Posts Tagged Credit Card Payments
Good Credit Report: A Positive Credit Tool
Barney Garcia asked:
Today, banks offer credit for all your requirements, be it buying a house, car or consumer goods like a television, washing machine or a music system. The financers finalize their decision to lend you money based on your credit report. Special agencies or credit bureaus maintain these reports.
What is a Credit Report?
A credit report represents the record of your previous credits- whether you paid them completely and on time. It also shows complete details of your credit card payments. If your credit report shows that you have been regular with your payments and have paid all your past credits, you automatically become a candidate for obtaining large credits and that too on lower rates of interest.
Constructing a Good Credit Report
An honest borrower will naturally build a flawless credit report. He/she would be a regular with his/her payments as a matter of habit. Any person, planning to borrow money in future, has to intentionally make an effort to regularly pay all his bills and credits in order to maintain a good credit report. If you plan to borrow a large sum in the future, you can start by taking a loan, for instance a car loan and build a good credit report around its regular payments. An early start, with regular payments like that of a credit card or personal phone, can also lead your creditors into thinking that you are a good candidate for a loan.
What Not To Do
Always think before borrowing, whether you will be able to repay conveniently or not. It is very easy to borrow but not that easy to pay back a loan. Borrowing a loan larger than your paying back capacity will also have an adverse effect on your credit report. Your credit report is also affected if you apply for a loan at more than two places simultaneously, in the hope of it getting approved somewhere.
Conclusion
Besides the banks and financial firms, business houses and insurance companies may also like to review your financial report, before employing you or paying you an insurance coverage. Therefore, always try to keep this useful tool, out of any trouble.
RIGOBERTO
Today, banks offer credit for all your requirements, be it buying a house, car or consumer goods like a television, washing machine or a music system. The financers finalize their decision to lend you money based on your credit report. Special agencies or credit bureaus maintain these reports.
What is a Credit Report?
A credit report represents the record of your previous credits- whether you paid them completely and on time. It also shows complete details of your credit card payments. If your credit report shows that you have been regular with your payments and have paid all your past credits, you automatically become a candidate for obtaining large credits and that too on lower rates of interest.
Constructing a Good Credit Report
An honest borrower will naturally build a flawless credit report. He/she would be a regular with his/her payments as a matter of habit. Any person, planning to borrow money in future, has to intentionally make an effort to regularly pay all his bills and credits in order to maintain a good credit report. If you plan to borrow a large sum in the future, you can start by taking a loan, for instance a car loan and build a good credit report around its regular payments. An early start, with regular payments like that of a credit card or personal phone, can also lead your creditors into thinking that you are a good candidate for a loan.
What Not To Do
Always think before borrowing, whether you will be able to repay conveniently or not. It is very easy to borrow but not that easy to pay back a loan. Borrowing a loan larger than your paying back capacity will also have an adverse effect on your credit report. Your credit report is also affected if you apply for a loan at more than two places simultaneously, in the hope of it getting approved somewhere.
Conclusion
Besides the banks and financial firms, business houses and insurance companies may also like to review your financial report, before employing you or paying you an insurance coverage. Therefore, always try to keep this useful tool, out of any trouble.
RIGOBERTO
If a company has already issued me a company credit card, can the card be taken away if I claim bankruptcy?
chris h asked:
I have had the company credit card for approximately 10 years, paid the card off monthly, but recently got cut back on my job with a large reduction in pay, which will not allow me to make my personal credit card payments. If I claim bankruptcy on my personal credit cards, will my company be notified, and will they take away my company-backed credit card. It does not show on my credit report.
Caffeinated Content
I have had the company credit card for approximately 10 years, paid the card off monthly, but recently got cut back on my job with a large reduction in pay, which will not allow me to make my personal credit card payments. If I claim bankruptcy on my personal credit cards, will my company be notified, and will they take away my company-backed credit card. It does not show on my credit report.
Caffeinated Content
Check Your Credit Report Regularly to Avoid Becoming a Victim of Identity Theft
Posted by admin in Home Business on November 23, 2008
John Ritchie asked:
This is the third in a series of articles which will increase your awareness about Identity Theft.
All of us know the importance of credit reports in our lives. Your credit report shows your personal information including your legal name, alias names, addresses, current and previous employers, social insurance number and date of birth.
It also shows details of most credit enquiries carried out by financial institutions, retailers and many other credit reporting agencies including:
Current and past credit status
Total number of open and closed accounts
If the balances of our accounts are current or delinquent
Public record information such as federal bankruptcy records local government court records, liens, judgments, and child support records (information that can stay in your record for up to 10 years)
Credit inquires that are used when you apply for a credit card, bank loan or retail financing.
Detailed account history – very up to date information about your loans, financing and credit card payments
Credit score.
Your credit score is a number ranging from between 330 and 830 in most states of the U.S. The higher the number assigned to you, the better your credit is. The higher your credit score, the better your chances are of obtaining additional credit cards and or loans.
Your credit report will also include information provided to Auto insurance companies, who usually obtain a credit report as part of their process when applications are made for auto insurance. Sometimes employers may also request credit reports as part of their hiring or promotions process.
In the United States, the Experian, Trans Union, and Equifax are the major credit bureaus that collect, maintain, and distribute this credit information. You are permitted, by law, to obtain one free copy of your credit report each year from each of these reporting agencies. However, when you apply for a copy of your report, you will usually see that fees apply to all requests for this information. Usually the free report is only available if you apply by mail and you must follow the requirements of the reporting company to obtain your free copy.
The information contained in your credit report, thus reflects your credit and consumer habits. Unless you obtain a copy of your credit report, you may never know your credit worthiness. Another more vital reason to obtain a copy of your credit report is to check to see if you have fallen victim to Identity Theft.
Verifying and checking your credit report is a vital means to make sure no one has obtained your identity. You may think that it may not happen to you, but there is nothing wrong by making absolutely sure. If you see any transactions on your credit report that do not make sense to you, immediately make enquiries to satisfy yourself whether the entries are legitimate or not. If they are not legitimate, it could be a mistake made by the credit reporting agency, and they will advise you very quickly if this is so and make the necessary correction. If the information is correct but not known to you, then you need to be on guard because you may have seen the beginnings of your identity being stolen.
You must take immediate action if you wish to avoid major loss and or damage to your personal reputation that presumably took you so many years to establish.
Here are some suggested ways to check your credit report.
Carefully examine your credit report upon receipt. Look into the section dealing with inquiries on your report. If you do not know what some of these relate to then make immediate enquiries. Remember, however, that any time you apply for credit, especially at the retail level, there will be a credit enquiry made upon your account, but you may not recognise the name of the company asking for the information as retailers seldom do their credit checks using their company name.
If you notice errors, such as a bill paid off but still show as outstanding on the report, then notify the agency and request for it to be removed. You must follow up personally on these corrections and make sure that your specific request has been acted upon.
Watch out for accounts opened in your name that you do not know about. Sometimes, maybe a family member has opened an account without letting you know. If this is not so, then maybe a stranger has opened the accounts and that puts your credit and finances in danger. Be alert always and take the issue of Identity Theft as a serious threat to your good name. Make sure that your personal and financial information never get into the wrong hands.
John Ritchie,
Copyright to this article belongs to John Ritchie.
Click Here For Website
For more detailed information on Identity Theft, and to sign up for our 5 part e-course, go to
Click Here For Information
You may download and distribute this article freely and without restrictions. You must not, however, delete the resource box link.
Create a video blog
This is the third in a series of articles which will increase your awareness about Identity Theft.
All of us know the importance of credit reports in our lives. Your credit report shows your personal information including your legal name, alias names, addresses, current and previous employers, social insurance number and date of birth.
It also shows details of most credit enquiries carried out by financial institutions, retailers and many other credit reporting agencies including:
Current and past credit status
Total number of open and closed accounts
If the balances of our accounts are current or delinquent
Public record information such as federal bankruptcy records local government court records, liens, judgments, and child support records (information that can stay in your record for up to 10 years)
Credit inquires that are used when you apply for a credit card, bank loan or retail financing.
Detailed account history – very up to date information about your loans, financing and credit card payments
Credit score.
Your credit score is a number ranging from between 330 and 830 in most states of the U.S. The higher the number assigned to you, the better your credit is. The higher your credit score, the better your chances are of obtaining additional credit cards and or loans.
Your credit report will also include information provided to Auto insurance companies, who usually obtain a credit report as part of their process when applications are made for auto insurance. Sometimes employers may also request credit reports as part of their hiring or promotions process.
In the United States, the Experian, Trans Union, and Equifax are the major credit bureaus that collect, maintain, and distribute this credit information. You are permitted, by law, to obtain one free copy of your credit report each year from each of these reporting agencies. However, when you apply for a copy of your report, you will usually see that fees apply to all requests for this information. Usually the free report is only available if you apply by mail and you must follow the requirements of the reporting company to obtain your free copy.
The information contained in your credit report, thus reflects your credit and consumer habits. Unless you obtain a copy of your credit report, you may never know your credit worthiness. Another more vital reason to obtain a copy of your credit report is to check to see if you have fallen victim to Identity Theft.
Verifying and checking your credit report is a vital means to make sure no one has obtained your identity. You may think that it may not happen to you, but there is nothing wrong by making absolutely sure. If you see any transactions on your credit report that do not make sense to you, immediately make enquiries to satisfy yourself whether the entries are legitimate or not. If they are not legitimate, it could be a mistake made by the credit reporting agency, and they will advise you very quickly if this is so and make the necessary correction. If the information is correct but not known to you, then you need to be on guard because you may have seen the beginnings of your identity being stolen.
You must take immediate action if you wish to avoid major loss and or damage to your personal reputation that presumably took you so many years to establish.
Here are some suggested ways to check your credit report.
Carefully examine your credit report upon receipt. Look into the section dealing with inquiries on your report. If you do not know what some of these relate to then make immediate enquiries. Remember, however, that any time you apply for credit, especially at the retail level, there will be a credit enquiry made upon your account, but you may not recognise the name of the company asking for the information as retailers seldom do their credit checks using their company name.
If you notice errors, such as a bill paid off but still show as outstanding on the report, then notify the agency and request for it to be removed. You must follow up personally on these corrections and make sure that your specific request has been acted upon.
Watch out for accounts opened in your name that you do not know about. Sometimes, maybe a family member has opened an account without letting you know. If this is not so, then maybe a stranger has opened the accounts and that puts your credit and finances in danger. Be alert always and take the issue of Identity Theft as a serious threat to your good name. Make sure that your personal and financial information never get into the wrong hands.
John Ritchie,
Copyright to this article belongs to John Ritchie.
Click Here For Website
For more detailed information on Identity Theft, and to sign up for our 5 part e-course, go to
Click Here For Information
You may download and distribute this article freely and without restrictions. You must not, however, delete the resource box link.
Create a video blog