There are ways to stay out of credit card debt for good. Although some people find it hard to solve their debt problems on their own, there are ways to improve their credit card handling and financial status while on the verge of fixing their debt issues.

Some people live without credit cards and they like it that way because they are afraid of credit and going into debt. But if you are just starting off with your credit card, it is very much helpful to learn the ways of staying debt free to keep a good credit record.

Tips To Stay Debt Free

• If you have a credit card, keep yourself in check and in control. Credit cards are supposed to be used in emergencies only. That’s the main purpose of having one, but people have been using it for unnecessary purchases as well. That’s when debt materializes and burdens people who cannot stop.

• You can open a separate savings account that will serve as your emergency funding for credit card payments. If you have no credit card, then good for you. You can still have this savings account as a refuge for payments. But remember that unnecessary purchases will deplete your funds if used uncontrollably. So always keep your money in check and your spending at full moderation.

• If you can’t help but have a credit card, only avail one. If you have one and it’s been maxed out, you’ll end up in debt if you can’t pay for it. If you have 3 or more, that’s more trouble. Keep your cards at a minimum of 1 and maximum of 3 only. The more cards you have, the more credit you will accumulate.

• If you have been out of debt for a while, keep it that way for good. There’s no other way to be debt free but to keep it that way. Maintenance is important if you don’t want to end up in debt the second time around.

• Regularly check your credit report. You have a free credit report annually from all 3 credit bureaus, so take advantage of that opportunity. Check your credit report and inform the credit bureau of any dispute to save your credit score and your money.

• Pay off all your debt. If you happen to have a dispute on your credit score, solve it at once. If it turns out to be a legitimate debt, pay it off quick. If you have problems paying for your credit, you may opt a credit card debt management such as debt consolidation to be able to wipe out your debt. Even if it takes time, it is still best to face your responsibility to get out of it completely.

• Know your responsibility as a card holder. Most of the time people who have credit cards are using it as if there’s no tomorrow. If you have one, then there’s a huge responsibility that needs to be addressed. You need to pay no matter what. You owe the credit card company money, so it is imperative that you repay what you owe them.

Fluid cash available to a company to maintain day-to-day operations. This is represented by the difference between the company’s liability and the company’s assets. The working capital gives allowance for companies to pay their bills while awaiting earnings from sales. The amount of required working capital varies across industries as the conversion of production to sales differs according to the scale of production, seasonality, sales expansion and more. Working capital can come from retained earnings, short-term borrowing, trade credit, and equity financing.

StudentCreditCards :: Feb.08.2008 :: Uncategorized ::
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Bad credit history is caused by bad credit score. And this happens especially to college students who have more than one student credit card in their possession. But there is a way to fix this major concern, and that is through credit repair.

If you think canceling all your student credit cards will help, think again. It should be the last things to consider when you are facing bad credit score.

Tips to help you repair and improve your credit score

First is to make sure that you are paying your dues on time. No more excuses for late payments and over dues.

Talk to your credit card provider and ask for the best advice on how you can be able to pay your dues. Your card provider will be glad to help you especially if you are enthused and showing sincerity in paying your dues. Work out a payment scheme that will benefit you and your provider.

Obtain a copy of your credit report from all 3 credit bureaus. Make sure that all pertinent data are equal. If there are inconsistencies, you should file a report so the credit bureau can investigate the issue.

Under the US law, you are entitled a free copy of your credit report and you can request for a copy every 12 months. Take advantage of this opportunity each year and make it a habit.

* Avoid closing old student credit cards/accounts. Closing your inactive, problematic accounts will do you no good. It will only jeopardize your bad credit score further.
* When you come out clean after improving your credit score, maintain your regular payments, pay off your debt as much as you can without closing your account.
* Avoid applying for too many loans. Accumulation of loans will end you up in deep debt, and credit repair/improvement will be harder the next time.
* Avoid credit repair companies as much as possible. They charge too high for services you can do yourself.

Remember that you wish to keep a good credit history, so it is imperative that you keep your end of the bargain.

For Applicants With Bad Credit Scores

Credit card providers have established ways in providing students with bad credit scores the type of cards for their specific needs. A normal credit card won’t do you good at this time, but a specialized credit card for bad credit scores will fit perfectly but with a price.

* Unsecured Student credit card – This type of bad credit score card comes with very limited credit. This is a pricey way to obtain a student credit card as it comes with various fees and charges. Be careful when obtaining unsecured student credit card from unknown providers since most of them take advantage of the situation. Only avail from reputable sources.

Watch your spending and make sure all dues are regularly paid. Fees can add up without you knowing it, so it’s best to keep track of your payments.

* Secured Student credit card – This card is ideal for students who wish to repair and improve their credit scores. It works like a regular credit card but the credit limit is determined by your collateral.

You can obtain a secured credit card from major card providers such as VISA and MasterCard.

As always, it is imperative to maintain on-time payments. Be warned also that card providers forward their monthly reports to the credit bureau to update your files regularly to help repair your bad credit.

StudentCreditCards :: Jan.20.2008 :: Credit Card Offers ::
6 Responses to “Bad Credit Score? How to Get Approved!”

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