So you ordered a copy of your credit report to check for inaccuracies and get the most from your credit score. Now how do you read it? Your credit report is read and used by any number of people you deal with on a daily basis, from your landlord to your employer to a potential lender. Fortunately, it has gotten easier to order a copy of your report, but it’s not so easy to understand what all those abbreviations and numbers mean once you’ve got it.

If you haven’t ordered your credit report yet, you will soon be entitled to a free copy from each of the three major credit bureaus, Equifax, Experian, and TransUnion. Some states can already take advantage of this new policy, but people living in eastern states will have to wait until September of 2005. Order your free yearly copies from all three agencies and check for the availability of the annual reporting program in your area at the same website: www.annualcreditreport.com <http://www.annualcreditreport.com/> . Each report will contain different information because retailers and creditors only report to the agency in their area or with whom they have an agreement.

Once you have your credit report in your hands, you will see that it is divided into four main sections:

• Consumer information

• Account histories

• Public records

• Inquiries

Double check the accuracy of your identifying information. This will include your name, address, phone number, previous addresses, date of birth, and Social Security number (SSN).

Next, for each account history, or trade line, you will see the following information:

• Date you opened the account

• Type of credit account (either installment, such as a car loan or mortgage, or revolving, such as a credit card)

• Name(s) on the account

• Total loan amount, credit limit, or highest card balance

• Amount you currently owe

• Amount of your monthly payment

• Account status (either open, closed, inactive, paid, or other)

• How promptly you have paid on the account

Credit agencies vary as to how they word various sections of the report and should provide you with a guide to reading their versions. One agency might report in the last column of an account history that you paid “on time” or “30 days late.” Another agency might use a numeric code to rate how well you paid off a debt. R1 is the code used for an excellent repayment history on a revolving charge account. I1 is the code used for an excellent repayment history on an installment account. Obviously, the higher the number next to either the R or I, the lower your repayment history is rated. So an R4 would indicate a history of late payments.

The public records section will include any tax liens, bankruptcies, judgments, or other financial-related legal matters. Depending on the type of action taken, these damaging records may stay on your credit report for up to 7 to 10 years.

The last section lists the inquiries made on your credit. Hard inquiries are those requests to pull your credit when you apply for such things as loans or lines of credit for services. Soft inquiries result when companies sending out promotional items to pre-qualified individuals check your history or when your current creditors check your payment status. The soft inquiries only show up on the report that you order, not on reports pulled by lenders.

While too many inquiries in a short period of time can signal a red flag to a lender, most credit scoring models are least affected by this portion of your report.

Check your report for any errors and report them immediately in writing. If you need more information about how to reach the three main credit bureaus, please go to www.apscreen.com.

Don’t forget that the credit agency providing your report is also a great source of information on not only reading your credit report, but raising your credit score.

Cathy Taylor is a marketing consultant with over 25 years experience. She specializes in internet marketing, strategy and plan development, as well as management of communications and public relations programs for small business sectors. She can be reached at Creative Communications: creative-com@cox.net or by visiting http://www.apscreen.com

A lot of people spend more money than they can afford to repay toward their credit card debts. To regain control over your finances and to manage your debt, here are some solutions you can try.

CREATE A SPENDING PLAN

In many cases, people design and then stick to a spending plan to get their debt under control. A spending plan is a guide for how much money you have and how much money you spend. Sticking to a realistic spending plan allows you to pay off your debts and save for the proverbial rainy day.

CREDIT COUNSELING

Many universities, military bases, credit unions and housing authorities operate nonprofit financial counseling programs. Even though some may be called non-profit, a fee may be charged for their services.

Creditors may be willing to accept reduced payments if you’re working with a reputable program to create a debt repayment plan. When you choose a credit counselor, be sure to ask about fees you will have to pay and what kind of counseling you’ll receive.

A credit counseling organization isn’t necessarily legitimate just because it says it’s nonprofit. You may want to check with the Better Business Bureau for any complaints against a counselor or counseling organization. DECLARING

BANKRUPTCY

Bankruptcy is considered as an extreme last resort credit solution. Unlike negative credit information that stays on a credit report for seven years, bankruptcies stay on a credit report for 10 years.

Bankruptcy can make it difficult to rent an apartment, buy a house or a condo, get some types of insurance, get additional credit, and, sometimes, get a job. In some cases, bankruptcy may not be an easily available option.

WHEN TO CONTACT CREDITORS

If you’re having trouble paying your bills, contact your creditors immediately. Tell them why it’s difficult for you, and try to work out a realistic modified plan that reduces your payments to a more manageable level.

Don’t wait until your accounts have been turned over to a debt collector. At this point, it may be too late. Take action immediately and keep a detailed record of your conversations and correspondence.

USE CAUTION WITH DEBT COUNSELING

Turning to a business that offers help in solving debt problems may seem like a reasonable solution when your bills become unmanageable.

Be cautious. Before you do business with any company, check it out with your local consumer protection agency or the Better Business Bureau in the company’s location. One rule to remember is that if a credit repair offer seems too easy or just too good to be true, it probably is too good to be true. And knowing your rights can help you steer clear of rip-offs.

As you try to take control of your credit card debt, be on the lookout for advertisements that offer quick fixes. While ads pitch the promise of debt relief, they rarely mention that this relief comes in the form of bankruptcy.

Because bankruptcy stays on your credit report for 10 years and hinders your ability to get credit, it’s important to ask for details before agreeing to any debt-relief services.It’s a good idea to check the information found in your credit report at least once a year.

Since credit reporting agencies don’t share files, you’ll need to contact each reporting agency to make sure the information about you is correct. The three major credit reporting agencies are: Equifax (1-800-685-1111); Experian (1-888-397-3742); TransUnion (1-800)-888-4213.

Jamie Madison is the webmaster at http://www.ReviewMyCreditReport.com where you can request a FREE copy of your credit report. Visit today for a copy and keep track of what your
credit report says about you.

The “American Dream” is becoming a reality for more families than ever before. According to the U.S. Department of Housing and Urban Development (www.hud.gov) over 67.7 percent of Americans are now homeowners. This is the highest homeownership ever.

The chances of becoming a homeowner are greatly improved when you know and understand your credit score. Lenders use many factors in determining whether or not to approve a loan and your credit score is one of them. Lenders also look at your income in relation to the amount of your debt, your employment history, and how much money are do you have in reserves in case of emergency. Although your credit score is just one factor in determining if your loan will be approved, it is an important one and it is one that you can improve.

Under the Fair and Accurate Credit Transactions Act you are entitled to a free copy of your credit report annually from each of the three national consumer credit companies. A central location has been set up at www.annualcreditreport.com. Here, you can also obtain your credit score (one from each of the companies) for a small fee.

Your credit score is a “snapshot” of your credit history, which changes often. It can also be called your FICO score because the three national consumer credit companies use software to determine the score developed by Fair Isaac and Company. FICO scores range from 300 to 850 and the higher the score the better your chances of obtaining credit. According to myFICO (a division of Fair Isaac and Company) www.myfico.com, the national average is 723. This does not mean that if your credit score is lower than the national average that you will not become a homeowner. There are many loan programs available that allow lower credit scores. You may pay a higher interest rate on your mortgage, but you will achieve the American dream of owning a home.

According to myFICO, there are five factors used in calculating your credit score. Your payment history represents 35 percent of the number. This is followed by the amount you owe at 30 percent. The length of your credit history represents 15 percent of your FICO score and any new credit and the types of credit you use represent 10 percent each. Knowing these factors can help you improve your score.

Your payment history makes up the largest part of your FICO score. If you want to improve your score it can be as simple as pay your bills on time. If you have missed payments, get caught up. Over time, this will improve your score. The longer you pay your bills on time, the better your score.

A factor in determining your credit score is the amount of debt you actually owe versus the amount of credit that is available to you. Hence, paying down your obligations will improve your credit score. You do not want to close your unused credit cards since they will show you have more credit available to you than you are actually using. Paying off debt is good while closing the paid off debt can actually hurt your score.

In order to determine a credit history, you must have at least one piece of credit reporting for at least six months. So if you find that you have no credit score, you need to find a way to establish credit for a period of six months. Although you need to watch for various credit scams, there are secured credit cards available that will meet this need.

Since your credit score is a “snapshot,” opening t0o many new accounts in a short period of time will hurt your credit score. This is caused by your average account age being reduced by all the newly established credit.

When you apply for credit (i.e. mortgage, auto loan or credit card) the company will look at your credit report. This is called a credit inquiry. Although too many credit inquiries can lower your credit score, opening new credit and paying it on time will improve your overall score. You reviewing your own credit, as long as you are obtaining your credit report from an organization authorized to provide credit reports to consumers, will not affect your credit score.

It is better to have credit cards and pay them on time, than to not have any credit at all. A lender will look at a mortgage loan or large installment debt more closely than a small credit card. However, all types of credit, including paid off and closed accounts, are used in calculating your credit score.

If your credit score is low, often the best way to raise your chances of becoming a homeowner is by paying your debts on time, and for a period of time. The longer you demonstrate your ability and willingness to pay your obligations, the greater the chances you will be able to achieve the “American Dream” of homeownership.

Jim Campanella is the Operations Manager of Fresh Start Financial Services, a mortgage broker in Rolling Meadows, IL.

Since 1989, Jim has been active in State and National professional associations/trade organizations in the mortgage industry. in 2004, Jim Campanella was recognised by the Illinois Association of Mortgage Brokers as the Mortgage Broker Operations Manager of the Year. He has spoken on a range of mortgage related topics from coast to coast.

Fresh Start Financial Services is a licensed mortgage broker in the States of IA, IL and WI and originates loans also in CO, IN and MO. In 2003, the Illinois Association of Mortgage Brokers recognised the mortgage broker as the Subprime Mortgage Broker of the Year.

Jim and his family make their home in Rockton, IL.

In the past, filing bankruptcy was like having a Scarlet Letter on your chest. Bankruptcy made people outcasts and pariahs. It was as if a contagious disease struck, and no one wanted to be near you for fear of infection.

Today, bankruptcy doesn’t quite have the stigma it used to. Many of the world’s most successful people have filed for bankruptcy. These people hit rock bottom, and have bounced back to become wildly successful.

To emerge from bankruptcy requires diligence and discipline. In order to get back on your financial feet, you must rebuild your credit.

If you filed a chapter 13 bankruptcy, you had to make your court-ordered payments until the bankruptcy was satisfied. Even though you made great strides financially by doing so, lenders don’t see it quite that way. Lenders don’t consider your bankruptcy payments as a way to rebuild your credit. In fact, the “rebuilding credit” clock starts after it’s discharged, no matter how long it takes you to pay while in chapter 13.

If you filed a chapter 7 bankruptcy, rebuilding won’t take quite as long. When you file for chapter 7 bankruptcy, your debts are essentially wiped out, and you start all over. Once your chapter 7 is discharged, which usually takes a few months from when you filed, your rebuilding credit clock starts.

When you file for chapter 7 bankruptcy, you have the choice of reaffirming some of your debt. In other words, you can choose to keep some of your credit lines open instead of having them wiped out. This is an option you might want to consider, especially if you have smaller credit cards with low balances (under $500). By continuing to pay your reaffirmed debt, you can help rebuild your credit with timely payments and low balances.

Regardless of which bankruptcy you file, there will come a time when the bankruptcy is fully discharged. It’s almost like being free after years in prison - you made some mistakes, you paid for them, you (hopefully) learned your lesson, and you’re looking to make a fresh start. Now, you have to rebuild your credit.

Paradoxically, you need to obtain credit to rebuild credit, but you can’t obtain credit if you just invalidated your creditors. One of the best and most popular ways to begin the process is to obtain a secured credit card. With a secured credit card, a credit company will extend you a credit line in exchange for a cash deposit. Your credit limit is usually equal to, or a percentage of, your deposit. Rarely, if ever, will it be higher than your deposit.

These credit cards are not hard to find. In fact, since bankruptcy is public record, many of these companies will find your name at the county courthouse and send you a solicitation to apply. You must be careful when dealing with these companies. Some are notorious for “kicking you when you’re down.” In addition to the deposit, they will charge you exorbitant junk fees and interest rates. Always read the fine print in the solicitation. As required by law, they must disclose their fees and rates to you.

As well, make absolutely sure that the credit card company actually reports your payment history to the three major credit bureaus. Getting a secured credit card is worthless if your history isn’t reported. It’s worth repeating that you must find out if they report to all three bureaus, as opposed to just one or two. You will handicap your rebuilding efforts if the history does not show up on all three.

Lastly, make sure the credit card is an actual Visa or MasterCard. Some credit companies offer credit cards that are only usable on their own products. They look like real credit cards, but if they’re not Visa or MasterCard, you can’t use them anywhere of consequence.

Once you have discharged your bankruptcy, obtain a copy of your credit report from the three major bureaus. In order to start your rebuilding credit campaign, you must know where you stand. Filing bankruptcy will have a tremendous impact on your credit scores. When you know where your score stands, you can take the necessary steps to boost them in the shortest possible amount of time.

When was the last time you saw a copy of your credit report? Do you know your credit score? Do you even know if it’s good or bad?

If you can’t answer these questions, you have some homework to do — especially if you’re planning to apply for a mortgage loan in the near future.

Here are some step-by-step instructions to help you obtain your credit reports, review them for accuracy, and correct any errors you come across.

Step 1 - Understand how your credit affects you.
When you apply for a home mortgage loan (or some other major purchase), you can be sure your credit will go under the microscope. Mortgage lenders will analyze your credit to find out what risk category you fall into.

When your credit score is high, your risk factor is low. In this scenario, you’ll have a good chance of qualifying for a loan. But when the opposite is true — low credit score and high risk factor — you could have trouble obtaining a loan.

Credit reports are maintained by three credit reporting companies (sometimes called credit bureaus or agencies): Experian, Equifax and TransUnion. Your credit score is based on the information contained in these credit reports. Three agencies, three reports, three credit scores … all about you!

Step 2 - Request copies of your credit report.
According to the Fair Credit Reporting Act (FCRA), you are entitled to one free credit report per year from each of the credit reporting companies — Equifax, Experian, and TransUnion. To request your credit reports from all three companies, visit www.AnnualCreditReport.com, or call 1-877-322-8228.

If you request your report online, you should have access to it immediately. If you request your credit report through the toll-free number, it will be processed and mailed to you within 15 days.

Your credit report will not come with a credit score, so you’ll need to purchase this separately. You can obtain your credit score by visiting www.MyFICO.com. This website is owned by Fair Isaac’s, the organization that converts your credit reports into credit scores. Here’s a quote from Fair Isaac’s:

“FICO scores are your credit rating. Most lenders base approval on them. You have three FICO scores, one for each credit bureau, and you can only get all three from myFICO.”

Step 3 - Review your credit reports for errors.
Examine your credit reports closely for any errors or inaccuracies. Make sure your personal information is correct and up to date. Check for loans or lines of credit that aren’t yours, as this could be an indication of credit fraud. Anything at all that seems out of place, write it down for further investigation.

Step 4 - Start the correction process immediately.
Under the Fair Credit Reporting Act (FCRA), credit reporting companies are responsible for correcting inaccurate or incomplete information in your credit report. So don’t hesitate to exercise your rights under this law.

If you only find errors on one report (for example, the one provided by Experian), you only need to contact the company associated with that report. Visit the company’s website to find instructions on how to begin the correction process. By law, each credit reporting company must publish their correction requirements.

You can find these instructions on each company’s website:

* www.experian.com
* www.transunion.com
* www.equifax.com

Tell the company in writing what information is inaccurate. File a copy of your initial request, as well as any subsequent communication (such as their response to you). Start a folder and label it with “credit report” to keep your documents together. Keep the folder secure, as it will obviously contain sensitive information.

Step 5 - Follow up thoroughly.
The credit reporting company will investigate your claim within 30 days of receiving it. But why wait? I recommend contacting them after 10 business days, at least to make sure they’ve received your correction request. Follow up regularly after that. Don’t allow your issue to “slip through the cracks.”

Step 6 - Continue your education.
If you believe your credit report contains errors, educate yourself on the correction process. This article provides a good overview, but an important issue like credit deserves a more complete education.

Websites worth a visit:

The FTC’s Credit Center:
www.ftc.gov/bcp/conline/edcams/credit/index.html

Credit Advice from the Better Business Bureau:

www.bbb.org/Alerts/article.asp?ID=616

Credit Section of About.com:
www.credit.about.com

Credit Learning Center at Home Buying Institute:
http://www.homebuyinginstitute.com/credit.php

* Copyright 2006, Brandon Cornett. You may republish this article if you keep the byline and author’s note, and also leave the hyperlink intact.

About the Author Brandon Cornett is the editor of HomeBuyingInstitute.com, the Internet’s largest library of home buying advice. To learn more about credit reports, visit the credit learning center at http://www.homebuyinginstitute.com/credit.php

* Then *

Way back around 1947, many banks in the US started doing their premium customers a favor. The banks gave them a piece of paper for the customers to flaunt at stores. The paper said, ” We, the bank, will pay you on behalf of the customer. Just send us the bill.”

One can imagine how privileged and special those customers felt. One can also visualize how those customers would stay bonded for life to their respective banks, as would their succeeding generations.

This practice of banks really caught on because it promoted customer loyalty and brought in new accounts. Which is why in 1951, The Franklin National Bank, New York, offered the first credit card as a formal financial instrument.

Throughout the fifties, this idea was franchised; a single bank in each large city would allow chosen merchants to accept cards instead of cash. The Interbank Card Association (ICA), which later became MasterCard International, evolved from this situation in August 1966.

ICA was a member-run organization, and banks formed the majority of members. They elected governing members and committees from amongst themselves to frame rules for ICA’s functioning and to implement those rules. In short, ICA was and is run like a true corporation.

In due course, like a typical corporation, ICA put plans in motion to expand internationally. The first steps took place in 1968, when ICA signed agreements with partners in Mexico, Europe and Japan.

By around 1978, ICA had practically covered all the continents. It changed its name to MasterCard to reflect its international stature. 1987 was a watershed year: MasterCard arrived in the People’s Republic of China, where no other credit card had stepped foot in the history of banking. The very next year, the Soviet Union fell to that smart little piece of plastic.

*Now*

The situation now, to quote MasterCard Incorporated, is simple: “No other payment card is accepted in more locations around the world than MasterCard.”

MasterCard presently has a staggering 25,000 shareholders. A list of MasterCard’s largest current shareholders with their holdings reads like this:

1. JPMorgan Chase - 11.7%
2. Citigroup - 6.2%
3. Bank of America - 6%
4. Euro Kartensysteme - 5.2%
5. Europay France - 5.0%

* Why *

So why do millions of people carry MasterCard?

Well, to start with, and as mentioned earlier, it is accepted by more merchants the world over than any other credit card. Add to that the fact that wherever you may be on earth, you have an ATM nearby that will disgorge you cash if you have a MasterCard. How many ATMs are we talking about? Just 780,000!

Also, the intermediate and premium cards, Gold and Platinum, carry attractive value-added features. Such as “Road Assist”, which provides access to emergency service to travelers anywhere in the US. Or “PayPass”, which is a smart MasterCard that you just tap on the PayPass reader at participating locations for your card account to be debited (no swiping or giving your card to checkout counter staff).

If you are in the US, you also have MasterCard’s famous zero liability benefit: you are not liable if your card is stolen and misused.

* Conclusion *

MasterCard offers customers one of the greatest advantages in today’s commercial world: cashless transactions. Coupled with all the benefits mentioned above, it is very difficult to prove why you should not acquire one! Count on MasterCard International to evolve beyond plastic into state-of-the-art personal technology, like credit-loaded mobile phones… stay tuned!

Copyright 2005 http://master-card-information.info

Lucky Balaraman is a graduate engineer who writes on a variety of subjects. Learn more about MasterCard from his site,
http://master-card-information.info

Personal Credit

Having a personal line of credit is very important in today’s world. Obtaining your first line of credit can be difficult and once you obtain credit it can be hard not to fall into a pattern of debt. In order to maintain your credit you need to learn how to use your personal credit report.

There are three major credit bureaus that handle consumer’s credit reports. These three and their contact information are as follows:

Each company may have different information in your file, so it is important to make sure you get all three. It is also relevant that you know the new law passed that allows consumers to get their free credit report from each bureau does not include your credit score. While having the basic information in credit report will usually be sufficient you may wish to pay for a copy just to get your credit score initially so you know where you stand.

Your Credit Report Information

Once you have your credit reports you will find information regarding your personal facts and credit history. What you will find on your report is:

1. Personal Information - name, current and former addresses, current and former phone numbers, current and former employers

2. Credit History - account names, length of time you have had account, amount of credit, amount of available credit, account status, payment history, debt.

3. Inquires - anybody who has asked for a copy of your credit report, usually includes why they requested the copy.

You need to check each section of your credit report for errors. Even if you think something is small you should still work to get it corrected as all three of these areas effect your overall credit score.

Work On Your Credit Score

If you receive your credit score you should look at the accompanying information that explains why your score is the number it is. Working to improve your score will help you obtain credit and get good interest rates on loans. It is wise to at least have an idea of what your credit score is so you are prepared when applying for credit.

Keeping on top of your personal credit information is important. If you know what is going on with your personal credit then you will be able to plan better for large purchases and not apply for credit needlessly.

Gerald Washam is the owner of a website devoted to personal credit and credit repair issues. Learn the secrets to repairing, improving and maintaining your credit score. Secrets THEY don’t want you to know. Visit us here http://www.creditrepaird.com to find your way to personal financial freedom.

Consumer credit counseling is a big service field in the United States. It is a common problem for many in the United States to face a potential credit card debt. To show these persons the right way to act these credit card counseling services are in the scenario.

Every year, more than one million persons in the United States visit credit counselors or credit counseling agencies. They want help to get rid of their credit card debts and regain financial control. But still consumer credit counseling services is a mystery to many. They do not know their working processes and the services which you should get from them when you hire them.

First and foremost thing that you should know is that consumer credit counseling services do not work for you. They work for the lenders. This means that they might have a relationship that will influence their advice. They will suggest loans from a specific lender as they probably get a commission from it.

Here we give you some hints about the working method of consumer credit counseling. Suppose you visit a consumer credit counseling to get rid of your problem. They will convince the lender to decrease your interest rate- and yes, of course this is good. But the bad news is that you are still paying 90% of monthly payment to combat with credit card interest.

Here are some questions you should ask to your consumer credit counseling service agency.

* The first question you should ask is a money matter, meaning - how much will they charge you for their service. Many consumer credit counseling services even charge more than $100, which will not go to any of your creditors. So be aware and ask your first question about their fees.

* Confirm that the consumer credit service you are to join is registered with a financial institution or not. Most of them don’t have any qualification to work with credit problems.

* Enquire about the services offered at your consumer credit counseling agency. Avoid companies which offer you a quick solution to your credit problems.

* Before working with any consumer credit counseling service, read testimonials and reviews of agencies previous or current clients. This step will surely make it easier for you to choose the right consumer credit counseling agency.

Most of the consumer credit counseling agencies have their official website, where you can find testimonials. If any friend of yours faced any financial problem and ever visited a consumer credit counseling service, don’t hesitate to ask them. As they are experienced, they will show you the right way.

* Be sure that the agency you are going to is registered as BBB, Better Business Bureau, which is a kind of quality sign.

With diligence, patience, time and proper credit counseling you can become debt free.

Sometimes it seems you can’t open the postbox without having a slew of credit card offers and applications slide out into your hand. You are already pre-approved. Our credit card is just waiting for you! All you have to do is call to activate your new credit card.

If you’ve recently applied for a new credit card, have just finished school, have signed up at a bridal registry or just tied the knot, you’ve probably got even more credit card offers than usual - life-change events are triggers to credit card companies to flood your post box with offers for low-interest credit cards, credit cards with no interest intro rates, a pretty pink card for shopping and credit cards that give you cash back when you shop.

It’s a dizzying array, and it’s difficult to say no when the credit card companies want to give you access to all that money. So you sign up for a pretty blue card because you like it, and a Gold card because it has some status to it, and a store credit card because you got a 10% discount on that scarf and before you know it, you’ve got a whole wallet full of credit cards. How many credit cards is too many?

Here’s some information on how creditors look at your credit score, and how the number of credit cards that you have can affect your credit rating. It may make you think twice when you go to apply for a credit card.

Available credit is the total of all the credit that you have available to you. The Available credit rule is that your available credit should be no more than 50% of your annual income. If you make £28,000 per year and you have a Visa card with a £5,000 limit and a MasterCard with a £1,400 limit, a gasoline credit card with a £500 limit and a Virgin Shopaholic card with a £1,500 limit, you’re in pretty good shape.

Total debt is the amount that you owe if you add up all your credit cards, auto loans, personal loans, school loans and mortgages. Not including your mortgage, your total debt should be less than one half of your annual income.

The Debt/Income Ratio measures how much of your monthly income you need to meet your monthly budget. If your mortgage or rent plus the minimum payments on your credit cards is more than 38% of your monthly income, another credit card is not a good idea.

Why would you want another credit card?

The answer is a simple one - you may want another credit card that offers you something you can’t get with any of your other cards. Lenders do look at credit card diversity - the different types of cards that you hold and use. A positive history of holding and using different credit cards for different things is a mark in the plus column.

If you decide that you should have another credit card, apply wisely. Take the time to compare credit cards against each other online. There are some really good comparison sites out there which makes it easy for you to check the details of multiple credit card offers, compare credit cards against each other and find the best credit card for your use.

Jon Francis has been involved in various areas with the world of finance and has a keen eye for a bargin! He has an in-depth knowledge of the credit card UK market and now helps others get the best from a credit card. For more information visit “http://www.moneyeverything.com”.

It is no coincidence the recent push by the government and businesses to help you gain access to your credit report. The government has made it law that you are able to view your credit report once a year, free of charge to help consumers repair their credit reports. A recent study has shown that nearly 70% of credit reports carry some type of error on them. This number has led companies to try to persuade the public to take advantage of their free credit report to clear up errors, prevent identity theft and allow them to help improve their overall credit image. Consumers need to take advantage of this and realize, as overwhelming as it may seem, that you need to repair or fix errors on their credit report, avoiding it will in the end be more costly.

One of today’s highest rising crimes is identity theft. Identity theft criminal can take all your personal information use it to gain credit under your name and ruin your financial future for years without you even knowing it. Consumers to need to become aware of their rights to help prevent this from happening to them. Even in taking advantage of your free credit report it may not be enough. You need to learn how you can repair errors if you do find them so they don’t cost you in the future. Take into consideration all the different types of companies that now look at your credit report when considering you, auto or life insurance companies, mortgage companies, rental applications, bank accounts, credit card applications, and even employment hiring practices in many fields now look at your credit score and use that as a portrayal of you as a person. Pretty scary if you don’t even know what is on it.

When you apply for any type of credit card and for some reason are not approved, you are entitled to a copy of the credit report that the company pulled and looked at in consideration of your application. Here is another often missed chance at a free glimpse at your credit report.

If you are unfortunate enough to find errors or negative items on your report you need to become educated on how to effectively and simply get the items removed or at least reported in a more positive manner on your report. This process may initially seem overwhelming and just plain too much work, but if you take advantage of others experience in this area you can fix your credit report yourself not only saving you money in the future, but earning a sense of pride that you did it yourself. Consumers need to beware of some tactics out their. Credit repair companies are popping up all over the internet claiming they can fix your credit report in 30 days, or they charge you huge initial fees, monthly fees and more to do it for you.

As tempting as it might be to let someone else fix your credit for you you’ll need to be cautious. Remember you may know nothing more about the credit repair company then their web address, and you will be divulging all your personal information, account numbers, social security number and pretty much everything that legally makes you, YOU! Pretty scary for a company you know nothing about? The federal government agrees, the best, safest way to fix your credit is to do it yourself. There are many sources out there that will provide you with information on how to accomplish this. Creditrepairplan.com will give you a step by step plan on how to fix your credit yourself and take away the frustration of trying to organize everything and keep you on track to an ensure you have an accurate credit report. Don’t let your financial future be determined by others, be aware of what is on your credit report, and don’t be scared to fix what is not accurate. Don’t pay out higher fees or interest rates, fix your credit today.

Kimberly has been involved in the financial industry for over a decade. Her knowledgea and expertise in the area has allowed her to launch a campaign to help empower and educate consumers in many financial topics so that they can regain control of their finances and make better informed financial decisions in the future.