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Recent Posts
5 Things In Your Credit Report You’ve Got To Know About
How much do you know about what’s in your credit report? Many people may be …Read More »
Key To Raising Your Credit Score Using Credit History
Believe it or not, credit history has a huge impact on your overall credit score. …Read More »
How Length Of Credit History Affects Your Score
The amount of time you’ve had credit makes a difference in your credit score. In …Read More »
Ouch! You’ve Just Been Denied Credit – Here’s What To Do Next
in Loans/by New Opportunity ProviderSo, you’ve applied for a loan and found out you were DENIED. You probably feel bummed, but you may also be wondering what to do next. Before you get up in arms about the situation, see this as a great opportunity. Now you have a chance to investigate any issues that are likely lurking on your credit report. Here are the next steps you should probably take:
Keep in mind that every time you apply for a loan, it pulls down your credit score a few points. It’s considered a hard inquiry. You’d do best not to keep applying for loans you know you won’t get approved for until you fix the issues on your credit report.
Cons to Getting Department Store Credit Cards: Part 2
in Credit Cards/by New Opportunity ProviderIf you’ve been thinking about getting a department store card, be careful. Although there are advantages to having them, there are disadvantages as well. In part one, we covered the high interest rates and limited use of store cards. Now, we’re going to cover a couple of more disadvantages that you should be aware of.
Buyer’s Impulse: Many card holders tend to buy more impulsively when they have a card. Stores want you to spend more and with a card in hand, you may be more likely to do so.
Better Deals Some Place Else: This isn’t really a con, but more so a word of advice. Don’t get a card just because they’re offering you 10% or 20% off a purchase for a day. There are some stores offering much better incentives. You just have to keep looking around.
Now that you know the cons to having a department store card, you can make a much more informed decision before signing your name on the dotted line.
Cons to Getting Department Store Credit Cards: Part 1
in Credit Cards/by New Opportunity ProviderWhen you go into a store, it’s not uncommon to get an offer for their store card. In fact, they make big money off of this method. But, before you grab one there are some things you should be aware of. In part one of “Cons to Getting Department Store Credit Cards”, you’ll see some of the disadvantages to applying for one of these cards.
Limited Use: With some store cards, you can use them just like a normal credit card, but with others you can only use it at that store.
High Interest rates: Store credit cards have much higher interest rates than regular credit cards. Some stores do allow a certain period with no interest rates, but if you miss a payment they may go back and apply those interest rates.
Credit Score Loss: Every time you apply for a card, your score gets knocked down by a few points. Plus, if your balance is too high it can hurt your score as well.
In part two, you’ll get to see a few other disadvantages to having a store card.
Pros To Getting Store Credit Cards
in Credit Cards/by New Opportunity ProviderIf you’ve ever gone into a department store before, more than likely you’ve been invited to apply for a credit card. Credit cards are very lucrative for retailers, which is why they offer them nearly every time you go. Here are some perks and pros to getting a store credit card:
Next time you’re offered a store credit card, consider these four nice perks.
How to Build Credit When You’re Just Starting Out: Part 3
in Credit Scores/by New Opportunity ProviderBuilding good credit when you’re just starting out doesn’t have to be a worry. All you need is a little patience along with some good strategies and before you know it, your credit history will be strong. So far in parts one and two, we covered the advantages of getting a cosigner, becoming an authorized user, diversifying debt and going to your local bank. Now, here are a couple of more strategies that’ll help you build up your credit history for the first time.
#1 – Department Store Card: Another great option for building credit is getting a store credit card. The interest rates may be much higher, but the approval process isn’t as difficult. Just make sure you pay that debt on time every month. If you fall behind, that will ruin your credit history before it ever starts.
#2 – Ask Other Account Holders to Report You: If you have recurring monthly expenses such as rent and utilities, ask the provider to report your account activity to the credit bureaus. This strategy is rarely used, but it will work. Just be sure your accounts are all in good standing before asking them to report you.
Now that you have some solid strategies on how to build your credit history from scratch, don’t let anything stand in your way. If you implement these starting now, you will see positive results on your report in a year or less.
How to Build Credit When You’re Just Starting Out: Part 2
in Credit Scores/by New Opportunity ProviderIn part one of “How to Build Credit When You’re Just Starting Out”, you could see how getting a cosigner or becoming an authorized user will help you to establish favorable credit history. In part two, you’ll see how techniques such as diversifying debt will help to really improve your credit report.
#1 – Diversify Debt: Don’t just rely on credit cards to establish your credit history. You will want to diversify the kind of debt you’re carrying with other kinds of loans such as car loans and even personal loans. This gives lenders a well-rounded look into your level of responsibility.
#2 – Try Your Bank First: When in doubt, try your personal bank for a loan. This is a good option for those who are just starting out because banks will usually offer secure and unsecured loans to customers in good standing.
Implementing these two strategies will help you to establish credit for the first time. They are also much more aggressive for increasing your score. Check out part three for some final strategies on how to build good credit when you’re just starting out.