Pitfalls to Avoid When Shopping for Credit Cards      
Individually, these may add up to only a few dollars each month, but collectively, they can add up to a substantial expense, especially over time or if you have numerous credit cards. Most credit card issuers offer a 25 day grace period in which to pay for new purchases without incurring finance charges if you pay your balance in full each month. Some issuers have shortened the grace period or eliminated it altogether even if you always pay your account in full. You may be paying interest on most or all of your purchases.
 
Will closing a credit account hurt my credit score      
You are using 50% of your available $2,000 credit balance, ($1,000) which is right on the border of hurting your credit score. You should concentrate on getting the card with the $700 balance down to $400 as soon as possible by paying as much over the minimum payment as possible. Don't use either card until you get the debt paid off. But keep the accounts open. Then, for future purchases using credit, use the 60-Day Rule. If you can pay off the purchase made on a credit card with in 60 days or two billing cycles, go ahead and use the card. However, if you won't be able to pay off the entire purchase in two payments, don't use the credit card.
 
Students Realize Credit Cards Can Be Detrimental to Financial Future      
Seventy-eight percent of undergraduate students nationwide have a credit history and have credit cards while they are in college. According to a 2000 survey by Nellie Mae, a national provider of higher education loans for students and parents, these students have an average credit card debt of $2,748. Carlesha Dixon is close to fitting into that category. All of her three major credit cards are close to the limit. Even though Dixon's parents help her out sometimes financially and she received a scholarship to come to Southern Illinois University-Carbondale, the freshman applied for two of the cards since she has been at SIUC.
 
Credit Card Cash Advance Pitfalls      
Credit card cash advances can provide consumers with convenient and instant access to "cold cash" in times of financial need, but cash advances should be avoided if at all possible. Informed consumers realize that cash advances are typically accompanied by fees and exorbitant interest rates (there is also no grace periodfor cash advances). Moreover, cash advances can be a major stumbling block for consumers seeking debt relief. We hope the following tips help consumers avoid the pitfalls associated with cash advances.
 
Will a secured credit card help me build a credit history      
Unfortunately, a prepaid card will not help you build your credit. Prepaid cards are considered the same as using cash. You might consider starting at the bank or credit union where you have your checking account. They already have a relationship with you and will be eager to add services to your account. There are also thousands of credit card offers available online. I suggest you check with the major Credit Card companies and bank websites to see what if any of their offers appeal to you. The interest rates and fees they charge you will depend on your credit score, credit history and which of their programs you fit into.
 
What is credit insurance      
Credit insurance is a type of coverage designed to pay off the minimum monthly payment in the event that a credit user cannot make their payments. Credit insurance is offered more and more, so if you haven't heard of it yet, chances are that you will. It is offered by credit card companies, banks, stores, car dealers...the list goes on.
 
There are several types of credit insurance      
Credit disability insurance pays on your credit card bills if you become disabled. Credit involuntary unemployment insurance pays on your credit card bills if you are fired. Credit property insurance pays to fix or replace items bought on credit or used as collateral. Credit life insurance pays off a debt if the borrower dies.
 
A typical credit insurance policy offers      
Voluntary enrollment Cancellation at any time Rates regulated by the state insurance commissioner, regardless of age, gender or health Premium fee calculated on current monthly balance Benefit of minimum monthly payment if borrower is disabled or unemployed Full payment benefit in the event of death or dismemberment, with a cap set typically at $10,000 Personal credit rating maintained in good order in the event of disability or unemployment The key thing to remember is what most insurance offers don't eagerly highlight: most coverage pays only the minimum monthly payment each month.
 
Is credit insurance worth the fee      
A strong debate exists regarding credit insurance. Supporters of credit insurance (usually those who offer it) say that it offers great protection for some credit users. For instance, a consumer who carries a large debt and who is in poor health may definitely benefit from the advantages of credit insurance should they become too ill to work. Critics argue that it's a grand money maker for companies that offer the insurance, but a bad deal for consumers. They make a case that a life insurance policy would cost the consumer less and pay out more benefits. Indeed, the Consumer Credit Insurance Association notes that people who earn a lower income and don't have other types of insurance are the people who tend to use credit insurance the most.
 
How do I raise my credit score      
First of all, congratulations on becoming debt free. I know it feels good and you should be proud of your accomplishment! It is important to make sure that all information currently reported is accurate and up to date. Be sure your debt payoffs are recorded properly. You want to put a positive light on a damaged report. You might consider adding a brief statement to each report (credit bureaus allow about 100 words), explaining what caused you to struggle. This will help those reviewing your reports in the future to better understand your situation and perhaps help them approve your credit request.
 
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