Credit Card Entrapment- The Secrets are outWritten by Mical Johnson
Have you ever wondered why your credit card bill is so high and you can't seem to pay off balance? Well you are not alone in this. You should be aware of a couple of trick that they use and you probably don't even pay attention to it, but you definitely pay for it and BIG! The next time you open up your credit card statement, take a real close look to all "junk" inside particularly very hard to read insert Call "changes to you credit card agreement". That's right one you always throw away or say that I'll read it later and never really do. Since you neglected to read all that fine print you just threw away you should realize what you just did. In essence you just agreed to all changes credit card company made IF (and that's a big "IF") you use your credit card again. Most people do and don't even read all "that stuff" in envelope with their statement. Since these were automatic changes effective immediately or on a specific date that they set in new terms and conditions. Some of ones credit card companies use most often include, but not limited to, changing your APR (annual percentage rates) you thought that 0% would last forever? Changes to your existing fees and/or adding new fees. Let us not forget that they also like to change your grace period, time that you can pay it off and not receive a finance charge. If you don't know or you don't keep track of your credit limit...stop using it! If not you will get yourself into this next little fix. When ever you do go over limit (they make sure and give you a little slack so they have an extra fee to charge) they hit you with an "over limit fee" making you more over limit and making you pay down your balance even more or you will face yet another over limit fee following month. There is nothing like a little $35 or more fees to cheer you up when you have to pay your bills. If you really like higher rates on your credit card then just make sure payment is late, that is a sure fire way of getting an increase in you APR. Some credit card companies go as far as saying your payment is late if not received by noon or 1 p.m. on payment due date. Thanks for another $29 or more fees are likely response from credit card company. If you are a procrastinator and wait until last minute to put money in bank for your check to credit card company to clear then you need to be very careful. With all these new high tech devices we have these days they are a lot more efficient at processing their money taking days shorter than they did even 5-10 years ago.
| | What is a Credit Report?Written by John Mussi
Ever wondered what is a credit report? If you've ever applied for a credit card, a personal loan, or insurance, there's a file about you. This file is known as your credit report. It is full of information on where you live, how you pay your bills, and whether you've been sued, arrested, or filed for bankruptcy. Consumer reporting companies sell information in your report to creditors, insurers, employers, and other businesses with a legitimate need for it. They use information to evaluate your applications for credit, insurance, employment, or a lease. Having a good credit report means it will be easier for you to get loans and lower interest rates. Lower interest rates usually translate into smaller monthly payments. Nevertheless, newspapers and Internet are filled with ads for companies and services that promise to erase accurate negative information in your credit report in exchange for a fee. The scam artists who run these ads not only don't deliver - they can't deliver. Only time and a plan to repay your bills will improve your credit as it's detailed in your credit report. Here are details of type of information that is collected and added to your credit report:
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