Asking to Raise Credit Limits Can Lower Credit Scores

One of the quickest methods to raise your credit scores is to just increase the credit limits on your credit cards. As long as you avoid temptation, and don't max out your new limits!

What is the best way to request a higher credit limit? There's a smart way to do it and a not-so-smart way.

Asking for the Credit Limit Increase

Were you aware that when we ask for a higher credit limit, our credit score rating can actually go decrease?

The kind of credit inquiry the credit card company makes when you ask them to raise your credit limit is the type that can also decrease your credit scores.

Is it possible to know if a particular inquiry decreases your scores? Easy—pull your FICO credit scores before you request the higher limit. Then, pull your credit scores after. If the scores decreased, the credit inquiry is the reason.
Even better, just subscribe to a good credit report monitoring service and you'll find out the minute something changes on all three of your credit reports.

3 Ways to Prevent the Penalty

It's a sad fact of life, but the number of credit inquiries that you initiate is a gauge of how risky you are to a lender.

Can we beat them at their own game? How can you shop for credit without being penalized? Here are some options...

1. Never ask them to raise your credit limit. Be content with the regularly occurring credit limit increases that your credit card companies offer. This is the least loved method. It's not proactive enough. When it comes to increasing your bad credit scores, you don't want to be passive. Furthermore, some of them will never raise your limits unless you request it.

2. Request the increases and take the hit from the credit inquiries. This is better than option 1, however we can do even more.

3. Minimize the effects of the credit inquiries by applying for credit limit increases only on credit card accounts where you have the best chance to significantly impact your FICO scores.

Account Review Credit Inquiries Won't Affect Scores

Credit card companies periodically read and evaluate your credit report to decide if they should:

A. Renew your accounts
B. Close your accounts
C. Increase (or decrease) your credit limits
D. Increase (or decrease) your interest rates

This is a standard procedure in managing your accounts. The larger credit card companies will do this either monthly or quarterly. It's referred to as an account review.

The cool thing is that an account review inquiry will not affect your credit scores.

The reason is that you didn't apply for the credit limit increase. Since you didn't initiate the inquiry, your credit scores won't decrease.

Do Idle Credit Limits Decrease FICO Scores?

They do not.

Many times, people advise that you should use charge up your credit card as high as possible. That's not a good strategy.

The honest answer actually that the higher your credit limits and the lower your balances are, the higher your FICO scores will be. Your plan should be to have the highest limit and the smallest balance you can.

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Taking Control of Your Credit Identity

The belief that you are in complete control of your own life is something that can get you into some pretty serious trouble if you aren't careful. Your unique identity, your reputation and especially your credit scores are ruled by your own actions, but only to an extent. To truly know that your life and your identity and under your own control, you need to take identity theft prevention measures.
Identity theft protection enables you to rest secure in the knowledge that your financial status will not be threatened by an inaccurate credit score. What if your personal information was stolen by a hacker? How quickly would you become aware of that fact?

All too often I receive phone calls from people telling me that after reading my newsletter they decided to check their own credit reports, only to discover that they weren't in the clear after all. Whether you see a credit report with accounts that are not your own or receive calls or letters from collectors calling about debts that you never incurred, it's not a good feeling.
Unfortunately, I can't exactly give these people good news immediately. Through no fault of their own, these people have a long hard road of clean-up work ahead of them. It can take years to recover your credit identity.
Current reports state that 10,000,000 people, this year alone, will have their identities stolen and that 1 in 4 credit reports contain information that is damaging and even, worse, inaccurate. This will have some pretty negative results, including the loss of employment or rental opportunities, higher insurance or interest rates and the potential for being denied credit.
One of the main places that data is stolen from is from very large databases such as those found in universities, state and federal entities and private businesses. These databases are more or less gold to a thief. Once your personal information is in the hands of an identity thief, they can control your life to a very unsettling degree.
Even scarier, your information can be bought and sold multiple times. In the cases of children's identities, thieves can use and sell their Social Security Numbers, usually for years without even being detected. When the child grows up and discovers that their identity has been stolen, they face years of work to reclaim an identity that they have never even used.
When it comes to identity theft prevention, it's important not to rely on anyone other than yourself to safeguard your information. It is always easier to protect your credit proactively than it is to react once your identity has been stolen.
Here are a few identity theft protection resources:
www.attrition.org/dataloss -A database that includes a running list of reported data breaches.
Annualcreditreport.com-The only legitimate place to obtain your annual free credit report. Call this toll free number: 877-322-8228.
National Do Not Call Registry: (888) 382-1222 or www.donotcall.gov to reduce telemarketing.
888) 5-OPT-OUT / (888) 567-8688 or opt out online at www.optoutprescreen.com to opt of pre-approved credit card offers.

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Bank of America and Chase Credit Cards Offer Instant Approval!

Both Chase and Bank of America offer instant approval when you fill out your application online. This service is helpful for those who would like a credit card instantly, as well as those who would like to inquire and see if they are accepted.

If you are working on improving a less than perfect credit score, using online credit card instant approval is one quick way to see how you are doing. By simply filling out the information online, you will get an answer back from the issuing company within sixty seconds as to whether or not you are accepted.

Once you are accepted for a card credit, instant approval means that your new Bank of America or Chase credit cards will be in your hands within five to seven business days of your application's acceptance. You will be able to use all of the great services that Bank of America and Chase credit cards have to offer, such as no annual fee, a zero percent introductory annual percentage rate that covers not only your purchases but also your balance transfers, and high credit lines.

There are other benefits of using your newly available card credit. Instant information about your account activity, points management and balance is available when you need it anytime of the day or night through online customer service. This is a handy feature for people with an especially busy lifestyle, because you can check on your Bank of America and Chase credit card's information at your convenience anytime it fits into your schedule.

Many Chase credit cards, as well as Bank of America cards are available with no annual fee. Credit card companies want your business, and many are willing to offer a annual-fee free card in order to get it. Plus many of the instant approval credit cards offer great rewards and discounts. You can earn points that you then turn in to redeem for cash, products, gift certificates for restaurants, and the very attractive travel bonuses.

You can select from Visa or MasterCard brands offered by Bank of America and Chase. These two famous logos are recognized and accepted at your favorite restaurants, hotels, theatres, and stores around the world, making them very useful not only for making purchases at home but also when you are out and about traveling. Taking advantage of card credit instant approval programs is an easy way to access the benefits of credit as well as check in on your current standing.

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Using Credit Card Consolidation To Repair Your Rating

If you have been in a life situation like a divorce or sudden medical emergency that leaves you with a bad credit rating, there are still different credit cards that are available for your use. By starting fresh with a low APR credit card, you can actually rebuild your credit rating, as these card companies reporting to the three major credit bureaus each month. As you pay your bill on time, the credit bureaus will hear about it, and in this way you can improve your current credit standing.


There are a couple of steps you can take to improve your credit rating. One is to look into credit card consolidation, and the other is to compare credit cards for the best opportunity to improve your credit standing.

Credit Card Consolidation Facts

One main way that people can improve out of control card balances is to consider credit card consolidation. Many people do this by taking out a second mortgage against the equity they have in their houses or their cars, and then taking that money to pay off the credit card balances. Not only does this wipe out your credit card debt, but you can then count your monthly second mortgage interest payments as tax deductible, unlike credit card interest payments.

Another advantage to credit card consolidation is that it allows you to pay one single payment rather than several smaller ones. That is a lot of time saved each and every month. Credit card consolidation can also be used to help you find a lower interest rate or to receive a fixed interest rate. Variable-rate interest cards are often based on a percentage rate plus the prime rate, so it can change from day to day due to variances in the prime rate. With a fixed rate, there are no surprises.

Compare Credit Cards to Find a Low APR Credit Card That is Right for You

Orchard Bank offers both MasterCard and Visa credit cards that will provide you with protection on your purchases. They also offer, in addition to monthly credit reporting, credit increases at regular intervals. They also give all their clients 24-hour online customer service, so that you can pay your bills and access your account anytime you wish.

Centennial Gold also offers a MasterCard/Visa that offers this under ten percent low APR credit card for your purchases, and they also report to the major credit bureaus.

You will want to compare credit cards to find the best deal offered that will not only give you a low APR but will also help to improve your current credit score.

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Balance Transfer Credit Cards

The credit card balance transfer is popular with credit card users.

The balance transfer can offer interest-rate savings on credit card debt. A
balance transfer simply means moving debt from one or several credit card
accounts, to a low or no-interest credit card account. These super-low teaser
rates will last for about six months to a year, on average, with most card
issuers. A cardholder may be offered a low-interest balance transfer rate by one
of their current credit card issuers, or they may choose to apply for a new
credit card to get this tempting rate.

Before you consider any credit card for any reason, know what you're getting
into. Start by reading and understanding all the terms and conditions of the
credit card, not just the ones pertaining to the transfer in big, bold letters.
Find out the annual fee, default and other rates, and know what the card's APR
will be when the introductory period is over. I can't count how many times I've
received an offer that looked interesting until I got half way through the fine
print on the back page.

Credit card issuers still plan on making money from this deal.

Before you decide if a balance
transfer credit card offer is right for you, you should consider the other
side of the coin. Why would the card issuer offer such a low rate to begin with,
and what's in it for them? Understand that when a credit card issuer offers a
low-interest balance transfer, they are making an investment. Why else would
they loan you money for free? Credit card issuers are in the business to make
money, and this is a creative way for them to potentially increase their profits
in the long run.

To begin with, many card issuers charge a balance transfer fee; 3% of the
balance is pretty standard, now. So, add that 3% to whatever rate they're
offering you, to get a realistic idea of the balance transfer savings. There may
be a dollar-amount cap on the fee, which may range from fifty dollars to
three-hundred, or no cap. These fees are usually charged immediately when you
start the balance transfer process. It's important to know what up-front fees
you'll be paying for the interest savings; read all the fine print carefully.

Know that their best rates are reserved for consumers with excellent credit.
The credit solicitation may have "0% balance transfer" in big bold letters on
the front of the credit offer, but that will be the best terms possible to those
with perfect credit. Receiving a pre-screened credit offer does not guarantee
that you will get the best terms that are advertised. If you respond to the
credit offer with less than perfect credit, the credit card issuer may adjust
the introductory rate to one that they deem appropriate for your credit
standing. Those with credit blemishes or new credit histories may not realize
that they are transferring a balance to a new card that doesn't offer much
benefit in the way of interest savings. Be sure to check out the actual rate
you've been given once you receive your new credit card.

Also, see if the interest rate applies only to the transfer amount, or if new
purchases will also get the low rate. If different rates apply to new purchases
and balance transfers, many card issuers will apply your payments to the lowest
interest debts before they apply it to your higher rate debts. So if you
transfer a balance of $5000 at 0%, and your new purchases get the standard 18%,
you'll be paying that higher rate on everything you buy, without a grace period,
while you're trying to pay off the original $5000. If you choose a credit card
that works this way, the best thing to do is to not use the card at all, until
you knock down the amount transferred.

Be sure you are able to keep up with the payments if you choose to move all
your debt to one credit card. Many cards that offer super-low introductory
balance transfer rates are often the ones that charge extremely high default
rates. If you don't keep your end of the bargain, they will more than make up
for what they gave you. Some card's default rates are as high as 28%, which is
enough to bury someone in the debt they were trying to get out of. One day late,
one returned payment, or one dollar over your credit limit is enough for many
card issuers to apply the default rate.

In addition, card issuers are banking on the chance that you will not pay the
debt off in time. Not only do many consumers fail to pay off the debt, but
oftentimes the debt is higher than they started with, due to new purchases. This
leaves the cardholder with a substantial debt to pay interest on. In order to
make up for their 0% interest offers, credit card issuers must recoup their lost
profits when the introductory period ends. The APR that the card will revert to
may possibly be anything but competitive.

You can benefit from a balance transfer if you are diligent in paying off the
debt and controlling new purchases. If you are considering a balance transfer,
you're probably hoping to save interest fees and to get ahead of your debts.
Develop a realistic plan to pay down your debt before the teaser rate period
ends. It will do no good to transfer thousands of dollars in debt to another
card, only to pay the minimum payments until the rate skyrockets. Paying the
minimum payments on credit cards can literally keep you in debt for decades;
take advantage of the low-interest period to make a serious dent in your credit
card debt.

Be cautious about whether to keep the other credit card accounts open once
the balances have been transferred to your new account. Nobody likes to admit
they are irresponsible with credit, but if overspending is what brought you to
consider a balance transfer to begin with, then closing the old accounts may be
your smarter choice. Someone who really loves to shop or splurge is likely to
see the zero balances on all their other credit cards as an invitation to spend
money. If old accounts are run back up after a balance transfer, you can easily
end up with twice the credit card debt than you were trying to pay off to begin
with!

Closing the old credit card accounts may be the wiser choice, but be aware
that it can your hurt credit score by reducing the average age of your credit
accounts. You may be better off keeping a credit card that you've had for a long
time, and especially if that card's APR is better than what the new card's
normal rate will become after the intro period. There's no reason to give up a
card with otherwise excellent terms unless you know you'll run the card back up
if you keep it open.

Some credit card users have perfected the balance transferring act, and move
from card to card to chase those teaser rates, in an attempt to delay interest
payments on their credit card debts. This system can work if you are determined
to pay off your debts as soon as possible. This system can backfire if you run
up new debt or show a habit of jumping from card to card. Card issuers will
recognize someone who overuses the balance transfer, and may stop offering
low-introductory rates to those they suspect will flee before they can make any
real money from them. Also, as said before, continually closing accounts can
hurt your credit score if you don't have other accounts for some time, as it
prevents you from establishing long term credit history.

The credit card industry is fiercely competitive; they continually come out
with some new ploy to earn new customers, but if it doesn't work out for them,
they may discontinue certain offers. It may become difficult for them to make
money on the deal, due to increased competition and lack of consumer loyalty.
It's better to use a balance transfer as a temporary measure to finally get
ahead of your credit card debt, as opposed to being a permanent debt management
trick. You never know when you'll get your last offer for a low-interest balance
transfer.

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Using 0% Balance Transfers to Alleviate Debt

Credit cards are extremely convenient and useful, but they have a dark side that is often difficult to escape once you're in too deep. Credit cards can get you into a terrible mess when used irresponsibly, without paying them off or down significantly as you go along. You have the potential to be left in debt for years, ruining your credit and thus, your chances of being able to acquire assets like vehicles or homes. Rest assured that, if you find yourself drowning in credit card debt, you are not alone. Millions of people are in the same situation, and because of the size of the problem, there are plenty of ways to get out of it.

Balance transfers are one of the most common ways to take steps toward paying off credit cards. Shifting high-interest debt to a low or 0% balance transfer credit card is a great way to save money on interest when you're ready to be serious about chipping away at that balance. It's easy to do a balance transfer, but just like with using credit cards, there are pitfalls to this method that must be avoided for it to work in your favor. First, obtain your credit reports so that you know what your history and score are looking like right now. You should have no problem getting approved for a 0% balance transfer interest rate if you have good credit. Some people are lucky enough to even find a card that offers a no fee balance transfer, but these are rare. You can pretty much bet that there will be an average fee of 3% of the amount you wish to transfer, so prepare yourself for that.
Most credit card companies impose limits to the amount you can transfer. If your debt is more than $10,000, you probably won't be able to transfer the whole thing--and it's likely you wouldn't want to because of the additional 3% fee that would be tacked onto that. At this point, you need to decide how much you are willing to transfer to one card. You may also consider transferring one large debt to two different cards assuming they both have 0% balance transfer rates. If the idea of obtaining two more cards makes you wince in financial anguish, simply transfer as much as that balance as you can stand to a 0% interest card--this alone could save you hundreds or even thousands of dollars in interest while you pay off the rest.
Transferring a balance can be a really smart debt relief move, but remember that it takes time and discipline to pay off large credit card balances. Get ready to buckle down and stop charging your credit card(s). This is the only way you'll get the best possible results from your balance transfer. If you have a low or 0% balance transfer interest rate, chances are it will not last forever--12 months at the most. The name of the game now is paying off as much as you can in as little time as possible. Use foresight when managing your finances from now on. So many people wait until it's too late to begin taking steps toward correcting their debts. If you can regulate debt early on, you'll have more of an opportunity to be debt free later in life.

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Credit Identity Theft Protection and Technology

Identity theft prevention becomes more and more complex as the technology involved changes and evolves. You can now buy Radio Frequency Readers (also know as Remote Frequency Readers) online for less than $100. This is great news for thieves, as these electronic devices can scan and steal the personal information from your driver's license, your credit card, university and corporate IDs, speed passes and passports, all of which contain RFID (Radio Frequency Identification) tags.
A Miami ABC station, WPLG, aired an eye opening report on this new phenomena. An investigative reporter from WPLG was able to purchase on of these readily available devices with no difficulty on the web. She then set out to determine just how it easy it really was to steal information from her unsuspecting targets- her co-workers. For investigative purposes, she activated her reader with an alarm to allow her viewers (and her targets) to hear an audible signal every time the reader successful skimmed data from one of her co-workers.

With the device in her purse, the reporter then walked casually by an unsuspecting co-workers desk. A sudden beeping noise emanated from her purse. She then set her purse down on another employee's desk, which also was followed by beeping. She continued on down the office hall past more of her co-workers, the alarm beeping with each target she passed.
All of her co-workers believed their personal effects and information to be safely hidden away, yet that was clearly not the case. An actual thief would clearly not be using an audible alarm on their reader, meaning that most people never realize anything has happened until the damage has already been done. Thieves often work in teams- on person skilling information with the reader while the other captures the target's image via a cell phone, effectively collecting everything they need to steal your identity completely.
It is difficult to imagine just how much classified information could be skimmed from airports, universities, shopping malls and sporting events without anyone being the wiser. Likewise, the amount of damage (or doors opened) that can be done with that information. Confidential information that is stored on personal badges and key cards, if stolen, could certainly provide a thief access to protected facilities, computers and information.
Identity theft protection has become much more based on technology as we try to avoid hackers, ID theft, data breaches, and fraud. The days of worrying simply after our physical possessions and what's in our wallets are long over. As more and more of our identity gets put into RFID tags (new passports and quick-pay credit cards now contain this information) skimming is becoming more and more popular among criminals looking to perpetrate identity theft and other more dangerous crimes.

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Bad Credit Secured Loans – Securing both You and the Loan

Due to the increased financial uncertainty, it has become easy to fall into debt, especially with the rising cost of living. As many homeowners and renters alike go into debt, they rely on credits to help them out. This does not always work out, and often backfires. Though you may feel like you have no place to go, there is a loan to help you get out of the situation – Bad Credit Secured Loans. In order to avail bad credit secured loan, borrowers having poor credit have to put their property as collateral against the loan amount.

Specifications

Your financial status and collateral value must convince the lender that you have the calibre to pay the loan back. You need to submit income tax return, bank statements stress on credit checks you can borrow amount£ 5000 to £100000 with repayment period of 5-25 years. As the loan is secured, lenders are supposed to lend the amount at lower interest rate. Generally the rates vary from 7.9% variable APR to 19.9% variable APR.

Applying is easy

The best place to look for this loan is on the internet. However, exercise caution and compare interest rates to make sure you're getting the best advantage in repaying your debt. There are several sites online that let you get quotes for bad credit loans from several companies at once, making it more advantageous for you.

Be careful

You should make sure that you meet the payments regularly; failing to do so lenders will have the legal authority to take borrower’s property in their possession to get back their loan amount. Thus, it relieves lenders of any insecurity of losing their amount, and they lend even bad credit borrowers. As a result, borrowers get approval without much hassle.

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Trade Lines Increase Credit Scores 200 points in 15-30 Days

You can increase your credit score by 200 points and more by simply buying good credit. You may wonder how it’s possible and even argue that it’s unethical, but individuals and businesses have been doing it for over 30 years and it’s perfectly legal!

If you need a quick boost in your credit score for a home loan, auto loan or any other loan for that matter, it is definitely worth it to invest in purchasing seasoned primary accounts. You need to make sure they are primary accounts and not just authorized user accounts. According to the new fico ‘08 law, authorized user accounts are no longer being considered in factoring credit scores like they were previously. A seasoned primary account is one that is 2 years old or older and has excellent credit history. The great thing about this practice is that it saves someone who has bad credit hundreds of thousands of dollars in loan payments and allows them to get a loan they may not have been able to get.

The concept is really quite simple. You pay to use an account that has already established excellent credit history on the account. You are put on the account as a joint account user just before the account is closed. The previous account holder is transferred off the account and you become the primary account holder and inherits all of the excellent payment history. It then shows up on your credit report, usually within 15-30days. This is legal because federal law permits adding users to your accounts and does not prohibit the rental or sale of user designations. Mortgage brokers, lawyers and real estate agents have been using this practice for years to get their clients better rates and lower payments.

The amount of trade lines you purchase will determine the approximate increase in your credit score. Usually buying one trade line will increase your score 40-45 points. If you need a bigger increase you can just purchase more accounts. There are companies that offer up to 5 accounts that you can purchase which will give you an approximate increase of 200-225 points in your fico score. This is great for someone who has a credit score that is in the 500's and needs to quickly get to that almighty 720 to get the best interest rates.

Of course this service does not come cheap when your talking about up front costs. The going price for one primary account is around $1500. It may seem expensive but is well worth the price since boosting your score by even 40 points can make the difference of getting a loan at all and paying hundreds of thousands of dollars less in loan payments.

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Getting Your First Credit Card

Getting your first credit card is a major stepping stone to financial independence. It's nice to be able to cover surprise expenses or emergencies without having to borrow money from relatives. You will have the freedom to make purchases based on an anticipated paycheck. Even if you're smart enough to only buy things when you have the cash, it's important to establish your credit history now. After showing a history of responsible credit card use, you can qualify for better
credit cards that offer better rates, perks, and rewards. One day in the future you may want to own a home, or buy a nicer car. Using your credit card responsibly will improve your credit history, so that you can eventually qualify for the best terms possible on home mortgages or car loans.

A credit card will allow you to make hotel reservations, rent a car, and make purchases online or by phone. A credit card offers the convenience of pay-at-the-pump at gas stations. You can go out for dinner or a day of shopping without needing to make sure you have enough cash on hand. A credit card is a wonderfully convenient way to pay at nearly any merchant, as long as you are in control of your credit card use.


If used properly, your first credit card can help you build your credit, keep track of your spending, and develop a budget. It's amazing how we lose track of spending when we pay for everything in cash everyday; when you see it all in black and white on a monthly credit card statement, you may gain some insight on where your money really goes. When you use your credit card, be sure that you are only using it for the convenience of replacing cash that you already have in the bank, or will have by the time the credit card bill arrives. It's very important to develop good credit habits now; if you can use one credit card responsibly, you'll be more likely to be in control of your finances when your credit is better established and you have more credit cards at your disposal.

If used carelessly, a credit card can be the first bad habit that will lead to a mountain of debt. The problem many people have with credit cards is that they spend without making sure they are able to pay their balance in full each month. They figure they'll pay it off later, since the minimum monthly payment is so low. What these people aren't thinking about is that they will grow accustomed to the overspending that a credit card allows, and it's a habit that's hard to break once you've become used to it. They look at a credit limit as extra money, instead of the debt that it really is. Interest charges accumulate if the debt isn't paid off every month, and a credit card can quickly become a major expense rather than a valuable money management tool.

If you are in the market for your first credit card, then you probably don't have an established credit history. You will be more limited in your choices of credit cards, but many card issuers offer credit cards for people with limited or poor credit. Since you have not yet had the opportunity to prove your credit-worthiness, it is a simple fact that you will not be offered the best rates and deals that are reserved for people with a proven credit record. Most credit cards for people with limited credit histories do not offer rewards of any kind. You'll most likely be required to pay an annual fee, and the interest rate is probably going to be on the high side.

Secured credit cards are a popular way for people to establish or rebuild their credit. You are basically paying a security deposit, so that in case the debt is not repaid, the card issuer will get their money back. This really isn't as bad as it sounds. Your money will most likely be put into an interest earning account, like a CD, and is just another place you can keep some savings. After you've proven yourself with the credit card issuer, maybe after a year or so of responsible credit card use, they will allow you to withdraw your deposit. Or, you could just leave it there to accumulate interest, and consider it your emergency savings.

Be sure that if you go with a secured card, that the issuer will be willing to upgrade it to an unsecured card once you prove yourself to their standards. Be wary of "banks" you've never heard of; I suggest going with a nationally known bank that offers credit cards to people of various credit histories. Then you'll probably be able to upgrade to a better card while keeping the same account number, which is better for your credit score. The security deposit and an annual fee are pretty standard and are to be expected, but don't apply with a credit card issuer who wants to charge you application fees, monthly service fees, or other fees just to open your account.

If you have a good business relationship with a local bank or credit union, they may be more likely to give you an unsecured credit card than an issuer that you have no relationship with. You may be able to get a credit card if you have had a checking account with them for some time and have never bounced any checks. They may qualify you for a credit card if you've had an auto loan and made your payments on time, even if there was a co-signer on the loan. They will probably start you off with a pretty low limit, but it will still help you build your credit history.

If you're in college, you have quite a few choices in credit cards for students. Student credit card issuers are usually more flexible with the applicants, since they understand that most students are young people with limited credit histories and limited income. They know that you are probably still financially dependent on your parents, which means that Mom or Dad will be likely to help out with the bill if needed. They also know that it's easier to mold a young mind, so if they issue you your first credit card, you'll most likely be their customer for years to come. If you are qualified to apply for a student credit card, take advantage of it while you can. It's usually easier for a student to get a credit card than a young, independent adult who pays his own bills on limited income.

Be sure to read and understand all the terms and conditions of the credit card offer before you apply; unscrupulous credit card issuers often target people with limited or poor credit. There are fees that are necessary and common; late fees, over-limit fees, cash advance fees, bounced check fees are a few of the ways that credit card issuers can recoup the cost of maintaining an account that costs them more or isn't paid as agreed. They're in business; if they didn't charge those fees, everybody would pay late and the credit card business would be in trouble. Some fees are required so they can continue to give their best deals to people who have proven themselves with an excellent credit history. Some fees take advantage of people who are trying to establish their credit, one little mistake and you could be hit with fee after fee. Be aware of any and all fees that could be assessed before you use your card.

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Identity theft protection & prevention for students

The 18 to 29 age group has the fastest growing rate of identity theft of any age range. Identity theft is the fastest growing type of fraud, making identity theft prevention suddenly seem a lot more important.
It's not exactly hard to figure out why- in today's digitalized society it has become commonplace to post personal information in public forums, such as online. This is especially common on websites such as MySpace or Facebook. People leave details such as their full name, birthday, phone numbers as well as other facts about their lives. From there, it's pretty easy for a thief to amass this information and use it to steal their identity. Unless you want your life and your finances ruined, at least temporarily, it's important to engage in identity theft protection.
Students (and their parents) must make an effort to protect their identities. Forewarned is forearmed, and in this case it's what you don't know that can hurt you. Think you know how to protect yourself? Compare your personal identity theft prevention techniques against these dos and don'ts.
DO keep a close eye on all financial statements and inquire about anything unexpected, such as a spike in interest rate.

DON'T wait for the next month's statement if you didn't get a bill you expected- contact the institution immediately.

DO be watchful of people around you when using your credit cards- thieves can memorize and use the numbers.

DON'T use an ATM if anybody is lurking nearby.

DO delete all personal info and passwords on a shared computer.

DON'T throw out any personal documents without shredding them first.

DO make sure that all correspondence has your correct address and name on it.

DON'T leave your computer unprotected (virus and firewall) at any time.

DO monitor your credit reports and dispute all inaccuracies using only certified mail.

DON'T carry your social security number, passwords or PIN numbers with you.

DO remember that anything you post on the Internet is available for public viewing- prospective employers included.

DON'T fall for a phishing scam. Never give away personal info to someone who you do not know for a fact to be a legitimate representative of a reputable company.

DO change your passwords often.

DON'T use your kids', pets' or spouse's name for a password.
Likewise, avoid hobbies and hometowns as these are pretty easy for thieves to guess.
How did you do? It's important to remember that even if you take all the right steps, you are never completely safe. That is why it is so important to actually look at your credit report. A simple reporting error can cause your interest rates to rise. A surprising 1 in 4 credit reports have errors, so be on the lookout.
Getting your annual credit reports is free and easy! Just call this toll free automated number: 877-322-8228.

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American Express Cash Back Credit Cards

If you have good or excellent credit and are in the market for cash back credit cards, you will certainly want to take a close look at American Express cash back credit cards rewards. American Express offers a wide variety of credit cards with slightly different APRs, rewards offered, and fees, so you will want to compare cash back credit cards from American Express to see which ones will best provide you with the top-quality rewards you prefer and for which the company is known.

American Express cash back credit cards rewards include an unlimited number of cash rewards back to you when you select the Blue Cash From American Express card. You can receive up to five percent cash back on select purchases, and if you need to you can have revolving credit on this card, allowing you to carry over a balance from month to month. This card also offers a long introductory grace period of zero percent APR, which then switches to a variable APR after the grace period comes to an end. There are no annual fees for the Blue Cash card.

Certain American Express cash back credit cards rewards will appeal to those who travel frequently by air. The Blue Sky from American Express credit card, for each dollar you spend using the card, will give you one point. These points add up to superior savings on airline tickets, hotels, cruises or rental cars. Another credit card offered by American Express that will even offer you double miles is called the Gold Delta SkyMiles card. Just make your first buy with the card, and you will receive thousands of bonus miles. Eligible purchases at frequently shopped establishments such as grocery stores, pharmacies, and gasoline stations can earn you double miles.

American Express cash back credit cards rewards will also be awarded based on a favorite city where you would like to use the points you earn. If you would like to redeem your points in the cities of Los Angeles, Chicago or New York, you might select the IN:LA Credit Card from American Express. Although you can use the card outside of the city and you will still earn points, you must use the points in one of the preferred cities named on the card. This might be a good option if you are planning a vacation to any of the selected cities, because your eligible purchases from outside the city will count toward points, which you could then redeem in your vacation city.

When you compare cash back credit cards, do not neglect examining the many benefits that come to the traveler who uses American Express cash back credit cards rewards. To decide which cash back credit cards are right for you, consider the types of purchases you make, the APR being offered, any fees that may apply, and the specific benefits that you can earn.

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Using A Debt Consolidation Program To Help You Out Of Your Financial Jam

You don't want to think about debt consolidation. Sometimes debt can catch up with you before you even realize it has been chasing you for a long time. Most people do not intentionally dig themselves into a debt pit. But sometimes the financial obligations can be overwhelming to the point where you need to look at the best options to get back on track.

In fact, the majority of consumers in the US who find themselves with more debt obligations every month than they have income have found themselves in that position due to no real fault of their own, at least not directly. Most people find themselves in this very undesirable place due to circumstances outside of their direct control, such as a divorce, a job layoff, very high medical bills, and similar things that they have little to no control over.

But the reality of it is that sometimes you have no choice and need to keep yourself afloat financially. Typically, this period of hardship is hopefully a temporary one, where you just need to be able to weather this temporary setback until you can get back on your financial feet.

Seriously consider a good debt consolidation program. This is also applicable to new college grads that have a ton of student debt, where the same company can usually provide a student bill consolidation to accomplish the same purpose. A debt consolidation program is much better than taking out a personal loan, because with a personal loan you are simply digging your hole deeper, which is not the direction you want to go. Bankruptcy is probably not your best option either, since the long term negative effects of bankruptcy will haunt you for the next 7 to 10 years via a huge blemish on your credit report.

But be aware of what a debt consolidation company does and what they don't do. They do not pay off your debt all at once. You turn your bills over to them and then you make payments to them every month. They work with your creditors to lower each of your payments and reduce your interest. So if you had say $3000 a month going out before to satisfy your monthly bills, the bill consolidation company might be able to reduce that to perhaps under $2000 a month, giving you the financial breathing room you need right now.

These companies are very experienced in doing this, and can frequently also reduce or sometimes even waive the accrued interest that has built up on some of your outstanding financial obligations. This aspect in itself can save you a ton of money.

Another huge benefit to you is that you only need to make ONE payment each month, which is to the consolidation company. Compare this to making separate payments to 10, 15, 20 or more different creditors each month at different times of the month.

Seriously consider a debt consolidation program to help you out of your current jam. It's nothing to be embarrassed about and can put you back on the right track from a personal finance aspect.

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