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sábado, 21 de noviembre de 2009
domingo, 21 de septiembre de 2008
Seven Tricks To Stop Using Your Credit Cards
1. Close them.
One call to your cardholder is all it takes to inactivate your credit card. You can easily quiet a nagging desire to use your card by thinking of the embarrassment you'll feel when the clerk says your credit card has been denied. Closing credit cards can have a negative impact on your credit score, so make sure you're not closing a card you should be leaving open.
2. Shred them.
Office shredders work just as well on that little piece of plastic as it does on your paper. If your credit card is in pieces, there's no way you can swipe it. Don't have a shredder? Scissors work just as well. Cut the card up into small pieces so the credit card number can't be guessed by identity thieves.
3. Leave them at home.
Take your credit cards out of your wallet before you go shopping. If you get the urge to buy something, you'll either have to use cash or come back for the item once you have your credit card.
4. Lock them up.
The "out of sight, out of mind" approach might be the thing to work for you. Put your credit cards somewhere that takes effort to get them – in a safe, file cabinet, the bottom of the laundry. Keeping your credit cards out of your immediate reach will help control your "need" to use them.
5. Shock therapy.
Have you ever thought about the amount of money you spend in interest each year? Or the length of time it will take to pay off your credit cards? Sometimes the numbers will shock you into putting your credit cards away for good. A $1,000 balance at 14% will take you 4 1/2 years to pay off if you make $25 payments each month. You'll have paid $347.55 in interest by the time you pay off the balance
.6. Reward yourself.
Positive reinforcement goes a long way in building a habit. We use it with our kids and with our pets. Why not use it with ourselves? Each week that you don't use your credit card, treat yourself to something you like but don't ordinarily allow yourself to indulge. Keep your treats on the inexpensive/free end of the spectrum so you don't upset your monthly budget
.7. Old-fashioned self control.
Being able to tell yourself "no" is a skill that goes beyond using credit cards. The same self-discipline that gets you to work on time each morning can also be used to stop using your credit cards. Think twice about swiping your credit card just like you'd think twice about pressing snooze just one more time.
One call to your cardholder is all it takes to inactivate your credit card. You can easily quiet a nagging desire to use your card by thinking of the embarrassment you'll feel when the clerk says your credit card has been denied. Closing credit cards can have a negative impact on your credit score, so make sure you're not closing a card you should be leaving open.
2. Shred them.
Office shredders work just as well on that little piece of plastic as it does on your paper. If your credit card is in pieces, there's no way you can swipe it. Don't have a shredder? Scissors work just as well. Cut the card up into small pieces so the credit card number can't be guessed by identity thieves.
3. Leave them at home.
Take your credit cards out of your wallet before you go shopping. If you get the urge to buy something, you'll either have to use cash or come back for the item once you have your credit card.
4. Lock them up.
The "out of sight, out of mind" approach might be the thing to work for you. Put your credit cards somewhere that takes effort to get them – in a safe, file cabinet, the bottom of the laundry. Keeping your credit cards out of your immediate reach will help control your "need" to use them.
5. Shock therapy.
Have you ever thought about the amount of money you spend in interest each year? Or the length of time it will take to pay off your credit cards? Sometimes the numbers will shock you into putting your credit cards away for good. A $1,000 balance at 14% will take you 4 1/2 years to pay off if you make $25 payments each month. You'll have paid $347.55 in interest by the time you pay off the balance
.6. Reward yourself.
Positive reinforcement goes a long way in building a habit. We use it with our kids and with our pets. Why not use it with ourselves? Each week that you don't use your credit card, treat yourself to something you like but don't ordinarily allow yourself to indulge. Keep your treats on the inexpensive/free end of the spectrum so you don't upset your monthly budget
.7. Old-fashioned self control.
Being able to tell yourself "no" is a skill that goes beyond using credit cards. The same self-discipline that gets you to work on time each morning can also be used to stop using your credit cards. Think twice about swiping your credit card just like you'd think twice about pressing snooze just one more time.
10 Things You Can Do Today To Improve Your Credit
1. Stop using your credit cards
In a bad credit situation, one of the worst things you can do is continue accumulating debt by making credit card purchases. Put your credit cards away until you have more control of the situation.
2. Get a copy of your credit report
You can't begin repairing your credit until you know exactly what you need to work on. Obtain a copy of your credit report from each of the three major credit bureaus to find out which accounts need work and which are just fine.
How to Get a Free Credit Report
3. Clean up your credit report.
If your credit report contains incorrect information, you have the right to have it removed. Your credit report will include information about disputing inaccurate information with the credit bureaus.
How to Dispute Credit Report Entries
4. Get current on delinquent accounts
Your payment history makes up 35% of your credit score. Getting current on your delinquent accounts will have a great impact on your credit.
5 Principles of Making Credit Card Payments5. Don't put in any more credit applications
As long as your credit is in repair mode, you should avoid making any more applications for credit. It's likely that you'll get turned down for credit and the applications will only decrease your credit score.
How Inquiries Affects Your Credit
6. Keep accounts with balances open
You might be tempted to close out credit card accounts that have become delinquent, but wait. Before you close any account make sure it won't negatively affect your credit.
Five Credit Cards You Should Never Close
7. Call your creditors
Right now they're certainly the last people you want to talk to, but you'd be surprised at the help you might receive. Talk to your creditors about your situation. Many of them have temporary hardship programs that will reduce your monthly payments until you can get back on your feet.
8. Pay off your debts
You will have to start paying off your debts to improve your credit situation. If you don't have the money on hand, sell some of your belongings to speed up the process. It will be a sacrifice, but the financial freedom you gain will be worth it.
Making a Get-Out-Of-Debt Plan
9. Get professional help
Resources, like consumer credit counseling, are available to assist you. If you are overwhelmed by your credit situation, seek professional assistance. You can locate a credit counseling agency through the National Foundation for Credit Counseling.
Credit Counseling Basics
10. Be patient
Your credit wasn't damaged overnight, so don't expect it to improve in that amount of time. Continue paying your debts and over time you will see an improvement in your credit.
In a bad credit situation, one of the worst things you can do is continue accumulating debt by making credit card purchases. Put your credit cards away until you have more control of the situation.
2. Get a copy of your credit report
You can't begin repairing your credit until you know exactly what you need to work on. Obtain a copy of your credit report from each of the three major credit bureaus to find out which accounts need work and which are just fine.
How to Get a Free Credit Report
3. Clean up your credit report.
If your credit report contains incorrect information, you have the right to have it removed. Your credit report will include information about disputing inaccurate information with the credit bureaus.
How to Dispute Credit Report Entries
4. Get current on delinquent accounts
Your payment history makes up 35% of your credit score. Getting current on your delinquent accounts will have a great impact on your credit.
5 Principles of Making Credit Card Payments5. Don't put in any more credit applications
As long as your credit is in repair mode, you should avoid making any more applications for credit. It's likely that you'll get turned down for credit and the applications will only decrease your credit score.
How Inquiries Affects Your Credit
6. Keep accounts with balances open
You might be tempted to close out credit card accounts that have become delinquent, but wait. Before you close any account make sure it won't negatively affect your credit.
Five Credit Cards You Should Never Close
7. Call your creditors
Right now they're certainly the last people you want to talk to, but you'd be surprised at the help you might receive. Talk to your creditors about your situation. Many of them have temporary hardship programs that will reduce your monthly payments until you can get back on your feet.
8. Pay off your debts
You will have to start paying off your debts to improve your credit situation. If you don't have the money on hand, sell some of your belongings to speed up the process. It will be a sacrifice, but the financial freedom you gain will be worth it.
Making a Get-Out-Of-Debt Plan
9. Get professional help
Resources, like consumer credit counseling, are available to assist you. If you are overwhelmed by your credit situation, seek professional assistance. You can locate a credit counseling agency through the National Foundation for Credit Counseling.
Credit Counseling Basics
10. Be patient
Your credit wasn't damaged overnight, so don't expect it to improve in that amount of time. Continue paying your debts and over time you will see an improvement in your credit.
martes, 9 de septiembre de 2008
Ask for a Lower Credit Card Interest Rate
Ask for a Lower Credit Card Interest Rate
A major consumer group conducted a study to find out how easy it is to get a lower credit card interest rate. Fifty-seven percent (57%) of those who simply telephoned their credit card company and asked for a lower interest rate got one instantly. This rate was anywhere from 7 to 10 points lower than their current credit card interest rate.
Getting your credit card interest rate lowered depends on various factors. They are more willing to say "yes" if you meet most or all of the following conditions:
(1) You have a good credit rating -- meaning no late pay notations on your credit report and a good credit score;
(2) You do not have a high debt-to-income ratio and you do not carry a big balance on your credit card;
(3) You do not send in just the minimum payment required each month;
(4) You have an excellent payment record with that particular creditor;
(5) The credit card is not one that is categorized as "sub-prime", meaning it is not a secured credit card or one marketed exclusively to those with bad credit.
If you think you would qualify for a lower credit card interest rate, your next step is to do a bit of research and visit the websites of the largest credit card issuers listed below to compare various credit card offers before you telephone them. Keep in mind that the interest rates credit card companies advertise prominently on their websites are reserved for those who earn a median to high income and have excellent credit --
www.bankofamerica.com www.capitalone.com
www.mbna.com www.americanexpress.com
www.discovercard.com www.fleet.com
www.citibank.com www.chase.com
www.wellsfargo.com www.firstunion.com
www.bankone.com www.providian.com
When you call and ask for a lower interest rate, your reasoning should be based on the argument that you deserve it because you're an excellent customer or you're getting better offers from other credit card banks.
Telephone Scripts
Script 1: I've visited the websites of several of your competitors, the ______ Bank and ______ Bank, and found that they are offering a _____ interest rate on purchases, which is _____ points lower than what I'm paying on my credit card. Are you willing to give me that interest rate?
Script 2: I am requesting that you reduce my current interest rate of 16.9% to 8.9% so that it is in line with what is available in the current market. I feel this is a fair rate since at least three major credit card issuers, _________, _________, and _________ are offering it to new customers like me who have an excellent credit rating.
Script 3: [Find out the current rate being offered at a credit card website and then lie and say] I have received a pre-approved offer in the mail from _______ Bank offering me a ____ interest rate card. Can you beat or match that offer or do I have to transfer my balance to their credit card?
Script 4: I visited your website and noticed that you are offering a ____ rate to attract new customers. I have been an excellent customer of yours for __ years and would like to receive the same rate being offered to new customers.
Script 5: I was about to sign up for a new credit card at the _______ website and thought I would call you and ask for a lower rate before doing so. If you don't give me that rate today I will transfer my balance from your card to theirs as soon as I hang up the phone.
A major consumer group conducted a study to find out how easy it is to get a lower credit card interest rate. Fifty-seven percent (57%) of those who simply telephoned their credit card company and asked for a lower interest rate got one instantly. This rate was anywhere from 7 to 10 points lower than their current credit card interest rate.
Getting your credit card interest rate lowered depends on various factors. They are more willing to say "yes" if you meet most or all of the following conditions:
(1) You have a good credit rating -- meaning no late pay notations on your credit report and a good credit score;
(2) You do not have a high debt-to-income ratio and you do not carry a big balance on your credit card;
(3) You do not send in just the minimum payment required each month;
(4) You have an excellent payment record with that particular creditor;
(5) The credit card is not one that is categorized as "sub-prime", meaning it is not a secured credit card or one marketed exclusively to those with bad credit.
If you think you would qualify for a lower credit card interest rate, your next step is to do a bit of research and visit the websites of the largest credit card issuers listed below to compare various credit card offers before you telephone them. Keep in mind that the interest rates credit card companies advertise prominently on their websites are reserved for those who earn a median to high income and have excellent credit --
www.bankofamerica.com www.capitalone.com
www.mbna.com www.americanexpress.com
www.discovercard.com www.fleet.com
www.citibank.com www.chase.com
www.wellsfargo.com www.firstunion.com
www.bankone.com www.providian.com
When you call and ask for a lower interest rate, your reasoning should be based on the argument that you deserve it because you're an excellent customer or you're getting better offers from other credit card banks.
Telephone Scripts
Script 1: I've visited the websites of several of your competitors, the ______ Bank and ______ Bank, and found that they are offering a _____ interest rate on purchases, which is _____ points lower than what I'm paying on my credit card. Are you willing to give me that interest rate?
Script 2: I am requesting that you reduce my current interest rate of 16.9% to 8.9% so that it is in line with what is available in the current market. I feel this is a fair rate since at least three major credit card issuers, _________, _________, and _________ are offering it to new customers like me who have an excellent credit rating.
Script 3: [Find out the current rate being offered at a credit card website and then lie and say] I have received a pre-approved offer in the mail from _______ Bank offering me a ____ interest rate card. Can you beat or match that offer or do I have to transfer my balance to their credit card?
Script 4: I visited your website and noticed that you are offering a ____ rate to attract new customers. I have been an excellent customer of yours for __ years and would like to receive the same rate being offered to new customers.
Script 5: I was about to sign up for a new credit card at the _______ website and thought I would call you and ask for a lower rate before doing so. If you don't give me that rate today I will transfer my balance from your card to theirs as soon as I hang up the phone.
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