Credit-Card-Authority.com presents the Credit Card eZine — a new and improved credit card news service. We will inform you with up-to-date articles on credit cards for good credit, bad or no-credit history. Get information on best credit card deals for student credit cards, cash back credit cards and business credit cards. Learn about the top deals on credit cards with the lowest APR deals and other hot issues.

Credit Card Score - Manage It Wisely

»  Credit Card eZine Archive
Using Credit Cards
Credit Card Score - Manage It Wisely

So many people dream of buying their own house. In order to fulfill this dream, one needs to build up a good credit history and a high credit score (the higher the better). For instance, you are already approved for a mortgage. So, it is exactly an incentive to make credit card deals and start you credit file. Smart credit cardholders try to follow all the credit card rules and be responsible in the process of achieving a high credit score. What is sad, though, that many efforts often kind of pass in vain. Very often your credit score is not exactly what it needs to be after a number of years of diligent monthly payments and rather reasonable debt ratio. Have you ever wondered why does it happen? You certainly would like to understand what you did wrong.

It is not a surprise that many card users do not manage credit cards correctly. It all may result in harming the credit score and even damaging the credit rating. For many it is not that big of a surprise - they know what they did wrong and what led to the low credit score. But it may be so that you just don't see any obvious reasons for the mortgage lender refusal. One sure feels somewhat mistreated in such situation. The thing is that everybody wants to have a good or excellent history in order to apply for low rate card deals.

It is better not to hurry with the conclusions. Credit score confusion and mortgage disapproval can be explained.

We have numerous cases when cardholders had such problems coming out all of a sudden. For instance, a guy made the very first credit card when he just entered a college. A guy managed (unlike many other students) to graduate with great credit rating. He certainly was happy about it since he intended to apply for a mortgage loan.

Unlike most of his friends he managed to stand the temptation of maxing out her plastic for entertainment and avoid falling into debt. He was one of the lucky few who graduated with a favorable credit rating and could hope to be approved for a mortgage loan. How confused was he when he ran into a refusal. One wouldn't be very happy to find out that the only cards he/she is eligible to apply for are bad/no credit cards. I would like to elaborate on this situation.

It is not that hard to explain if you will understand that credit lenders and consumers are sometimes provided with different scores. Credit bureaus that issue these scores have got their own vision of all the credit scores and this can cause serious confusion.

Clients apply for the credit score to find out if they can be approved for the low rates credit cards or are eligible only to apply for subprime rates that are much higher.

Credit scores are intended to show the risk of the borrower, one can predict how likely a cardholder is to be late with his/her payments. Credit bureaus sell scores to cardholders and make money. It is a business. Credit card bureaus are not calculating the credit scores on a different from that of mortgage lenders basis. Almost every mortgage lender uses FICO score, whereas bureaus tend to use Vantage Score system. This system has got its own scale (501 to 990) and no wonder that clients with FICO scores (300-850) seem less appropriate for low rate loans. Now it is clear why our girl student didn't qualify for the loan she wanted.

Lots of mortgage lender and customers accuse credit bureaus of eluding because they d o not advertise that Vantage Score will not help in mortgage application. FICO score is more reliable compared to Vantage Score.

We are left to hope that all the mortgage seekers will learn to be extremely careful about the information they buy from the credit bureaus so that they will be able to avoid all kinds of credit card industry traps. Remember that all consumers credit cards are tricky!

Share Opinion:
del.icio.us   digg   Furl   YahooMyWeb   Propeller   Reddit   Google
comments
ALBERT 09:05 AM, October 31, 2007
What I've done for improving my credit score? I just pay off my bills regularly, that's it. It really works. My status is excellent now and there are quite fine rewards available to me.
 
Your Name: *
Your Email:
Your Comment: *
Enter Number from Picture: *
* - Required Fields
The Latest News

Purchase Protection: Shopping with Credit and Prepaid Debit Cards

Zero-liability purchase protection on credit cards is required by the law and is merely offered as part of company policy on prepaid debit card purchases.
»  Read full story...

Visa SavingsEdge Rewards Program

Visa, one of the most dominant brands in the world financial industry, has recently launched a new discount program designed or small business owners. The company upgraded already known and popular with Visa SavingsEdge customers. Now numerous clients of Chase, Wells Fargo and Bank of America can become lucky owners of the new Visa SavingsEdge.
With this discount program Visa's clients owning small businesses will significantly save money shopping at participating business retailers. Visa SavingsEdge program allows you to cut down your company's expenses and increase the buying power of your plastic. Some business owners have already tasted the joys and benefits of this new rewards program. Learn more about it and maybe you will not resist the temptation and will apply online for this new product right away.
»  Read full story...

Credit and Law Violation

You applied for a good credit card and got denied? What is the problem? You have bad, no or fair credit? No, you checked your credit report just before submitting an application. You are confident about your credit score. It is definitely above 660. You know that your credit file is stainless and the denial was just impossible.
What to do? Remember that you have rights and you are protected by the Equal Credit Opportunity Act, just for a start. If you think that your credit history have been underappreciated or you believe to have been mistreated, or your credit card application, as you suppose, has not been given a proper consideration, feel free to file a complaint about your negative experience.
»  Read full story...

Enlightenment Rewards Credit Cards

Credit cards are material attributes of our every-day life. And we treat them as a convenient means of payment. But it is no secret that those little plastic devices can cause a king-size headache. Every card holder sooner or later faces problems associated with credit card management and credit debts. Ohio State University has carried out a survey which proved that many card owners experiencing credit card problems suffer high stresses associated with credit cards.
Visa has come up with a fresh idea that will help solve psychological problems associated with credit card use. Enlightenment Visa Rewards cards are perfect for those who remember not just about the material world, but about their mind and soul. Specific rewards granted to their owners help to keep a sound mind in a sound body.
»  Read full story...
Credit-Card-Authority.com
Copyright © 2003-2012
Credit-Card-Authority.com, Inc.
All Rights Reserved