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How To Survive In A Plastic World, Qualifying For Credit
Card
Let's face it, having credit is no longer a choice. "Don't
leave home without it" is more like "can't buy a home without
it." Your credit now determines the neighborhood you live in, the
kind of car you drive and, sometimes, even whether or not you get
a particular job.
Credit cards are great financial tools and the convenience
they provide is beyond question
They are easier to carry than cash and offer valuable consumer
protection under federal law.
Establishing A Good Credit History
Suppose you haven't financed a car loan, a computer or some
other major purchase. How do you begin to establish credit?
First, consider applying for a credit card issued by a local
store and use it responsibly. Ask if they report to a credit
bureau, most major department stores do. If they do and if you
pay your bills on time you'll establish a good credit
history.
Second, consider a secured credit card. A secured credit card
requires that you open and maintain a bank account or other asset
account at a financial institution as security for your line of
credit. Your line of credit will be a percentage of your deposit,
typically from 50 to 100 percent. Credit card application and
processing fees are not uncommon for secured credit cards. In
addition, secured credit cards usually carry higher interest
rates than traditional no secured credit cards.
What To Do When You Are Denied A Credit Card
If you're turned down for a credit card, it is important that
you ask why. It may be that you haven't been at our current
address or job long enough, or that your income doesn't meet the
issuer's criteria. As you'll discover, different credit cards
companies have different standards. But, if you are turned down
by several companies, that may indicate that you are not ready
for a credit card.
On the other hand, if you've been denied a credit card because
of information supplied by a credit bureau, federal law requires
the creditor to give you the name, address and telephone number
of the bureau that supplied the information. If you contact that
credit bureau within 60 days of receiving the denial, you are
entitled to a free copy of your report.
It is extremely important that you dispute any inaccuracy with
the credit bureau, but also with the company that furnished the
information to the credit bureau. No one is going to make
corrections on your behalf.
"Credi-quette" --The Miss Manners Guide To Proper Credit Card
Handling
Once you get a card in the mail, sign it immediately so no one
else can use it. Note that the accompanying papers have important
information, such as customer service telephone numbers in case
you have questions or your card is lost or stolen. File this
information in a safe place - one that is easy for you to
access.
Call the card issuer to activate the card. Most cards come
with stickers affixed that give you a telephone number to call.
Many issuers require this step to minimize fraud and to give you
additional information.
Keep your account information to yourself. Never give out a
credit card number or expiration date over the phone unless you
know who you're dealing with. A criminal can use this information
to steal money from you, or even assume your credit identity.
Keep copies of sales slips and compare charges when your bill
arrives. Promptly report in writing any questionable charges to
the card issuer.
Don't lend your card to anyone, even a friend. Your credit
privileges and history are too precious to risk.
Credit Card Land Mines - Watch Your Step!
While a credit card makes it easy to buy something now and pay
for it later, you can lose track of how much you've spent by the
time the bill arrives if you're not careful. And if you don't pay
your bill in full, you'll probably have to pay finance charges on
the unpaid balance. What's more if you continue to charge while
carrying an outstanding balance , your debt can snowball.
Before you know it, your minimum payment is only covering the
interest. If you start having trouble repaying the debt, you
could tarnish your credit report. And that can have a sizable
impact on your life. When a negative report makes it more
difficult to finance a car or home, get insurance or even get a
job, it can be frustrating, embarrassing and downright
painful.
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To find out additional rights you have as a credit card user,
how to get your first credit card, easy steps anyone can take to
repair there credit report, the different types of credit cards
accounts, and how to find out if your getting the best credit
card deal visit http://www.creditandyou.com/creditcards.html
it's a free information website!
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