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Consolidation Loans For Credit Cards – How To Get The Best Loans

December 4, 2011

Consolidation Loans For Credit Cards

Attaining a consolidation loan for credit cards you have debt with can equate to the first step towards gaining back your financial independency as well as freedom, and best of all being one less number in the ever growing number of people that are in over their heads in debt. When you take out a credit card consolidation loan, you will be able to possibly get a much lower interest rate, being that credit card interest rates are sky high, as well as you will avoid the gargantuan fees that comes with paying late, as you will now be paying on a much lower payment total each month as consolidation companies stretch out the repayment period, enabling lower payments.

consolidation loans for credit cards

When going to apply for a consolidation loan for credit cards, you will be entertained by two different offers, which are loans in the form of being secured or unsecured. Secured credit card consolidation loans, also known as secured lending, are offered for those who are willing to put up collateral like a home or car or any other asset that has high worth which the higher worth, the better chance that the person will receive a loan as well as better rates. If the borrower fails to make their credit card consolidation loan payments they will go into defualt, which then the lender then owns the collateral that is put up. The benefit of secured loans is that they always come with lower interest rates than that of unsecured loans, as well as offer more lenient repayment terms, enabling one to extend payments terms to up to 30 years. This method is most often used for those who have very high debt totals, and need to get a large loan.

Unsecured consolidation loans for credit cards do not require any collateral to be offered for acceptance, but unlike secured loans, acceptance is based off of your credit score. If one doesn’t have a good credit score, then it is imperative to find a someone who does, and have them be your co-signer, and being that you are not offering something to loose, interest rates will most likely be higher as well as repayment terms will be higher. Unsecured consolidation loans for credit cards are best for those who do not have a home or much in the form of collateral.

No matter which option you end up choosing, you will want to compare APR rates and terms along with other encompassing information before committing to the first company that will have you, as you will be able to find the best deal for you and not get sucked into a company that is just trying to close a deal. It is also highly advised that you employ a debt consouler who can advise you on reputable companies and the best terms for your particular situation as well as they can also provide alternatives that can be better for your situation if infact a consolidation loan for credit cards isn’t the best way to go.

How To Get The Best Conolidation Loans For Credit Cards

Below are a few tips that you may want to consider entertaining in the event that you choose on using consolidation loans for credit cards.

  • In the event that you want to pay your debt off early, you will want to find a company that offers principal rate reduction,
  • If in fact you are looking for a longer repayment term to pay off your credit card consolidation loan, you will want to find a company offering interest rate reductions.
  • Make sure you find companies who have permanent discounts, not just temporary.
  • If you happen to be with another lender, and during that time you started with a poor credit score, but have boosted it up during the time your have been with your current lender, like 100 points or more, you can consider going to another lender who may give you a better interest rate, or try and negotiate better terms with your current credit card consolidation lender since they want to keep your business.
  • Low interest rates are also found through non profit organizations which you can tell if they are non profit by asking them to prove their non profit formation which is:  (501(c)(3)), but if you do not go with a non profit organization, make sure the company is involved with either The Association of Debt Settlement and/or Internal Association of Professional Debt Arbitrators (IAPDB) or both.
  • Using auto debit can result in your saving a small percentage, but a percentage none the less on your interest rates, as well as ensures that you make your consolidation loans for credit cards payment on time each month.

Bad Credit Credit Card – Overview & Best Providers

November 23, 2011

Bad Credit Credit Card

bad credit credit card

Credit cards with bad credit are absolutely possible to obtain, which they can be great for both getting a credit card which will provide you with the ability to be able to buy what you need, as well as help you rebuild your credit scores. Bad credit credit cards are offered by various banks, and enable you to build a strong credit score by:

  • Submitting your payment history to usually 3 different credit bureaus, which if you make on time payments, you will have 3 positive credit bureau reports, bumping up your credit score slowly but surely.
  • Either email or text message alerts which notify you when an upcoming payment is due, which is set a few days from the payment date, allowing you to have funds in your account come payment day.

For the most part, these bad credit credit card providers state that credit checks are not required, pretty much gauranteeing that you get a card as well as makes those who don’t really have credit, like students, able to receive a card as well. The possiblity could pose itself that you may have to sign up for a checking account, or pay a small yearly fee, but with so many different credit card companies competing f0r your business, there has never been a better time to obtain a credit card for those who have bad credit and still enjoy the benefits of those who have good credit, like no annual fee, rewards programs, cash back and more.

Bad Credit Credit Card Providers

Now that you know a little bit about the bad credit credit card process, you may want to know your options, as far as getting a credit card goes. Below are 3 reputable providers of bad credit credit cards as well as amn overview of the credit card experience.

Greendot Prepaid Mastercard

  • If you make 30 monthly purchases, you pay no montly fee.
  • No credit check.
  • Minimum balances are not required.
  • Zero overdraft fees.
  • US purchases are free from transaction fees.

Centennial Classic Credit Card (Mastercard)

  • You must have a checking account if you intend on obtain a card.
  • Excellent for those who are starting out and are looking to build a credit score.
  • They respond to your bad credit credit card application within 60 seconds or less.

Capital One Secured Mastercard

  • No fees for processing or applying.
  • Card holers can track their credit scores.
  • Reports go out to 3 credit bureaus.
  • A $3000 credit line increase can come as a result of submitting a refundable security deposit.

Orchard Bank Visa Cards

  • Annual fees are anywhere from $39 to $59 the first year, and the years after that, a flat $59 fee.
  • Comes with online account access where you can view payment history and apply for higher lines of credit.
  • 3 different credit bureaus are notified about your payment history.

All the above options provide their applicants with credit cards if they have either fair or bad credit, and provide an excellent option for those with negative credit as well as those looking to establish a good credit score.

If you are concerned about your credit score, or just need tips on how to boost your credit score after you get your bad credit credit card, you can check out the following link which provides you with easy to follow tips that can result in a fast and long term boost to your credit score: credit score boost.

Credit Cards For Students – Providers & Overview

September 23, 2011

Credit Cards For Students

credit cards for students

Before we get into the different providers that have excellent credit cards for students, there are a few guidelines that are excellent to follow when it comes to getting the best credit card for you. Here are 4 guidelines for findind credit cards for students:

  1. Major Credit Card Brands – Getting a major credit card brand when it comes to credit cards for students is going to be your key to be able to use it anywhere. The main brands that your card should have are American Express, VISA, Master Card and Discover.
  2. Rewards System – Getting rewards can be great, but you can maximize your rewards by finding a rewards plan that caters to where you spend most of your money. For example, if you shop get one that maximizes points for department store shopping, or if you buy a lot of food, like frat guys and sports players, then go for one that grants big points for grocery purhcases.
  3. Good Reviews – On your search for credit cards for students, go for one that has good reviews. You can do a search online and check out different forums on the specific card you are searching for.
  4. Good Terms – On your search for credit cards for students, you will want to look for  cards with lower interest and no yearly fees. Many companies are out there advertising you their amazing credit cards plans, which may be true but shop around first and make sure you are getting the best before you sign on the dotted line.

Qualifying For Credit Cards For Students

You may be asking how the heck you are going to qualify being that most college students have little or no credit at all to speak of as well as most likely don’t have much income. There is a remedy to this and that is requesting a student credit card. By doing this you will be able to get a credit card, which although will have a low credit line which can increase in the future upon proof of higher income, but it will be a credit card none the less. If you are looking for a higher credit line, you will have to get a cosigner who has good credit.

2 Good Credit Cards For Students

Now that you know a little bit of information on what to look for when looking for credit cards for students, here are a few student credit card lenders that are excellent to use on your and have helped millions of students obtain a credit card.

  • Citibank Divident Platinum Select Card For College Students – Some of the benefits of this card is that you get 5 percent back for purhases in supermarkets, gas stations, convenience and drug stores as well as utility bills for the first 6 months and 1 percent after this period, 2 percent on certain restaurants, hotels and apparel stores and 1 percent on all other purchases. No annual fee and interest rates between 13.99 and 21.99 and an intro APR rate of 0 percent. (They also have another student credit card that offers Thankyou points which are offered for things like good GPA as well as purchases that can be redeemed for cash and prizes.)
  • Discover Student Card – Benefits of the credit cards for students option are 5 percent cash back on things like department stores, gas and groceries among many others, 1 percent on all other buys as well as comes with no annual fee as well as 13.99 to 21.99 percent interest.
  • Journey SM Student Rewards From Capitol One – This is another great option for credit cards for students. Some benefits that comes with their student credit cards are; no annual fee, 1 percent cash back on all purchases as well as 25 percent bonus on your cash back when you pay your bills on time.

By utilizing one of these credit cards for students, or a student credit card in general, you can both get cash back on the purchases that involve college life as well as build a good credit score by paying on time which will be fairly easy considering your payments will be pretty low.

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