Stop me if you have heard this one before. A man and a woman fall in love, and get married. The man has bad credit and the woman has great credit. But they work together to get both of their credit scores as high as possible. One day, the man slips up and makes his payment to the credit card company late. Should this make the wife worried about her credit score? What should they do in that situation?
That Husband of Mine is Killing My Credit!
Well, slow down because your spouse may not be hurting you at all. First of all, you have different credit cards. That is the first thing to remember. So you are not completely sunk. If you still make your payments on time and make sure everything is ok then you should be alright. In fact, if you two keep your accounts separate, then you will come out unhurt in the situation. If your name is not on his account, and his name is not on your account, then every thing is grand. By not having your names on each others account, then neither one is liable for the other.
The problem comes when you have a joint account. Once you sign on to another persons account, or they sign on to you then both people are equally responsible. What you do will affect them and what they do will affect you. So you need to make sure everything is ok with their credit. It is a way you can help them maintain good credit while watching out for yourself as well.
Try To Get the Creditors to Have Mercy
Now, you may be able to swing one past the creditors. Usually these people pay excellent attention, because it is their job to focus on your score. But it might be possible for you to contact the creditors and explain the situation. If you let them know that if was not your account, but your joint account with your spouse then you might be alright. Either that or they can just tell you tough luck. But it is worth a shot. You may have to write a letter to them explaining what is happening, and you may have to wait a bit for the response. But if it works, then it will be worth it.
Help Your Spouse Control Their Credit
The easiest way to make sure nothing happens is to help your spouse keep their credit in order. Work with them to make sure bills get sent in on time and that no payment goes missing. Take a bit of control, and help them. It will be something you both can appreciate when you have no credit worries in the relationship.
Additional Resources:
Do you have limited or poor credit? Want the convenience of a credit card? The Orchard Bank MasterCard Secured can help. The Orchard Bank Secured MasterCard gives people with bad credit or no credit a chance to build their credit. In this post, the basics of the Orchard Bank MasterCard Secured will be discussed, as well as why it is superior to other secured cards.
Orchard Bank MasterCard Secured: The Basics
- 0% introductory APR on purchases
- Intro APR lasts 6 months
- $35 annual fee
- Periodic reviews for credit limit increases
- Competitive 14.9% regular APR (variable)
- No application fee
- Orchard Bank reports to all three major credit bureaus
About the Orchard Bank MasterCard Secured
If you have a bad or limited credit history, you know how difficult it can be to get a credit card. The Orchard Bank MasterCard Secured is designed specifically for people like you to give you the opportunity to build your credit. With the Orchard Bank Secured MasterCard, you have the convenience and safety of a credit card with a limit that is predetermined by the amount of your security deposit. In other words, it is impossible to go over your credit limit with this card.
Orchard Bank MasterCard Secured: The Best Secured Card Out There
Many secured credit card issuers know that their cardholders have few other options, and they take advantage of this by setting less-than-ideal terms for their cards. The Orchard Bank MasterCard is different, though. For one, you will enjoy a 6-month, 0% introductory APR, which is unheard of for secured cards. Orchard Bank also reports on your account’s standing to all three credit bureaus, which allows you to boost your credit score by paying on time. Another feature that really sets the Orchard Bank Secured MasterCard apart is the availability of additional cardholder benefits, such as fraud protection, online account access, and card replacement services for emergencies. As if that weren’t enough, the Secured MasterCard by Orchard Bank also allows you to earn interest on your security deposit, which is another rarity among secured cards. Finally, the APR’s of secured cards are notoriously high, but the Orchard Bank MasterCard Secured credit card once again distinguishes itself by offering the competitive variable rate of 14.9%.
If you want the convenience and safety of a secured credit card that will help you build your credit, then look no further than this great card.
Additional Resources:
We all know that life brings many stresses with it. One of those stresses is credit card payments! We are all human, and sometimes we make mistakes. Those mistakes can be as little as losing car keys, or even worse, not paying your credit card bill. Both are bad, but the credit card bill is probably a tiny but worse. So if that happens, what is the worst case scenario for you? Can you actually be jailed for not paying your credit card?
The Slammer, The Clink, The Hole, The Cell, Your Destination?
I appreciate the concern you have for not paying your credit card bill. But honestly...jail? You will not be thrown into jailed if you do not pay your credit card bills. We are not dealing with a criminal issue here. This is only a civil issue. So do not worry about the police knocking on your door dangling handcuffs. The worst thing that can happen to you is a person showing up at your door with papers telling you they will see you in court. The creditors have the right to get their money. They want to recover that money quickly. So they will just start off by mail you notices, then move up to phone notices. When that option is exhausted, then comes the lawsuit.
Let’s Not Make Lawsuits An Option
Like stated earlier, the creditors want their money. They will be kind at first, and that is the only stage you need to be concerned with. The key factor is that they are being nice to you, even though you are late on your payments. So do not make them upset, and pay those bills immediately. You have been granted leeway, and you should be thankful for that. Do not be happy there is no jail time involved, and become relaxed on payments. If this happens too much, then your credit will be so messed up that you might as well have been in jail. Because you will be getting no credit or any financial backing anyways, because of your poor credit.
Jump On Your Problems Before They Jump On You
Remember, if you take control of your financial situation before it controls you, then these things will rarely happen. I know that unforeseen things will arise, and troubles may happen. But whenever you can, make sure you are doing the right thing with your money. Pay off bills on time, or as soon as possible. Do not let these things get over 30 days, because that is when the trouble begins to mount. So just be careful, and make sure you are also acting in your best interest. These creditors will always act in their best interest, because this is how they have managed a successful company. So do the same for yourself, and make sure you do not let things get out of hand. In the end, you do not want to find yourself in a court room having to pay extra fees on top of the ones you already owe.
Additional Resources:
Do you have bad credit, but still want to earn rewards for purchases? Your Credit Network has the card you will want. The Ultra VX Visa Card from MetaBank. This blog entry will cover the basics, and the rewards of this bad credit rewards card.
Ultra VX Visa Card Basics
- No annual fee
- 18% Fixed APR
- Credit-On-Demand option
- Point Rewards
Get Ultra Rewards With This Card!
Now because of your bad credit standing, it is standard to pay some fees with these cards (especially ones that offer rewards). But the Ultra VX card sets itself apart because the fees are much smaller. You do not have an annual fee which starts this card off great. There is no inactive fee either. So you can see they are not trying to fee you at every chance. You do have a small application fee, but after that, the participation fee is only $6.95 per month. So that is not much for a great card. Plus you get some great reward opportunities. The reward details are:
- 1 point per $1 spent
- Points can be redeemed for travel rewards
- Southwest Airlines, American Airlines, jetBlue, Marriott, plus more
Travel rewards are something that all of us can really use. These rewards are great because they are something you actually want to use, instead of some points to a random store you have never heard of. this card wants to show that even bad credit situation can be deserving of great rewards. This is the whole package. A small number of minimal fees, and great rewards is a combination you would be hard press to pass up. See why this card is highly thought of and approved by many. We trust that you will think of it the same way. So get to know a little more about this card, then sign up if you believe it is the right card for you. We think you will like what you see.
Let MetaBank and Visa Get You a Great Card Today
Now that you have seen what great rewards you can earn, the time is now to sign up. Get rewarded even though you have less than perfect credit. Plus, you can use this card to help turn your credit around, so that is a bonus. This card is really meant for bad credit situations, and it really wants to help pull you out of your credit funk. So don't wait any longer. Apply now for this great card and watch the rewards come rolling in!
Click here to apply for the Ultra VX Visa Card
Additional Resources:
Now, you may have been on top of things like bills and payments for the past year, and you are really cleaning up your act. Oops! You make a payment late! So you rush to the mailbox and make this payment. When will the credit card company report back to the credit bureau that everything is taken care of?
Reporting To A Credit Bureau
The most common practice of reporting to credit bureaus is every 30-60 days. 60 days is the extreme, with most everyone practicing the 30 days (or once a month) rule. So do not worry, they will acknowledge your payment within the month of turning it in. That is one of the perks of having a card that will report to credit bureaus. They do it for you, and all you have to do is make sure you check to see that it has happened.
Do I Get Credit For Turning In A Payment On Time?
Actually, there is nothing that states a company is required to turn in information whether it is good or bad. So if they are reporting only the bad and not the good, call them and ask that they to do so. It is not fair to be denied good standing when you do make payments on time. You should want to improve your credit score, and they should too.
This also is true if you are using your credit wisely. If you rarely ever go over your credit limit, then get them to report that. It shows them you are responsible. Start to make sure you build up trust and confidence as well. It will help you in the long run when applying for other necessary things.
My Company Does Not Report, Or When They Do They Only Report Bad Credit
Well if this happens, then let them know. You need to be with a company that respects you when you do well. Do not let them control you. You need to be in control at all times when it comes to the issue of your finances. If you are only aware of the bad, then other people will be too. You know you do twice as many good things as bad, and that should be your defining credit quality. And above all, there are many benefits to having a good credit score.
How does a credit bureau arrive at their score?
When you request your credit score from the bureau, it should come with the following:
- The information on their credit scoring model
- The range of possible scores
- What key factor may have affected the credit score
- The date the credit score was officially created
Just a tip on what you should look out for. This information will be important to look over so that you may have a better understanding of how your credit score has been determined by the credit bureaus.
Additional Resources:
Jay Dobbins
Team Your Credit Network
Let's just be honest, because we are all adults here. A credit card is the only reasonable financial device there is out there. Men, credit cards are like that gal that hangs out you, watches football and only talks during commercials. Women, credit cards are like that guy who goes to an off Broadway show with you, then engages in deep conversation with you afterwards over a mocha latte. Credit cards are reliable and will never leave you with any deep emotional trauma. The problem comes when you get tricked into relying on Credit Card's evil little financial brothers.
Payday Loans: Wait I Get Extra Paydays?
I know I just made a lot of you cringe out there. If you have had troubles with payday loans before then you know what I'm talking about. If you haven't then listen up! Payday loans are dangerous. Unless you think paying unhealthy amounts of interest is the starter to an exciting Saturday night. We're talking about up to 100%+ interest for one of these. They are called payday loans because you need money before payday, and then you will pay those loans back ON PAYDAY. Best of luck with that. You needed a payday loan because you did not have money. Now, are you going to take out another payday loan to pay off the first payday loan? Let the vicious cycle begin. Even payday loan sites like Personal Cash Advance say in their FAQs, "reliance on payday loans can create serious financial difficulties." Hey, they are just being honest.
Cash Advance: Free Money?
"Money given for you to use at your discretion." Ahh yes, it is as simple as that. Here is some money, have fun, and make sure to buy yourself something nice. Cash advances aren't grandpa. Grandpa will not make you pay back the money for your new shoes, plus money for him to get new shoes! Cash advance can't trick us, they simply just want to replace the hated name of payday loan. It seems to me like someone wants to deny the fact that they are on the same level as a payday loan company. I don't blame them.
Secured Loans: Low Interest?
You might have heard of these when walking into your local bank. They offer a pretty enticing deal when you look at the posters of low rate loans. But there is a definate catch to those tempting deals: Your house, your car, your boat, any item or asset you sign off to them on the contract can be forfeited to your lender if you have issues paying the loan back. Don't believe me? Check out the terms and conditions of the contract or the definition of secured loans. You give the bank the title to your assets and they hold on to it until the debt is paid back in full. Do you want to worry about loosing your livelihood if you have a problem making a payment? Maybe that low interest rate isn't worth it after all...
Unsecured Loans: Possible Answer?
Maybe your thinking of turning to a unsecured loan instead. It doesn't seem that bad of idea at first, but now it's time to look deeper. If you are in need of quick cash, it is likely your credit score isn't that great. Unsecured loans are beneficial when you have a very good credit score, as you will recieve a lower interest rate with a bank that trusts you. What about those with not so great credit? It just like a paydayloan, you will recieve a high interest rate. And even after you go this route with a credit union or your bank, you will end up spending the large lump sum quickly. Credit cards don't give you this temptation.
Credit Cards Welcome You with Open Arms
Listen, the concept of the payday loan or secured and unsecured loans is great. You get money when you need to use how you want. I wish that was something we all could get. But there is a reason why you need to rely on those loans, and I don't think shifting the cost over to quick loans makes the financial burden go away. Credit cards aim to love, not destroy. There is a reason you are extended credit, and not forced to pay overbearing interest charges. We know trouble will arise, and that you need a way to make things easier on you. I do not think anyone sits around wishing they could fall deeply into debt because they enjoy the action. There is a reason you can keep a credit card on you at all times. The card is a mainstay. It will not love you, then leave you on payday and take half your possessions. Rid your life of any evil financial giants, and let a credit card pull you through the dark times.
Additional Resources:
Trey Knox
Team Your Credit Network
So you have always made sure you followed all the rules set out by the credit card company. But one day they lower your credit limit, after all your hard work. Other then being frustrated, what can you do? I know you may feel helpless at first, but there are things you can do to find out why this happened.
Tips If Your Credit Limit Has Been Lowered
- Consult your credit score
In order to keep up to date with your credit, you should be doing this anyways to make sure you always know where you are standing. Check to see if any numbers have been drastically changed in any way over the past year to six months. If you stay on top of it, this step should be easy. A change in your credit ranking will definitely effect what amount the credit card companies will offer you.
- Make sure you find out if you were late on any bills
You may have sent your credit card bill in on time, but the mail service could have misplaced them. Unfortunately some companies will not be generous on their late terms. This can affect your credit score if it happens often. You can always be cautious and send in your bills before the end of your grace period or even early so that you will not have to worry about late fees or the effects on your credit score. Find out how late is too late with your credit card company, and pay your bill on time.
- Be aware of your financial situation at all times
Manage your money and your credit cards correctly. Make sure you don't do anything that would give them a reason to lower your credit. Try to keep a budget and an account of all your spending as you need to make sure you do not have any fraudulent charges on your account. Don't assume the online account summary is correct, take the time to sort out your expenses.
- Contact your credit card company directly
If in doubt, go to the source. If they cannot give you a complete answer, then something is definately wrong. They will be able to inform you of why it happened and how you can cure the situation in most cases. Generally they will even send out some form of a letter when your credit has been lowered to make you aware of the situation. Don't hesitate to ask the company if you have any questions; as much as they have lowered your line of credit, they do value your business.
People make mistakes, and the credit companies understand that. Every step of the way look for errors or things that could have affected you negatively. Don't rely on a mistake, but just be aware. The slightest mistake can be damaging. When you have found the mistake, learn what you can do to correct it in a timely fashion. Overtime the credit companies will forgive you. Keep at raising your credit score, and you will find the many benefits of having a high credit ranking.
Be Aware At All Times!
The main point of this blog post is to make sure you know what is happening financially at all times. If they lower your credit limit find out why and ask questions until you understand. Then find out how you can fix it. Don't just sit there and let it affect you. If there is a way to lower your credit limit, there is also a way to raise your line of credit back up. So be proactive and go find out how to improve your financial life!
Additional Resources:
Trey Knox
Team Your Credit Network
Greetings Your Credit Network readers! Every now and then I dive into Yahoo! Answers and try to field some of the tough credit questions that people just like you have about all the credit card deals out there. I took a day or two to research my answer for one of the questions I saw, but wouldn't you know it - they closed the topic for new answers! No biggie... here's a copy of the question as seen on the original Yahoo! Answers request as well as the response I would have posted had I acted a little bit faster!
It sounds like you have a couple of questions here, so let me try to answer them one at a time!
Is The Black Diamond Credit Card Legitimate?
Yes. The New Millennium Black Diamond credit card is issued by New Millennium Bank, which is one of the more popular credit card issuers for people who have less than perfect credit. Most online credit card resource sites have been carrying the card since early February of 2007, and the popularity of this program has been met with mixed reviews; of the credit cards that do come from New Millennium Bank (there are three total), the Black Diamond edition is by far the most popular – followed by the Gold series and then the Platinum series. The reason for the higher marks is the lower application/processing fees that are associated with the New Millennium Black Diamond card (the other two programs have slightly higher deposits that tend to discourage people who are not serious about getting a credit card from applying.)
What Other Credit Cards Are There For People With Bad Credit?
It’s good to see that you are exploring your options! One of the best kept secrets of online credit is that bad credit credit cards actually have more variety than do those that are targeted for people with excellent credit. Credit cards for people with poor credit actually exist on a sort of tiered system, meaning people with bad credit can actually get decent rates compare to people with REALLY bad credit, who generally pay way more than they should in interest expense than they would if they just took a few months to improve their credit score and then applied for a card.
Confused? Don’t be! The trick is to consider your credit history and how often you missed payments and/or defaulted on loans of any kind. If your answer is yes and relatively recently, then you’re better off applying for a lower tier card since you are unlikely to qualify for the more primo bad credit credit cards; if you have been doing well at paying your bills on time or you defaulted on a card but it was a long time ago (2+ years) then you should go for the top tier credit cards – you’ll probably be happier with them.
You Still Didn’t Answer My Question… What Other Credit Cards Are There!?
Good catch. It’s important that I got you thinking about your credit situation before I present your alternatives. Here are some other credit cards for you to consider if you find that the New Millennium Black Diamond isn’t for you (I picked the top performers from each bank, though there are more if you keep looking):
Continental Finance Gold MasterCard
Issued by First Bank of Delaware
This card has the lowest interest rates available to most bad credit consumers out there, and the good news is it’s a relatively new program so they’re offering is as good as it’s ever going to be. It’s also the highest rated credit card in the bad credit section of most sites, so other users of the card tend to agree!
Orchard Bank Platinum MasterCard
Issued by HSBC Bank
This credit card trails slightly behind the Continental Finance Gold, likely because the interest rates are slightly higher. If you choose not to get the Black Diamond card and you find that the Continental Finance isn’t for you, then this is an excellent choice.
Access Visa Card
Issued by Plains Commerce Bank
This is a great credit card if you find your applications are rejected elsewhere. The interest rates are a bit high (19%+) but if you really need a credit card for your travels, this is a viable option.
Which One Should I Apply For?
Only you can make the best decision for your unique financial situation – read up on each card and see which one fits your lifestyle best!
What About Shipping A Card To Europe?
I would advise against this completely. Not only will the credit card issuer probably object to an out-of-country shipping arrangement, on the off chance they were to say yes you have fewer ways to pursue financial relief if something were to happen to the card (i.e. lost or stolen en route to your vacation spot.) You might consider applying for the card of your choice while at home, and then having a friend or relative ship you the physical card via a private carrier like FedEx when it arrives at your home address. Not only will this speed up your receipt of the card, it will also give you peace of mind that your credit card is in the right hands at all times.
I hope you find this information useful – good luck!
If you have poor credit, have been turned down by other credit cards and are looking to get back on your feet, then the Continental Finance Gold MasterCard - issued by the First Bank of Delaware - is for you. Unlike most unsecured cards, this unsecured credit card reports straight to credit bureaus on a regular basis; this very important credit-building step comes at no additional charge to you.
About the Contenental Finance Gold MasterCard's Great Rates
This card has a fixed APR of 9.75% as well as a low annual fee of just $27. But with that comes free online access to helpful tools and you are allotted frequent increases in credit limit. By allowing you to have credit limit increases it helps to reward you for getting your credit turned around. It shows that MasterCard has faith in you when they give you this card. The fees on this card are very consistent with the fees that you will find on other cards designed for those with poor credit.
Continental Finance MasterCard Perks & Bonuses
There is no reward program for this card, but there are some great perks that come with owning this card. The perks are not just limit to a few different places; there are over 100! All aspects are covered with these benefits from food and car rentals, to online order from many various internet shops. Companies involved with these perks include:
- 20% off your Alamo car rental
- $10 Off Your Sharper Image Order of $50 or More
- 15% Off Your Luggage Order and Free Shipping from Samsonite
- Special Package Price from Omaha Steaks
- 15% Off Your Order from Vermont Teddy Bear
- Plus many others!
These perks are set so that you will be able to get something back for being a cardholder. MasterCard wants to let you know that you are more then just a cardholder, and that you should be rewarded. These great savings and rewards will be great to help lead you on your way in your new MasterCard lifestyle.
Click here to apply for the Continental Finance Gold MasterCard.
Additional Resources:
Jay Dobbins
Your Credit Network Contributor
Tribute MasterCard is a credit card many people have mixed opinions about - some like it while others don’t. Here we provide the facts to explain just what it is the Tribute MasterCard website is doing right and some of the things that you may or may not like. First we will explain what the credit card offers and then we will elaborate on some of most common complaints/issues people are having with the credit card.
The Tribute Credit Card Offers…
- Designed for Poor Credit. This credit card is designed to help build an individual’s credit score if they have bad credit and limited credit opportunities.
- Instant Approval. After an individual applies for a Tribute MasterCard they will receive an approval almost instantly. This is one of the features that makes this poor credit credit card so popular.
- Grace Period. Tribute Bank MasterCard has longer grace periods than most banks. This makes it easy and convenient to make a payment on times when compared to other credit cards that do not offer a grace period at all.
- Flexible Interest Rate. The interest rate might go back and forth from time to time, depending on the US prime rate and how dedicated you are about paying your bill. This rewards people who are serious about rebuilding credit!
- Travel Accident Insurance. When you travel with your Tribute MasterCard you will have accident insurance to cover you should the unthinkable occur.
- Acceptance & Usability. The Tribute credit card is accepted at millions of endless places around the world – any place where the MasterCard logo is displayed!
On the Flipside…
When you go online and search for credit cards, specifically the Tribute Credit card, you will find information both good and bad; however, most people look at the bad ratings and almost instantly think that this credit card is worthless and will be nothing but problems for them in the future. The number one problem that people have with this credit card is some the yearly charges that are required to join the program, but like many cards in the “bad credit” category the fees cannot be avoided due to an applicant’s poor credit profile.
Getting a credit card is not easy, and when consumers have bad credit their applications are usually turned down more often than not. This is why some bad credit credit cards have an application fee; the application fee is designed to offset the liability credit card companies incur when accepting someone with bad credit history. Bad credit history is a red flag, so by charging the fee it is eliminating people who are not serious about building their credit score and significantly reduces credit card fraud perpetrated against unsuspecting individuals.
Ready to apply for the Tribute Credit Card? Great! Click here for Tribute’s full credit card review & application.
Is the Tribute MasterCard not for you? Try some of these related credit products:
Trey Knox
Team Your Credit Network
Do you have the bad credit blues? With the holiday season in full swing, it is estimated that up to 20% of the American population may be experiencing some degree of depression associated with their financial situation; desperately wanting to buy something for that special person, but not having a credit card, is a devastating feeling. Thankfully, help is available.
Short-Term
One of the quickest ways to get your credit back on track is to have your credit reported to the major bureaus; some of the cards within our bad credit section can help you do just that. The key to these credit cards is to pay your bill; the more regular you are with your payments, the higher your credit will climb.
Long-Term
Fixing all your credit problems can take time, so it is recommended that you visit a credit repair service, to make sure that all previous financial indiscretions can be accounted for and hopefully removed.
Have a safe, happy holiday season. If your credit is bad, don’t get the blues, just get it fixed.
Team Yourcreditnetwork.com
|