Here are some common misinterpretations people make about their credit reports and how to clear them up.
They have too many student loans listed for me
Student loans are often listed as separate loans for each semester of school instead of as one big loan.
I must be a victim of ID theft because someone else’s name and is on my report
Errors in information gathering commonly result in someone else’s data being mistakenly listed on your credit report. This is just a mistake, not ID theft. You can always dispute this info on your reports at the website of the particular credit bureau.
I paid that collection account, it shouldn’t be on my report anymore
Collection agencies aren’t required to remove a collection account from your credit reports once you have paid it if the information is still timely. All they are required to do is list that the account has been satisfied.
All these inquiries count against my score
Keep in mind that the only inquiries that are ever factored into your credit score are ones that happened in the past year and that were for the purpose of you applying for credit, financing, or some other type of financial contract.
Achieve Balance. Take control of your finances today through Pen Air FCU's BALANCE Financial Fitness Program. Learn more by visiting www.penair.org/Balance.
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Copyright © 2013 BALANCE
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Showing posts with label credit cards. Show all posts
Showing posts with label credit cards. Show all posts
Tuesday, August 19, 2014
Common Credit Report Misunderstandings
Tuesday, August 5, 2014
August eNewsLetter
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Tuesday, February 11, 2014
Balance Transfers
How to Use Them
Wisely
Get the best deal
Credit Card Balance transfers can definitely work to your financial advantage, and great deals do exist. After all, the less interest you are charged, the more of your payment is going toward the principal, allowing you to repay the debt efficiently. Look for balance transfer offers with:
Credit Card Balance transfers can definitely work to your financial advantage, and great deals do exist. After all, the less interest you are charged, the more of your payment is going toward the principal, allowing you to repay the debt efficiently. Look for balance transfer offers with:
- The lowest introductory interest
rate for the longest amount of time
- A low post-introductory interest
rate
- No or low annual fee
- No or low balance-transfer fees
(which can be up to four percent, equaling $200 on a $5,000 balance)
Understand the terms
As with all contracts, make sure you are completely aware of the terms before you sign on the dotted line. Be sure you understand the rate and term of your balance transfer.
As with all contracts, make sure you are completely aware of the terms before you sign on the dotted line. Be sure you understand the rate and term of your balance transfer.
Avoid costly delays
Incomplete balance transfer paperwork can cause a serious delay, so make sure you fill in forms carefully. Continue to make the minimum payment on the old card while waiting for the balance transfer to take effect, which may take anywhere from two to four weeks. Finally, verify complete balance transfers with both your old and new card.
Incomplete balance transfer paperwork can cause a serious delay, so make sure you fill in forms carefully. Continue to make the minimum payment on the old card while waiting for the balance transfer to take effect, which may take anywhere from two to four weeks. Finally, verify complete balance transfers with both your old and new card.
Don’t get into future
debt
Transferring credit card balances makes the most sense when you are not going to acquire more debt and will concentrate on repaying what you owe. If you keep the old credit card open and use it to accumulate more debt, the benefit of the reduced interest rate is watered down by a higher overall balance. Cancel or suspend use of the old card(s). And since you will likely be charged a high interest rate for purchases you make with the new card, avoid racking up more debt on it as well.
Transferring credit card balances makes the most sense when you are not going to acquire more debt and will concentrate on repaying what you owe. If you keep the old credit card open and use it to accumulate more debt, the benefit of the reduced interest rate is watered down by a higher overall balance. Cancel or suspend use of the old card(s). And since you will likely be charged a high interest rate for purchases you make with the new card, avoid racking up more debt on it as well.
Pen Air FCU offers a
variety of loan options to meet your specific needs. Whether you choose to transfer your high-interest rate credit card balances to a Pen Air FCU MasterCard®, or consolidate your debt
into one personal loan, we can help simplify your life to make budgeting easier
so you can get back on track.
For more information, visit penair.org/CreditCards, call 1-877-4PENAIR, or stop by a branch location near you.
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| Photo by realsimple.com |
BALANCE 2013 ®
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