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Your credit worthieness is a very important number that lenders use in order to determine whether or not to extend credit to you, and what the apr and terms of the credit or loan are. The lower your score, the less likely you will be approved for loans. If you are approved, you may have to pay a high apr. Your creditworthieness is broken down into five categories:
Payment History – 35%
Total Amounts Owed – 30%
Length of Credit History – 15%
New Credit – 10%
Type of Credit in Use – 10%
Make Your Payments on Time
The single most important thing you can do to keep your score high, or improve upon your score is to make your payments on time. Payment history is the largest factor that is used to determine your creditscore. Payments that are 30 days or more past due will show up on your credit report and negatively impact your score. These negative marks generally stay on your report for seven years.
Keep Your Total current debt Load Under Control
With the second largest factor of your creditworthieness being the total amount you owe, it is important to keep borrowing under control. If you currently have a significant amount of outstanding outstanding debt, your priority should be to stop borrowing and work toward lowering the balance.
This isn’t always simple, but the only way to improve your current debt situation is to stop borrowing or using credit card accounts and continue to make timely payments that reduce your balance.
In addition, you want to consider how much of your available credit is utilized. For example, having many credit card accounts that are maxed out, or very close to their limits will negatively impact your score. Two credit card accounts with a $5,000 limit and a $1,000 balance on each will look much better than a single card with a $2,500 limit and a $2,000 balance.
Keep Old Accounts Open
Length of credit history is another important creditworthieness factor, so it can be to your advantage to keep older accounts in good standing open. While you want to keep the total number of accounts manageable, sometimes it can hurt your score more to close an old account than to keep it open, even if that means you have more open accounts.
Be Careful When Opening New Accounts
While new credit is the least important factor in your score, it is still an important issue to consider. When you are shopping for a new loan or charge card account, do your shopping in a relatively short amount of time. You don’t want to have your report show that you are constantly looking for credit.
You also don’t want to open credit accounts you don’t intend to use. It may be tempting to get that additional 10% off when you open that new retail store card, but the little bit of money you save may be insignificant when multiple new accounts such as these actually lower your creditstandings.
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Tags: balance transfer, Credit, credit card, credit cards, money
Posted in Credit · March 10th, 2010 · Comments (0)
In today’s economic times, many people are forgoing their yearly trip. Believe it or not, a credit charge card just might be the answer to the tripof your dreams. If you are seeking to take a great family or romantic couples holiday and want some help fitting the bill, getting a specific destination rewards credit charge card may be just for you. As long as you use your credit charge card responsibly, your destination could come at a fraction of its average cost.
If Disney World is on your agenda of holiday destinations the Disney Visa Rewards charge card could be just right just right for you. Currently, when you sign up you will earn your first $25.00 reward bonus, and the earnings go on from there. Typically for every dollar put on the card you will earn one Disney Reward point. During certain promotional times you will also be able to earn bonus reward points for certain purchases.
As you build up your Disney reward points you can redeem them right for your Disney holiday. You can use them to purchase theme park tickets, Disney hotel rooms, Disney dining, Disney shopping, Disney trip packages and even a Disney Cruise.
By being a charge card member you will also be able to utalize special savings offers. During certain promotional periods you will be entitled to trip package discounts, discounts on special Disney events and behind the scene tour price savings. You are also eligible for a free meet and greet with Disney characters on your visit to Disney’s Epcott theme park.
If Universal Studios is in your holiday destination for the future, the GE Money Bank American Express credit card could help you go for less. This no annual fee charge card allows you to earn points for every dollar put on the card. You then accumulate the points and use them to pay just right for your trip.
Just like the Disney Visa Rewards credit card, the Universal Studios Reward charge card comes with some nice perks. Combined with an annual Universal Studios Pass you can use your charge card to get special boarding access to certain rides and other great discounts. Once you have accumulated enough rewards money you can cash it in to pay for different components of your Universal trip. You can use your rewards to pay for Universal park tickets, Universal merchandise and Universal Park and Resort trip packages.
If a cruise is on your planning sheet just for your next trip destination, you will want to check out Bank of America’s Cruise Reward credit charge cards. They offer reward credit cards for several cruise companies including Royal Caribbean, Celebrity and Norwegian Cruise Lines. All of the charge cards are available with no annual fee and come with a 7 month introductory APR.
Once you have the credit card you will earn points for each dollar spent. After you have accumulated 5,000 reward points you can begin to redeem your rewards. Rewards include, for all three cruise line credit cards, onboard ship credit, state room upgrades and even free cruises.
Some important things to note about all travel credit credit cards. Only charge each month what you can pay off. If you are paying interest on your bill, your points accumulated might cost more than they are worth. You will also want to check the terms carefully as you sign up just right for your travel destination charge credit card. Be sure to note the limit number of points you can earn each year and if and when points will expire. If you plan it correctly, you could be on your way to a reduced price or even a free holiday.
No matter what type of charge card you are looking for JemCreditCards.com is the place to go. I personally recommend Discover Cards.
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Tags: credit cards
Posted in Credit · March 7th, 2010 · Comments (0)