{"id":298,"date":"2019-01-19T05:39:59","date_gmt":"2019-01-19T05:39:59","guid":{"rendered":"http:\/\/www.personalfinanceafterfifty.com\/retirementfinancialmanagement\/?p=298"},"modified":"2019-01-19T05:39:59","modified_gmt":"2019-01-19T05:39:59","slug":"personal-finance-after-50-credit-card-score-report-and-rewards","status":"publish","type":"post","link":"http:\/\/www.personalfinanceafterfifty.com\/retirementfinancialmanagement\/uncategorized\/personal-finance-after-50-credit-card-score-report-and-rewards\/","title":{"rendered":"Personal Finance After 50 – Credit Card Score, Report And Rewards"},"content":{"rendered":"

           I have been writing about the consumer debt and the use and misuse of the credit card. I have also mentioned , repeatedly, not to use the credit card for purchase of costly consumer goods like car, costly furniture etc, which are known as <\/span>Bad Debt<\/b>. You may think that I\u2019m always against using credit card. No, it is not so. Credit Card can be useful if you pay your credit- card bill <\/span>In Full and On time<\/b> each month, your credit card gives you free use of money you owe until it\u2019s time to pay the bill, whereas, Debit cards take the money out of your checking account almost immediately.<\/span><\/p>\n

 <\/span>Ways To Cut Your Spending On Credit- Cards<\/b><\/span> : –<\/span>  <\/span><\/p>\n

1 Reduce Your Credit Limit <\/b>: – Keep a lid on your credit card\u2019s credit limit. Contact your credit card agency and lower your credit limit to a level you\u2019re comfortable with.<\/span><\/p>\n

2 Replace Your Credit Card With A Charge Card <\/b>: – A Charge card requires you to pay your balances IN Full each billing period. You have no credit line or interest charges.<\/span><\/p>\n

3 Never Buy Anything On Credit That Depreciates In Value<\/b> : – Meals out, cars, clothing etc. all depreciates in value. Don\u2019t buy these things on credit, unless you pay the bill, in full, each month.<\/span><\/p>\n

4 Think In-Terms Of Total Cost<\/b> : – Everything sounds cheaper in terms of monthly payments. Take the total cost including interest charges, sticker price in consideration.<\/span><\/p>\n

5 Limit What You Can Spend<\/b> : – Go shopping with a small amount of cash and no plastic or checks. That way, you can spend only what little cash you have.<\/span><\/p>\n

       Credit Score And Reports<\/strong> : –<\/span><\/p>\n

 You may not know it, but you have a personal Credit report and a credit Score. Lenders examine your credit report and score before granting you a loan or credit advances.<\/span><\/p>\n

    <\/span>Credit Reports <\/b>: –   Credit Reports contain information about your bill payment history, loans, current debt, and other financial information. They show where you work, and live and whether you\u2019ve been sued, arrested or filed for bankruptcy<\/span><\/p>\n

     Credit Reports help lenders decide whether or not to extend you credit or approve a loan, and determine what interest rate they will charge you. Prospective employers, insurers and rental property owners may also look at your credit report. It is important to check your credit report regularly to ensure that your personal information and financial accounts are being reported accurately; that no fraudulent accounts have been opened in your name. If you find<\/span> Error on Your Credit Report<\/b>, take steps to have them corrected.<\/span>    <\/span><\/p>\n

       <\/span>Credit Score<\/b> : –  Your Credit Score, which is not the same as your Credit Report, is a three digit score based on the report. A Credit Score is a number that rates your Credit Risk at one point in time. It can help creditors determine whether to give you credit, decide the terms you are offered, or the rate you will pay for the loan. Having high score can benefit you in many ways, including making it easier for you to obtain a loan, rent an apartment and lower your insurance rate.<\/span><\/p>\n

        FICO, developed by Fair Isaac and Company, is the leading credit score in the industry. FICO scores range from a low of 300 to a high of 850. Most scores fall in the 600s and 700s.<\/span> Equifax, Experian and TransUnion<\/b>– have developed their own scoring system, but many lenders still use FICO, the most. You generally qualify for the best lending rates if your credit score is in the mid-700s or higher.<\/span><\/p>\n

        It is important to make sure your report is accurate, because it can affect the accuracy of a credit score. Your free annual credit report does not include your credit score, but it\u2019s available ,often for a Fee.<\/span><\/p>\n

      <\/span>Obtaining Your Credit Reports And Score<\/b> : –<\/span><\/p>\n

      The Federal law entitles you to receive a free copy of your Credit Report annually from each of three credit bureaus (Equifax, Experian and TransUnion). If you visit <\/span>www.annualcreditreport.com<\/span><\/a>, you can view and print copies of your credit report information from each of three credit agencies ,on line.<\/span><\/p>\n

      When you receive your reports, the first step is to examine them for possible mistakes. But your credit reports do not include your credit score. You can request your <\/span>Credit Score<\/b> from Fair Isaac, but you\u2019ll get charged $19.95 for every request.<\/span><\/p>\n

   <\/span> Improving Your Credit Reports and Score<\/span><\/b> : –<\/span><\/p>\n

   Working to boost your <\/span>Credit Rating<\/b> is especially worthwhile, if you know that your credit report contains wrong or incorrect information. The following actions can be taken in this regard :-<\/span><\/p>\n

   1 Get All Three of your Credit Reports, and be sure each is accurate.<\/span><\/p>\n

   2 Ask to have any late or missed payments that are more than seven years old REMOVED.<\/span><\/p>\n

   3 Pay All your bills On Time.<\/span><\/p>\n

   4 Be loyal if it does not cost you. Closing old accounts and opening new ones generally lowers your credit score.<\/span><\/p>\n

   5 Limit your debt and debt accounts.<\/span><\/p>\n

   6 Work to pay down consumer revolving Debt(such as credit-card debt)<\/span><\/p>\n

      <\/span>  Credit Freeze <\/b>: – Placing a Credit Freeze allows to restrict access to your credit report. This is important after a data or identity theft when someone could use your personal information to apply for new credit accounts. You have the right to place or lift a credit freeze for Free<\/span><\/p>\n

    Fixing Errors In Your Credit Report<\/strong><\/span> : –<\/span><\/p>\n

  Under the Fair credit Reporting Act(FCRA), you have the right to request a free report within 60 days if the company denies you credit based on the report. In case of inaccuracies in the report_<\/span><\/p>\n

  — Contact both the Credit Reporting agency(CRA) and the company that provided information to the CRA.<\/span><\/p>\n

  — Tell the CRA, in writing, what information you believe is inaccurate. Keep a copy of all correspondence<\/span><\/p>\n

      Rewards Credit Cards<\/span><\/b> ; –<\/span><\/p>\n

    Rewards Credit Cards are great for people who don\u2019t carry a monthly Credit Card balance. These cards offer benefits for each dollar you spend, typically in the form of redeemable points. These could quickly help you get things like that flat-screen TV or trip to LA. But these cards generally require a good to excellent credit rating for approval and often come with a higher interest rate. Some of the Most popular rewards credit cards are :-<\/span><\/p>\n

  1 American Express Cash Magnet Card<\/span><\/p>\n

  2 Chase Sapphire Preferred Card<\/span><\/p>\n

  3 Capital One Venture Rewards Credit Card<\/span><\/p>\n

  4 Capital One Saver One Cash Rewards Credit Card<\/span><\/p>\n

  5 Wells Fargo Cash Wise Visa Card<\/span><\/p>\n

 <\/p>\n

       <\/span><\/p>\n

 <\/p>\n

    <\/span><\/p>\n

 <\/p>\n

     <\/span><\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

           I have been writing about the consumer debt and the use and misuse of the credit card. I have also mentioned , repeatedly, not to use the credit card for purchase of costly consumer goods like car, costly furniture etc, which are known as Bad Debt. You may think that I\u2019m always against using credit … <\/p>\n

Continue reading “Personal Finance After 50 – Credit Card Score, Report And Rewards”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-298","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"","_links":{"self":[{"href":"http:\/\/www.personalfinanceafterfifty.com\/retirementfinancialmanagement\/wp-json\/wp\/v2\/posts\/298","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.personalfinanceafterfifty.com\/retirementfinancialmanagement\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.personalfinanceafterfifty.com\/retirementfinancialmanagement\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.personalfinanceafterfifty.com\/retirementfinancialmanagement\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.personalfinanceafterfifty.com\/retirementfinancialmanagement\/wp-json\/wp\/v2\/comments?post=298"}],"version-history":[{"count":3,"href":"http:\/\/www.personalfinanceafterfifty.com\/retirementfinancialmanagement\/wp-json\/wp\/v2\/posts\/298\/revisions"}],"predecessor-version":[{"id":358,"href":"http:\/\/www.personalfinanceafterfifty.com\/retirementfinancialmanagement\/wp-json\/wp\/v2\/posts\/298\/revisions\/358"}],"wp:attachment":[{"href":"http:\/\/www.personalfinanceafterfifty.com\/retirementfinancialmanagement\/wp-json\/wp\/v2\/media?parent=298"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.personalfinanceafterfifty.com\/retirementfinancialmanagement\/wp-json\/wp\/v2\/categories?post=298"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.personalfinanceafterfifty.com\/retirementfinancialmanagement\/wp-json\/wp\/v2\/tags?post=298"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}