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Posted by admin, and filed under Credit Card Interest
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Sometimes it becomes a nuisance when you return home and go to check your mail box and find it full of trash such as credit card offers from different companies. It happens on a regular basis and at times you wonder the purpose behind sending a request again and again. You are disappointed to see the wastage of paper and wonder if you can discourage such companies from mailing you credit card offers week after week. This happens when you have never phoned any of the companies asking them for a credit card.
It is the Fair Credit Reporting Act that is actually responsible for us getting inundated with credit card offers every week. This act gave the credit bureaus permission to sell credit history of any person to the credit card companies. It implies that if your record is clean and good, the companies will target you with their offers in anticipation. It is really amazing for the companies to flood you with offers when you have not evinced interest in any of their schemes. What is more, many of these mails contain pre approved card offers which implies that they do not even deem fit to do any investigation about you before handing out a credit card to you.
If you are not distracted by such offers, it all right as you can easily throw them as trash. But if you feel disturbed, there are ways through which you can stop credit card companies from sending you their offers week after week. What people do not know is that these companies do not have to pay the postage for sending you the offers. It is only when you reply to any of the offers that they need to dole out the postage. What you can do is to stuff the return envelope with all the junk and post it back to the company. They will soon stop sending you offer as they will realize you don’t want them. It hurts when they have to pay for what you have returned.
There is a toll free number on the mail you receive, which you can use to tell that you do not wish to receive such offers. Once you do it, the companies will stop sending you the credit card offers. Alternatively, there is a site, http://www.optoutprescreen.com, which you can visit to stop receiving these offers.
Thirdly, you can call all the four bureaus to tell that you don wish to receive the offers, and they will stop it instantly.
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2nd Aug 2010
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Tags: Credit Card, offers of credit card
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Posted by admin, and filed under Credit Card Offers
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It is important to teach the students how to use their credit cards with wisdom. It is upon their usage of the card that their future credit score depends. Hence they have to be told to inculcate good spending habits and when and where to use the card and also to timely pay the bills so that they do not start to run a balance on their credit cards. Freshmen get a credit card, when they still think like teenagers while entering adulthood. Good money management skills must be taught so that they do not land in a financial mess later on. Thankfully, the credit limits on student credit cards is around $500, which is not a big amount, and even if they spend recklessly, they are not liable for much. However, learning to use the card wisely helps a student in his later life to keep a good credit score.
It is the duty of the parents to make them understand the significance of unpaid bills on their credit scores. When they are told that their future employers and lenders will decide on the basis of their credit scores, they quickly understand the value of timely payment of bills. They must be told that cards are for emergencies and essential payments, and not for weekend splurging. Tell them to set apart whatever they have purchased through cards to avoid late payments. The students can be made to attend money management classes to learn how to use the credit card in a wise manner.
As a parent, you must advice them on which type of cards to avail, and the cards they must avoid at all costs. On the campus, there are many companies that lure the students with exciting offers and sell their credit cards to them. Ask them to avail a card that allows for 0% interest rats for the initial period and also cards that do not have an annual fee. If a student has never used a credit card before, it is better to teach him important facts about the APR’s finance charges, annual charge, late fees etc. so that they know how to use the card and avoid getting a low credit score.
Before a student leaves for his freshman course, it is the responsibility of the parents to teach him how to manage money and how to use the card so that they do not suffer on account of their spending habits.
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2nd Aug 2010
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Posted by ariyes, and filed under Credit Card Interest, Credit Card Offers
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With the global economy coming down to the freezing point, so many of us have found ourselves in a situation with horrible credit card debt. But you can always resolve the problem if you act smart.
The very first thing you need to do is, call up your credit card company. Let them know about your situation and tell them you cannot meet their demands but are eager to pay out all the interests. Ask them to let go of your fines and other late fees and stuff. Ask them if it is possible for them to lower the interest rate. If the customer service representative fails to help you, talk to the manager, they might be able to help you out.
Once you are done speaking with the company, make a plan about what are the things you are going to buy. At the beginning of the month, you should know how much you are going to spend and how much interest you will have to pay. See what are the expenses that you can cut and make some savings. You might consider, eating out for a lesser number of times every month for a few months.
Be smart in paying off your debts. Pay off the debts with higher interest rate first and go down the list gradually. This will help you to save a lot of money.
Make it a habit, and lock your credit card in a drawer and keep the keys in a safe. Use cash money to do shopping. Use the credit card only if it is dead serious.
If you can make all these happen, you are likely to set yourself free from all the credit card debts before you can realize it.
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3rd Jan 2010
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