http://www.whyamirich.com/ Articles at Free Website Content from Whyamirich.com en-us http://www.whyamirich.com/finance/credit/what-to-consider-when-choosing-your-airline-miles-credit-card.html http://www.whyamirich.com/finance/credit/what-to-consider-when-choosing-your-airline-miles-credit-card.html Thu, 12 Aug 2010 01:18:19 -0600
You know you want to get in on the action eventually, but with all the choices available on the market today, it's tough to know how to zero in on exactly the right credit card program for you. However, if you know just what to look for ahead of time, it is much easier to make a smart, informed decision that will be sure to deliver the type of benefits you are looking to receive.

Balance the Benefits Against the Fees

All airline miles cards are going to come attached with a unique set of benefits. These are going to include not only your free points earned toward airline mileage, but also other perks such as 24-hour concierge services, valuable insurance programs, and potential discounts on everything from hotel accommodations to car rental services. Some cards even offer you the opportunity to earn double or triple points on specific types of travel purchases.

However, it's important to remember that each card is going to come along with a package of fees as well. Don't forget to take into consideration each card's interest rate and annual percentage fee when making your decision. Also make sure you check the terms of service. Do you need to spend a certain amount on your card to really get the most of it? What other restrictions come along with the program? Weigh these points against the benefits carefully and you'll be better able to determine which card fits your lifestyle and spending habits the best.

Examine Your Regular Travel Habits

When it comes to the way you travel, what are your personal habits? Is there one particular airline you prefer to fly with or do you typically opt for whichever airline has the best prices and flight schedule at the time? If you stick to only one particular airline, check and see which frequent flier card programs that airline offers and consider those first. If you prefer to keep your options open, consider applying for a card through your bank instead. Bank-sponsored travel rewards programs offer a much greater degree of flexibility when it comes to cashing in your earned points if this is the way you travel.

You also want to take a look at how often you travel. Before ultimately filling out an airline miles card application, do the calculation on how long it would take you to earn enough airline points to be able to fund your next flight through your current credit use. Also consider these following questions. Do the airline miles have expiration dates? How many air miles do you need to accumulate before they are eligible for redemption in the first place? Will you be able to transfer your miles to someone else if needed or desired? Can you redeem them on items other than airline tickets - merchant gift cards, restaurant visits, and so forth? Knowing the answers to these questions will further help you deciding whether or not a particular credit program is right for you.

Ultimately speaking, finding the right travel reward credit card for you is all about research, research, research. The more in the know you are in regards to all the different card programs available, the better informed your decision will be. Don't be afraid to shop around until you find a deal that really fits! ]]> http://www.whyamirich.com/finance/credit/affordable-life-insurance-in-canada-keep-away-high-premiums.html http://www.whyamirich.com/finance/credit/affordable-life-insurance-in-canada-keep-away-high-premiums.html Wed, 11 Aug 2010 01:41:06 -0600
Always remember that affordable life insurance is completely subjective according the factors of your personal health, the plan you get, and what you use life insurance for. Regardless of what anyone says, you will always find a plan to fit your needs.

Your health contributes to the increase or decrease of a life insurance rate more than anything. You can control your rates by the life choices you make. If you want to keep good rates, then take control of your health.

If you are a smoker, you will get a higher rate. There is more lung disease risk and more than likely will die younger.

Sure, your grandfather may have smoked for 50 years and still lived to be 90 years old; but the quote is not based on your grandfather. The companies only consider national statistical averages.

Believe it or not, most companies are quite generous with the weight of the insured. However, cross the line on the chart, and your rate will take a sharp increase.

According to most companies, physical condition is seen as a way to avoid health problems. If you look at a magazine rack, you can just pick one out and begin an exercise plan from there. Do not spend all kinds of money on fitness equipment or diet fads, recreational exercise is just as simple and is cheap. More over, think about all the other advantages exercise will produce. Your quality of life, anxiety levels, and belt line will all see positive responses to your physical activity.

If you pick the right policy, rates could stay low. If you have a family and need minimal protection for a specific period of time (anywhere from 1 to 30 years), then look into term life. Permanent life insurance can be used as a tool to consolidate financial goals and death benefit and coverage.

Cheap life insurance is available to everyone. You can do good research, improve your health, and buy a policy that fits you. If you go to www.infoprimes.com, they will help you out in your search and find you an affordable quote today. ]]> http://www.whyamirich.com/finance/credit/advanta-credit-card-scam.html http://www.whyamirich.com/finance/credit/advanta-credit-card-scam.html Sun, 18 Jul 2010 01:11:43 -0600
Now, being in the industry for over 10 years I know that I need to watch my credit. I look for charges I didn't make and it is tough to scam me. I have seen it all but this takes the cake. They told me I am now at a high risk for default so that is why they raised my interest rate? That doesn't make any sense. They should lower my rate if they think I will default on my credit card. How will an increase in what you are charging me keep me from defaulting. Luckily, I have the ability to pay off this card today but I want everyone to realize that these companies have you by the short-n-curly's. Watch your statements and lookout for this scam.

FYI, In NY, the maximum interest rate is 30%. They are charging me more then the maximum allowed in my state. I will send a letter to the BBB, the NY Attorney General, the UT Attorney General and the Department of Consumer Affairs.

As a nation we are in deep trouble. If a credit card company can just raise my rate because they feel like it I am positive that 99% of their customers are also paying 36.1%. How many other credit card companies are doing this to innocent people? We need to fight back. I am going to tell as many people as I can.

Unfortunately, there is nothing we can do except payoff the card. I was told I am a high credit risk. I paid the bill in full after I realized the rate was so high and the next month I received another bill for more finance charges for about $255. I paid that bill in full. I just received another bill in the mail for $5.65 and my rate was changed to 37.99%. Another point higher.

Just for a laugh I called again to see why the rate went up again and they said "Sir, you have been classified as a very high credit risk and as a company we can't risk you not paying your bill with us." I said "I just paid my bill in full with your company, I have never had a late payment with your company in three years, I have one mortgage on my house for $290K, 25 years left at a fixed rate of 5.375% and it is worth over $500k and almost zero credit card debt personally. I am in the fastest growing industry right now, CNBC expects the debt collection industry to grow at 25% a year for the next decade. What else would I have to do to receive a better rate?" The extremely rude lady said "Sir, you would need to send a letter to Santa Clause and maybe he can help you out."

The Government should put a maximum rate in place for the next year or so on all credit card debt. If the credit card companies are truly worried about consumers defaulting on their obligations, wouldn't it make more sense to lower the rate so we can continue to make the payments? By raising the rate, it only makes it harder to pay and more likely that a consumer will default. The credit card companies are preying on the weak right now hoping you don't pay so they can pound you with the highest interest rate. When you do default, they now have a higher balance to sell to a collection agency. In my eyes, this is a crime.

The Government doesn't care either. Instead of giving the banks 350 billion dollars, They could have sent $1151.98 to each US citizen to pay towards credit card debt. The banks still get the money but we the people get a little break on our bill. The average family of four would receive $4607.92 to pay off a credit card. They reason that the banks need the money so they can lend money again to us? Are they crazy? All the banks did was raise the interest rates on our cards and pocket the money without ever having to say what the money went towards. No accountability!

Now the geniuses in Washington are considering giving billions to the auto industry so they can produce more shit cars that we can't afford. How about giving the money to everybody with a current auto loan so we can pay for the car we already have. The money would still flow to the banks and auto makers via we the people.

Good luck America, your gonna need a miracle.

I feel better now. I was very upset prior to writing this blog. I hope everybody reading this realizes that if it can happen to me it can happen to anybody.

John Monderine Rapid Recovery Solution, Inc. ]]> http://www.whyamirich.com/finance/credit/credit-repair-tips.html http://www.whyamirich.com/finance/credit/credit-repair-tips.html Sat, 03 Jul 2010 02:49:20 -0600
The first step to credit repair is obtaining your credit report. Experts recommend obtaining a report from each of the three credit reporting agencies so as to gain a full spectrum of what is being reported. Anyone can obtain their credit report, making this the first simple step to repairing damaged credit.

A. Your credit report needs to be obtained as an easy first step to credit repair. You can easily find out how to obtain a credit report online. Experts recommend obtaining a report from each of these so as to gain a full spectrum of what is being reported.

The next step to credit repair, after reviewing the credit report, is reconciling errors that may exist on your report. Errors may be present in your credit report for many reasons. Some mistakes are an easy fix, others can be more time consuming.

Take for instance, names. Often times names can be reported incorrectly on your credit report. If this is the case, you can be confused as someone else. The fix is as easy as proving your identity, as alarming as that sounds name confusion sounds.

Other errors may involve false information on how you've used your credit. These issues require lots of communication between you, the reporting agency and the party reporting faulty information. Fixing these errors requires showing proof of how you've used your credit.

The final step to credit repair is beginning to make smart financial decisions. You can start simply by creating a no-nonsense budget for yourself and following it. Save more, and spend less!

Financial advisers and credit specialists can also help. When you've done all you can, they can further assess your credit goals and help you to achieve those goals. Soon you will be on your way to repairing your credit. ]]> http://www.whyamirich.com/finance/credit/what-do-credit-reports-mean-and-how-are-they-calculated.html http://www.whyamirich.com/finance/credit/what-do-credit-reports-mean-and-how-are-they-calculated.html Mon, 14 Jun 2010 01:26:14 -0600
Your credit score is packaged up in one (hopefully!!!) three digit number that is based on a statistical analysis of your very own personal credit file. A credit score's purpose is to give you a major headache, and for the banks to review your capacity to take on debt and repay a credit obligation. That is why credit card companies and banks will look over your score to figure out how much credit they want to decide and offer you and at what interest rate.

So how is your score determined? The Fair Issac Corporation, or as you may know them, FICO, was the first organization to create a scoring system in 1958. The report recently underwent a makeover (FICO 08) but it's not used by all agencies. In this new, improved FICO 08 version, minor credit delinquencies are not counted against you when you for the most part do a good job repaying your debts.

There are five questions that a credit score asks. What is your payment history? How much debt do you currently owe? Just how long have you had credit? How many times have there been credit inquiries made on your report? And what type of credit do you have? So let's say, for argument's sake that you screwed up. Just how long will negative marks impact your credit score? Well, that depends on the type of information. Plain old negative information can stay on your credit report for up to seven years. In the case of bankruptcy filing it can remain on there for up to ten years. Here is where we get into the creepy big brother aspect of credit reports. Every person has their own personal credit file, and what this means is that the impact from person to person will affect each differently.

If you are considering filing for bankruptcy, concerned about your financial situation, or just want to know more and feel more secure, it is in your best interest to seek out the advice of a financial planner. One that works for a fee is preferable, because they will have your best interest at heart and not their commission instead. Good luck in your financial journey! ]]> http://www.whyamirich.com/finance/credit/stop-making-excuses-learn-to-budget.html http://www.whyamirich.com/finance/credit/stop-making-excuses-learn-to-budget.html Thu, 27 May 2010 02:03:01 -0600
So why do some people choose to not use budgets? What are common reasons that people use to not budget? Here are a few I've heard.

1. They were never taught how to budget. People who have never been taught something feel a little more uneasy about diving in to something. People who have never used a budget before are going to balk at having to try something new out.

2. They don't believe budgeting works. Some people feel that they know where they are putting their money with out planning it out with a budget. As long as they check their bank account, and see there is money in there, they don't need to use a budget.

3. They are scared that they are spending too much money. They enjoy living extravagantly and do not want to see how much money they are spending. They see a budget as a threat to their spending habits.

4. They do not care about a budget. They don't care one way or another how much money they are spending. These types of people usually have enough money to get by and that is enough to them.

5. They feel that budgeting is only for dire financial needs. If they really need to improve credit scores then they will use it. Until that point they will not care about doing a budget until they run out of cash.

All of these reasons have on thing in common. They are all excuses. People who are serious about improving credit scores and fixing bad credit will take advantage of budgeting systems, but so should people who have good credit. A budget is a way to keep track of your spending and help you prepare for your future. Make the decision to start budgeting today. ]]> http://www.whyamirich.com/finance/credit/useful-methods-to-efficiently-repair-your-credit-score.html http://www.whyamirich.com/finance/credit/useful-methods-to-efficiently-repair-your-credit-score.html Sun, 02 May 2010 02:30:32 -0600
Your first step is finding out what your score is. There are a number of ways you can obtain a free credit report. Find out which way is best for you, and get your hands on your credit score!

Paying down your credit cards can help your score more so than paying down your student loans or mortgage. Although you have to keep up with those payments, paying down or off your credit cards will help your credit score more. Keeping your limit at least 30% below your overall credit line on all your cards is very helpful.

Most financial consultants will advise to pay off high interest debt first. This may be true, but if almost completely maxed out on one particular card, there is no rule in the book that says you should not give that card priority! Pay it down some before moving on can help your credit rating.

Keep your information with the credit card bureaus up to date. This means that if you get an increase on the credit card; make sure that the bureaus are informed. If not, it may give the appearance that you are overspending, which will hurt your "FICO" score.

If you have a late payment blemish on your credit card and you have been making payments on time for several months, ask for a good will gesture. Request that this blemish is removed from your credit history. These are just a few tips to help repair your credit score. ]]> http://www.whyamirich.com/finance/credit/how-to-repair-your-credit.html http://www.whyamirich.com/finance/credit/how-to-repair-your-credit.html Tue, 06 Apr 2010 05:43:01 -0600
Tip #1: Know Your Credit Score During school you earned grades to show others how well you were doing, and in the real world it is no different. Knowing your FICO credit score will help you determine where you stand in comparison to others, and how others will look at you as a potential client. In the analogy of grades, 700-750 would equal a C (passing), 750-799 a B (good), and 800+ an A (excellent).

Request Your Credit Report. Once a year the three credit-reporting bureaus offer a complimentary credit report. Aside from giving your credit score, this report will give the exact information reported for your name and whether the information is negative or positive. Review each line, searching for any inaccuracies.

Correct Any Errors You Find. After looking through your credit report, determine whether there have been any mistakes entered. Errors may have occurred through outdated information, or incomplete or inaccurate account history. If so, fill out the dispute form included in your credit report and return it and any supporting paperwork to the credit-reporting agencies.

Tip #4: Contact Your Creditors Directly Whether there has been an error or not, you may find it easier to repair things with your creditor directly. They don't want bad numbers for faulted loans either, and are usually willing to negotiate. Do what it takes to get your name off their list as a debtor.

5. Pay Your Bills On Time Even if you've made it a habit to be late on your bills, make it a new habit to pay them on time. It's an easy thing to do, and shows anyone looking at your credit report that you are responsible. Keep doing it, and watch your FICO credit score grow.

Tip #6: Don't Take Out Additional Loans You Don't Need When you're in the process of credit repair, you really don't want to increase the amount of debt you owe. There is a difference between your wants and your needs. Get together with those who are dependent upon you financially to establish those differences.

Request a credit report and take a look at your credit score. Abstain from any actions which have lowered your FICO credit score in the past, and continue building on what will strengthen it in the future. Though the road may be difficult, the destination will bring immense satisfaction. ]]> http://www.whyamirich.com/finance/credit/debt-collection-agency-fees.html http://www.whyamirich.com/finance/credit/debt-collection-agency-fees.html Thu, 11 Mar 2010 02:34:24 -0700
However, this isn't always the case. If you have several small debts of just a few hundred dollars each, the collection agency might require a fixed fee to handle those accounts to make it worth their while. But most of the time, it will be based on commission.

A Collection agency earns its money by taking a small percentage of the money they successfully collect. This percentage can range from 10% to 50% with the most common percentage being between 25% and 40%.

The amount the agency keeps is typically based on the age and the dollar amount of the claim. The older the debt the more difficult it is to collect and the agency will require a much higher fee to go after that debt. You should factor in how difficult it will be to collect. Certain debts are riskier to collect and therefore require a higher the percentage.

You could be responsible for some other charges related to their collection efforts including fee-based background checks, court costs, filing fees, and long-distance phone calls.

Before a collection agent works on a single claim, they will write up a contract that details the terms of your working arrangement including their responsibilities, the fees, any additional expenses, and customer service policies.

Be sure to read the contract over carefully for any fine print or contract language that seems confusing. If you notice discrepancies in the contract, make sure the agency fixes the problems immediately before requiring you to sign anything. ]]> http://www.whyamirich.com/finance/credit/consolidating-credit-card-debt.html http://www.whyamirich.com/finance/credit/consolidating-credit-card-debt.html Mon, 08 Mar 2010 04:08:41 -0700
Of course if transferring a balance or balances between credit cards is going to save you substantial amounts of money, you should definitely take advantage of that. However, it isn't simply a case of looking at the interest rates and transferring to the lowest one. You also need to take into account the hidden fees.

One of the things to watch out for is a balance transfer fee. This is a fee that credit card issuers will charge to "allow" the debt to be transferred from one company to another - this can often time be as much as $45 - even more in some cases. That is bad enough - the real trouble comes with what some companies have done recently which is to charge a percentage of the outstanding debt as the transfer fee. Depending on the debt you are transferring and the credit card company's fee - this could add up to quite a bit.

Some other fees that credit card companies might charge that you need to be aware of are fees like online account fees where they charge you to pay bills online, or use their online service. Similarly, you could be charged for paying monthly bills over the phone - usually this is charged by the billing company, but some credit card companies charge these fees as well if it is a recurring payment. Make sure to check on this if you are a frequent user of these types of services.

If you are going to consolidate credit card debt by transferring balances from one card to another, if it is going to save you money, then by all means do it. Just be aware that the small print is often hiding additional fees - make sure that you are making the right choice for long-term savings. ]]>