College Survival Guide: How To Find An Apartment

College Survival Guide: How To Find An Apartment
So, you’ve applied to college, you’ve been accepted and you’ve got your financial aid all in order. The hardest part is over, right? Wrong. Now comes the overwhelming task of finding yourself an apartment.

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Are Fixed Rate Credit Cards Better Than Variable Rate Credit Cards

ARE FIXED RATE CREDIT CARDS BETTER THAN VARIABLE RATE CREDIT CARDS?

An important consideration when selecting a credit card is the annual percentage rate (APR). Most people are aware of this but they only focus on the number and not the terms tied to the APR. Credit cards can be divided into two groups based on the terms of APR. One is the fixed rate credit card and the other is the variable rate credit card. Let us look into the differences between the two.

Variable rate credit cards

The APR on variable rate credit cards is dependent on another index rate. Generally, this index rate is the prime lending rate. The APR will fluctuate at any time without any notice as the index rate fluctuates. However, variable rate credit cards come with a “floor rate” which is the lowest the APR can go to. This “floor rate” protects the security of the credit card companies.

Fixed rate credit cards

The main difference between the two types of credit cards is that the APR of the fixed rate credit cards is not as volatile as that of the variable rate credit cards. However, it not exactly “fixed” as the name suggests. The APR does sometimes change. Information on this policy can be found in the agreement. The company may change the APR on fixed rate credit cards with advance notice as short as 2 weeks. Do note that the APR on the fixed rate credit card is usually higher than that on a variable rate.

Which is best for you?

First consider your payment patterns.

If you always pay off your credit card bills completely and refuse to have any balance carried forward, the APR does not affect you. If you tend to carry balances on your credit cards, you must give the type of rate much consideration.

Secondly, consider market situation.

If the market is down and interest rates are decreasing, it might be a smarter move to obtain a variable rate credit card.

Thirdly, consider the “floor rate”.

It is sometimes possible to find fixed rate credit cards with APR lower than the “floor rate” of variable rate credit cards. If the market is down, it will be better for you to sign up for a variable rate credit card with low APR than one with a “floor rate” of 15%.

Although the common preference is fixed rate credit cards with low APR compared to variable rate credit cards with low APR, it is entirely up to your individual expenditure and payment habits. For those who prefer stability, fixed rate credit cards may be a better choice. Regardless of your choice, do not fail to read through your agreement conscientiously on this area. Nothing beats a well-informed decision.

When do credit card company’s start sending high school students credit card offers in the mail?

I am just wondering when I can expect to get a credit card offer in the mail I am 17 years old.

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Cheap Debt Consolidation: Typing Up Multiple Debts With Debt

Tying up with multiple debts won’t distress your present situation anymore as now you can consolidate your multiple debts with cheap debt consolidation. Cheap debt consolidation wipes off the tension of multiple debts installments with single manageable debt.

Cheap debt consolidation lessens the burden of multiple debts especially when the situations of borrower is under immense pressure or cannot manage multiple debt monthly installments. Cheap debt consolidation provides the strong support to get rid off from burden of multiple debts.

In cheap debt consolidation, borrower relieves from multiple debts as it includes consolidating the multiple debts in one single debt at lower interest rate or flexible repayment option.

Cheap debt consolidation helps the borrower to reduce borrower’s outbound payments to the various lenders as he only responsible to the one lender fro various multiple debt. Lender can be new or one of the existing lender i.e. whosoever offers lower interest rate for debts.

Borrower by seeing his condition can avail any one form of cheap debt consolidation as they can be categorized as secured and unsecured. Secured form of cheap debt consolidation is favored against valuable collateral of the borrower. In this borrower can avail secured debt consolidation for the amount ranging from £5,000 to £75,000 and that too at easy repayment period of 5-30 years. Collateral makes debt consolidation at cheaper rates as lender’s risk is equalized with collateral.

Borrower who doesn’t have collateral can too consolidate their debts at cheaper rates only if they satisfy the lender with handsome salary, repaying capability or with perfect credit score. Well, borrowers with smaller debts find the unsecured debt consolidation a better option as no collateral is placed against the debt consolidation. In unsecured option of cheap debt consolidation borrower can opt for amount varying from £5,000 to £25,000 with easy repayment period of 6months to 10 years.

To avail debt consolidation at cheaper rates, borrower must carry a proper search on online or conventional modes. The search is the ultimate feature that helps the borrower to avail the interest rate at cheaper rates. While searching for cheap debt consolidation, borrower must compare and contrast the loan quotes so that he can decide the best deal which is enclosed with the features. To make borrower’s comparison easier, online calculators are too available on the internet which is of great use to avail cheap debt consolidation.

Fico Offers Credit Repair Tips

Credit Repair in the News

Credit repair is more important than ever. In a recent interview with MarketWatch, a Wall Street Journal website, the Consumer Operations manager for the MyFICO division of Fair Isaac spoke out about the importance of checking your credit reports. In the words of the article, “There may be some surprises waiting for you.”

A New Credit Repair Landscape

Creditors everywhere have tightened their guidelines. This new credit environment has made credit repair more important than ever before. And to make things even more difficult in these already challenging times, creditors have begun to reduce and close credit cards in order to limit their own risk exposure.

The Limit Reduction Problem

This action is doubly hard for consumers. First, these limit reductions are happening unexpectedly, even to those who have never made a late payment. And second, and even more damaging, is the snowball effect that follows. A major part of your credit score is based on the relationship between your current balance and your credit limit. When a creditor cuts your limit your balance-to-limit ratio increases and your credit score will fall, through no fault of your own.

The Snowball Effect

And the snowball starts rolling. Once the first creditor drops a limit and your scores fall, other creditors are likely to drop your limits as well. And the lower your scores the more prone you will be to this perfect storm of credit repair trouble. What to do?

Good Credit Repair Advice

The Consumer Operations Manager for MyFICO suggests that you do everything in your power to insure that your credit report is as clean as possible and your scores are optimized. And don’t make the mistake of thinking that paying your bills on time (as important as it is) is you need to do. Credit repair knowledge is power. Here is a summary of his credit repair tips, and our extrapolation.

Check Your Credit Reports

Look for changes in your account limits. And while you’re at it, check for errors. Errors come in many shapes. Derogatory information should cease reporting, generally, after seven years. You should know that the seven year reporting period clock starts on the date of the original default with the original creditor. The original default was the first reported late payment in the sequence that led to the charge off or collection status. Collectors cannot reset the clock with subsequent reporting. And while we are on the subject of collectors, you should know that if a collector no longer owns the debt, he is supposed to remove the account entirely from your credit report. When in doubt, challenge the item with the credit bureaus or hire a credit repair professional to manage the process for you.

Don’t Get Close to Your Credit Card Limits

A significant percentage of your credit score is based on your balance-to-limit ratio. Reduce your balances as much as possible. Less than 20% of your limit is the optimal balance. Many people are blindsided by precipitous drops in the scores when they max out a card, even when they have never been late on a payment.

Keep Accounts Active

Use your cards to keep them alive. Dormant cards are in danger of being closed by creditors and unless you have plenty of open accounts this could cause a drop in your scores and send you in search of credit repair solutions.

Pay Your Bills on Time

This seems like a no-brainer, but it is so important. Make sure you understand the impact your purchases will have on your budget. Try not to let yourself get spread too thin. A single late payment can have a big effect on your scores, and may even trigger adverse action, such as limit reduction, by your creditors.

Don’t Apply for New Credit Cards

We have warned against store cards for years, and MyFICO agrees. Store cards can be credit repair suicide as they often present a triple threat. First, you will have an inquiry. Second, you will have a new account which will weigh down your credit scores for several months. And last, and worst, is the fact that most store cards offer a credit limit only marginally over the amount of your purchase. Put these together and you get credit repair trouble.

Call for Credit Repair Help

If you are confused by all of the components of credit report and score management, or don’t have the time to handle the task on your own, don’t give up. Call a credit repair professional for help. A credit repair professional will manage the process for you and insure that everything possible is done to optimize your credit. Good luck! Copyright © 2008 James W. Kemish. All Content. All Rights Reserved.

What credit cards allow you to add an Authorized User WITHOUT requiring their social security number?

Both personal and small business credit cards would be helpful. Thanks!
I know through personal experience that American Express DOES require a SS# when adding additional cardholders (at least for personal cards), and that Advanta does NOT require a SS# when adding additional cardholders.

Personal experience with additional issuers would be helpful.
Please provide specific credit card issuers. Thanks!

A No Non-Sense Load Modification Guide That Everyone Needs To Understand

Are you finding that in these tough economic times scraping together the mortgage or bill payments is becoming more than you can handle? Do you see the foreclosures going on all over the country and worry that your house might end up on a list of statistics? You’re not alone. Millions of homeowners across America are struggling to stay afloat, and that’s why I’ve written this loan modification guide to help homeowners just like you.

We’ve all heard the political spin doctors rhetorically warning that this is the worst economic crisis since the Great Depression, but the taxpayer sees initiatives like the $750 billion Trouble Assets Relief Program (TARP) and can’t help but wonder where all that money has gone. Fortunately, some of it has gone to the right place, and if you have a Fannie Mae or Freddie Mac loan, the Homeowner Stability Initiative has targeted $75 billion at keeping you in your home. If you don’t have a Fannie or Freddie loan, or even if you do, the following steps will help you secure some financial freedom:

Step one is to hire a licensed counselor to look over your loan and see whether or not you qualify for a loan modification. You can find these professionals in the yellow pages or in a number of online directories. Also, you can visit your local Housing and Urban Development office to find a nonprofit organization with a financial counselor who will examine your case for free.

Once you have your financial counselor and you are confident that a loan modification will work for you, the second step is to write your hardship letter. This letter should be professional, grammatical, and logical, and it should explain to your lender why you can’t continue to pay. It should also emphasize that even when you couldn’t pay, you continued to work hard and earn money. It is important to convince your lender that you’re worthy of a second chance.

You will need to provide a history of financial documents showing why you have become delinquent on your loan. The lender will want to know that it’s not careless spending and extravagance that led to your circumstances. By the time the lender has finished looking through your package, it should be clear that you made every effort to pay the loan, but simply didn’t have enough money.

Lastly, considering the circumstances of your delinquency, you could even be eligible for more assistance. The Making Home Affordable plan specifically targets people who have been making their payments but fell behind because of job loss or interest increase. Recent estimates state that roughly 7-9 million Americans could benefit from the Making Home Affordable plan and reduce their monthly payments to a mere 31% of gross monthly income.

This program was started in early March and will run nearly to the end of the President’s first term. What this plan won’t do is put money directly in your pocket in the form of cash. What this plan will do is help make your payments more reasonable, more affordable, and best of all, adjusted to your income.

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Repairing Your Own Credit – Why Should I Be Fixing My Credit Myself

Ok. So you were behind on some bills and you’re back on track now. What do you do? Should you just wait until each negative item falls off in seven years OR should you take action and learn to fix your own credit? You should definitely fix it, but why should you fix it and can you fix it yourself? There are a few whys and here they are:

1 – Because poor credit costs you money. You might be wondering, does the fact that I put that last sentence in all caps mean I’m yelling? You bet your bottom dollar it does! I’m yelling with excitement. Good credit saves you money. Think about it. If you buy one of the American cars that offers a zero APR loan, then a $20,000 loan will run you $333.33 monthly for five years.
Let’s say you don’t do anything to fix your credit. Let’s also say you have to take a 16% APR to get the same car. That same car cost $486.36 monthly or an EXTRA $9181.87 over the life of the 5 year loan.

2 – The U.S. economy is going through something unique right now. The credit markets are nearly locked up. People and businesses with decent credit scores in the 650 range are finding it hard to get money without showing the bank that you don’t really need the money anyway. Stronger credit means buying power for the big stuff (hmm like cashing in on all the foreclosures we’ll see in the coming years).

3 – Here is another why. Why not do it yourself? It’s actually pretty easy, especially with a plan. You can easily get your hands on a down-loadable version of the plan that the credit repair companies use. They use this plan to make millions of dollars. You can get your hands on the same plan and save yourself some money. Don’t fret about taking a 16% car loan. You won’t have to when you fix your credit AND you won’t spend a fortune having someone else do what you could have done anyway. It really is easy if you have a plan or a guide that shows you exactly what to do to get your score in the 700 range asap.