Credit Card Quick

Easy Ways to Safeguard your Credit

Identity Theft

You’ve worked so hard to get an excellent credit score: you’ve paid your bills on time; you’ve kept your debts to a minimum; and you’ve kept your spending in check. It is therefore more important than ever to do what you can to safeguard your credit.

With identity theft running rampant in today’s society, it is crucial that you do what you can to protect yourself. And here’s how:

• Always take advantage of your free credit report. Few people know that they are entitled to a free copy of their credit report each year from all, three credit reporting bureaus (TransUnion, Equifax and Experian). Take advantage of this offer and carefully look over your credit history. Note that your credit history and credit score may differ quite a bit from one company to the next, so take the time to really review each of these reports. More importantly, immediately contact the appropriate credit reporting agency if you spot any errors or discrepancies.
• Always pay your bills on time. Don’t jeopardize your good credit score by failing to pay simple bills. Although they may always pay your credit card bills, mortgage and car note on time each month, many individuals don’t realize that delinquent utility bills can also hamper your good credit. So no matter what the bill, pay it on time, each and every month!
• Protect your personal information at all times. This may include shredding your bills, holding tightly onto your wallet when in public places and being selective regarding with whom you hand over your credit card. Many people unknowingly drop personal information in the garbage can and put their personal information – and their credit – at risk.
• Don’t shop online without setting up certain safeguards. Take care to only shop from trusted websites with updated security certificates, make sure your firewall and virus protection is up to date, and only use your credit card to shop online; not debit cards! Devote just one credit card for online shopping so that you can closely monitor the activity for unauthorized activity.

Debt Consolidation Methods to Consider

Credit Card Debt

You may have given debt consolidation a consideration as a way to make your debts easier to manage and your monthly bills lower. If bills are piling up and you are making multiple bill payments each month, debt consolidation may be a practical answer. Debt consolidation can mean lower, monthly bills, fewer bills to pay, and a plan of action for paying back those bills. In short, debt consolidation can mean a whole lot less stress and trouble on your part when it comes to your monthly bills and debts.

There are several things to consider when looking into debt consolidation:

• Balance Transfer Credit Cards – Balance transfers are the most common ways to consolidate your debt, and are usually limited to individuals with good credit. Balance transfers usually involve moving all of your credit card debt onto another credit card with a lower interest rate. There are many creditors that offer balance transfer options so you may have quite a few choices for balance transfer if you have good credit.

There are a few things to keep in mind when using a balance transfer offer through a credit card: the interest rate; the length of the promotional rate; and the balance transfer fee. Remember that all balance transfer offers are not created equal, so look closely at the card’s terms and conditions before signing onto a balance transfer offer.

• Debt Settlement – Debt settlement may be ideal for individuals with poor credit, or for individuals who are simply drowning in credit card debt. Debt settlement, provided it’s handled by a competent company, may be a good alternative to bankruptcy. It is important to thoroughly check out the debt settlement company you choose before signing on, as there have been countless incidences of not-too-trustworthy companies.
• Debt Consolidation – Debt consolidation may include taking out personal loans that have fixed, payment terms and time frame. There are some disadvantages to this, though, as personal loans can come with higher interest rates.  There are some types of debt consolidation loans that are designed for individuals with poor credit, as well, although, like debt settlement, it is important to closely look into the company you want to work with.

Reconsidering Your Credit Card Relationship

Credit Card Types

Most of us love our credit cards and many of us also have a good relationship with our credit card company. However, there are times when we must simply end a bad relationship with our credit card. If you cringe every time you open your credit card bill each month, perhaps it’s time to reevaluate your relationship with your credit card.

It may be time to call it quits with your credit card if:

• Your interest rate continues to climb, regardless of your solid credit history. If you have proven yourself to be a loyal customer and have always paid your bills on time, yet your creditor doesn’t seem to recognize this, you may consider finding another card that better suits your excellent credit history and solid spending habits. However, if you’re not ready to call it quits just yet, try calling your creditor and requesting a decrease in your interest rate. Often times, creditors will accommodate your request if you have a solid history to back it up.
• Your rewards don’t fit with your lifestyle. If you are working hard to earn rewards, only to have a pocketful of rewards that don’t really mesh with your lifestyle or spending habits, it may be time to find another credit card with rewards that are better suited to you. What’s great about today’s rewards credit cards is that there are plenty from which to choose, so it’s quite easy to find a rewards card that rewards you for things that are of interest to you.
• Your credit card’s terms and conditions are as long as the last novel you read. The CARD Act has provided consumers with plenty of transparency regarding their credit cards. However, it has also resulted in exhaustively long terms and conditions that are as easy to read as twelfth grade algebra. Plus, you may be facing new changes to your account nearly every month, thereby requiring you to read and reread changes in order to stay abreast of your card’s terms. You may therefore choose another card with more straightforward terms and conditions. It is often best to avoid rewards programs and cash back programs in this case and opt instead for a competitive, fixed-interest-rate credit card.