Improve Credit Score 3 Tips For Raising A Low Credit Score Ever Have A Problem With Your Credit Card Company Miles Credit Card Truth Be Told Poor Credit Record Can T Stop You From Buying A Home
Raising your credit score does not involve a lot a work. However, there must be a willingness on your part to use credit responsibly. A low credit score makes its more challenging to obtain a credit card or get prime rates on a home or auto loan.On the other hand, a high credit score presents many finance options.
Check Credit Reports for Accuracy
Credit report errors are very common. It’s recommended that all consumers examine their reports twice yearly. This way, if any errors or mistakes are reported, you can quickly identify them and fix the problem.
For example, some creditors may accidentally report an account being past due or unpaid. Usually, common mistakes are easy to correct. However, if you do not start a habit of checking your report, the problems will go undetected, and can potentially lower your credit score.
It helps to obtain a copy of your report from all three bureaus. This provides an accurate credit standing. Also, it’s suggested that consumers review their credit before applying for a home loan or auto financing.
Pay Bills on Time
Never underestimate the value of making timely payments to creditors. Being habitually late on a credit card payment will greatly reduce your credit score. Moreover, this bad habit can result in raised interest rates. If possible, mail payments to creditors several days before the due date. This ensures payment reaching the creditor on time. If you have a difficult time submitting timely payments, consider setting up automatic payments.
Decrease Credit Card Balances
Credit card balances account for approximately 30% of your total FICO score. Thus, reducing balances is a quick way to significantly increase your credit score. To begin, keep credit card use to a minimum. Avoid shopping sprees and spending money frivolously. Attempt to keep balances below 25% of the credit limit.
Once you have successfully reduced or eliminated credit card balances, avoid accumulating additional debt. It may help to payoff balances each month, or establish a spending limit. It’s tempting to close paid off accounts. Although these appear to be a smart credit maneuver, closing accounts will shorten credit history, which lowers credit score.
What happens if you complain, but you are found to be wrong? You need to know what your rights are.
…the bill is incorrect?
If your bill contains an error, the creditor must explain to you – in writing – the corrections that will be made to your account. In addition to crediting your account, the creditor must remove all finance charges, late fees or other charges related to the error.
If the creditor determines that you owe a portion of the disputed amount, you must get a written explanation. You may request copies of documents proving you owe the money.
…the bill is correct?
If the creditor’s investigation determines the bill is correct, you must be told promptly and in writing how much you owe and why. You may ask for copies of relevant documents. At this point, you’ll owe the disputed amount, plus any finance charges that accumulated while the amount was in dispute. You also may have to pay the minimum amount you missed paying because of the dispute.
If you disagree with the results of the investigation, you may write to the creditor, but you must act within 10 days after receiving the explanation, and you may indicate that you refuse to pay the disputed amount. At this point, the creditor may begin collection procedures. However, if the creditor reports you to a credit bureau as delinquent, the report also must state that you don’t think you owe the money. The creditor must tell you who gets these reports.
…the creditor fails to follow the procedure?
Any creditor who fails to follow the settlement procedure may not collect the amount in dispute, or any related finance charges, up to $50, even if the bill turns out to be correct. For example, if a creditor acknowledges your complaint in 45 days – 15 days too late – or takes more than two billing cycles to resolve a dispute, the penalty applies. The penalty also applies if a creditor threatens to report – or improperly reports – your failure to pay to anyone during the dispute period.
An important caveat
Disputes about the quality of goods and services are not “billing errors,” so the dispute procedure does not apply. However, if you buy unsatisfactory goods or services with a credit or charge card, you can take the same legal actions against the card issuer as you can take under state law against the seller.
To take advantage of this protection regarding the quality of goods or services, you must:
– have made the purchase (it must be for more than $50) in your home state or within 100 miles of your current billing address;
– make a good faith effort to resolve the dispute with the seller first.
The dollar and distance limitations don’t apply if the seller also is the card issuer – or if a special business relationship exists between the seller and the card issuer.
Other billing rights
Businesses that offer “open end” credit also must:
– give you a written notice when you open a new account – and at certain other times – that describes your right to dispute billing errors;
– provide a statement for each billing period in which you owe – or they owe you – more than one dollar;
– send your bill at least 14 days before the payment is due – if you have a period within which to pay the bill without incurring additional charges;
– credit all payments to your account on the date they’re received, unless no extra charges would result if they failed to do so. Creditors are permitted to set some reasonable rules for making payments, say setting a reasonable deadline for payment to be received to be credited on the same date; and
– promptly credit or refund overpayments and other amounts owed to your account. This applies to instances where your account is owed more than one dollar. Your account must be credited promptly with the amount owed. If you prefer a refund, it must be sent within seven business days after the creditor receives your written request. The creditor must also make a good faith effort to refund a credit balance that has remained on your account for more than six months.
Suing the creditor
You can sue a creditor who violates the FCBA. If you win, you may be awarded damages, plus twice the amount of any finance charge – as long as it’s between $100 and $1,000. The court also may order the creditor to pay your attorney’s fees and costs.
If possible, hire a lawyer who is willing to accept the amount awarded to you by the court as the entire fee for representing you. Some lawyers may not take your case unless you agree to pay their fee – win or lose – or add to the court-awarded amount if they think it’s too low.
Miles credit cards also known as airline credit cards and frequent flyer credit cards are becoming more and more popular all the time. The reason is that the cardholder of a miles credit card is given reward points when they use their miles credit cards. These accumulated points can be transferred into airline tickets, hotel stays, and car rentals.
Today you can find a variety of miles credit card offers by several different companies and all of them will offer wonderful incentives to get your business. Not only are the rewards different for each miles credit card but so are the terms and conditions and the miles per dollar spent. Be sure to investigate every miles credit card before you apply to ensure that you understand the minimum number of air miles you must accumulate before you can redeem them for any rewards that are offered.
A miles credit card is really great for people that travel all the time for either business or pleasure. If you only fly once or twice a year for a get-a-way, you may discover they are not a big benefit. Every miles credit card has higher interest rates, annual fees and finance charges after the introductory period, than a regular credit card and if you do use your credit card enough you will not be able to enjoy the benefits that are offered.
You also may find that a miles credit card will only allow you to travel with one airline. This can be troublesome if this airline does not travel to all the destinations that you normally frequent. It is best to shop around until you can find a miles credit card that offers flexibility in choosing an airline, low interest rates, low annual fees, and one with the most air miles.
Today you can find a miles credit card that will offer bonus miles or points on your first charge, no annual fee for the first year, and 0% APR on all purchases made during the first 12 months and balance transfers. However, you must read what happens after that introductory special. Many of these miles credit cards charge a yearly fee of around $75 for the membership and 17% percent interest. This may make you step back and see if the miles credit card is really worth the price you pay. You may be able to purchase an airline ticket with the savings from not having a miles credit card.
If you are a frequent traveler, however, the rewards normally outweigh the charges. You will be able to earn points that can be transferred into air miles and enjoy free or discounted flights with the air miles you have earned. This can be great for a free flight to your favorite destination or for a business meeting. Either way, redeeming the points for a hotel stay, a flight or for a car rental will be worth having a miles credit card since you have to fly all the time anyway.
A house is a basic necessity of life. It gives us shelter, protects us from adverse weather conditions and serves a number of other purposes. To a great extent we are emotionally attached to our houses. But, everyone is not that fortunate to have one’s own home. A large number of people in UK are living in rented houses. And most of them want to have their own home.
In normal conditions you can easily buy or built your own home by availing a home loan. But what if your credit history is less than perfect? You have previously faced County Court Judgements (CCJs), you have been declared a defaulter or you have huge arrears due on you. And this has made your credit record so poor that you are being denied credit by the lenders. For people like you adverse credit home loan is the best possible solution.
ADVERSE CREDIT HOME LOANS are those loans that are tailor made to fit the requirement of bad credit borrowers. These loans are suitable for people having a poor credit score who want to buy their own home. Many lenders in UK provide such loans with their varied terms and conditions.
But there are a few basic things that you should know about ADVERSE CREDIT HOME LOANS. First and foremost these loans are meant for poor credit borrowers so the rate of interest charged on such loan is quite high. Secondly, the lender provides you this kind of loan solely on the basis of your repayment capacity so the terms of repayment may be strict. Thirdly, the creditor takes into account the value of your house that you are going to buy and then sanctions the loan amount you require.
There are a good number of lenders providing adverse credit home loans in the market. Each lender has different terms and conditions for the borrowers, so, in stead of getting confused you can surf some of the useful websites on the Internet and find valuable information for your use. There are several online brokers on the Internet who’ll arrange a suitable lender for you. You just need to fill up an online application form and your loan will be sanctioned within a very short span of time..
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