit debt run the risk of lowering their credit scores significantly, and this happens all too often with today’s consumers relying so much on their credit cards.

Now, having some credit debt is not necessarily a bad thing. In fact, your credit report and score will be better if you have some debt because it shows credit card companies and other lenders that you have established yourself as a credit card user and can manage your accounts.

Credit debt only leads to a lower credit score when you have amassed so much that it surpasses, by far, your available credit. High credit debt might also indicate that you aren’t using your credit cards wisely or are not able to pay them down in a timely manner. Things like this can negatively affect your credit report, which will in turn impact what you can and can’t do with your money.

To find out more about accessing Identity Theft Protection  - Repairing Your Credit and learning how high debt can affect it.

By Larry Goldberg

 

Finding out that someone has stolen your identity (and your money!) is a horrible feeling – you feel used, violated, and very vulnerable. 

 

Thankfully, most of these situations can be resolved with minimal hassle, but of course it’s best to stop them before they start.  There are several identity theft prevention tips that everyone should incorporate into their lives that could potentially save them from becoming a victim.  One of the easiest things that people can do is to properly destroy their personal documents, such as statements that contain account numbers or their social security number (identity thieves love this information!). 

 

Credit card offers that come in the mail should also be destroyed as thieves can easily open fraudulent accounts using these mailers.  It’s also a good idea to watch what is going OUT in your mail box.  Don’t put bills containing your personal checks or account numbers in the box where just anybody can grab them. 

 

Checking out your credit report every so often is also a good idea so that you can monitor the activity on your credit accounts.  This report will detail all your accounts and any accounts that have been applied for. 

 

Click on Privacy Matters to find out more tips that you can use to aid in identity theft prevention.
 

By Larry Goldberg

            If you’re like many Americans, then you know easy it is to rack up credit debt.  It’s very easy to fall into that credit card trap where it just seems so simple to swipe that card for every purchase and not have to worry about money coming out of your pocket right then.  The bad part is that the money does eventually come out of your pocket, and often it’s a lot more than what you would have paid.  You also now have the added stress of worrying about your monthly bill and how you’re going to pay it.

            If you’ve gotten into the habit of relying on your credit card for practically every purchase and you’ve already amassed a large amount of debt, then consider contacting a debt counseling service.  Debt counseling services are there to help you sort out your finances, create a realistic budget, and manage your accounts.  These counselors are knowledgeable in the ways of consumer credit, and they want to help you learn how to spend responsibly and take care of your accounts.

            Don’t struggle alone with your credit debt any longer.  To learn more about how credit card debt counseling can help you, just click around on LetsGetCredit.com.

By Larry Goldberg 

Canceling credit cards is not always a wise option.  You may think it will improve your overall credit report score; however, that is not always the case.  Depending on the number of credit cards you have open and available for access, and the amount of debt you have compiled, canceling credit cards could make your financial situation look worse.  Your credit report score is based on a number of things, one of which is the ratio of your available credit to your outstanding debt.  Canceling credit cards with lines of credit open and accessible will reduce your credit available to debt outstanding ratio.

It can actually be good to keep a few lines of credit open and available, especially carrying zero balances on them, to help your available credit to debt ratio look better.  It is suggested that you have no more than seven available lines of credit open at one time.  Carrying more than seven open lines of credit could begin to hurt your overall credit score.

If you happen to have one line of credit that has a negative history attached to it, that’s the one to cancel.

 If you have a credit card, which most of us do, then you’re probably paying your fair share of interest on your debt.  This can really add up, and the worst part is that most of your monthly payment is not even going toward paying down that credit debt – it’s going to your interest!

 Getting a new 0% APR card to do a balance transfer is an excellent way to save money on interest and pay off your debt fast!  With this credit card, any money you put on the monthly payment will go directly to your principal balance.  Think of how quickly you can whittle down that debt!

Most of these credit cards come with this 0% APR for a limited time, so be sure and check how long you’ll have this great rate.  Also, if this special rate applies only to balance transfers, be careful about any purchases you make with the credit card – they’ll be subject to a higher rate.  Get familiar with the details of the card so you won’t be surprised if there are any extra fees when you get your first statement.

To learn more about how you can do a balance transfer and save money with a 0% APR credit card, check out 0 APR on LetsGetCredit.com

By Larry Goldberg 

Just how important is your credit score, you may ask?  Well, it is very, very important.  Your credit score is the main thing that will either allow or deny you to get a credit card, a new set of wheels, or even a home or apartment.  If your credit score is not so great, it can have a big impact on your life, both now and in the future.

 Your credit score is determined by several things, including your payment history on any previous accounts, your current debt and how it stacks up against your available credit, the types of credit accounts you have, how long your credit has been established, and any recent credit applications you may have filled out.  All of these things will contribute to that all-important three digit number, so it’s a good idea to make wise decisions regarding any current and potential accounts.  Having a low credit score can mean the difference between getting the things you need and want or living without them.
 
Choose wisely when making financial decisions that will affect your credit report, and find out what your credit rating means for you.  Click here to access your FREE credit report to determine your credit score.

By Larry Goldberg 

Do you have several credit cards out there that you owe money on? 

Everyone knows what a hassle it is to have to deal with multiple credit accounts, especially with each one having its own monthly payment and interest rate to add to the confusion.  But, there is a solution out there that can eliminate all these cards with all their numbers – combine them all into one account with a balance transfer card! 

Balance transfer cards are a fantastic way to put all your credit debt in one place, making it much easier for you to manage each month.  The best part is that many of these balance transfer cards come with a great low introductory rate, so you can even save money on your interest for a few months. 

 Anybody can apply for one of these cards, and if your credit score and history is good (or even not so good with some credit card companies), then you can take advantage of this great savings deal.  Just think of all the time and cash you’ll save each month with all your debt on one easy card!