Posts Tagged ‘mastercard’
When many people think about credit repair, they think about “ removing negative“ from their credit report. Unfortunately, they stop there. What those people are missing is that there is more to improving your credit score than just removing negative items.
A portion of your score consists of credit utilization, for instance. So while removing negative accounts is great, you’ll be even better off if you can start building positive payment history too.
While many people focus completely on the “historical”aspect of credit repair (i.e. fixing things that have already gone wrong), a much better approach is to not only try to fix things from the past but also work on the future by attempting to rebuild credit.
And how exactly is that done?
Let’s say that you have some late payments, collections, charge-offs, and other negative items on your credit reports. It’s great that you’re attempting to clean up your credit by tackling those things, but there is a lot more that you can do that will help your credit score.
You might do something like…
1. Get a $5,000 or $10,000 line of credit added to your credit report using a merchandise card that reports to at least one major credit bureau. This will raise your high credit limit substantially and may help open the door for pre-approved credit offers.
2. Get a couple more credit cards, such as a sub-prime (high fee) Visa or MasterCard or a secured credit card. Whether you use one type of card or both, make sure that they report to the credit bureaus (as they are useless for rebuilding credit if they do not.)
3. Make regular purchases using your Visa/Master cards and run up manageable balances. Pay them off over the course of 10 months or so, and then do it again. This way you will build positive payment history. Do the same thing with the merchandise card to add to the positive payment history you are building.
4. Be sure to NEVER miss a payment or be late. If you do, you’re working against your goal of rebuilding credit. You must pay on time every time, period.
5. Make sure you are “OPTED IN” to marketing offers based on your credit and relationships with your creditors. This will help insure that you start receiving pre-approved offers as quickly as possible.
6. If you have any existing credit cards that are maxed out or have very high balances, consider moving the balances around or paying off some of the balance so that the usage isn’t so high (though the merchandise card account should help with this).
7. After you have started receiving credit card offers in the mail, pick a good one and apply. You can also try starting with a department store card as sometimes these cards will be easier to get approved for.
The whole point of this process of “rebuilding” credit is to build up payment history and add new positive accounts to your credit report so that your credit will look better to lenders offering loans and credit cards with better terms. Most people will find that their credit score goes up as a result of their efforts, and in anywhere from 3 months to a year they will be getting all kinds of offers in the mail for better credit cards with lower fees and higher credit limits.
The short answer is yes. In fact, it can be a great way to avoid late penalties and taking a hit on your credit score while you are on vacation or traveling to an area that you wont have the ability to pay your credit card bills. Many companies and lenders, including Discover and Barclays will allow you to switch your due date as long as it is within that billing cycle.
How is this useful though? In the past if you were traveling you either had to have access to the internet to pay online or pre-pay your statements to avoid any late fees or score penalties. This might still be a great option though because pre-paying statements and getting those balances paid down can free up more spending power without having to worry about going over that magic 30% number we have talked about so many times.
But If you are unable to pre-pay or you know that your budget depends on a check coming in you are able to move that due date and still make on-time or early payments before, during, or after your vacation.
It is important though to stick to your budget each month and especially for your vacation. Be sure to check out 3.5 Tips To Keeping Your Wallet & Credit Safe This Summer before you plan your next summer trip.
Be sure to also grab your copy of our free e-book on 28 credit secrets that banks and credit companies don’t want you to know!
Like us on Facebook for the most up-to-date credit building tactics and news! And get early access to sales and deals on all our credit building materials that can radically change your life.
Keep your card safe during your summer travels.
While the U.S. leads the rest of the world in credit card fraud it can happen anywhere. But that doesn’t mean we should make it easy or let it happen.
Whether you are going to be traveling internationally or domestically it is important to follow a couple safety measures to keep your card out of the hands of thieves and criminals.
One of the most important things to do pre travel is to notify your bank and your credit card issuer of your itinerary. This is especially important if you are going to be overseas and can’t easily reach your card company. Give them where you will be each day. Not only will this protect you it will also prevent their security features from shutting your card down unexpectedly.
You also need to pack smart. Especially when traveling to another country. Chances are you are not going to need every single card in your wallet when you are traveling. The risk is not worth having those cards with you. Generally, you should have your credit card that you have decided to use, maybe a bank card, cash, and maybe a backup credit card. Having extra cards that you are not going to use is just asking for trouble. If you lose your wallet or one of those cards falls out its more trouble that you have on a vacation, you are using to get away from it all… So stop making more trouble for yourself.
A little while ago we wrote about the U.S. switch to chip card. (Check Out That Blog Here) Luckily this is the norm with the rest of the world and has been for sometime now. It is important that while you are traveling in the states and even just with every day purchases that you always take advantage of that little chip in your card. A 2015 study showed that in 2015 the United States accounted for 47% of the world’s credit card fraud while only accounting for 24% of the world’s card volume. With EMV Chips this will go down. So if you have the option always use the EMV Chip Reader.
Protecting your credit shouldn’t be hard. And it certainly doesn’t take paying a company $50/ month for ID Theft Protection. Get the Starter’s Guide for Building and Protecting Your Credit.
If you are ready to unleash your full credit potential discover the Credit Repair Intelligence System.
For sources and to read more on card fraud in the U.S. go to
Read more: http://www.nasdaq.com/article/credit-card-fraud-and-id-theft-statistics-cm520388
You may have noticed over the last few months a transition of your credit and or debit cards. Recently new regulation was passed that required card issuers and financial institutions to issue EMV chip cards. EMV stands for Europay, Mastercard, and Visa. This method of payment became the world standard almost ten years ago now and the United States is just catching up now.
Still you might be asking what is EMV, what are the benefits, and why the switch? Well EMV is really a system that was created by three different credit issuers. Instead of using the prehistoric swipe and sign method EMV incorporates a high-security technology that reads a microchip embedded in your card. It will then need a pin and/or signature to complete the purchase or transaction. So I mentioned higher security. I also mentioned that EMV chip cards have pretty much been the world standard for almost a decade. So it should come as no surprise that almost 50% of all credit card fraud in the world occurs in the United States. Seems we were a little late getting to the game.
What is going to happen now? If you haven’t gotten a new chip card in the mail yet you probably will soon. And you should start to follow the chip card method of payment. Not only is it near impossible for your information to be harvested thus providing identity and credit score protection but it also helps to build a more secure network of payment methods and services. While many different vendors and card issuers have already made the switch to the new EMV system there are still some to complete the change. Before late 2016 or early 2017 all vendors must switch to this new system. The new regulation in place puts the responsibility of loss on the party with the least up to date technology. This is important if you are taking credit cards in your business or would like to inquire your bank or card issuers for a new chip card. Most banks and credit issuers will provide you with a new chip card, at no cost to you, to replace your old card. This is important to do now so you have the most up to date credit card security out there.
Utilizing credit to your advantage can be complex but it really doesn’t have to be. While these new chip cards and the EMV system does not directly change your credit score it can prevent against possible fraud which effects so many every single year. The more power and knowledge you unlock now can help build credit for the future. Understanding credit and how credit works is extremely important. To discover more about utilizing your credit to its fullest potential click the link below and discover the Credit Repair Intelligence System.
The WSJ recently interviewed Carolyn Balfany, Mastercards EMV Expert, to find out more about how the new system will work and what it means for the consumers and the vendors. To read the article you can click here: http://blogs.wsj.com/corporate-intelligence/2014/02/06/october-2015-the-end-of-the-swipe-and-sign-credit-card/ Its a great read if you want to learn some more about the EMV system and chip cards.
As always if you have questions we are here to help. If you are already a member of our Members-Only Forum that is the best place to post or ask your questions. If you need some more information please feel free to contact us at email@example.com.