Forex Exchange Market Development
Automated V Manual Trading Which is Best?
What Does it Take to Have Forex Success?
Picking the Best Automatic Forex Trading Software
How to Trade Forex Successfully?
by William Barnes
Do you wish to learn how to trade Forex successfully with the Forex Profit Hunter software? The Forex market is one of the most lucrative ways to make money that was previously only accessible
Forex Automated Software - Why Do They NEVER Produce the Gains They Claim When You Trade Them?
By: Terje Ellingsen
Is there something out there called a bad credit credit card? Well, when a bank or Credit company such as Bank of America, Washington Mutual or Chase receive an application from you, they use a statistical system to determine whether or not to grant credit to you by assigning numerical scores to various characteristics related to creditworthiness. This means the creditor's measure of your past and future ability and willingness to repay your debts. This system is based on your credit history, which is a record of how you have borrowed and repaid debts. If this record shows late payments, skipping payments, exceeding card limits or declaring bankruptcy you are considered a person with "bad credit".
Then you're condemned, you're hopeless.. Nobody will ever lend you money or give you a credit card anymore, you may think but then you should think again. Even people with horrible credit histories who have been in a financial mess because of previous debt can get credit card offers. So, the answer to the question I asked in the beginning of this article is "Yes": You can get a secured or prepaid credit card.
Banks and other credit companies need customers, even thoses in a bad financial situation. So these secured or prepaid cards offers are specifically targeted to help people with poor credit, so that they too can have all the benefits that follows such a card.
What distinguise a secured card from an unsecured is that the card's account is usually related to a savings account. This is the way the card is secured. Let's say you have $1,000 in your account, then your credit limit will be $1,000. With this build in security, you will never be brought into a debt situation again. After using this card for a while, most banks or finance companies will gradually grant you credit that exceeds your saving account balance and you will at the same time repair your credit history. This bad credit credit card is a great offer, that you should take advantage of if you have a messy financial history and want to rebuild your credit.
Terje Brooks Ellingsen is a writer and internet publisher. He runs the website http://www.1st-in-loan.net Terje gives advice and helps people with personal financial issues like debt solutions, see http://www.1st-in-loan.net/debt_help.htm and to apply for visa and master cards, see http://www.1st-in-loan.net/debt_help.htm
Source: www.isnare.com
By: Charles Phelan
If you've had credit problems, then you've probably received offers for credit cards aimed at people with bad credit. These offers range from legitimate, to questionable, to outright scams. How can you tell the difference? The answer is to read the fine print, usually to be found in a document called "Terms and Conditions." To show you the difference between "the good, the bad, and the ugly" in the low-end credit card market, let's take a look at the fine print associated with such offers.
We'll start with one of the more popular low-limit "starter" cards available today. These are actual terms published by a major company at the time this article was written. The card comes with a Visa logo on it and looks like a regular credit card, so you can use it as an extra piece of identification when you're booking a hotel room, renting a car, and so on. In the "Terms and Conditions" document, the first thing we see is the annual percentage rate (APR), listed as 19.5%. That's not a particularly attractive rate, but it's not as high as a lot of other cards. A little farther down, we see that the APR for cash advances is higher, 25.5%, which is normal since there is greater risk involved to the company.
Where it really gets interesting is the section that lists the fees associated with the card. In this example, there is an annual fee of $150! There is also a $29 fee to open the account, as well as a monthly "maintenance" fee of $6.50. Whew! That's a lot of fees. But wait! It gets better. Toward the bottom of the document, buried in the fine print, we see something called "Available Credit Limitations." In 8-point typeface (very tough to read on a computer screen or printed page), you are informed that your generous initial credit limit will be a whopping $300. On your very first statement, you will be billed for the $150 annual fee, plus the $29 setup fee. The $6.50 monthly fees will start appearing after you make your first purchase on the card.
Let's take a closer look at the math here. It will cost you $179 up front, plus $78 per year, to obtain $300 worth of credit. Your total cost for the first year is $257, assuming you pay off the balance each month and don't incur any regular interest charges. Sound like a good deal? Does it make any sense at all to pay $257 to obtain $300 worth of credit? That's 85.6% in effective interest! If you keep a running balance of $300 on the card, and just make the minimum payments every month, your effective interest rate will be 105.2% for the first year, and 95.5 % for subsequent years. That's some pretty expensive credit! This credit card offer, while legal, still counts as a total rip-off.
As bad as the above sounds, it still only qualifies as "questionable" rather than being a full-on scam. There are much worse offers floating around out there. I've even seen some "deals" where the fees are so stiff you start out above the credit limit before receiving the card in the mail! In the bogus category I'd also include cards where you are forced to pay an advance fee prior to receiving the "guaranteed" credit card, which of course never arrives. There are also "catalog cards," where you supposedly build credit by purchasing items through a card tied to one particular company and their catalog of goods. The problem is that the catalogs usually consist of grossly overpriced junk.
So what constitutes a good credit card offer for someone who's experienced serious credit problems and wants to take action toward rebuilding his or her credit? At the risk of annoying the big credit card marketing companies who target the "sub-prime" market (consumers with bad credit histories), my advice is to completely avoid any offer that comes to you unsolicited. Instead, do the research on your own. Check out www.bankrate.com for current offers by legitimate credit card companies. Shop and compare before you apply. Remember, the APR is only one aspect of your decision, and not necessarily the most important. What you want to look at very carefully are the annual fees, setup fees, and monthly fees.
It's important to realize that you may not be able to obtain an unsecured credit card when you're just starting to rebuild your credit. Instead of paying $257 to obtain $300 in credit, you'd be far better off placing $250 as a deposit toward a good SECURED credit card from a reputable major bank. In this real-world example, the annual fee is only $29, the APR is 19.99%, and there are no setup fees or monthly maintenance charges. Your $250 deposit will net you $250 worth of credit (less the $29 annual fee), and you'll build positive credit history just as quickly as with the ridiculously expensive offer discussed above. Plus that original $250 deposit is still YOUR money. After you've been granted unsecured credit again, and you've paid off any outstanding balance on the secured card, you can get your deposit back.
One final tip. If you have the opportunity to join a credit union, you should consider checking out their offers for low-limit unsecured and secured credit cards. Credit unions frequently offer much better terms than regular commercial banks. Through credit unions, you can often find credit cards with no annual fees, lower interest rates, and more flexibility. Be sure, however, to confirm that the credit union reports account activity to the credit bureaus. Otherwise, your positive payment history on the new credit card won't lift your credit score. And remember, no matter what card offer you're considering, be sure to read that fine print!
Charles J. Phelan has been helping people become debt-free without bankruptcy since 1997. A former executive in the debt settlement industry, he teaches the do-it-yourself method of debt negotiation. Audio-CD training plus expert personal coaching helps consumers achieve professional results at a fraction of the cost. http://www.zipdebt.com
By: Jeanette Joy Fisher
Credit needed for real estate mortgage financing differs from credit needed for consumer loans. If you need help getting a home mortgage, these credit tips will help you.
Contrary to what many credit advisors say, paying off credit cards each month is not always the best action to take. When making credit card payments, don't pay the balance in full each month -- let a little roll over.
Paying balances in full does not increase your credit score; paying balances in full may in fact lower your credit score. Accounts with zero balances do not compute significantly in your total score. For instance, a credit card with a perfect payment history and no balance will not weigh as heavily in your credit score as a credit card with a low balance, which might have a poor payment record.
You most likely have been advised to cut up your credit cards and close your accounts. Following this advice degrades many credit scores.
Canceling Credit Cards
Canceling credit cards can also lower your score. Keep your longest-term credit card account open to show long-term credit history. If this account has prior late notations, negotiate with the creditor to drop negative reporting on your credit history file. Slowly close out newer accounts after they are paid off. Keep your best accounts open -- those paid on time or reporting "pays as agreed" and with the longest history.
Credit card companies may raise your rate if you cancel a card before it is paid off; it is best to keep accounts with outstanding balances open until you pay them off.
Perfect Balance of Credit
Debt-to-Income Ratio
Credit scores do not reflect income -- credit bureaus do not have income reported to them. However, lenders look at the consumer debt-to-income ratio --the amount of monthly debts in relation to the amount of earnings. Consumer debt is more highly regarded/scores higher if total debt is under 20% of net income, or total monthly payments on all debts is less than 35% of monthly gross income.
Qualifying Ratios
Lenders want the total debt ratio (the percentage of total monthly payments, including the new mortgage, to income) to be less than 33% for a typical conventional mortgage. This means the new mortgage payment, credit card payments, and all other monthly debt payments should not equal more than about one-third of the monthly income.
Lenders want the mortgage debt ratio (the percentage of the new mortgage payment to income) to be less than 28%.
Sub-prime loans have lower standards; some lenders allow debt-to-income ratios as high as 55%. Borrowers with less than perfect credit qualify more easily for a sub-prime loan compared to an “A-paper” loan.
Once you total your monthly expenses and determine your debt ratio, you can estimate how much you can afford for a house payment. For example, if your income is around $3,000 per month, you can afford a home with payments around $1,000 per month (including taxes and insurance) with a conventional loan, if your other debt does not total more than 5% of your income.
For investors, these equations change. Lenders expect 10%–25% down on investment property and allow about 75% of the rental income to offset the debt ratio.
Understanding your credit helps you manage your credit so you can obtain real estate financing, either for the house of your dreams or for your financial future.
Copyright (c) 2004 by Jeanette J. Fisher
About the Author
Professor Jeanette Fisher, author of Doghouse to Dollhouse for Dollars, Joy to the Home, and other books teaches Real Estate Investing and Design Psychology. For more articles, tips, reports, newsletters, and sales flyer template, see http://www.doghousetodollhousefordollars.com/pages/5/index.htm
Source: www.isnare.comBy: Morgan Hamilton
Having less than perfect credit can hurt you and your financial future. One way to get yourself out of the dark hole of credit is by responsibly using a credit card. If you have bad credit and are looking for a credit card, you may want to stick with the bad credit credit cards. Bad credit credit cards are just like regular credit cards, but they are specifically for high risk cardholders.
Since your credit score is low, you are considered high risk to the credit card companies. Bad credit credit cards should be used responsibly however or your situation will just worsen. If you think there is even a possibility of you defaulting on the card, simply don’t even apply. Before applying for bad credit credit cards, be sure to check out the common terms for bad credit credit cards.
Credit Limits
Credit limits on bad credit credit cards are usually relatively low. The highest limit you will usually see is around $1000. This is for your own protection. The lower your limit, the more likely you are to use the card and pay off your balance in a timely manner. It is much more difficult to pay off higher balances. Therefore, don’t think of the low balance as a disadvantage.
APR
Most APR rates on bad credit credit cards are very reasonable. They fall around 10% which is good for a credit card. Try to find cards that hold the lowest interest rate possible. This will help you repay your charges quickly while giving your credit score a positive boost.
Fees
Although typically annual fees on credit cards should be avoiding, with bad credit credit cards, they are standard. Bad credit credit cards often charge annual fees of up to $50 or more. This is a protective act for the credit card company. It may be something you simply must accept if your credit score is low and you need a credit card.
Another fee you may encounter is an enrollment fee. Again, this is something no one with good credit should ever accept. However, with bad credit credit cards, the enrollment fee is common.
Credit Bureau Reporting
Make sure than any bad credit credit card you apply for reports to all of the major credit bureaus. This will help you regain good credit. You don’t want to pay diligently on a card that cannot help your credit. You may have to call customer support ahead of time to ask this question, but it is worth your attention.
Bad credit credit cards can be just the things that save your credit. If you want to boost your credit, then consider getting one of these unique cards. Just remember to spend and repay responsibly. In no time you can have your credit looking 100% better!
About the Author: Morgan Hamilton offers expert advice and great tips regarding all aspects concerning Credit Cards. Get the information you are seeking now by visiting http://www.Find-Cards-Now.com
Source: www.isnare.com
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