By Faith O.
A balance transfer occurs when a credit card owner transfers all or part of a credit card's high balance to another card, usually a new low or zero-interest card. Most balance transfer offers usually come with an introductory interest rate for a number of months and typically for up to a year. During the introductory period no interest or a low interest is paid on the balance transferred as...
By PokerPlayingDad
Offering low interest rates for a short period of time is a common strategy credit-card companies use to get an individual to sign up. Sometimes, the interest rate on a card is dropped below its standard for 6 to 12 months, as long as payments are made on time.
Credit-card companies will also try to get you to transfer your balances from other credit cards to theirs. They do this by offering a...
By K. Proctor
Creditors use your credit report and credit score when they evaluate whether to extend you credit or offer you a loan, and when they calculate the interest rate on a loan. To creditors, your credit rating represents how big a debt risk you are in comparison with other individuals. When an error or misinformation appears on your credit report, this can reflect negatively on your credit rating....
By Carly Kullman
Whenever you apply for a new credit card or loan, the lender obtains a copy of your credit report from one of the three credit-reporting agencies: TransUnion, Equifax, or Experian. These credit reports show any new, established or delinquent accounts that you may have. Each creditor is responsible for reporting and maintaining accurate information by reporting to the credit bureaus. All credit...
By Shawn Bryan
Every year, it seems a new credit card debt relief company pops up. Their commercials promise to cut your credit card debt substantially, either by consolidation or negotiation, putting you in a much better position to pay down your balances. But are these debt relief programs worth it? To be sure, there are benefits to debt relief, but there are some consequences as well. The biggest reason to...