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Pay Now or Later - Debit versus Credit
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Your Trauma Can Become a Creditors Payday
One of the traps of credit cards is that family members often share the card and purchases on one card. For example, when you were in college, you might have been lucky enough to have parents that gave you a credit card for "emergencies."
Of course, for a college student, "I have nothing to wear on Friday night" can constitute a major emergency. So, what do you do when the safety net go... Read credit counseling article
How to Find and Fix Credit Rating
I find that if you try and fix your credit rating you can do it better than anyone else. Fighting your way out of the credit jungle ensures at least one thing. You won't do it again.
All of us make mistakes. We shouldn't have to suffer for the rest of our lives just because of a bad patch. One thing is for certain. If you are going to dig yourself out from under, you'll have to take pla... Read credit counseling article
Pay Now or Later - Debit versus Credit
Which is better, debit or credit? Can't decide if you should shop with a debit or credit card? This article will discuss some of the similarities and differences between shopping with a debit card versus shopping with a credit card.
When you use a debit card, the bank subtracts money from your bank account. Debit cards allow you to spend only what is in your bank account. It is a rapid transaction between a merchant and your personal bank account. Debit cards can have monthly or per transaction fees so review the cardholder agreement carefully.
One type of debit card is a check card that can be used as a credit card or as a debit card at grocery stores, gasoline stations, restaurants, or drug stores. When used as a credit card you sign the receipt as you would a regular credit card. When used as a debit card you enter your PIN. Some banks may charge a fee for using a check card as a debit card. A check card is identified by the word 'Check Card' across the top of the card. Visa has created a line of check cards with a Visa logo that can be used at all locations where Visa is accepted. Most, but not all, transactions are verified to see if there are adequate funds. Instead, of using a PIN number, you must sign a receipt, as you would with a credit card.
Credit is money made available to you by a bank or other financial institution, like a loan. The amount the issuer allows you to use is determined by your credit history, income, debts, and ability to pay. You may use the credit with the understanding that you will repay the amount, plus interest if you do not pay in full each month. You will receive a monthly statement detailing your charges and payments. Credit cards are protected under the Fair Credit Reporting Act but debit cards are not. The Visa check card is linked to your checking account. Visa check cards have a zero liability policy that protects consumers but not all banks have this protection.
If your debit or check card is lost or stolen report it to your bank immediately. Government regulations require debit card issuers to set a maximum liability of $50 if the debit card is reported lost or stolen within two business days of discovery. Your liability increases to $500 if the lost or stolen debit card is reported within 60 days. If you don't notify the bank of the theft within 60 days after a bank statement is sent you could lose the money in your checking and overdraft accounts.
Here are six tips for protecting your debit card or credit card.
1. If your card is lost or stolen, immediately notify your bank.
2. If you suspect your card is being fraudulently used, immediately report it to your bank.
3. Always verify how much money you have available in your account. Be mindful that your debit card may allow you to access money that you have set aside to cover a check that has not cleared your bank yet.
4. Save your receipts from your debit or credit card transactions. A thief can use your receipt to get your name and debit card number to order products by mail or over the telephone. Your card doesn't have to be missing in order for it to be used.
5. If you have a PIN number, memorize it. Do not keep your PIN number with your card or in your purse or wallet. Also, don't choose a PIN number that a can be easily guessed such as your phone number or birthday.
6. Keep all of your receipts in one place so they can be easily retrieved later to verify against your monthly bank statement.
Be cautious when using a debit card because some banks process debit charges although insufficient funds are in the account which converts the debit transaction to a credit transaction. This is because there are no laws requiring prior approval to process the transaction. A consumer will be charged $30 for every transaction that occurs when the account is overdrawn. So think twice before using a debit card or credit card. I have used both debit and credit cards but I am old fashioned though and I pay for everything with cash. Happy spending!
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Credit Score Rating Scale
It's a beautiful sunny Saturday, and you and your loved one are out driving with your realtor. She shows you a house; you immediately fall in love. But in the back of your mind, you worry. Will you be able to get a mortgage for this lovely place? Will the interest rate be too high? Many of your fears can be alleviated by checking and understanding your credit score.
The credit score rating scale is a perplexing numeric equation, and it can be daunting to comprehend. There are plenty of factors that influence the number, and every one of them can change the final result. The more you understand about this concept, the easier it is going to be for you to get the loan or mortgage you desire. Or, you can use this knowledge to make the high-priority repairs needed to repair your credit score faster.
How your credit score is tabulated
There are numerous figures that are reviewed by companies in order for them to form your credit score. They scrutinize your past payment history, how quickly you pay your debts and obligations, and how promptly you pay them. They give much credence to your outstanding obligations. If you are working with too high a debt burden, your credit score can be lowered. Credit agencies study how many years you have had your credit history. If you are newly starting to establish credit, your credit score may be mediocre, even if you do not show any bad points on your credit report.
Two additional significant factors for your credit score
Your latest credit card applications are an additional area that companies will delve into. If you show numerous credit applications on your report, this will be counted negatively on your credit report. You must also be concerned about what types of credit and loans you possess. You do not want to show a lot of overly large balances on your current credit history. These balances, along with higher-than-normal interest rates, are going to go hard on you and lower your number.
What is a good credit score?
Any score that is 700 or higher is counted as a very good score. If you possess a score of 700 or higher, you should see no obstacles to obtaining credit at a exceptional interest rate. A score of 650 and lower definitely has margin for improvement. A score between 650 and 450 needs to be worked on. You are going to most likely have a harder time obtaining a mortgage or any type credit without securing it. This entails that any advance that you apply for is going to require to have substantial amounts of collateral in place to get it. If you show a credit score of 450 or lower, then you desperately need to get some assistance with your credit situation. In that case, it is probable that you can not get any kind of credit or mortgage unless you get some type of counseling to repair your record.
Obtaining the assistance that you require
There is assistance ready for you when you are seeking help to repair your credit score. There are non-profit companies that can assist you with no cost credit counseling. They can propose to you ways to get your credit score increased, and aid you in becoming extra responsible in your monetary decisions. Obtaining this assistance now with your credit situation will get you on the road to recovery faster.
There is hope
If your credit score is low, or if you are turned down for a credit card or loan, do not be discouraged. You can improve the credit score number with diligent effort and some discipline. You can develop a plan to improve your score, then work that plan to make the changes you desire. Do not give up! Others have made changes, and so can you.
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Pay Now or Later - Debit versus Credit
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