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News Tips & Updates on Bad Credit

7 signs of phony credit card offers

Thursday,31st May, 2012
If you've taken a nasty financial tumble, be aware that you could become a target for credit card scam artists who thrive on kicking people when they're down. Knowing that people who have suffered financial trouble are desperate for credit, these swindlers promise "gold cards" to milk victims for cash they can't afford to lose. How? They charge upfront application fees and then send plastic cards good only for buying overpriced merchandise from catalogs. Or they take your money, promising to get you credit, only to send you a list of credit card companies you could easily have gotten yourself. So how .......
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Are you a Jeremiah or a Cassandra on subprime credit cards?

Monday,09th April, 2012
Do you know the difference between a Jeremiah and a Cassandra? No, not in the obvious sense that one's a man and the other a woman. It's perfectly possible that your great-uncle Jeremiah once dated a woman named Cassandra, but that's not the point here. A Jeremiah (after the Old Testament prophet) is someone of a pessimistic disposition who predicts a catastrophic future. A Cassandra (after a character in Greek mythology) is also someone who (accurately) predicts disasters, but is doomed not to be believed. If your great-uncle Jeremiah really dated a Cassandra, the poor bartender who served them that evening .......

Choosing and using secured credit cards

Monday,26th September, 2011
Let's start with the basics. What are secured credit cards? As the name suggests, they are cards that are secured by collateral. In other words, you have to make a cash deposit upfront, which normally becomes your credit limit. Your money may be lodged in a deposit account, a money market account or a certificate of deposit, but you won't be able to touch it as long as you have your card. A recent Better Business Bureau survey found that 94 percent of banks give you interest on that deposit, but you are going to pay interest on any card balances .......

No credit? Secure some yourself

Wednesday,15th June, 2011
There are certain Catch-22 situations in life: It takes money to make money You can't get a job to gain experience unless you already have experience You can't get a credit card unless you've already established good credit Secured credit cards can help you with the last situation. If you're a young person trying to establish a credit history, or if you've had some financial misfortune and need to repair that history, a secured credit card could be just the ticket. However, since secured credit cards are geared towards people who are either inexperienced or somewhat desperate for help, they can also be among the .......

Credit Card Alternatives if You Have Bad Credit

Thursday,09th June, 2011
Although it's harder to get credit than it was a few years ago, it's still possible to get a credit card if you've stumbled financially. Here are three alternatives if you've been turned down for traditional credit cards: Subprime Credit Cards These cards are marketed to people with poor credit. In fact, if you've declared bankruptcy, you probably have already received offers for subprime credit cards. As tempting as these offers might be, you need to be careful. Typically these cards come with low credit limits of a few hundred dollars, sky-high interest rates, and high annual fees. Those fees are now .......

Secured Credit Cards: 6 Tips for Applying & Using

Tuesday,15th February, 2011
Secured credit cards can help you rebuild your credit history after financial trouble. Follow these six tips if you're in the market for a secured credit card. 1. Understand how secured credit cards work. To get a secured credit card, you must open and maintain a savings account, which serves as the security for purchases you make with the card. Oftentimes, credit limits are 100 percent of your savings account total, but in some cases they might be a smaller percentage. The credit card issuer doesn't touch the money in the account unless you're delinquent by more than 30 to 60 .......

It's not you, it's your credit score

Monday,07th February, 2011
Tonight's the big date. You iron your shirt, check your hair, make sure your fingernails and teeth are clean. Front to back, you're looking sharp. You've checked everything…except your credit score. Your credit score may not be part of the first impression you make on a potential love interest, but if your relationship is going anywhere, it will eventually enter into the picture, perhaps when you're stressed about bills or struggling to get a loan. Want to make yourself a better catch? Increase your credit score with these tips. Get in shape: sweat off excess debt How can you be lean and agile .......

Fixing Your Credit Report

Wednesday,02nd February, 2011
Your credit reports contain the history of how you've managed credit over the years--information that credit bureaus use to calculate your credit score. There's not much you can do to erase mistakes you've made, such as skipping bill payments or maxing out credit cards, other than to improve your money management over time. But you can fix mistakes that you didn't make, and there's a good chance that at least one of your reports will contain an error. A study by U.S. Public Interest Research Groups found 79 percent of credit reports contain some type of error, and a quarter of credit .......