When you graduate from college you will be faced with the need for something that they do not give you with your diploma; a good credit score. A good credit score is required in a variety of different situations. You need a good credit score to buy a house or rent an apartment, buy or lease a car, and maybe even to get a job.
Luckily, there are things you can do now to boost your credit score so that you have a credit base established when you graduate. To some of you it may sound silly, but the best thing you can do to establish credit is apply for a credit card. Applying for a student credit card with a low credit limit can help you build a credit history while learning how to be financially responsible.
Too many people consider credit cards to be synonymous with debt. However, this is not the case. It is totally possible to have a credit card and carry a balance of zero from month to month.
There are a lot of companies out there that make claims that they are helping individuals receive bad credit credit cards but in reality they just use the opportunity to take advantage of your already bad situation. This is the reason you need to compare various card issuers and their offers.
bad credit credit cards
In today’s world it is almost a necessity to have a credit card. If you have bad credit your options can become limited in regards to a credit. Many of the credit card companies will just deny the application. So picking the right card to apply for is very important and you might need to take advantage of bad credit credit cards.
The first thing is to consider what your credit rating is. The reason for this is to many credit card inquiries will decrease your credit score. You do not want to have to many inquiries so you need to limit the number of applications you submit. Choose one or two that are more likely to approve you if you have a bad credit rating.
Debt Reduction Strategy: Pay Off Your Highest Interest Credit Card First
13 Jan
Posted by Admin as Credit Cards
This article is part of a series on credit card debt reduction strategies. Visit the links at the end of this article to read about other debt reduction strategies to find one that’s right for you.
Nobody wants to be in credit card debt, but sometimes digging your way out from under a mountain of debt can be discouraging. No matter how much money you pay, it feels like taking two steps forward and one step back when you see new interest charges counteracting your payments. There is a debt reduction strategy that can help you minimise those interest payments though. Today let’s talk about the strategy of eliminating credit card debt by paying off your highest interest credit card first.
Reasons to Consider Paying off Your Highest Interest Credit Card First
There is really only one reason for wanting to pay off your highest interest credit cards first, but it’s a compelling one: you’ll save more money!
Accumulating interest charges can make paying off credit card debt a painfully slow process.
Your income may become a more important factor in determining whether you’ll be approved for a credit card, according to a post in the WSJ.
The paper said beginning in February, credit card companies will be required (Credit Card Bill of Rights) to consider an applicant’s income or assets/current debt before extending credit to ensure consumers have the ability to repay.
In preparing for the change, the credit bureaus have already gotten in on the income estimation business, with Experian reportedly nailing down income to the nearest thousand.
They came up with their estimates by matching credit reports with wages, interest, and investment income, along with total credit lines and related payments.
These income estimates will help credit card issuers approve or decline applicants, and may also be utilized to increase or decrease an existing credit line.
In the past, credit card issuers simply asked consumers to enter their gross annual income in a box on the application form, but soon you could be required to provide pay stubs, tax returns, or be asked to fill out a form 4506, which allows the IRS to release your tax filings to lenders (so no fudging the numbers).
What the changes really communicate is that credit scoring has proven to be unreliable, at least as a standalone determinant of capacity to repay debts.
Of course, the income estimates are just ballpark figures when it comes down it, which is why the credit bureaus’ contracts prohibit card issuers from turning down customers based solely on the information.
See: why credit card regulations are worthless.
How would you like a credit card with a generous credit limit, reasonable annual fee, low interest rate, special balance transfer rate offer, and plenty of perks to top it off? If that sounds like the card for you, check out the Citibank Clear Platinum credit card. Unlike many platinum credit cards, you don’t have to build a huge rewards point balance to get savings with this card. You’ll get access to discounts on things you really want right away, just for being a cardholder!
Discover more about the Citibank Clear Platinum credit card below and apply online today if you find their offer appealing.
Type of Credit Card: Balance transfer card / Low interest credit card
Interest Rates*: As if the low interest rate on purchases of 11.49% wasn’t enough, if you plan to transfer a balance from another card to your Citibank Clear Platinum credit card, you can take advantage of the incredibly low 0.99% balance transfer rate for your first six months!
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