November 29th, 2006
It’s going to be a green Christmas if the research from one credit card company is right. And they’re not talking about the weather.
Visa Canada is estimating Canadians will spend an average of $930 on presents this year, the highest amount in its survey’s history.
 Ontario residents appear to be among those who really feel the spirit of giving this year - they’ll go above the norm and could shell out as much as $1,068 at malls and online outlets before December 25th, a slight increase from 2005.
We’ll buy about 13 presents each and parents in this province will dole out some $220 per child for that special something under the tree.
So what is all this money buying? Most are playing it safe with clothing - something those kids probably won’t appreciate too much. Gift cards are second, as they continue to boom in popularity. They’re tied with toys for second place.
(read more…)
November 29th, 2006
Moneyextra.com has offered some advice to credit card users planning on using plastic for the expense of Christmas this year, informing them that there are still cheap and zero interest deals available, but they are disappearing fast. The website states that using the wrong card to finance Christmas spending could leave customers with a financial hangover in 2007.
Firstly, customers hoping to save on the festive credit card bills are advised to switch existing debts to zero per cent balance transfer deals, but not if they are considering using the card for purchases. For those people planning to spend on their cards, a zero per cent on purchases deal would be more beneficial.
(read more…)
November 29th, 2006
 Adrian Dunbaker
Credit card debt consolidation allows you to pay your current debts in 3-6 years and more card consolidate credit debt information will help you. Under a debt consolidation plan, terms and conditions change. The purpose of debt consolidation is to speed up your paying time and at the same time makes lower monthly bills.
Always make sure that the new cost of the consolidated loan is truly less than what you are currently paying for to the various creditors. Not getting the lowest available interest rate has always been a problem faced by consolidation loan applicants. Be sure that there is something to secure the loan like your house for example.
Calculate the interest and the fees of all your existing accounts to see the total payments you’re making at present. After computing this, compare the figure with the consolidation loan amount. This will determine if you’re making a better choice or not.
(read more…)
November 29th, 2006
This is another reminder of how important it is to be vigilant in your awareness of your credit status. Many credit report mistakes are the result of errors in reporting etc. However, credit card fraud can wreak havok on your credit report, and if left unaddressed can ruin your credit perminantantly.
This story from the Associated Press relates the recent arrests of a suspected credit card fraud ring operating out of Mardid, Spain, but perpetrating the fraud on US credit holders.
Madrid — Spanish police, working with U.S. authorities and Swiss police, arrested 23 persons on suspicion of international credit card fraud, the Interior Ministry said in a statement Wednesday.
Investigators believe the suspects, from Canada, China, Malaysia, Singapore and Spain, stole financial and personal information from U.S. citizens and companies and then copied it onto fake cards of “exceptional quality.”
According to police, suspected ringleaders in Singapore masterminded the theft of information — mainly from one U.S.-based company’s files — by enlisting computer hackers in Russia and Ukraine.
(read more…)
November 22nd, 2006
 Banks use credit scores(from your credit report), so do insurance agents and even employers. But if you don’t know what’s on those reports, you could be in for a shock because the chances are your credit report is wrong.
Flink talked with a woman who sued one of the credit bureaus and won. A judge limited what she could say about the case. The woman, who asked only to be identified as Annie, should have had a great credit score. She paid off a house and her car. But according to the credit bureaus, Annie did not even exist. Instead, she and another woman with horrible credit were made into the same person.
(read more…)
November 22nd, 2006
Debt consolidation may be the answer to some of your financial problems.
When you owe too much money on your credit cards and you can’t meet the minimum payments. Penalty fees and interest rates start being applied and debt keeps growing at a continually increasing rate. You know you must put an end to this situation but you don’t know how to do it? A debt consolidation loan can be the answer to your problems.
If you can control your spending, a debt consolidation loan will give you some space for reorganizing your finances and start reducing your debt on a continued pace. A debt consolidation loan alone won’t solve your problems though. You need to have some discipline, cut your spending dramatically and stick to a budget rigorously in order for a debt consolidation/reduction plan to work.
(read more…)
November 21st, 2006
Clean Credit Reports, your credit report contains information about where you work, live and how you pay your bills (On time or not). It also may show whether you’ve been sued, arrested or have filed for bankruptcy with in the last 10 years. Companies called consumer reporting agencies (cra) or credit bureaus compile and sell your credit report to businesses all over the world.
Clean Credit Reports, many financial advisors suggest that you periodically review your credit report for inaccuracies or omissions. This could be especially important if you’re considering making a major purchase, such as buying a home. Checking in advance on the accuracy of information in your credit file could speed the credit-granting process, clean credit is a must. (read more…)
November 21st, 2006
1. Deleting Errors in 48 Hours:
This is the absolute fastest way to correct errors on your credit report and raise your credit score. However, it can only be done through a mortgage company or a bank. If you apply for a home loan and find errors on your credit report, request the loan officer to conduct a Rapid Rescore. But don’t mistake it for the credit clinic tactic of multiple dispute letters. The Rapid Rescore strategy requires proper paperwork. You need proof that the item is incorrect. It must come from the creditor directly. For example, a letter stating the account is not your account, a letter stating the account was paid satisfactorily, a release of lien, a satisfaction of judgment, a bankruptcy discharge, a letter for deletion of collection account or any relevant evidence. This is the same documentation a bank or mortgage company would require for the credit accounts anyways. The difference is, now you can improve your credit score and receive a lower interest rate. The results are not guaranteed and will run you about $50 per account.
(read more…)
November 21st, 2006
There are millions of consumer credit reports on file from mainly three major reporting bureaus which include Trans Union, Experian, and Equifax. These credit gathering agencies store huge amounts of data about every person that takes out a loan, credit card, or any other line of credit. Information is reported to these credit bureaus when you apply for credit, apply for some jobs, or even apply for an insurance policy.
Because of the huge amounts of data being gathered and reported there is a lot of room for errors. Credit Repair is a way of disputing or correcting these errors made by credit bureaus and creditors. Credit Repair can also be a way of optimizing your credit report or credit score.
Disputing, correcting and deleting erroneous negative accounts on your credit report is very important to your financial well being. The better your credit report the better your credit score. The better your credit score the better the interest rates you will be offered. For example: A 30 year home mortgage of $100,000 will cost you almost $25,000 more from just 1% of interest! This 1% more of interest could be from only one late payment on your credit report!
(read more…)
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