Credit Card Debt

Credit Card Debt

What is Credit Card Debt

Credit card debt is a type of unsecured liability which is incurred through revolving credit card loans. Borrowers can accumulate credit card debt by opening numerous credit card accounts with varying terms and credit limits. All of a borrower’s credit card accounts will be reported and tracked by credit bureaus. The majority of outstanding debt on a borrower’s credit report is typically credit card debt since these accounts are revolving and remain open indefinitely.

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Universal Default

Universal Default

What is Universal Default

Universal default is practice whereby a credit card issuer increases a credit cardholder’s interest rate if the individual is late making a minimum payment on any debt that is reported to the credit bureaus. For example, if Jenny has a Visa card and a Discover card and she misses the payment deadline on her Discover card, her Visa card issuer might increase the interest rate on her Visa card. Her Visa card issuer might even increase her rate if it learns Jenny was late paying her car loan.

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Keep a check on your 3 Credit Scores for a strong financial health

Keep a check on your 3 Credit Scores for a strong financial health

Financial uncertainties can have an adverse effect on the life of an individual. It is therefore extremely important to have enough options of alternative finances that can support the individual in these troubled times. One of the major troubles that the individual in a financial crisis can face is the quality of his/her credit score. Any financial help by the credit agencies can be obtained by having a high quality score of credit. It is therefore very essential to keep a check on the scores to have a strong financial health. The records of credit transactions of each and every citizen are maintained by the three governments recognised credit agencies namely the Equifax, Experian and Transunion. The 3 Credit Scores offered by these agencies determine the ability of the individual to get any financial help of credit during the necessities.

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The Basics in Free Credit Report

The Basics in Free Credit Report

A credit report is a basically a record containing all of your credit activities and detailed information about your credit history. These includes information on credit accounts, loans, payments that are due, and new inquiries that you’ve made. Every time you make an application for a credit card or other additional loans you wish to procure, it records as a query on your credit report. Therefore, it is a record of how you basically use your credit and how much of is still available for your perusal.

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A Comparison of Some Credit Report Companies

A Comparison of Some Credit Report Companies

Credit report companies, or credit bureaus, are venues for a consumer’s credit history and activities. In the United States alone, there are more than 1,000 credit reporting companies. Amongst the vast array of companies out there, the majority are owned by three large national credit bureaus. These are the TransUnion, Experian and Equifax. Each one has its own description of the FICO Fair Isaac Corporation scoring method to rate a consumer’s credit. A FICO score is a vital tool in the ability of the consumer to obtain loans, insurances, credit cards and other desired credit applications.

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How Does a Credit Report Works?

How Does a Credit Report Works?

Considerably, we are reliant on those who are equipped to lend us the financial assistance that we need. And these are financial organizations or institutions such as banks, lending companies or credit card companies. If you want to manage your finances effectively, especially when you are in debt, you have to be well-aware of the dos and don’ts. Credit lenders and companies will base their decision on whether or not to lend you money on these factors.

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Identity Theft: Know The Warning Signs And How To Stop It

Identity Theft: Know The Warning Signs And How To Stop It

Identity theft is used in countless movies and TV shows where secret agents become someone else in order to gain access to spy labs and formulas. Or maybe you’ve seen that episode where a child fills out a credit card application in the name of a relative and goes on a spending spree. While identity theft certainly can be creative to move along a plot, it is more devastating in real life, not to mention illegal. Take the latter example – a child with a credit card belonging to someone else can be a danger to that person’s bank account, credit history and credit score. Always monitor your free credit reports and scores on a regular basis to make sure no unusual credit activity is occuring.

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What You Should Know About In-store Credit Cards

What You Should Know About In-store Credit Cards

Times are tough, money is tight and every month comes a holiday with commercials telling you to go out and buy chocolates, flowers, gifts, clothes, jewelry and food for a holiday family feast. And when you load up that shopping cart and hit the check out aisle, an in-store credit card sounds too good to be true (“Save 15 percent on my purchases today? Sounds great!”). But before you begin saving $10 here and $25 there, take a few minutes to find out if an in-store credit card is worth owning or even applying.

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