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As with any loan, applying for a credit card involves preparation, especially if your credit history is less than sparkling. But a few activities -- some of them not obvious -- can hurt your chances of getting approved for that new
What you should know: Have you settled a debt with a creditor by paying less than you owe on a credit card debt? Congratulations on putting it behind you, but here's the bad news: The IRS considers forgiven or canceled
With legal pressure ramping up against the often-criticized way to resolve disputes, card issuers are abandoningpulsory arbitration and recasting their agreements with consumers.
The Harbs' story illustrates how easy it is to let debt involving multiple credit cards -- or unsecured high-interest loans -- snowball in a short amount of time. And they are not alone. Currently Americans have accrued more than
A May 2011 study conducted by Pew Charitable Trusts reviewed terms for the 12 largest banks issuing credit cards and the 12 largest credit union card issuers and found that credit unions offer more consumer-friendly terms. "A credit union isn't in business to make money, but they're not here to lose money either," says Mike Lanotti, general counsel for the new York credit Union League. "Maybe you had some bad financial luck in the past, and you're on your way up again.
The good news is that you can and will have excellent credit again. As I have discussed in a previous column, you don't want unnecessary credit inquiries showing up on your credit report after the bankruptcy. Secured credit card. The easiest way to start re-establishing credit is with a secured credit card with a local credit union or bank. A secured card means that you give the bank some money to hold and the bank gives you a credit limit equaling that amount.
"news that credit cardplaints dropped by over 25 percent in 2010 is one more indication that the CARD Act is achieving its goal of increased transparency and truth-in-packaging of credit products," U. S. Rep. Carolyn Linda Sherry, national priorities director for the Consumer Action advocacy group, sees a connection between the new law and the decrease inplaints. . Arizona, California, Georgia and Texas made up the rest of the Top 5 states for ID theft.
Usually, you have to plan to be in the house for a while for refinancing to make sense, says Charles Delaney, associate professor of finance, and director of the real estate program at the Hankamer School of business at Baylor University in Waco, . On the pro side, you're reducing the interest rate on the credit card debt and freeing up lines of credit on your credit cards. However, the biggest risk in this scenario is in converting an unsecured debt into a secured debt.
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