Low Interest Credit Cards

We all gripe about our credit problems, whether you have a 550 credit score and don’t know the best secured credit card to get, or you have a 750 and still can’t qualify for that coveted American Express card.

Even though our credit problems are different, there are a handful of shared reasons why many consumers just can’t seem to get their credit score to climb.

Here’s a quick look at our top 10 reasons why your credit score probably isn’t as high as it could be.

1. Two steps forward, one step back. It takes credit to build credit, right? In applying for credit cards or loans to build credit, those hard inquiries can sure add up and knock some points off.
2. Reformed credit bad boy/girl. That string of late payments from a few years ago is still dragging down your credit score. Only good behavior and time will let your score off the hook.
3. One big, past mistake. That one delinquent account, bankruptcy, foreclosure, or other derogatory mark from years back still haunts your score; it’ll be there for at least 7 to ten years.
4. Like a dirty secret, everyone has it hidden somewhere. Debt. Your score is handicapped until you really and truly manage your debt. If a majority of yours are on credit cards, your score can benefit almost immediately if you ditch the debt.
5. Your credit is vanilla; it should be more Rocky Road. You need a diversity of credit mix; until you get another loan, mortgage, or line of credit, your credit cards are boring your score.
6. You’re still not using your credit card correctly. You should know this by now—keep your total credit utilization under 30%. Lower than that is always better.
7. You’re still too young. Especially for excellent credit consumers, there’s a point where time is the biggest factor in helping your score climb. Consistently maintain good credit habits, and as time passes your score will benefit from longer credit history.
8. Tie up some loose ends. If you haven’t checked out your credit report recently, do it now. Any errors or inaccuracies could be weighing down your score, and you don’t even know it.
9. Take a leap of faith. Get the new credit card, auto loan, or mortgage you want. Adding more credit is a good thing for your finances if you need it, if are you are responsible, and if it’s in your means.
10. You’re not managing your credit. The best way to maintain good credit and insight on how to better your credit health is to check and monitor your score frequently [luckily, Credit Karma provides that for free ].

Bottom Line: See anything on the list you know you’re guilty of? Start taking the steps to properly address it head-on, read more articles and advice around your biggest credit score-building obstacles, and set your sights on having a credit score that’s as high as you want.

Every season, we bring you the top to-dos to get your financial life in order. The snow is starting to melt, the flowers are beginning to bloom, and your finances are ready for a rebirth. Here are the key items on your spring to-do list:

Reassess Your Budget. Deadline: March 1.

Our lives aren’t the same as they were a few months ago, so our budgets shouldn’t be, either. Go to the LV Budgeting Tool to make sure you’re sticking to your current budget, or create a new one if your lifestyle has changed.

Check Your Credit Score. Deadline: March 1.

We recommend you do this once every season, because keeping up with your credit score is a good way to make sure that your credit history is free from errors or mishaps. It’s easy—just go to Credit Karma to do it for free.

File Your Taxes. Deadline:

Read more…

With more fees associated in moving a balance from one card to another, are these fees worth paying even to 0% balance transfer card?Most balance transfer offers charge a balance transfer fee ranging from 3-5% of the total balance transferred. But look for cards offering 0% for a minimum of 12 months and a balance transfer fee of 3%. This is the only way it will be affordable to you and a better option. Also, Moving $5,000 from a high interest credit card of +15% to a 0% APR transfer card with a 3% balance transfer fee will cost $150, you could save between $400-500 in interest charges on the balance, even with a transfer fee. But if you are going to pay the high interest card off in only a few months, don’t bother transferring. If you do decide to transfer, be sure to pay as much as you can on time every month.

Other cards to consider are Tesco Bank Clubcard Credit Card Mastercard, which offers 0pc on purchases for first 13 months and 16.9pc APR thereafter, and Sainsbury’s Finance Mastercard, which is interest-free for the first 12 months and charges 15.9pc APR thereafter.

Kevin Mountford, the head of banking at moneysupermarket.com, said: “This is great news for anyone looking to consolidate their existing debts or make large purchases. But cardholders will need to make sure they understand any associated transfer fees on these products, as they do vary.”

Mr Mountford pointed out that despite the new offers launched this week, it would be wrong to say that banks are opening up these offers to all customers. In reality, most lenders are giving the best deals to customers who have good credit histories.

“If you fall outside of this category then you may find your options are limited,” he warned.

Read more…

Many things become shared when you tie the knot – a home, holidays, and the remote control. What many people may not think strongly enough about – shared finances – can often become the white elephant in the room if a couple isn’t careful. Sharing a credit card, and finances in general, can be a wonderful thing when you are married, but it can also lead to disagreements and tension in your home.

Usually good communication and responsible behavior can lead to a successful financial partnership. Not all shared credit card experiences will be the same from one couple to the next. As long as you and your spouse are on the same page with your expectations and goals for your joint credit card account, things should go well for you. Consider these tips on sharing a credit card with your spouse.

Stay in constant communication. Don’t just use your credit card frivolously.

Read more…