Daily Credit Tip/Advice: Credit Card to Rebuild Credit - Consumers not only use a credit card for paying their bills but also to build or rebuild credit. Having at least one or two credit cards can help boost credit scores if the cardholder keeps up with payments. Many people suffer from bad credit history as a result of late payments, exceeding their credit limits and having outstanding balances. If you wish to regain a good credit rating, consider a prepaid credit card that reports to at least one major credit bureau. A prepaid card can also help you avoid uncontrolled spending.
Daily Credit Tip - Improve Debt to Income Ratio - Take a close look at your little spending habits that add up. Consider putting some of that money into an emergency loan fund, to pay down debt and to invest for retirement. Create a budget and plan for inflation.
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Important comparisons when choosing a bank checking account (if applicable): *the minimum needed to open the account; *interest rate; *monthly fee; *what happens if your account falls below the minimum; *bounced/return check fee; *check writing limit; *ATM fee.
Banks borrow money from individuals, companies and sometimes even from the government, and then they invest that money in securities or through private loans to make a profit. When deciding to approve a loan application, they consider several factors, chiefly the overall risk.
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Bad Credit Checking Accounts: Bad credit has so many issues attached to it, which include legal problems, which takes time to get out of. Usually checking accounts are refused by the banks based on the ChexSystem as well as the credit reports from credit reporting agencies. Most of the banks use the ChexSystem, where the person gets reported when they owe a bank money and they have insufficient funds and it is not paid back. You get turned down by the banks once you are on this system.
This is where banks have decided to draw the line and take on the role of a savior. Gone are the days when a person with a bad credit score is shown the door and not allowed to open an online checking account. In the present day scenario, Banks understand the complexities of life and realize that people do make mistakes and it is only human to do so. With this realization comes the allowance to open a checking account for people who have a blemish or two on the credit reports.
These protective bad credit checking accounts help people re-establish credit and clear up the bad credit forever.
There are many techniques to help you make your checking account work for you. The following are the simplest and more practical applications that you can do:
• If keeping your existing checking account causes you to spend more dollars, you might as well look for a bank that charges lower fees. You may also find free checking accounts online, but be wary of free offers that do not last long.
• Most clients end up in spending more on maintenance fees due to insufficient funds on their checking accounts. And with it come the penalties caused by bouncing checks. The penalties can deplete your checking account funds, so be careful not to let this happen.
You can manage and avoid a bouncing check by making it a habit of balancing your checkbook on a weekly or monthly basis. By doing so you are keeping your checking account in shape and your credit score in good position.
• Write post-dated checks if you are unsure of your funds. You may ask your bank to provide you a checking account guard or any system that can help your funds.
• If you can get hold of a high interest checking account, provided that your practice a good checking account management, you will find it is beneficial in the long run.
• If you have an ATM for your checking account, make sure that you withdraw only from the same bank name; otherwise you will be paying off the fees for withdrawing from another bank.
You need to be careful of ATM withdrawal fees since they can also deplete your funds. The more often you use your ATM on other banks, the more fees you will incur.
Select the bank that does not charge fees when withdrawn with an ATM from another bank.
• Some people opt to separate their savings from their checking accounts while others prefer a combined account. Whichever you choose, you need to understand that your accounts will work better if you know how to handle both.