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Choosing a Credit Card: The Basics
The first thing you’ll want to do when choosing a credit card is to evaluate your options. Rather than signing up for the first credit card that appears in your mailbox, save up the offers that appear for a month or two.

Evaluate the credit card offers you’ve received, realizing not all credit card offers are equal. You’ll want to take notes on how the offers differ, so you can be sure you are choosing the credit card that offers the best interest rates and lowest fees. You also want to make sure that the offer is optimal for your situation. Use a highlighter to highlight any terms or conditions that concern you. Read the fine print. Call the credit card company and speak to someone in customer service if you don’t understand something in the contract.

If you are a new creditor (either a young person just starting out, or perhaps you have never held credit cards in your name before), you may have to start with either a secured credit card or a credit card with a high interest rate. The options available to you will depend on your credit history. If you establish a good credit history through wise use of your first card, you can choose an unsecured credit card with a better interest rate, higher credit limit and lower fees later.

When choosing a credit card, you’ll often come across the term “pre-approved.” People mistakenly assume that because the offer says they are pre-approved, they will get the credit card offered. This only means the credit card’s initial information about you indicates you should be in their accepted credit rating bracket. The credit card company will still perform a thorough credit check before they approve your application, should you choose their credit card.

What to Look For When Choosing a Credit Card
Look for the best interest rate available. Check to make sure the interest rate on the credit card you are choosing does not change over time. If it does change, make sure you can absorb the increase in interest or will be able to pay off the balance each month so the interest rate hike will not adversely affect you.

Check the credit limit. Choose a card with a high credit limit and then use only half of that limit. This maximizes your credit health rating with the credit bureaus.

Choose a major credit card with a known name. Major credit cards such as Visa, MasterCard, Discovery and American Express all hold more weight with credit bureaus and other lenders than the lesser-known cards and department store cards. Responsible use of a major credit card (never maxing out the credit limit out and making all payments on time) is a solid baseline for establishing a healthy credit rating.

Ignore the special offers and perks, and focus on the actual terms of service. While gaining airline miles or cash back are nice perks, you need to choose your credit card based on the real benefits or costs-the interest rate and fees charged, the credit limit granted and the reputation of the card.

If you want to take advantage of cash advances, choose a credit card that will send checks to your home or let you get cash advances at an ATM. Remember that the interest rate and fees will most likely be higher for cash advances than the terms on the normal credit card usage, so you’ll need to factor these extra expenses into your credit card choice.

Compare credit limits, cash advance allowances and how the payments will be credited. Many creditors apply payments to the principal balance derived from purchases first, only applying payments to the cash advance balance after the principal has been paid off. This benefits the credit card company, but not you, the consumer.

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An example of good credit is debt that helps you build equity or increase your net worth. For example, Deborah’s student loan is an example of good credit simply because having education generally means that she will eventually have higher earning potential. Purchasing a new home is also an example of good credit because as it increases in value and will add to her net worth.

Bad credits are the ones that negatively impact your financial future. Bad credit is described as financial obligations that last much longer than the item that you purchased. So, if you purchased a computer back in the 1990′s and you are no longer able to use it, that’s considered a bad credit. This also includes debts that have no return toward increasing your net worth.

So, how can someone improve his or her credit?

Maintain a good relationship with your creditors such as paying your bills in full and in on time. Also maintain a strong employment/self-employment history. Read your credit report thoroughly and check for accuracy. Before making a purchase by a credit card or loan, ask yourself whether it is good debt or bad. Will this help to increase or decrease my net worth?

Credit experts recommend that debt should not exceed 25 percent of disposable income. Too much debt can cause one to repay their debts while struggling to maintain living expenses such as food, clothing and shelter. Avoid going into debt by trying to maintain a lifestyle such as shopping binges, expensive restaurants and vacations.

Why is maintaining good credit such a big deal?

Besides being approved to buy a new car or a new house, it is important to maintain good credit should an unexpected event such as job loss or a major medical expense can put you into a financial crisis for one who’s not financially prepared. Having good credit is important in case you have to borrow.

The Good News

Just because someone has bad credit doesn’t mean that they have to stay in that position.
There are many programs to help someone to get out of debt. Having a negative credit history, does not mean a person cannot purchase a nice home, a new vehicle, or start a business. There are many programs that offer bad credit loans made especially for those who have bad credit.

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Here are five simple tips that you can use to raise credit score.

1. Get a copy of your credit report

Obtaining a copy of your credit report is a good idea because if there is something on your report that is incorrect, you will raise credit score once it is removed. Make sure you contact the bureau immediately to remove any incorrect information.

Your credit report should come from the three major bureaus: Experian, Trans Union and Equifax. It’s important to know that each service will give you a different credit score.

2. Pay Your Bills On Time

Your payment history makes up 35% of your total credit score. Your recent payment history will carry much more weight than what happened five years ago.

Missing just one months payment on anything can knock 50 to 100 points off of your credit score.

Paying your bills on time is a single best way to start rebuilding your credit rating and raise credit score for you.

3. Pay Down Your Debt

Your credit card issuer reports your outstanding balance once a month to the credit bureaus. It doesn’t matter whether you pay off that balance a few days later or whether you carry it from month to month.

Most people don’t realize that credit bureaus don’t distinguish between those who carry a balance on their cards and those who don’t. So by charging less you can raise credit score even if you pay off your credit cards every month.

Lenders also like to see a lot of of room between the amount of debt on your credit cards and your total credit limits. So the more debt you pay off, the wider that gap and the better your credit score.

4. Don’t Close Old Accounts

In the past people were told to close old accounts they weren’t using. But with today’s current scoring methods that could actually hurt your credit score.

Closing old or paid off credit accounts lowers the total credit available to you and makes any balances you have appear larger in credit score calculations. Closing your oldest accounts can actually shorten the length of your credit history and to a lender it makes you less credit worthy.

If you are trying to minimize identity theft and it’s worth the peace of mind for you to close your old or paid off accounts, the good news is it will only lower you score a minimal amount. But just by keeping those old accounts open you can raise credit score for you.

5. Stay Out Of Bankruptcy

Bankruptcy is the single worst thing that will destroy your credit score. Bankruptcy will lower your credit score by 200 points or more and is very difficult to come back from.

Once your credit score falls below 620, any loan you get will be far more expensive. A bankruptcy on your credit record is reported for up to 10 years.

The reality of a bankruptcy is it will limit you to high-interest lenders that will squeeze out high interest rate payments from you for years.

It is better to get credit counseling to help you with your bills and avoid bankruptcy at all costs. By getting credit counseling instead of declaring bankruptcy you can raise credit score over a much shorter period of time.

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If the indicator says that you have a high score, this means that you have a stable credit score, if you have a lower score, then it will indicate that you have a bad credit score and will be far more risky to get an approval for loans.

So, if you have a bad credit rating, the first thing you need to do to make it improved is to take care of old debts. By paying all your old debts, this will stop the creditors to stop making bad reports to credit reporting companies.

That is the first thing you have to do in order to stop your credit score from plunging to a more worse than it already is. By cutting the source of negative credit reports, you will be well on your way to get a n improved credit score.

But, paying all your debts does not necessarily mean that you can immediately get good credit rating. You have to realize that this will just stop it from getting any more worse. Your old bad credit score will still be existing. So, obviously the next step would be to begin looking for methods to make some positive reports on your credit score rating.

You can do this by applying for a credit card that is specially designed for individuals who have bad credit rating, such as a secured credit card. You should also begin opening a new savings account or checking account. Always remember that you should pay your balance on time in order for you to establish a good credit report.

Eventually, your old bad credit rating will expire in time. Always keep paying your debts on time and your credit history will look better than in the previous scenarios. However, it will usually take around 5-7 years for your old credit report with negative reports to expire. This is why patience is very essential.

With patience, you will see that in time, your credit score will improve and get rid of those negative reports that you had in the previous years. Always remember to keep paying your debts on time in order to continue in improving your credit score rating.

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What other services does CFG offer? CFG offer related business services at discount rates to its client base. These additional services include, Internet services that provides hosting, Internet connection and web developing at discount prices. Communication services that includes local and long distance, DSL and Data. In most cases these additional services are offered at cost which are less than what our clients are paying at the time.All of the conduit programs have this type of prepayment penalty because the paper is sold to the bond market and those bond holders have purchased a 10 year bond in which they are paid part of the monthly mortgage payment.

Do you also offer specialty property loans? Yes. CFG has dedicated itself to be a one-stop commercial finance center, which includes offering specialty property loans for franchised gas stations, c-stores, automotive service centers and restaurants. Yes. The property may qualify for bridge financing with a term of 2-3 years. Once the property is stabilized, we would then look at a long term traditional loan.CFG offer related business services at discount rates to its client base. These additional services include, Internet services that provides hosting, Internet connection and web developing at discount prices.

Does Mission Oaks National Bank do business-only loans (no commercial real estate)? No. At this time Mission Oaks National Bank is not issuing any business-only loans that do not involve commercial real estate. We can however, offer Small Business Administration loans for the purchase of real estate as well as non-tangible assets such as business a relationship with someone that does what you dont and earn a referral fee. Its up to you to make the best of it, as Long as the customer is treated ethically and lawfully.

Does Mission Oaks National Bank do business-only loans (no commercial real estate)? No. At this time Mission Oaks National Bank is not issuing any business-only loans that do not involve commercial real estate. We can however, offer Small Business Administration loans for the purchase of real estate as well as non-tangible assets such as business value.CFG offer related business services at discount rates to its client base. These additional services include, Internet services that provides hosting, Internet connection and web developing at discount prices. Communication services that includes local and long distance, DSL and Data. In most cases these additional services are offered at cost which are less than what our clients are paying at the time.Yes.

Is the fee worth it? Whatever commission is negotiated between the client and the broker is definitely earned. Experience has shown us that as a professional, the broker may in many cases recommend various options to the client that were never brought to the table before, or were never thought of by the client, their accountant or counsel.CFG offer related business services at discount rates to its client base. These additional services include, Internet services that provides hosting, Internet connection and web developing at discount prices. Communication services that includes local and long distance, DSL and Data. In most cases these additional services are offered at cost which are less than what our clients are paying at the mortgage brokers are professionals in the field of commercial real estate financing. They are experienced in a wide range of real estate transactions.

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There are advertisements both online and off selling books and systems to help you fix your credit problems. It is not uncommon for many of them to make outrageous claims.

The question naturally arises, “Are these sort of claims too good to be true?”

These credit repair companies would love for you to believe that the only requirement for fixing bad credit is time. The reality is quite different. The truth is that time is only one factor but it is not the only factor.

There is a consumer protection law known as the Fair Credit Reporting Act (FCRA). The only negative information which can remain on your credit report is what is not accurate. This means that any negative item on your credit report can stay there if it is true and can be proved to be true. This item presents us with good and bad news.

This is the good news. Through the FCRA you can improve your credit score dramatically. This can be accomplished in a short period of time. This requires a small amount of effort from you.

Now here is the bad news. While the work may take you a small amount of time, it is essential that you have the proper method on how to proceed. This is the crucial point: Most of the courses available on restoring your credit (9 out of 10) will not be helpful at all. The reason for this is that these companies will provide you with boiler plate dispute letters.

These boiler plate dispute letters are nothing more than form letters. The truth of the matter is that credit bureaus and creditors will tend not to take these very seriously.

It is quite true that anything a credit repair clinic can do for you, you can do it yourself for little or no cost. However, and this is the key point, to be successful it is imperative that you acquire the most recent insider techniques and procedures to achieve the desired results; i.e., improved credit scores.

This includes, but is not limited to, such strategies as proof of contract, constructive notice, challenge of procedure and restrictive endorsement.

This may appear complicated, but in reality they are very simple. These are just a means of communicating. In turn, this is how you exercise your consumer rights. Knowing how to proceed will enable you to get the results that you want and will raise your credit score.

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There are two major ways to fix bad credit score. The “hard” way requires time, patience, effort and careful financial planning. The SMART way requires better knowledge of the credit system and its loopholes. Here is a 4 step guide that will help you raise your score in no time:

1 Don’t play the credit game blindfolded.

Most credit consolidating places will charge you an arm and a leg for thing you can do yourself if you have the right information. Do you know how is the credit score calculated? Do you know what are the most detrimental items on your credit report? Why does paying off old collections can bring your score down? What is the perfect debt to balance ratio on your credit cards? Is installment credit(auto loans, house loans, student loans) or revolving credit (major credit cards, department store cards) more important for your final FICO score? How can piggybacking someone else’s credit increase you score? Why do “deleted” negative items from your report are far more beneficial that “paid off” negative items? The more you know about the credit system, the easier it would be to choose the right course of action.

2 The most important rule in the credit world

The credit world revolves around one magic phrase “ON TIME”. Creditors expect you to pay off your loan in accordance with the terms and conditions of the contract. You are required to pay one fixed monthly payment (installment credit) and one minimum payment calculated from your current card balance (revolving credit). When you stop paying “as agreed”, you are violating the contract. By far payment history is the single most important factor in your FICO formula. If you do have late car, mortgage or credit card payments, take care of them first. This should bring an immediate increase in your credit score.

3 The collection agency paradox.

Old collection are a tricky area when it comes to your FICO score. Paying off an old collection will not increase your credit score. On the contrary, it might bring it down. Paying off the collection simply upgrades the account to “paid’ status. It is still a negative item on your report, albeit paid. Only now it has bigger influence on your score, because the last activity on the account is more recent.

4 The time factor.

In general the older an item on your credit report, the less effect it has on the overall FICO score. And vice versa-most recent payment history has the biggest impact on your score. Focusing on what’s current will bring the most drastic changes to your credit score. Paying off old accounts might have the negative effect described in the example above.

Educate yourself on the mechanics of the credit system if you want to fix bad credit report. There are many secrets that can boost your score fast, but you have to start thinking outside the box first.

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