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In the modern electronic age everything made to ease out an individual’s life. From the medical field that is determining & curing the diseases, to convenient stores with easy transportation and innumerable gadgets making working a more pleasurable experience, mankind has explored the uncharted territories to their extreme depths.

In terms of banking and financial services, this revolution came in with the emergence of Credit Cards. Now-a-days, credit are not just a mere status symbol for the individuals, but somewhere down the line they have become a necessity in then developed nations. Especially, the working people living their hush-hush lives, always with speed & anguish, credit cards have come in as a real savior.

Revolutionalizing the way the people spend while shopping, credit cards have introduced a whole new aura.

Here are some key features that would help us understand this new tool of finances better:

1. In a common man’s language, credit cards are a gadget or a card allowing the persons to make purchases, but only up to the limit that is set by issuing bank or company.

2. The person has to pay off the amount of balance in installments along with the interest payments.

3. Usually, the per month amount of payment of the credit card ranges from a minimum amount prescribed by the bank up to the entire remaining balance.

4. Last but surely, not the least, as supplying credit card is also a business, the longer the user takes to pay off the due amount, the more would be the interest on the balance.

5. As it is quite a responsible job to carry and use a credit card, the user must be of the legal age & must also have the capability for paying off the amount that they are spending through the credit card.

6. In the United States, almost all of them carry a credit card as they find it far more convenient as compared to using the checks or paying in cash, every time they go out for shopping.

Before using the credit cards, one must understand that these are a major responsibility and their wrong or un-invigilated usage can lead to severe debts. So, here is a detail of their types and usage so that one can make an apt option for themselves.

1. Credit cards are now becoming indispensable to many of the consumers, but they must understand the right way of using these cards.

2. The different types of credit cards available in the market are as follows:

a. Charge Cards
b. Bank Cards
c. Retail Cards
d. Gold Cards
e. Secured Cards

3. Al the above mentioned types of credit cards come along with 2 interest rate options. These are:

a. Fixed
b. Variable

4. With fixed rates, as the name suggests, the rate of interest payable is fix, so somewhere down the line, you can be sure of the amount of interest you may have to give to the company.

5. With the variable rates of interest the decision rests in the hands of the issuer. They make the decision regarding the payment of interest based on various factors.

6. At the same time we must understand that in case of fixed rate of interest the opercentage is quite high.

7. Basically, the credit card grantors usually issue 3 types of accounts along with their basic account agreements that is also known as the revolving agreement. In the ‘Typical Credit Card Accounts’ the payer is allowed to pay the entire amount in full monthly. They may also prefer to go for a partial payment based on their outstanding balance.

8. In case of the ‘Charge Agreement’ the payer is supposed to pay the entire balance monthly in order top save the interest charges.

9. On the contrary, the Installment Agreement requires the user to sign the contract as to the repayment of a fixed credit amount in some equal payments with in a definite time period.

10. There is also a further category of the credit card accounts that includes individuals and the joint accounts. Here the joint accounts order the individual alone to pay the debt and the latter is allowed to that with the partners who are responsible to repay the debt.

11. Among other common types of available credit cards are:

a. Standard Credit Cards such as Balance Transfer Credit Card and Low Interest Credit Card
b. Credit Cards along with Reward Programs such as Airline Miles Credit Card, Cash Back Credit Card and Reward Credit Card
c. Credit Card for Bad Credit such as Secured Credit Card and Prepaid Debit Card
d. Specialty Credit Card such as Business Credit Card and Student Credit Card

Once you have understood the various types of credit cards available, you should now aim to decide your goals, as to what & how exactly you want your credit card to help you. Research well about the various options available and read about each of them carefully. Next answer some questions for yourself; these are:

a. How would you spend along with the credit card in a month?
b. In case you plan to carry the balance up to the end of month, you are willing to repay exactly how much of the annual fees?
c. In case you carry with you a strong history of credit, is your credit in the need of rehabilitation?

Shopping for the Credit card

Now, before applying for the credit card look up to the following points carefully:

1. Irrespective of the credit card you have chose, be sure to discuss the specific financial needs & other financial aspects with the financial advisor and/or accountant.

2. Understand the benefits and disadvantages of having the credit card such as accessibility & availability of their services, safety, valuable consumer protection laws, etc.

3. While owing a credit card defines invincibility, it also triggers the person’s thirst towards material things. They get all the more tempted and lead to buying useless things of the items that they really do not require.

4. The user of the credit card must keep in mind that credit is a big responsibility and whenever you use that card it ads to your debts. So, you must user it very carefully else you may land owing more than what you can actually repay. This can also damage one’s credit report, thereby creating irreparable credit problems.

Some of the known credit cards available in the market include Citibank, Chase Manhattan Bank, BankOne, Bank of America, Discover® Card, American Express, Advanta, First Premier Bank, HSBC Bank, MasterCard Credit Cards and Visa.

Abhishek Agarwal
http://www.articlesbase.com/credit-articles/understanding-credit-cards-18-points-to-find-your-way-around-703494.html

Your Post Bankruptcy Credit Report

Have you had a bankruptcy discharged? If you are like the vast majority of our post-bankruptcy customers you still have damaging derogatory information lingering on your credit report. This is not necessary. Once your bankruptcy is behind you it is time to take action. The law and the credit bureaus (believe it or not) are on your side. Take advantage of the opportunity. An intelligent effort will pay significant dividends.

The Post Bankruptcy Cleanup

Most people don’t realize that the derogatory information associated with each of the discharged items can be removed by the credit bureaus upon request. This includes late payments that occurred on the discharged accounts, charge off and collection status notices, and past due balances. This information has an enormous impact on your credit scores. It is your right to have it removed. On the other hand, a public record of your discharged bankruptcy will appear on your report for many years, but has relatively little impact on your credit.

The Life Span of a Bankruptcy

Once you have had a bankruptcy discharged a line item will appear in the Public Records section of your credit report. This single line item will include your filing and discharge dates, and is likely to linger for the full duration allowed by law. This reporting period will vary based on the type of bankruptcy that you elected. The Fair Credit Reporting Act, also known as the FACT Act is the specific law that controls credit reporting (see section 605). The law states that credit reporting agencies must cease reporting of Chapter 7 bankruptcies ten years after the date the bankruptcy case is filed. Chapter 13 bankruptcies are treated differently and must be removed from your credit after 7 years.

The Two Year Effect

This single line item should not concern you! The presence of a bankruptcy on your credit report means little or nothing after two years have elapsed. This might surprise you. Many of the people that we speak to are under the false impression that after a bankruptcy you are destined to have bad credit for many years to come. This should not be the case. If you make the effort to clean up and rebuild your credit after your bankruptcy you should suffer little or no ongoing impact.

Planning for a Mortgage

In the credit repair business we are often contacted by people that would like to get their credit in shape for a potential mortgage application. This is very smart. You do not need any unnecessary derogatory items on your report when you are applying for a mortgage. As a matter of potential interest, Fannie-Mae offers its lowest interest rate mortgage programs to borrowers two years after a bankruptcy discharge (subject to other qualification of course). The real issue that plagues consumers is not the bankruptcy, but the unnecessary lingering derogatory items on the discharged accounts.

Credit Bureaus Can Be Stubborn

In spite of the fact that the credit bureaus are required to comply with a request to remove prior derogatory information they are typically slow to cooperate. A bankruptcy attorney will often submit a request to the bureaus to remove derogatory information. The majority of these requests are ignored or only partially completed. And so, in a terribly large number of cases old information will linger for up to seven years depressing the consumers credit score and making it impossible for them to get credit.

What to Do

Anyone who has attempted credit repair on their own is aware that the experience of dealing with the credit bureaus can be frustrating. An effective post bankruptcy cleanup can be done if you are just a little bit patient. Would you like some advice? I suggest that you keep your communications as terse as possible. Many people succumb to the temptation to tell their story to the credit bureaus. Do not ever, ever, ever include an explanation of your credit issues.

Minimize Your Communication

The people who work for the credit bureaus and process these requests are allowed to disregard your request if they feel that it is frivolous. I know that there would be nothing frivolous about your personal story. But every single extra bit of information that the clerk has to get through before they get to the essential documentation increases the possibility that you will get thrown in the “frivolous” category. Keep your communication to an absolute minimum. They will appreciate it and you will be rewarded with success.

Copyright © 2007 James W. Kemish. All Content. All Rights Reserved.

Jim Kemish
http://www.articlesbase.com/credit-articles/credit-repair-the-power-of-post-bankruptcy-cleanup-123536.html

As a business owner, it’s rarely possible to completely guard against bad debt; after all, the only way to avoid debt would be not to trade at all. Running a small business is not without risk, but there are steps you can take to reduce the risk of debt. All companies have to get paid somewhere along the line, and it is important to be aware of the nature of your customer at the outset of any trading relationship.

It is often advisable to carry out a credit check on any potential client before entering into a trading relationship, especially if you have no prior knowledge of the client. Also, give the client a credit limit which reflects the credit rating of the client: if the credit rating is low, then it is advisable to give the customer a low credit limit and vice versa. If the client exceeds their agreed credit limit, or invoices remain unpaid, ensure that no further goods or services are provided until the account is brought back within the terms of the agreement.

It’s also a good idea to keep an eye on your customers’ payment history. Poor cash flow or too many debtor accounts are the top problems facing most small businesses – second only to low turnover or lack of business in the first place.

In addition, you’ll want to ensure that your customers know and understand the terms of their credit agreements prior to commencing any trading with them. Providing the customer with a copy of the terms and conditions which they must sign and return to you can help in the event of legal proceedings to recover payment. Furthermore, make sure that any invoice includes the terms of payment and a due date.

Over time, if a customer’s payment of their invoices becomes progressively more sporadic, or even worse, aren’t paid at all, its maybe worth making enquiries with the customer as to the reason for late or non-payment. They might be having financial difficulties – possibly through lack of business – or perhaps their own customers aren’t paying them, resulting in their failure to pay you.

But, if all your attempts at collecting have failed, what else can you do? You might consider legal action in order to try and receive your money through the court. Or, you might instead employ the services of a debt recovery company. There are numerous debt recovery companies, such as Capquest, who can assist in reclaiming debts, or in some cases will buy the debt from you, although at a reduced rate.

However, whatever you do, don’t let the problem become so large that the account is no longer manageable: deal with the problem sooner rather than later.

Martin Mcallister
http://www.articlesbase.com/business-articles/risky-business-dealing-with-poor-payers-is-a-business-nightmare-96652.html

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