The Hints Club

Before we discuss how to raise your credit score, let’s take a quick look at how your credit score is calculated. The major determinants of credit score are the following: on time (or late) payment of financial obligations and debts (35%), your ratio of current revolving debt (ex: credit card balances) to the total available revolving credit (ex: credit limits) (30%), your length of credit history (15%), your types of credit used (installment, revolving) (10%), and your credit levels obtained in past (10%).

Arriving at your credit score is based on the previous formula, although there are steps you can take to augment these variables. Let’s take a look at each variable with a focus towards what is in your power to help you raise your credit score.

On time (or late) payment of financial debt:

Making sure you pay your bills on time is extremely important when it comes to maintaining a high credit score. Any payment that is more than 30 days late can affect your score. (Note: if you get a bill on the 1st of the month but it doesn’t come due until the 15th, it does not become 30 days late until the 15th of the following month.) Once a bill is 30 days past due, the issuing creditor can report this information to the credit bureaus. Typically, however, creditors will not report damaging credit information to the bureaus until 60 to 90 days after it is past due.

If a borrower has limited funds one month and must decide on whether to pay Bill A or Bill B, the smart move (less damaging to your credit score) is to pay the higher of the two. Also, avoid declaring bankruptcy as it will affect your credit score for at least 7 years. The better move for most borrowers is to work with a credit counseling service that can help improve your credit score.

Lower Your Ratio of Revolving Debt:

If you can stay between 10-30% of your maximum credit limit on each credit line, and you do not exceed 50% on any credit line, your credit score will not be adversely affect. This can be difficult, especially when you are transferring debt to low interest credit cards, must make a large purchase using credit, etc. From a credit score perspective, lowering your ratio of revolving debt will lead to a higher score than consolidating everything into one credit line.

A good move is to convert as much revolving debt to installment payments at least 45 days prior to making a large purchase such as a car or buying a home.

Maintain 3-5 credit lines in order to establish credit, establish your ability to make monthly payments and to boost the amount of credit that lenders are willing to extend to you.

One way to begin to establish credit is to become an authorized signatory on a parent’s credit card. As long as the minimum balance is paid each month, the signatory’s credit will be established - even if they do not personally use the card.

Be able to access credit lines online or at least through monthly statements. This is especially true for student loans, which are notorious for being reported multiple times - creating the appearance that a borrowers monthly payment obligations are higher than they really are.

If you plan to make a large purchase or takeout a large loan, avoid checking your credit multiple times as this will slightly lower your credit score. The best move is to ask for a copy of your credit from a mortgage broker, for instance, if they are going to pull your credit. Each subsequent financial institution will accept your copy if it has been made within the last 30 days.

Length and Levels of Credit:

Both the length of time that you have had your lines of credit, as well as the amount of credit extended to you, will affect your credit score. Length of time is important for credit agencies as it reflects a stability in your relationship to creditors. This is why it is a good idea to hold onto credit lines that have high credit limits and have been open for many years as they look good to creditors and improve your ratio of revolving debt.

Levels of credit is important because it shows that you generate income — the higher your income, the more credit will be extending to you. This may come in very handy when you are looking to make that first big house purchase.

Corey Senn is a Senior Partner with A Bad Credit Lender, a California based mortgage lender that specializes in hard money and California bad credit loans.

Make sure to surf to our very good source for considering interracial scholarships infos

It isn’t easy to get a grant at the moment. These scholarships are different from a regular student loan in that the funds are a grant, and, do not need to be paid back. While researching means to fund a university education, be mindful that funds are accessible at unlikely places, such as left hander scholarships. Financial Aid for Left-handers: - A southpaw grant may seem out of the ordinary, however it’s worth considering this: Benjamin Franklin was left-handed, as is Barack Obama. Michelangelo, Da Vinci, Ringo Starr not to mention J.F. Kennedy Jr were left-handed as well. An estimated eleven percent of the world’s population are left-handed. Although in the past lefties experienced considerable discrimination, in modern times they are thought to be gifted intellectually and more artistic. Stigmatisation is not an issue anymore, lefthanders are no longer believed to be odd, in fact they may even be linked with the famous individuals referred to previously.

There are many scholarships available specifically for left handed people if you look around. A Beckley Scholarship for funding up to $1,000 is available at Juniata College in Huntington, PA. For students going to Juniata College and set up in the seventies, this particular school grant has aided over forty students through university. When searching for college scholarships, be mindful that some grants have prerequisites and restrictions. These can be minimum grades and monetary needs, but not in every case. Multiple applications will give you a better opportunity of financing your college degree with a minimal level of debt. Do look at local organizations, clubs and even groups connected to hobbies. Southpaw scholarships are only one case; funds are also accessible if you are the child of a ex-serviceman or are disabled, to offer some examples.

Researching grants may be time-consuming, but the advantages will always be worth it. Any debt accrued by a university degree may be cut back by such grants employed alongside regular lending. Be sure to research every opportunity. Remember the alternative options besides left-handed bursaries - think about all the options you can think of and don’t forget to utilize your resourcefulness. If you think you may be suitable, then go for it, you may keep any costs to a minimum, also you will look forward to better prospects on finishing college.

Ever write your name in freshly poured concrete? Years later you come back, and there it is etched for every one to read. Credit reports mark your financial history like initials cast in concrete. Credit reports are more fluid since information about you gets added through your entire life. Everywhere you go, your credit report will follow with information about:

* Your employment

* Your address (where you lived and how long you lived there)

* Your credit accounts (the ones you opened and the ones you closed)

* Your payment history (the ones you paid on time and the ones you did not)

* Your public records (liens, bankruptcy filings and judgments)

Keeping a clean credit history benefits you with the best rates when seeking a home mortgage, an apartment lease, an auto loan, or when asking for a higher credit limit. Your credit file tells creditors a lot about you and the way you manage your life. Keeping the information accurate and up to date saves you money and frustration.

Negative information could reduce your loan options because you do not look “credit worthy”. A negative credit report means you pay higher rates on all loans and insurance. We all want the best paying jobs, but a negative report can limit your employment opportunities. Many Human Resources Departments rely on credit reports when evaluating applicants for employment.

Just because you pay all bills on time or ahead of time, you must review your credit file for accuracy. Studies reveal that credit files have error rates as high as 70%. Many of these errors are simple human or computer mistakes. For example:

* You pay on time, your credit report says you did not

* Your credit history or personal information may be out-of-date or wrong

* Your credit report may include negative information about someone else

* Your social security number, account number(s) may be wrong due to transposition errors

You can prevent errors by monitoring your personal credit file. You can get a free credit report every 12 months from the three major credit reporting agencies (Equifax, Experian, and TransUnion). All you have to do is sign up at Annual Credit Report.com - http://www.annualcreditreport.com. All states have a different rollout schedule set by federal law. You will need to check your state requirements when you enroll. Annual Credit Report.com is sponsored by the three major credit reporting agencies:

* Equifax

* Experian

* TransUnion

If you find mistakes, take action to remove them immediately. Do not procrastinate; be proactive. If you neglect your credit file, you will face some major financial inconveniences or setbacks. Be patient; errors take time to correct. Catching mistakes quickly resolves them faster. All of this effort improves your credit while letting you keep more of your hard-earned money! If your credit report is less than perfect, manage any lingering problems now. Your action is a step toward a sterling credit report.

Even if you think you have an unblemished past, check your report so that you know what a future lender or employer learns about you. A good credit rating puts more money in your checkbook and not a creditors bank account. If you need help, speak with a professional whose experience and expertise will guide you through the the credit maze. The results will amaze you. Just remember, everywhere you go, your credit report will follow you.

Larry Guidi is affiliated with Benchmark Literacy Group Credit Educational Services as an independent representative. He offers consumers a 12-month clean credit checkup through the three major credit bureaus: Experian, Equifax and, Trans Union. Larry is a well-known advocate of consumer reporting accuracy. You may call Larry Guidi (408)210-4035) and learn more about his services at Better Credit Guaranteed.com. Copyright 2005 Larry Guidi

Short breaks always seem like such an outstanding idea - to leave behind habits and habitats, see something new; possibly listen to something unique. Nevertheless, without a purpose, weekends away can time after time fall a bit flat, a case of traipsing around an enormous city, periodically going into outlets and examining sculptures. This may be acceptable if you are pleased to go with the flow, although if you prefer being busy & ‘doing’ something then West End theatre breaks can be an excellent choice.

While you could continuously fly to France, why would you need to? There is a great amount of talent & entertainment much nearer to you in the City. Notably, London contains a mixture of splendid theatres, most of which are grouped together in or around London’s West End - a place in which your life looks to become a little rosy & the whole lot turns out okay in the end or at least if not, you can get caught in pleasant moments and feel somewhat a better individual.

Although for lush, cheerful amusement throughout a London show break generally individuals attend musical plays. These can be anything from the heart-wrenching misfortune like that of Les Misérables to the rollerblading wonder that is Starlight Express. Nevertheless supporters of rock and roll, doo-wap and boys and women in really tight leather will only be interested in one option - Grease. Taking the universe by storm in the nineteen seventies, this renowned show has under no circumstances failed to make an impression on spectators, transferring with consummate style to the big screen. Featuring a fine-looking John Travolta & a tremendously skinny Olivia Newton-John, the motion picture went on to be selected for an Oscar.

A great many people will have a soft spot in their heart reserved for Grease, no matter what age they are, or even what sex. It is 1 of those enjoyable movies that is enjoyed by several age groups; similarly the musical show is fitting for both young and old alike. The ease & liveliness of Rydell High is catchy, the late nineteen-fifties clothes are desirably retro, and the music are so catchy that you’ll be singing in your seats. Visit the LSBO website for great savings on London’s West End musical shows.

A credit report is more than just a snapshot of your financial picture; it can assist credit grantors in determining your overall risk factor. Additionally, lenders, credit grantors, and even human resource departments often use it as a tool to determine a person’s character.

When applying for a mortgage, your lender will request a credit report from one or all three consumer credit agencies. While credit repositories do not divulge exactly how the scoring model calculates the numerical score, the score determines your credit standing and worthiness. This score is based on several factors including types of credit, amount of credit and your payment history. For instance, if a score is 679 with a 12-month mortgage reporting 30 days late; or a 620 score with no mortgage lates and a credit card under half the credit limit - who would you lend to? When refinancing or purchasing a home, the accuracy of this information could literally mean thousands of dollars either saved or lost.

Vital information is constantly streaming into your credit report, both accurate and erroneous. Due to the level of erroneous reporting, there has been pressure on Congress to make the credit repositories more accountable for the accuracy of the information AND to divulge what goes into the scoring models. However, do not leave it to Congress to straighten out the pitfalls of errors on your personal credit report. You should check your report annually to insure that all the data is accurate.

Why is this important? The lending industry is moving toward “risk-based” pricing. In other words, the higher one’s credit scores, the less paper they will have to provide to prove that they are creditworthy AND the interest rate and/or fees a borrower pays will be based on the level of their scores. The higher the score, the lower the rate, payment and many times the down payment. Does this mean that people with challenged credit should not apply? Not at all. No different than one of us lending a co-worker or family member a couple hundred bucks until payday, the lender simply wants to make sure they are protected. A loan may still be granted in this scenario by perhaps requiring more money towards the down payment or a slightly higher interest rate.

The truth is, it’s a great reward for those who maintain impeccable credit and a goal for others. With this in mind everyone can take advantage of low interest rates.

Le’Andra Martin, Branch Manager with American Mortgage Specialists can be reached at 866-824-9549. She is dedicated to helping homeowners and investors maximize the investment in their homes.

TURBO-CHARGED KILLER RATE SAVING INFORMATION!

Let’s just take a brief moment to recap:

If you’ve been following along on this journey with me, learning the 5 Super-Charged secrets to Credit Card Utopia, then you now know 2 very important things:

1. You now know how to take advantage of zero to low interest credit card offers.

2. You now know that there is safety in numbers, and you know the magic “Who’s Who” of the major credit card companies. You know that one of them, in my opinion, stands out for consumers.

With me? Good. These are both essential foundations that you need to follow in order to live in Credit-Card Utopia.

Now, let me flavor it up for you.

What could be better than zero interest credit cards? What could be better than having the best, lowest, guaranteed credit card in your wallet?

1) How about cash? Would that work for you?

How about a big fat check at the end of the year, in the thousands and thousands and thousands of dollars?

Would you like to get PAID thousands of dollars each year, just for spending money that you ALREADY SPEND?

You might realize that I’m not talking DIRECTLY about interest rates. But listen, I can’t get much lower then zero interest. I need you to think creatively with me now.

2) Rewards Cards, otherwise known as incentive-based credit cards. Let’s start there.

These are no secret. Many of us have rewards cards. I have several, in fact, and I get many rewards for spending with them. I get airline miles, and I get gas vouchers, and I get discounts at online stores…AND…I get Cash.

But let me talk about a HUGE secret that most people are not yet fully exploiting for their personal and financial gain.

3) My family and I are just now getting into making money with Cash-Back offers:

Cash rebates, Cash-Back cards, those are the ones I want to focus on with you here, for a second.

How do these cash-back cards lower your interest rate? Well, at this stage, it’s a semantics game, but if you have 9% interest for example, and you use a cash-back credit card that pays you 3% on all transactions…Well, that’s like getting a 3% discount on the rate, so your charge is more along the lines of 6%. It’s not EXACTLY like that, but you get the point.

More importantly, let’s dig deeper.

4) I’m going to tell you how to TURBO-CHARGE this mechanism, and EXPLOIT IT FOR EVERYTHING it’s WORTH.

You see, your credit card company wants you to spend as much money as possible with their plastic.

Yes, they’d like to charge you interest on debt. But even if you pay it off every month, did you know that they still make a profit on the transaction from the Merchant fees?

Yes, the credit card charges the merchant a fee for swiping your card. It can range anywhere from 1% to as high as 6%…

It does not impact you the consumer (directly), but it does give you some insight into why you can become business partners with your credit card company.

5) Secret # 3 revealed: Here’s what my family and I are doing:

We use our cash-back credit card for EVERYTHING.

We simply have restructured our spending so that all expenses, or almost all expenses, go through our cash-back credit card.

Grocery stores, restaurants, shopping, dining, gas…Everything. In fact, as of the writing of this article, American Express® has developed a Bill-Pay type system so we are able to actually pay some of our bills using our cash-back credit card.

Can you imagine? A credit card company developing online bill-pay. Now, how SMART is that?

6) Let me ask you something. How much money do you spend every year on expenses?

Don’t get your calculator out, because the answer is simple. You basically, spend….AS MUCH AS YOU MAKE…

The vast majority of us do. So, let me ask you the same question a different way: How much money do you make?

How much is 3% to 5% of that?

I’ll give you an example. If the average household income (and expenses) were around $50,000, then that means a savvy consumer, with a cash-back credit card, could generate a check every year of between $1500 and $2500.

7) Holly Cape Canaveral, Batman!!! That’s $2500 free cash dollars, every single year!

What would YOU do with all that free money? Buy a vacation, a new TV, some jewelry?

Are you getting it, now?

You must start looking at the Cash-Back credit card as more then just an incentive or reward.

Frankly, it is a new source of income.

Now, here’s the nitty-gritty on how we do this. It’s simple.

The first step, is we gathered all our credit cards, put them in an envelope, and put that envelope in our lockbox in the attic. We replaced all our plastic in our wallet with the cash-back credit card of choice. We also put an emergency debit card in our wallet, but the primary method now for spending, is to use the cash-back card. This takes care of gas, food, restaurants, etc.

The second step, is the process of restructuring expenses through the online bill-pay system with our cash-back credit card company.

We re-route as many expenses as possible through our cash-back card. It takes a little time, and doesn’t happen in one day.

But do the legwork. Be a smart consumer like my family and I.

9) There’s a perk, too!

The perk is outstanding! Have you considered, that my family and I only really have one payment a month to make? That’s the goal we’re moving towards anyway.

So, think about how many bills you pay each month. Wouldn’t it be nice to just make one payment out for all your expenses, rather then a check to the gas-card, a check to the utilities, a check to the Credit Card Company, etc.?

Think of the convenience and time saved, to just make one payment out each month.

10) A lot of information to take in, yes? Let’s pause here:

If you’ve followed my train of thought, then you’ve come to the Secret knowledge of how to extract and exploit the power of these cash-back cards for everything they are worth. If you do this, even just the first part, you will take a money saving incentive program, and turbo-charge it into an actual income producing technology!

Pretty, cool, huh? SHHH! It’s a Utopian secret.

We’ve enjoyed providing this information to you, and we wish you the best of luck in your pursuits. Remember to always seek out good advice from those you trust, and never turn your back on your own common sense.

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Disclaimer: Statements and opinions expressed in the articles, reviews and other materials herein are those of the authors. While every care has been taken in the compilation of this information and every attempt made to present up-to-date and accurate information, we cannot guarantee that inaccuracies will not occur. The author will not be held responsible for any claim, loss, damage or inconvenience caused as a result of any information within these pages or any information accessed through this site.

About The Author

Tom Levine provides a solid, common sense approach to solving problems and answering questions relating to consumer loan products. His website seeks to provide free online resources for the consumer, including rate-watch, tips and articles, financial communication, news, and links to products and services. You can check out Tom’s website here: http://loanresource.org, or you can email Tom at info@loanresource.org.

Today, selecting the proper credit card can be a bit confusing to say the least. There are literally hundreds of offers from the major institutions eagerly competing for your business. The easiest way to shop for a credit card is to break them down into categories. There are seven major categories that all credit cards fall into. Each category is listed and explained below. Once you identify the proper category, simply narrow down the offers to the ones that best suite your particular needs and lifestyle.

General Purpose/Low Interest Credit Cards:

These cards are great general purpose credit cards for those not interested in all the special features and costs associated with CashBack or Rewards cards. They feature either a low introductory interest rate, and/or a low fixed rate.

General purpose credit cards are usually favored by those who tend to carry a monthly balance on their cards. A lower interest rate can add up to substantial savings on finance charges, and be of more value than cards offering high rewards, or cash back. If you are planning a large purchase, a low introductory APR may be just what you need. You can stretch out your payments over the length of the introductory period, and save a bundle on finance charges.

Cash Back/Rebate Credit Cards:

Cash Back credit cards give you cash or rebate incentives every time you use the card. The amount given is usually a percentage of your total purchases excluding interest and finance charges. Cash back credit cards should be considered by those who tend to pay off their entire balance every month, and therefore would not realize the benefits offered by low interest rate cards. Cash back cards are always hard to beat, but others may favor a rewards program offering goods and services in place of cash. The card you choose will depend upon your particular needs and lifestyle.

Reward Credit Cards:

Reward credit cards give you points every time they are used to make purchases. The points that you accumulate can later be redeemed for goods and services. Cards offering reward points are most attractive to those who tend not to carry a monthly balance. If you pay off all or most of your balance each month, a low interest rate will be of little consequence, making reward cards the perfect solution for reaping some extra benefits out of your spending dollars. There are many cards in this category that give special rewards as incentives to shop at specific retailers. Check the terms of each card to find the one that will best suit your needs.

Airline Miles/Travel Credit Cards:

If you’re an airline traveler, you should look into credit cards that offer Frequent Flier miles. You earn Mileage points as you spend on your credit card. You also earn mileage points for the miles you fly. If you took a round trip to Orlando from Washington DC you would earn 1516 mile points. If you bought the ticket on your card you would earn even more! Most Frequent Flier credit cards will give you 5,000-10,000 free miles as a sign-up bonus, as well as discounts on car rentals, free hotel upgrades, and many other perks. Be aware that there may be caps on the amount of miles you can earn in a year, as well as expiration dates for unused miles.

Business Credit Cards:

If you own a small business then you should consider a business credit card. With a business credit card, you can make purchases under your business name, allowing you to separate your business and personal expenses. Business cards can in some cases carry a higher limit than a personal card, and additional cards may be issued to executives, or employees. Most institutions offer business cardholders a special categorized statement that makes it easier to manage your company’s finances and spending habits.

Student Credit Cards:

Student credit cards are available to actively enrolled College students. They are ideal for building a credit history, and teaching the principles of financial management. After graduation, the credit history established with a student credit card can be a great help when buying that first new car, or even applying for a mortgage. It pays to start early and establish yourself as a responsible person by paying your bills on time. A student credit card usually carries some restrictions not found on ordinary credit cards. A co-signer is sometimes required on the account, and in such cases, permission from the co-signer must be obtained before the credit line can be increased.

Bad/No Credit Credit Cards:

If you have bad credit, or simply no credit history at all, there are alternatives to help you build/rebuild your credit. Many institutions offer secured, or pre-paid credit cards to individuals seeking to build or rebuild their credit. A secured credit card requires that you supply the institution with some type of collateral such as a car, home, boat, or cash. They will issue you a credit card secured by the value of this collateral. It functions just like a regular credit card, except that if you default the bank can seize the collateral.

Another solution is a Pre-Paid credit card or “Debit” card. Pre-Paid cards require that you deposit funds into the card’s account in advance of making any purchases. When a purchase is made, the funds are deducted from the account balance. This is not really considered a credit card since no credit is actually being granted by the institution. Debit cards are a great alternative to carrying cash, and are hence much safer.

© Written By: Michael Casamento

Michael Casamento is the founder of the Credit Card Safari web site, offering quick and easy comparisons of the latest credit card offers from top financial institutions.

For more information visit:http://www.creditcardsafari.com

This article may be freely reproduced so long as the above
resource box is included in its entirety.

Machine-accessible gambling webpages are modulated via 3 structures. They are the OSGA (the Offshore Gaming Association), the IGC (Interactive Gaming Council) and finally the Fidelity Trust Gaming Association FTGA. sports book wagering

The Offshore Gaming Association is an unbiased watchdog bureau which checks the thriving overseas sports gambling trade with the aspiration to also present sports gamblers the means to quickly identify reliable web based businesses to play gambling games with. It aims to guard client’s rights, additionally they don’t demand any particaption charges. The Offshore Gaming Association are a well-qualified not to mention neutral third party association who pronounce objective points of view, founded on your observations, nonpartisan inquiry, conversations, prompts not to mention provides inside bulletins.

The Interactive Gaming Council is a non commercially driven agency. The organisation was created to allow an arena for involved participants to discuss subjects and also to advance shared worries in the world-wide web-based betting industry, in an effort to establish straightforward not to mention responsible trade instructions and practices that strive to raise customer trust in internet based sports gaming commodities and utilities, also to be of assistance as the overseas gambling industry’s public strategy defender not to mention it operates as an information base of operations.

The Interactive Gaming Council have built up a name for honesty, stability and in addition solidity thanks to its high standards of integrity, also its appeal for legitimate businesses. The IGC regularises offshore gambling by means of championing an extraordinary 10-step general policy code and in addition charges sports betting internet sites license fees to exhibit their logo. Dispirited gamblers can furthermore disclose their differences of opinion to the Interactive Gaming Council.

The FTGA has been formed in an effort to generate a benchmark which will upgrade the transactions of online sports gaming commercial enterprises. The Interactive Gaming Council suggest that by carrying on business only with respectable companies, they are able to found an alliance of the most ethical and most expert overseas betting businesses internationally. So, in concise terms these are bodies that guide the dealings practised by networked gaming and which should work to assuage a few of the apprehensions felt by skeptics. Internet based sports gaming websites are today completely trustworthy, in that individual data should not be needed also the rewards and the odds should be as balanced and honest as in your usual Vegas-style sports wager. They cut back on traveling, but nevertheless preserve of a Vegas gambling casino, only nowadays you may wager at your computer.

Val-d Isere is one of the foremost snowboarding resorts for vacation sport and enjoyment. Val-d Isere is an awesome place which offers the vacationer hiking, canoeing, paragliding, markets and many other things for the whole group to relish. However as the early snowfall begins to engulf the forests and mountain peaks, and the ponds start to ice over, Val-d Isere changes its feel from vivid fall colors to glistening white. Val-d Isere bristles with winter fun ” sledding, cross country skiing and monoskiing. If you normally look for luxury ski chalets Chamonix then why not check out here?

Val-d Isere was voted the no. one skiing area in France for many years by skiing journals and keen snowboarders. It raises a lofty 3400 metres up, it has 57 trails, the lengthiest being 4 km. kilometers, and in total there is 615 kilometres of skiing. There are runs for beginners and good skiers, and 57 slopes for expert snowboarders. Val-d Isere’s lifts handles 22000 skiers each hour so there isn’t any waste of time waiting to get snowboarding. You are able to take the gondola for a grand overall view of the mountainside and the surrounding area. For the hungry visitor, there are many cafes that have vin chaud and broths, baguettes or full meals.

It is one of the most frustrating feelings in the world. You’re trying to rid yourself of your debts. You’re putting more and more of your paycheck towards your credit cards. You’re gradually paying them off. Finally, the day arrives when you clear the entire outstanding balance. The card is finally cleared. A huge weight has been lifted from your shoulders and you can go to sleep at night knowing that you’ve got one less worry in life.

Credit Card Company

Does your credit card company share your joy? Do they congratulate you on taking care of a pressing anxiety in your life? In fact they do the exact opposite. It’s not really surprising, after all you’re their customer and they’re losing your business. But who would have guessed the lengths they go to stop you closing your account. Recently my wife has been closing a couple of credit card accounts and when she zeroes out the account and calls to tell them to close it, she’s sometimes insisting with them for ten minutes that she doesn’t want the account any longer, she doesn’t need it for emergencies, she doesn’t want a lower interest rate, and she doesn’t want any special offers. She just wants to close the account.

Our Personal Experience

Bad as that sort of behaviour is, it’s not the worst. On one of her credit cards, she had a magazine subscription. She had tried cancelling the subscription but the company involved refused to stop charging her account. So when the time finally came that she could close her account she paid them off, paid off all her other bills, and told the credit card company that she wanted to close her account. After the usual to and fro, they finally agreed to close her account for her.

Hey! We Cancelled!

Thinking all her accounts were closed we went on a trip. When we returned two months later, two bills were awaiting her from the company. The magazine company had not surprisingly attempted to bill her again. She thought she was free of them by closing the account they had access to. Well, the card company, without notifying her or conferring with her in any way, simply paid the magazine company, and billed my wife. When we didn’t pay they that they allowed a charge from the magazine company for the next month and added a late payment charge. When we returned she owed over $100 on an account they had confirmed with her they had closed.

We’re still disputing the charges but the bottom line is it’s pretty hard to escape the nasty clutches of credit card companies.

Joseph Kenny is the webmaster of the UK credit card comparison site www.creditcards121.com/, where you can find a selection of credit card advice. For US visitors there is also the comparison site www.credit-cards-info.com/ for all US interest free offers.