Credit Reports - Identity TheftHaving
a bad credit report can cost you a place to live and a job. Try moving into an
apartment or buying a boat and not being able to show good credit. How is one
supposed to change their credit without using credit? You can't. You have to prove
your credit even if its damaged. That is why we recommend credit reports to check
up on the status of your credit all the time.
Watch for Scams. There are many online credit scams that
claim to give you a free credit report. Be sure and read the fine print and make
sure it is not just for some special niche. We at banklady have picked a known
company to provide our credit reports and they offer free trials or paid credit
reports, depending on what level you want.
Watch for Identity Theft.
With the growing and record-breaking news of identity theft on the rise, and more
and more information on the internet we certainly recommend ordering a credit
report at least every six-months or a year. If your wallet has been stolen, or
if you think you left your credit card receipts at a gas station; there are many
ways people scam the system.
Always Double Check Receipts - No matter
how small they are! You do not want to get ripped off. Make sure you keep every
receipt and double check your credit card statements, do this to even avoid businesses
or restaurants taking advantage of you. One visitor said "my waiter ripped me
off and wrote a tip for ten dollars on a $23.19 tab." This was not authorized
and because she kept her receipt she immediately called the credit card company
and got the charges reversed.
Order your Credit Report Now! and find
out your credit score and how you stand before you apply for a loan or credit
card.
Or you can order your report from the "big three" free and just pay
if you have any disputes on it at 7.95 a dispute. To Sign up for this service
all they need is your credit card number and personal credit information of course,
and it is totally free unless there is a dispute.
Credit Card Information
Annual Fee: Some credit card issuers charge an annual fee for
the privilege of using their card and carrying a balance - typically between $15
and $100 a year. Sometimes this fee can be waived if you use your card frequently,
or if you transfer a certain balance to the card or even for asking! If you are
planning on paying your bills within a month or two from the date you make purchases,
you should probably be looking for a card with NO annual fee. The total annual
cost (interest charges + annual fee + any other charges) is ultimately what matters.
If you have good credit there is no reason you should be charged an annual fee
unless you are earning miles or rewards that offset the fee. Annual Percentage
Rate (APR): APR can be either "fixed" or "variable rate" interest ("floating
rate"). Fixed rate APR's are usually a little higher, but you know exactly how
much you will be charged each month. With a variable rate credit card the interest
is based on a published index + an adder - for example, "prime rate + 2.9%". If
you expect to be carrying a balance, you want to look for a credit card with the
lowest rate. As of November 15, 2003, the prime rate (the most common published
index) is 4.0%.
Introductory Rate: Various credit cards offer a low
introductory rate that switches to a higher variable or fixed rate. You should
know how long the introductory rate is applicable and what APR the card will carry
after the introductory period elapses. Be aware that the introductory rate for
some cards will be terminated if you are late with a paymen, also watch closely
when the low APR ends..
Grace Period: Grace period is the time between
the day you make a purchase and the day when interest begins to be charged. For
most cards, it is 25 days from the billing date. If you carry a balance, many
cards have no grace period and you will be charged interest from the day you make
a purchase.
Other Fees: How much is the penalty for being late ? How
much do you pay if you go over the credit limit ? How much does your bank charge
you for an ATM withdrawal (cash advance fee) ? Is the interest rate for cash advances
the same or is it higher than the card's "regular" APR ?
