Monthly Archives: March 2020

What Is The Difference Between Gold, Silver, And Platinum Cards

What is the difference between gold, silver, and platinum credit cards?

It’s said that there are three grounds why people need products: Because of their beauty, because of their utility and because they do other people jealous.

There is a good deal of relative incidence of the third grounds when it comes to these kinda cards, but there are actually some useful characteristics to take into account besides.

Gold, and platinum credit cards are cognized as prestige cards. They are in general more expensive than standard credit cards, but in return they provide a superior grade of service. Although on the surface they may look the like, there are some characteristics that differentiate them.

Gold cards tend to be the most common, with silver cards being less expensive and offering up a lower level of service, and platinum cards offering up a higher level of service, but at a eminent cost. This won’t be the same with all cards offered by all suppliers, but it is a general principle. But there can be gold cards from one supplier offering higher quality services than platinum cards from another.

These cards come in ranges, with each provider offering gold, silver, and platinum cards to different customers, depending upon income and credit history.

Platinum Credit Cards.

Platinum credit cards oftentimes have many fringe benefits useable to their members, due to the fact that the cardholders usually have very high or great credit scores. Platinum cardholders do work their way up the ranks by paying and launching better credit for themselves. Some of the outstanding advantages that may be connected with platinum credit cards are:

Low interest rates.
Higher credit limits and more frequent credit limit increases.
No yearly fee.

More benefits, savings amp; rewards, including :.
– traveling accident insurance.
– fraud protection service.
– cash back programs.
– frequent flier miles.

Platinum credit cards offer up such outstanding rewards because credit issuers are trying to provide to people with fantabulous credit. If a credit card company realises that you have striking credit they are going to want to keep your business, which is why so many offer platinum credit cards to set you aside from the people with just good credit. Being offered a platinum credit card is a company’s manner of honoring you for having great credit, while at the same time assaying to attract your business.

Thence, while your spending limit may not be that significantly high having a platinum card instead than a silver card, your rank fee almost sure will. The decision that you have to make, assuming you qualify, is whether you are willing to pay that additional amount in membership fees to have a higher ranking card. And by taking in a policy of silver, gold and platinum credit cards, the issuers are relying on you doing wanting just that.

How To Avoid Credit Card Debt

There are certain things in life that you will wish to avoid if you want to have a secure financial present and future for yourself and your family. Credit card debt is certainly one of those things that you should be avoiding. People do not always realise or think about it but keeping an outstanding credit card balance is one of the most expensive financial arrangements you could possibly subscribe to. If you have even an average interest rate, and not too much of an outstanding balance, you could be wasting literally hundreds of pounds a year by not paying off your outstanding balance in full each month.

There are also other problems with keeping a high amount of credit card debt. You will be making your credit rating worse for one thing. And this is something that you should be concerned about. Credit providers, banks, insurance companies and even employers will use your credit rating as a means of assessing your financial standing. If you have a very high outstanding credit card debt, or are close to your credit card debt limit, this will be regarded as a negative in the assessment of your credit score and for this very purpose, it is something that you should be attempting to avoid.

A lowered credit rating will cause you to receive worse terms and offers for future credit. For example you may get

Higher interest rates
Less favourable terms
Lower credit limits
Refusal of credit

If you wish to avoid one or more of the above out comes, you should be trying to keep your credit card debt under control. One way to do this is to simply stop using them. Discipline yourself, or if this is too difficult, take the credit cards that you are using, out of your wallet or purse, so that you cannot give in to the temptation of using them. This way, the amounts you pay back will start to reduce your outstanding balance and you will get things back under control.

Another thing you should be making sure that you are doing is repaying more than the minimum repayment on your monthly bill. Many cards allow you to repay just the interest, and if you are doing this, it means that you are repaying none of the actual outstanding balance each month so even if you stop using the credit card, you will not be paying them off. You are simply servicing the debt. You should make sure that you are paying back the credit card balance over a reasonable period.

Credit Repair Techniques Of The Pros

Introduction

Effective credit repair requires a combination of technical and legal skill along with a healthy dose of common sense. The technical approach requires an understanding of the inner workings of the FICO credit scoring model. The legal approach uses aspects of the Fair Credit Reporting Act (FCRA) and the Fair Debt Collection Practices Act (FDCPA) to gain maximum leverage when dealing with the credit bureaus and collectors. And finally, common sense brings good old fashioned debt and credit management into the picture. The technical and legal approaches are essential to any effective credit repair effort, and can produce exciting results, but without simultaneously infusing a little common sense into your program you will disappointed with your outcome. Here are our favorite credit repair techniques of the pros.

Balance Reduction

The FICO scoring model recognizes five very specific levels of credit card usage. Understanding this technical aspect of credit scoring is essential to your credit repair success. Depending on the overall content of your report, your card balances can swing your scores by as much as 150 points, enough to mean the difference between loan approval and denial, or between the lowest interest rate available and the highest. The levels of card usage recognized are 20, 40, 60, 80, and 100 percent. To optimize your scores reduce your balances below 20 percent usage.

Authorized User Accounts

Authorized user accounts provide an interesting technical credit repair tool. The FICO 08 release of the Fair Isaac scoring model blocked the score benefits from purchased or brokered accounts, but specifically left the benefits from legitimate family member accounts. Here is how it works. If a willing family member or friend adds you to one of their excellent credit cards as an authorized user you will inherit the score benefit of that account. Just make sure that the donors account has a perfect payment history, a reasonably low balance relative to the limit, and has been open for at least three years.

Challenge Collections

One of the most useful legal credit repair angles involves the presence of collections on credit reports. By law, when a collector sells a debt to another collector, or sends it back to the original creditor, they are required to remove the account from your credit report entirely. This rule is most often ignored for the sad reason that there is no incentive for them to bother complying. Take the matter into your own hands and dispute all questionable collections on your credit report. You might want to consult a credit repair expert in advance to explore related issues like calculation of original default date, statute of limitation, and reporting period limits.

Validate Debt

Another handy legal credit repair tool is debt validation. Under the FDCPA, the legislation that governs the collection industry, you may request valuable documentation from a collector within 30 days of receiving a collection letter. Upon receiving a collection letter you may write to the collector and ask them for legal proof that they currently own the debt, and an objective accounting of the amount they say is due. If they cannot furnish the requested documentation they must cease reporting and all collection efforts.

Avoid Consumer Debt

Consumer debt includes store credit cards and financing typically offered by furniture and electronic stores. Avoiding this debt combines common sense with a little technical credit repair knowledge. The FICO scoring model carries a bias against this type of debt so you are at a score disadvantage right away. And although opening an account at the point of purchase may offer some convenience, this type of debt is most often carries a high interest rate and unfavorable terms. In many cases you may be offered fixed term no-payment options that can mature into stressful repayment requirements. You may be better off waiting until you can afford to pay cash.

Budget and Save

If you really want to support your credit repair effort and insure against unforeseen events that may cause you to fall behind on your payments you should build a budget. An intimate understanding of your entire financial picture is essential to long term stability. And more to the point, when you have taken the time to examine your own finances you will be able to make clear and responsible purchase decisions. Once you have built a budget you should start a saving plan. Contribute each month with the same sense of commitment and obligation that you feel towards paying your electric bill or rent. Good financial management leads to long term wealth and the credit repair insurance that will serve you for years to come.

Fast Loans For Bad Credit Take Bucks During Urgencies

Are you looking for some fund within a day? But you are suffering from the tags of less than perfect credit. Even then, you can make it possible with a great ease because there is the service of credit free loan that is quick and comfortable for not so good credit holders. Such borrowers can take the help of fast loans for bad credit that abound with the loads of tedious task free process. The lender needs the selected and the limited paper work. And he or she collects the basic details of the job of the borrowers. On the basis of the permanent job, the lender does not go through the credit of the applicants. Thus, the applicants are able to get the paper free fund within a day. Besides it, less thane perfect credit holders are given the golden opportunity so that they could also enjoy the hassle free mode of getting the urgent fund. The lender does not have to do any thing with the credit to the borrowers. Hence, poor credit holders are able to get the entire benefits of the presence of the loan service and mend their credit scores immediately.

The borrowers need to fill up the loan application form after being agreed with the entire terms and conditions of fast loans for bad credit. These loans are perfect option for the worst credit holders, who are cursed with the poor credit scores. These negative credit ratings are such as; insolvency, country court judgments, individual voluntary arrangement, amount overdue, skipping of installments and all that. In rode to avoid these negative scores, the lender imposes a little higher rate of interest on offering the major amount to the less than perfect credit holders. The lender allows them getting the urgent fund in the range of 80 to 750 or more than that. Thus, the clients with the negative credit ratings are able to get rid of their entire unseen fiscal crises.

The applicants are able to pay back the gained fund within 2 weeks to 4 weeks because fast loans for bad credit are only for the short period of time. Therefore, the lender does not need any sort of security from the borrowers because the stable job of the borrowers works as collateral. In this way, non-home owners and non-collateral holders can also go for these loans with no restriction at all. So, adopt the convenient service of credit inspection free fund quickly.

Credit Reporting And Chattel Mortgages

Your credit report is one of the main considerations that lenders use to determine to approve or decline your mobile home financing. Another factor that effects the approval procedure are your income, savings (retirement accounts and personal savings) and any other assets such as stocks or bonds.

With a weak credit score (under 700), lenders classify you as a higher risk to finance for a manufactured home purchase. Based on your credit score, the lender will bump up your interest rate to offset this risk and realize a higher immediate return on your manufactured home financing in the form of the interest paid.

A higher credit score (above 700) indicates to the lender that 1) you are decreasing likely to default on your home loan, 2) you will be making your manufactured home or mobile home home loan payments on time and 3) they will see a return on their investment in the long run. The higher your credit rating is, the lower the interest rate you will receive from the lender for your manufactured home or mobile home financing.

There are several potential maneuvers to achieve a higher credit score, which will increase you odds for qualification for mobile home loans. Contrary to popular belief, credit card debt negotiation companies and credit counseling services can frequently harm your credit score in the near future, and wreck your potential for new financing. It’s really as simple as making your payment deadlines, sending even slightly more than the minimum payment, and slowly paying off your existing debts can work efficiently to raise your credit score and improve your chances of securing manufactured home financing. When you have your credit pulled often actually lowers your credit score, because it appears that you are in need of more lines of credit, which is quite negative. Obviously, you can see that it is not a good idea to apply for a credit card or a vehicle loan right before making an application mobile home financing.

It is not a well known calculation which results in a persons credit score, but the information on how to raise it are popularly accepted, and if you want to get approved for a mobile home financing program there are certain rules you must follow. Primarily it is quite important to always make timely payments. If you accidentally end up making a late payment, you must then contact the credit company, and ask them not to report it. Usually a creditor will simply make an internal note and not give you a ding. Whatever you do, just dont let a late payment happen again. Another important rule to live by is that someone should not have obligations that exceed the total amount of their credit. This is basically a ratio that shows whether you have maxed out your credit cards, or if you have used the credit lines responsibly. When you apply for mobile home financing, your loan company will pull your credit to check these ratios.

While your credit score directly affects your potential approval for manufactured home loans, your credit rating is also the determining factor in determining the interest rate you will receive from the manufactured home lender. Mobile home lending companies have what is called a rate sheet which shows a range of credit scores and the subsequent loan interest rates for the Mobile home financing that can be offered.

In the current harsh economic climate, there has been a somewhat dramatic requirement for a higher credit rating, which has made it more difficult to obtain manufactured home loans. What was once being considered as an above average score, a 660 is now the MINIMUM credit score for many lenders to approve a mobile home buyer. This is why it is the best idea to raise your credit score to the highest possible score before you move forward with applying for a mobile home loan. If you work hard for a higher score to appear, you will get a much lower interest rate, with lower monthly payments, also.

How To Improve A Bad Credit Score

Somehow over the course of time you discover that you have a poor credit score. Maybe you got busy with your job, maybe there were some major family emergencies, maybe you got caught up with being out of town, the reasons this can happen are numerous. But a bad credit score does not happen overnight, and it will not get resolved overnight either. The key point to note is that you need to start NOW, because every day that you delay taking positive action towards getting your credit score delayed is yet another day that these negative reflections of you appear on the records of the credit bureaus.

What if you don’t do anything about managing your credit score? Is it really going to hurt you? The very honest answer is a resounding YES. If you change jobs or go to interview for a new job, many employers are now running a credit check on potential new employees before extending a job offer to them, and if your credit report is poor, there is a great chance that that job offer will not be offered to you. What about that car loan for your next new car, or even a used car? With a poor credit score, your interest rate will be much higher than it needs to be. As for a mortgage, if you have a poor credit score, you might want to stake out land under the park bench, because you will have an extremely hard time getting approved for a mortgage.

In other words, having a bad credit score and not doing anything about it is going to cost you money in the long run. And that is money that you don’t need to pay, if you take steps today to improve your credit score.

The first thing you need to do is get a copy of your credit report and start going over it thoroughly and in detail. If there is something on there that you don’t understand, it is your right to call the credit bureau and ask for clarification. The reason this is the first place to start is because it is a known fact that the MAJORITY of credit reports on consumers have errors. Those errors do not get fixed automatically, but ONLY if you dispute the information and it cannot be proven.

Another thing you need to do is make sure, absolutely sure that you pay your existing bills on time. Some studies show that you get additional credit if you pay more than just the minimum amount due, but in any event, make sure you pay it on time. If you are mailing a payment, mail it at least a week before the due date to ensure that it gets posted to your account on or before the actual due date.

This is a starting point but there are many other things you can do to improve a bad credit score. It is clearly in your best interests to take the necessary steps to improve your credit score as quickly as possible. It does not happen fast but you need to start taking the actions that will eventually get your credit score raised. Jon is a computer engineer who maintains web sites on a variety of topics based on his knowledge and experience. You can read more about Improving Your Credit Score at his web site at Improving Your Credit Score.

Used Properly A Credit Card Can Be Very Useful

Unquestionably that one of the most important recent innovations is the credit card. At present it can be used to pay for all the utilities and to buy almost anything. The best thing about it is you don’t have to deal any more with cash. The first credit cards started to be used in the us . in 1920. forty years later in the united states an impressive number of organizations and banks begun to offer to their clients cards. Currently it is used in almost any type of financial transaction. There are several companies such as American Express, Master card, Visa and Euro-Card. The company that has established its self as being the most popular in the United Sates is definitely the American Express. Beside being a top-notch credit card company American Express is also one of the most important travel companies.

In our day a card is constructed from plastic material. Men and women enjoy to use it simply because in this way they can carry large amounts of cash in a very simple and accessible technique. However when utilizing a credit card you truly have to know what you really are doing. If , perhaps you are beginning to spend like a crazy person and you are failing to pay your financial obligations you risk to get a terrible credit. In most cases you get something of that nature in case you are definitely not cautious about how much money you are using from the credit card. In the event you find yourself in this situation you really need to get involved in the procedure of repair bad credit.it.

What you have to don’t forget is usually everything you’re spending from the credit card in the end must be given back to the bank or creditors. If , perhaps not too long ago you have made a very expensive purchase for a while is critical to not use the card. Utilize it just to pay your utilities as well as monthly debts. However there are cases when you just need to spend major amounts of cash and you can not get away from the prospect of getting a bad credit. If you are in this situation the first thing which requires to be achieved is to try changing your everyday habits. Avoid making unnecessary payments and do not buy anything expensive.

By staying with this path for a substantial amount of time you will end up in the position to get rid of your bad credit and to get a positive score. But remember that this isn’t a process that can be done by night. In some instances it can take a lot more than a year. Undeniably that is possible to repair bad credit. But remember the fact that the aspect that counts the most in resolving this situation is time.

What Purpose Do Virtual Credit Card Numbers Serve

The single-use credit card numbers that are available through virtual credit card numbers is quickly catching on among todays consumers, because of the security and protection they offer when making online purchases. These virtual credit card numbers are similar to the disposable cameras that many people take on vacation instead of their more expensive cameras, as both serve to protect precious information or products from theft or damage.

Nowadays, it seems to be all too common to hear reports of credit card and debit card fraud or identity theft than it ever was before.

The credit card companies and the consumers are both trying to find ways to deal with the risks involved in safeguarding the consumers credit and personal information and still enable the people to enjoy the convenience of using their credit cards to make purchases online and also at local retailers.

Among the potential answers to these serious problems, the virtual credit card number holds the most promise.

With a virtual credit card number, you can make purchases online at anytime of the day or night; these temporary numbers, usually to be used only once allow you to make complete transactions without revealing your actual credit card number. Now, there may be times when the card may be valid for a pre-determined period of time, this will allow you to use the number for multiple purchases before the window of opportunity closes.

The purpose of virtual credit card numbers is to stand in as the real number so that it protects you from unauthorized card use that can damage credit. If a hacker infiltrates a credit card processing center online to steal card information, when they try to use the number, the virtual card will no longer be valid.

Even in situations where your card information seems to be perfectly secure and safe from fraud or theft, another factor comes into play, because even the merchants themselves who process your card payments, may take the information you give them and hand it over to criminal elements.

It must be stated that most of the larger and legitimate online retailers have sound credit card processing centers that are made to keep information totally secure, however, this still does not eliminate the possibility that a merchant or dealer may choose to compromise information gleaned from credit card numbers to sell for a profit.

Virtual credit card numbers provide a strong added level of security, because the hackers and dishonest retailers will find it impossible to use that number to do their own shopping at other websites. Those people who make it a habit to shop online now have a reason to feel safer when making purchases with the simple but effectively secure virtual credit card numbers.

if you are a consumer who uses a credit card when you need to make a safe and secure purchase online, a virtual credit card number can offer you a very good option.

Are credit card offers still competitive

For practically the last decade we’ve seen the credit card change from something only the rich use to something practically every person in the UK owns. I think the average number of credit cards per person in the uk is 2 or 3 and I know it’s commonplace for people to have 5 credit cards in their wallet or purse!

In my opinion the internet is responsible for most of the change in attitude, not only to credit cards, but finance in general, accross the UK. Something like 57 per cent of UK homes have broadband access today and this is obviously only set to increase over time.

So, how has this affected credit card and finance industry over the last 10 years? Firstly, there has been an increase in new internet only banks and credit card companies springing up. The traditional high street banks and building societies also created their online brands and products. Many financial products on offer via the internet have additional benefits or lower interest rates becuase the banks have less overheads and administrational work to do if customers are applying and managing their accounts online.

The internet has fuelled the consumer demand for credit cards and loans and certainly the banks have only helped fan the fire by offering attractive 0 per cent and low rate deals in order to attract new customers and increase their market share. More people have built up debts on credit cards and loans than ever before and the total UK debt mountain now stands at a staggering 1430 billion. According to Credit Action Britain’s personal debt is increasing by 1 million every 5 minutes. It’s no wonder that the credit crunch has hit the UK hard and people are now struggling to keep up with repaying their debts.

You might expect the credit card market to have taken a simlar stumble but this isn’t the case so far..Amazingly, amongst all the mortgage mysery and reports of house prices falling, credit cards seem to have stood up to these issues. Today there are credit card companies offering 15 month interest free on purchases and balance transfers. The best credit card deals not so long ago were 12 months 0 per cent for purchases and 13 months 0 per cent for balance transfers, but even in the midst of the credit crunch we are seeing better deals on offer every month.

This is good news for consumers but should not mean that people continue spending on their card without thinking about the consequenses; every credit card bill has to be repaid. Credit card companies are continuing to increase their 0 per cent offers because they want new customers, and now looks like a good time to take advantage of these fantastic 0 per cent deals.

The main advantage with a 0 per cent balance transfer period is the peace of mind it can give to customers wanting to keep interest payments at a minimum. Virginia writes for the Virgin credit card. Thevirgincreditcard.co.uk is still one of the best UK credit cards and offers 0% on balance transfers. The Virgin credit card could be the perfect solution if you have other credit card balances to transfer. Get 0% on balance transfers for 20 months! With the Virgin credit card, you could get an instant decision today!

Home-owners turn to credit cards to make mortgage repayments

A charity has revealed that over the past year up to one million households borrowed money using a credit card to pay mortgage repayments or rent.

According to the housing charity Shelter, this figure represents 6 percent of UK homes, which was described as a “shocking discovery”.

The survey carried out by the charity questioned 2,022 peopleple

Shelter said that while those in lower social groups were more prone to using their credit cards, the middle classes were also affected. The figures suggested that lower social groups saw an 8 percent increase in credit card uses over the past 12 months, while middle class people totalled 4 percent.

Shelter said many of those who had resorted to using credit cards were now at risk of becoming homeless, as in some cases defaulting on credit card repayments can lead to homes being repossessed.

Shelter added that those struggling to keep up with mortgage repayments should seek expert advice.

Kay Boycott, Shelter’s director of policy and campaigns said: “If people are already struggling to the extent that they fear losing their home, increasing credit card debt cannot be the answer”.

In 2008, Citizens Advice reported a rise in lenders taking court action to obtain a charging order, in order to secure a previously unsecured debt against the borrower’s home.

While it is quite rare for cases like this to actually lead to property repossessions, such a move would make it possible for a lender to request a court order for the sale of a property to pay off debts.

Citizens Advice found that since the turn of the millennium there had been a 722 percent increase in the number of charging order applications by unsecured creditors.

The charity also highlighted that 74 percent of the 132,000 applications in 2007 resulted in charging orders being made.