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Bad Credit Channel Protecting Good Credit
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Bad Credit Channel Protecting Good Credit

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Learn how to build good credit, protect good credit and avoid bad credit by using credit cards wisely.

Learn how to build good credit, protect good credit and avoid bad credit by using credit cards wisely.

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Bad Credit Channel Protecting Good Credit Bad Credit Channel Protecting Good Credit Presentation Transcript

  • Building & Protecting Good Credit
  • The Benefits of Protecting Your Credit
    • What good credit can do for you?
    • Help you through a financial emergency
    • Enable you to pay for a purchase over time
    • Provide access to short, interest-free loans
    • Enable you to rent a home, a car, and reserve a hotel room
    • Save you money
    • Rebates or rewards
    • Allow you to avoid carrying cash
    • Makes life easier
  • Types of Credit
    • Installment Credit
    • Fixed number of monthly payments
    • Car loans, mortgages (home loans)
    • Revolving Credit
    • Short-term, open-ended
    • Assigned credit limit
    • Available credit fluctuates as you make purchases & payments
    • Option to make full or partial payment
    • HELOCs, credit cards
  • Card Types
    • Credit, charge & debit cards
    • Visa, MasterCard, Discover
      • Affinity cards
      • Rewards cards
      • Secured cards
    • Retail and gas cards
    • Stored value and Prepaid MasterCard & Visa Cards
    • Charge cards
    • Debit cards (Also known as check cards)
  • Credit Card Terms
    • Credit limit
    • Method of computing the balance
    • Minimum payment
    • Payment due date
    • Grace period
    • Interest rate
    • Fees
  • Credit Card Interest
    • The lender’s fee for allowing you to use its money
    • Expressed as a percentage of the credit
    • Fixed vs variable interest rate
    • Annual percentage rate (APR)
    • Periodic interest rate
    • Different rates for a single card:
      • Teaser
      • Cash advance
      • Purchase
      • Penalty/Default
      • Balance transfer
      • Effective interest
  • Credit Card Fees
    • Application fee
    • Annual fee
    • Balance transfer fee
    • Cash advance fee
    • Currency conversion fee
    • Late fee
    • Overlimit fee
    • Bounced check/returned item fee
    • Miscellaneous fees
  • Credit Card Billing Statements
    • Opening/closing date
    • Past due amount
    • New balance
    • Minimum payment due
    • Due date
    • Account summary
    • Transactions
    • Rewards information
    • Explanation of finance charges
    • Effective APR
  • Don’t Become a Statistic
    • In 2007, credit card customers who didn’t pay the balance in full each month paid $18.1 billion in penalty fees to credit card companies.
  • Choosing a Credit Card
    • Credit limit
    • Purchase APR
    • Balance transfer APR
    • Cash advance APR
    • Promotional APRs
    • Penalty APR
    • Variable-rate info
    • Grace period
    • Annual fee
    • Transaction fees
    • Penalty fees
    • Balance computation method
    • Minimum finance charge
    • Rewards
  • Obtaining Credit
    • Consider pre-approved offers and invitations to apply
    • Apply to b anks, credit unions, retailers, card companies, and other institutions
    • Be sure to compare offerings, terms
    • Have bad credit? Consider an AccountNow card. This card will help you rebuild your credit.
  • Protect Your Credit
    • Know your credit limit and never exceed it
    • Never use a credit card to get cash
    • Charge only as much as you can actually repay
    • Pay more than the minimum
    • Pay your balance on the due date
    • Don’t accumulate too much debt
    • Avoid penalty fees and rates
    • Consider optional fee-based services carefully
    • Order your free credit report online
    • Monitor your credit
  • Bad Credit Channel
    • Are you currently living with bad credit?
    • Visit http://www.badcreditchannel.com for information and tips on how to live with bad credit, how to repair credit, purchase a car, and much more.