We're officially four months away from the Credit Card Holder's Bill of Rights going into effect. And, if certain Democrats have their way, we're only thirty days away. But, for the sake of argument let's assume that the CARD Act provisions will wait until February 2010 to become enforceable law.
During these last few days of the credit card world's version of the Wild Wild West we should continue to see credit card issuers behaving badly, very badly in fact. The mega-credit card issuers have a shrinking window of opportunity to finish remolding their cardholder base to look more like what they will finally deem as being to their liking. This means consumers will continue to suffer the at the hands of their credit card companies, that is of course unless they employ one or more of the following strategies.
1. Don't Not Use Your Card - Ok, the poor grammar was intentional and corny but I think I've made my point. Credit card issuers are in busy to make money and make a profit. They can't do either unless you are using your credit card. And, the best news is that you do not have to carry a balance from one month to the next in order to drop a few dimes in your credit card issuers pockets. Each time you use your credit card the merchant (aka the place you used the card) has to pay the bank a fee. This fee is called interchange. It technically comes out of your pocket because many retailers will build the assumed fee into the price of the merchandise but it sure doesn't feel that way when we buy stuff with our credit cards. So, knock the dust off your cards and use them for modest purchases. Don't revolve a balance and don't get into a position where your balances spiral out of control and you'll be fine.
2. Shut Up! - In the past a viable strategy to get fees waived and interest rates lowered was to call your credit card issuer and complain or otherwise plead your case. That's still a decent strategy but beware. Your credit card issuer might turn the tables and start asking YOU questions in order to determine whether or not they still want to do business with you. If you call them and THEY start asking questions about your job status and salary then end the convo and hang up or you might just end up with a closed credit card.
3. Open Another Card, NOW - One of the worst strategies I see people employing today is the 1-card strategy. You should have MORE cards, not fewer cards. In the ideal mix of credit model - a consumer should have 3-5 credit cards (personally I endorse 4 or 5 cards). Clearly this is a credit score play as well since having more available and unused credit limits are always good for your credit scores. So, if you have one or two credit cards right now, think about opening at least one more. This gives you options in case one of your credit card issuers starts behaving badly towards you. Nothing is more empowering than saying "I'll take my business elsewhere" and then actually doing it.
4. Don't Hide Behind Great FICO Scores - FICO published a study earlier this year and the findings showed that the median FICO score for a consumer who has seen his or her credit limit reduced was 770. A 770 FICO score is fantastic in any lender's book and especially in this credit environment where lenders are gravitating to stronger borrowers. What this means is that just because you have great FICOs it doesn't fully shield you from adverse treatment from lenders.
5. Go Small and Go Local - I was speaking with John Ulzheimer, founder of credit dot com and a nationally recognized credit expert and he made an interesting point. He said that we, as consumers and watchdogs, tend to focus on the largest 5-10 banks and tend to forget about the thousands of lenders who are NOT treating their customers poorly. Credit unions are a great example of these lenders. If you are sick of how you're being treated by your Manhattan bank then perhaps you need a local credit union or local bank on your side.
6. Don't Exit The System - The blogs are on fire with angry consumers who are claiming to have sworn off credit for the foreseeable future because of how they are being treated by their lenders. "From now on if I can't pay cash for it I won't buy it." Eh, that plays well on the big screen but it's not realistic. Carrying around cash to pay for things is a bad idea. And good luck using debit cards for things like business travel and European vacations. Stay in the system, please.
7. If All Else Fails, Litigate - If you're finding yourself saddled with a garbage credit report because of errors and you can't the credit bureaus or lenders to correct your files then think about filing a lawsuit. You certainly wouldn't be alone. There will be over 8,500 credit related lawsuits filed this year. Collections agencies are the targets in most of them but certainly the credit bureaus and lenders are in the cross hairs a fair amount too. Just be sure to hire a lawyer who knows what he's doing.
So there you have it, seven solid strategies to hopefully minimize your chances of being treated poorly by your creditors. And while there are certainly no guarantees that you'll exit this credit environment without a few scars, you can certainly make yourself as immune as possible by doing a few easy and inexpensive things.
Good luck!!
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Matt Toll Free: 888-NCFIXER (623-4937) Toll Free Fax: 888-FAX-4020 (329-4020) Local: 860-282-6181 330 Roberts Street 4th Floor East Hartford, CT 06108
National Credit Fixers: 330 Roberts Street Suite 402 East Hartford CT 06108 phone: 860-282-6181. National Credit Fixers boasts of 13 years experience repairing low FICO scores. Whether your credit has been damaged by a foreclosure, bankruptcy, slow credit, collections, judgments, repossessions, etc. we can help. We are the experts in credit restoration and credit repair. We have helped numerous residents of Thomaston CT. We are experts in Credit Repair.
Tough times usually mean people and companies coming out of the woodwork to take advantage of desperate people. Many credit repair companies are part of that group. But there are also a number of credit repair services services that are really in it to help out a client (and if they make a few bucks along the way then that's ok too).
Take these easy steps to choose a credit repair company:
1) Google them. That's right a little old fashion research goes a long way!
2) Read their contract carefully. Know what you are getting. Do they offer a warranty or guarantee? If so what are the terms?
3) Does the company publish their physical address on their website. Sounds simple right. If they don't have an address listed - you have to wonder who they are hiding from.
4) Interview them. That's right interview them. Would you hire someone to work for you without an interview? NO. Why would you hire a credit repair firm without an interview? Be sure to ask them about their experience and about what specifically they will do for you.
5) Ask the credit repair company if they intend to use certified mail. Will they be in contact with your creditors or just the credit bureaus? Will they negotiate a settlement for you on outstanding accounts?
Credit Repair is not a magic pill. It is NOT going to take all your debt and make it go away. If you have lots of debt that you can't pay you are better off with a bankruptcy lawyer or a debt consolidation company than a credit repair company. A good credit repair company will be corresponding with both the credit bureaus and your creditors on your behalf. They will be attempting to get any inaccurate, outdated, or unverifiable negative or derogatory information removed from your profile.
Lastly, the best credit repair companies won't stop there. They will also help you to re-establish new good credit.
Please call us - we would like an interview!
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Matt Toll Free: 888-NCFIXER (623-4937) Toll Free Fax: 888-FAX-4020 (329-4020) Local: 860-282-6181 330 Roberts Street 4th Floor East Hartford, CT 06108
A blonde goes to the local breakfast diner, buys a small drink for herself, and sits down to drink it. She notices a peel-off prize sticker on the side of her cup while she is drinking. After pulling off the tab, she begins screaming, "I won a motor home! I won a motor home!"
The waitress runs over and argues, "That's impossible. The biggest prize given away was a stero system!"
The blonde replies, "No. I won a motor home!"
By this time, the manager makes his way over to the table, and he too argues, "You couldn't possibly have won a motor home because we didn't have that as one of our prizes."
Again the blonde says, "There is no mistake! I won a motor home!"
The blonde hands the prize ticket to the manager and he reads, "WIN A BAGEL."
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Matt Toll Free: 888-NCFIXER (623-4937) Toll Free Fax: 888-FAX-4020 (329-4020) Local: 860-282-6181 330 Roberts Street 4th Floor East Hartford, CT 06108
A redhead, a brunette, and a blonde robbed a supermarket. As they were stealing, a police officer walked in the store and saw what was happening. He dashed toward them, but they were able to get away into the back of the store. There they found three sacks to hide in. When the police officer checked there, he examined each sack.
He kicks the first bag, and the redhead says "meow" in a high voice. The cop determines that it must only be a cat in that bag, and he moves on to the next.
When he kicks the second bag, the brunette says "woof" in a low voice. The officer determines that it must only be a dog in that bag, so he moves on to the last bag.
He kicks the third bag, and the blonde shouts "potato" to the officer.
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Matt Toll Free: 888-NCFIXER (623-4937) Toll Free Fax: 888-FAX-4020 (329-4020) Local: 860-282-6181 330 Roberts Street 4th Floor East Hartford, CT 06108
Ever wonder where to find that list of top ActiveRain Members?
Follow these instructions:
Go to www.activerain.com - or click on the words "ActiveRain" in the top left corner of any page to bring you to the home page. On the home page - look at the right hand side --> a ways down there is a box with all the states listed. At the top of that box click on the words "top members today". This brings up a page with todays top member (the people who literally joined today with the most points). From there look on the right hand side and you can click on top members by year and/or month.
It's that simple - really!
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Matt Toll Free: 888-NCFIXER (623-4937) Toll Free Fax: 888-FAX-4020 (329-4020) Local: 860-282-6181 330 Roberts Street 4th Floor East Hartford, CT 06108
National Credit Fixers: 330 Roberts Street Suite 402 East Hartford CT 06108 phone: 860-282-6181. National Credit Fixers boasts of 13 years experience repairing low FICO scores. Whether your credit has been damaged by a foreclosure, bankruptcy, slow credit, collections, judgments, repossessions, etc. we can help. We are the experts in credit restoration and credit repair. We have helped numerous residents of New London County CT. We are experts in Credit Repair.
Why should I work on my credit score?
When you improve your credit score, you'll also achieve something that's arguably far more important - you'll improve your overall financial health:
Raise your income and you'll set yourself up for a more prosperous future.
Get used to spending less and you'll reduce your chances of getting into financial trouble.
Reduce your debt and you should reduce your monthly expenses and / or hasten the day when you'll be debt free.
A credit card debt, for example, might only cost a few dollars per month, but paying it off slowly is a good way to ensure you'll pay (much) more in the long run. You can find all kinds of ‘credit card calculators' online: just spend a few minutes trying out different repayment amounts and you'll be surprised at how much difference a few extra dollars per month can make.
Whenever possible, it's well worth making short-term sacrifices to get rid of debts (particularly high-interest debts) as soon as possible. You might find some professional debt advice can help you understand your options and identify the best way to reduce / eliminate your debt.
Why now?
It's always time to work on your finances. Even when you're debt free and paying all the bills on time, you can always improve your financial situation (and as a result, your credit rating) by saving more, investing, overpaying the mortgage...
In a credit crunch, however, it's more important than ever. When all kinds of people are finding it hard to get credit, anyone with a ‘checkered' credit history might find it just about impossible.
More to the point, any kind of credit crunch / housing market crash / recession can threaten everything from your bank account to your job and your house. A lack of financial stability can make all the difference between a short-term set-back and complete financial disaster.
Whether you're congratulating yourself on building up a ‘reserve' of cash to see you through this economic downturn or promising yourself you'll be better prepared for the next one, times like these really show just how important it is to keep your finances - and your credit score - in good health.
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Matt Toll Free: 888-NCFIXER (623-4937) Toll Free Fax: 888-FAX-4020 (329-4020) Local: 860-282-6181 330 Roberts Street 4th Floor East Hartford, CT 06108
National Credit Fixers: 330 Roberts Street Suite 402 East Hartford CT 06108 phone: 860-282-6181. National Credit Fixers boasts of 13 years experience repairing low FICO scores. Whether your credit has been damaged by a foreclosure, bankruptcy, slow credit, collections, judgments, repossessions, etc. we can help. We are the experts in credit restoration and credit repair. We have helped numerous residents of Norwalk CT. We are experts in Credit Repair.
When applying for a mortgage or any other type of loan or credit card, your credit score is what determines your interest rate. It can also dictate how much money you would have to pay down to get a mortgage. Since most consumers don't have the time to write letters to the credit agencies we do all of the work for you. We offer expert credit repair at an affordable price.
High Credit Scores are important.
Your credit score affects everything from the home you live in to the car you drive and maybe even the job you work in. Lenders, insurance agents, and even some employers all use your credit score to make decisions about what type of person you are. A bad credit score says that you are irresponsible with your money and are a risk to creditors. A good credit score says that you can be counted on to make your payments on time and properly settle your debts.
Most credit reports contain errors
Because your credit score is so important to you, it would make sense that the credit reports used to calculate your credit score are managed withthe utmost care. Unfortunately for you and the millions of Americans with errors on their credit reports, this is not the case. Studies have shown that flaws in the credit reporting system have resulted in almost 80% of credit reports having errors. In addition, credit reports contain misleading or out of date information that gives creditors the wrong idea of who you are as a consumer.
Odds are you have errors on your credit reports. These errors may be lowering your credit score and forcing you to pay unfair interest rates or even be denied the credit you deserve. National Credit Fixers has the tools to restore bad credit. Effective credit repair will improve your credit score.
If you think your scores are below 720 call us today!
We use the Fair Credit Reporting Act (FCRA) which is a federal law designed to protect you from being "slandered" by creditors, collectors, and credit reporting agencies. According to the law, a disputed credit account must be accurate, complete, and verifiable for it to remain on your credit report.
All inaccurate, incomplete or unverifiable accounts must be removed or updated. We have removed repossessions, late payments, charge offs, collection accounts, and many other negative credit items.
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Matt Toll Free: 888-NCFIXER (623-4937) Toll Free Fax: 888-FAX-4020 (329-4020) Local: 860-282-6181 330 Roberts Street 4th Floor East Hartford, CT 06108
A blonde quickly went out to her mail box, looked in it, closed the door of the box, and went back in the house. A few minutes later she repeated this process by checking her mail again.
She did this five more times, and her neighbor that was watching her commented: "You must be expecting a very important letter today the way you keep looking into that mail box."
The blonde answered, "No, I am working on my computer, and it keeps telling me that I have mail."
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Matt Toll Free: 888-NCFIXER (623-4937) Toll Free Fax: 888-FAX-4020 (329-4020) Local: 860-282-6181 330 Roberts Street 4th Floor East Hartford, CT 06108
National Credit Fixers: 330 Roberts Street Suite 402 East Hartford CT 06108 phone: 860-282-6181. National Credit Fixers boasts of 13 years experience repairing low FICO scores. Whether your credit has been damaged by a foreclosure, bankruptcy, slow credit, collections, judgments, repossessions, etc. we can help. We are the experts in credit restoration and credit repair. We have helped numerous residents of Guilford County CT. We are experts in Credit Repair.
If you live in Guilford and are having problems with your credit and don't know where to turn; then I hope you think of me and give me a call. I offer a no obligation free consultation. I look forward to helping you!
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Matt Toll Free: 888-NCFIXER (623-4937) Toll Free Fax: 888-FAX-4020 (329-4020) Local: 860-282-6181 330 Roberts Street 4th Floor East Hartford, CT 06108
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
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