Continental Finance MasterCard - Bad Credit MasterCard

By Dan Moskel

The Continental Finance MasterCard is an unsecured sub prime credit card. This means that this card is designed specifically for individuals with a low credit score.

Your card will be issued with an initial credit limit of $300. However you will be able to received semi-annual credit limit increases, with a maximum limit of $2000.

Your card will report monthly to all three major credit bureaus. Thus providing you a way to re-establish and rebuild your credit score.

This card can help your credit score because by paying your monthly bill you will create a positive payment history. In addition by opening this account it will improve your ratio of credit to debt.

If you can improve these two factors you will improve your score. This is because these two factors are weighted almost as much as derogatory items on your credit report.

This card is unsecured which means there is no initial deposit, however because of your low credit score they will charge you an annual fee. Unfortunately this is an unavoidable cost and you will have a fee with any credit card you open with a damaged credit score.

The benefit of this card is the very low 9.75% APR. The industry standard on sub prime cards is just under 20%. Your card can be used at millions of locations across the globe.

They do offer easy approval and there are no minimum income requirements. You can still be approved for this card even with a recent bankruptcy on your credit history. They offer an online application decision within seconds of submitting an application.

This card is issued by the First Bank of Delaware. This bank has been a leader in sub prime lending for years.

In addition you will receive online account access. This card works just like any other credit card, you will be responsible to pay your monthly bill.

Your other option for a credit card with a damaged credit score is a secured card. However this card is reported as a secured line of credit to the bureaus which will help your score but not as much as an unsecured account.

The other option is a catalog card. This is a credit card that is only accepted at a specific location. Do not use these credit cards as they often come with large upfront fees and typically only report to one credit bureau.

In sum we do suggest the Continental Finance Card to anyone looking for a second chance with credit. You can use this card to re-establish your credit score and build positive credit because it will improve your ratio of debit to available credit and can create a positive payment history.

About the Author:

For more about the Continental Finance Credit Card or for a review of another suggested unsecured sub prime card the Tribute Credit Card visit us.

How To Improve Credit Score

By John Cooper

Improving your credit score can seem like an impossible task. This is because there is so much contradictory information and the scoring model makes you feel as though you have no direct control over your credit score.

Well they are wrong. No matter how bad your credit score is you can take a couple easy steps and improve it.

1. Remove bad credit items on your report. You must dispute the credit bureaus directly with either a dispute letter or by hiring a service to dispute them on your behalf.

2. Pay off any verified bad credit item on your report. In exchange for your payment have the lender remove the item from your credit report.

3. Pay your bills on time. It is estimated that missing a payment can damage a good score by up to 50 points.

4. Open a new credit line. This is best if it is a revolving line of credit, for example an unsecured credit card.

By paying your monthly bill you will develop a positive payment history. This is a heavily weighted factor when your score is being calculated. If your score is currently to low to get an unsecured credit card then open a secured card just make sure it reports to all three bureaus.

In addition try to keep your monthly balance at 10% of your available credit. Doing this shows the bureaus that you do in fact use your credit and you use it responsibly.

5. Pay your large debts down. This is called your available credit to debt. The bureaus need to see that you are not in over you head and that you do have credit that is not being used.

These five factors are the only things you need to concern yourself with when trying to improve your credit score. There is one last factor however it is shadowed in controversy.

6. Piggy back credit, this is when you are added as an authorized user on an account with a high credit limit and low balance. The benefit you get is the account is not reported on your credit history.

This tactic has been widely abused by some credit repair services. The scoring model has changed to discount this method however it is disputed as to if that change has occurred or not.

In sum, focus on steps one through five and you are on your way to a 700 credit score. You don't have to live with bad credit you can increase your score and your quality of life.

About the Author:

To learn more about how to remove a charge off or for more tips on credit repair visit us.

Credit Inquiries: How They Affect Your Credit History

By William Blake

Before you qualify for a loan or a credit line from any source, the lender will be sure to check your credit history. When you receive "pre-approved" credit card offers in the mail, you can be sure that the company offering you the card has checked your credit first. If credit check s or inquiries are run too often on you, however, it can damage your credit history and limit your ability to borrow money or be charged a low interest rate.

There are two types of credit checks or credit inquiries and only one of them has any effect on your credit history. Those credit inquiries that you authorize (when you apply for a loan, mortgage, or revolving credit) appear on your credit report and affect your score.

Your credit score will get lower each time you apply for credit. Since credit inquiries can affect your credit score negatively, you should try to keep the number of credit applications you fill out to a minimum.

Of course, it is always wise to look at various offers to find the best loan possible. When many mortgage or car loan related credit checks are run within thirty days of each other they are counted as one single inquiry instead of several separate ones. Consumers who are wise enough to shop around for a good loan are no longer punished on their credit history.

Credit inquiries and checks are also run on you by companies that have a permissible purpose as defined by the Federal Fair Credit Reporting Act. That means that, even though you are not aware of it, certain businesses have the legal right to check your credit.

Credit card companies, retail stores, and many other businesses that have a "permissible purpose" and want you to take money from them (for the right price) will pull your credit history to determine if you are eligible for one of their pre-approved opportunities. These inquiries will not affect your credit history or hurt your credit score, but they will show up on your report so that you will know who is looking into your business.

Another credit check that does not do any damage to your credit history is a check done by a prospective employer before they choose to hire you.

Any time a business pulls your credit history, it is marked on a report for you to view. These credit checks or credit inquiries can ultimately hurt your credit score, but only those credit inquires that you request will affect you in the end.

About the Author:

Tire of struggling to keep up with your credit card balances? Learn how to deal with excessive credit card debt on the Debtopedia website. Get a free copy of my report "Secrets Of Credit Card Debt" at http://www.debtopedia.com

How to Eliminate debt

By JR Rooney

Elimination of your debt requires three simple steps:

1. Stop acquiring new debt.

2. Establish an emergency fund.

3. Implement a debt snowball.

Here's how to approach each step.

Stop acquiring new debt (This step can be accomplished in a morning.)

This may seem obvious, but the reason your debt is out of control is because you keep spending. Stop using credit. Don't finance anything. Cut up your credit cards.

That last one can be tough. Don't make excuses. I don't care that other personal finance sites say that you shouldn't cut them up. Destroy them. Stop rationalizing that you need credit cards.

* You don't need credit cards for a just in case. * You don't need credit cards for convenience. * You don't need credit cards for cash-back bonuses.

You really don't need credit cards at all. If you're in debt, credit cards are a trap. They only put you deeper in debt. Later, when your debts are gone and your finances are under control, maybe then you can get a credit card. (I don't carry a personal credit card. I don't miss having one.)

After you kill your cards, stop all recurring payments. If you have a gym membership, cancel it. If you automatically renew your Xbox Live account, cancel it. Cancel anything that automatically charges your credit card. Stop using credit.

Once you've done this, call each credit card company in turn. Do not cancel your credit cards (except for those with a zero balance). Instead, ask for a better deal. Find an offer online and use it as a bargaining wedge. Your bank may not agree to match competing offers, but it probably will. It never hurts to ask.

Establish an emergency fund (This step will probably take several months.)

For many, this is counter-intuitive. Why save before paying off debt? Because if you don't save first, you're not going to be able to cope with unexpected expenses. Do not tell yourself that you can keep a credit card for emergencies. Destroy your credit cards; save cash for emergencies.

How much should you save? Ideally, you'd save $1,000 to start. (College students may be able to get by with $500.) This money is for emergencies only. It is not for beer. It is not for shoes. It is not for a Playstation 3. It is to be used when your car dies, or when you break your arm in a touch football game.

Keep this money liquid, but not immediately accessible. Don't tie your emergency fund to a debit card. Don't sabotage your efforts by making it easy to spend the money on non-essentials. Consider opening a savings account at an online bank like ING or e-trade. When an emergency arises, you can easily transfer the money to your regular checking account. It'll be there when you need it, but you won't be able to spend it spontaneously.

Implement a debt snowball (This step may require several years.)

After you've finally stopped using credit, and after you've saved an emergency fund, then attack your existing debt. Attack it hard. Throw everything you can at it.

Most people say to pay your highest interest debts first. There's no question that this makes the most sense mathematically. But if money were all about math, you wouldn't have debt in the first place. Money is as much about emotion and psychology as it is about math.

There are at least two approaches to debt elimination. Psychologically, using a debt snowball offers big payoffs, payoffs that can spur you to further debt reduction. Here's the short version:

1. Order your debts from lowest balance to highest balance. 2. Designate a certain amount of money to pay toward debts each month. 3. Pay the minimum payment on all debts except for the one with the lowest balance. 4. Throw every other penny at the debt with the lowest balance. 5. When that debt is gone, do not alter the monthly amount used to pay debts, but throw all you can at the debt with the next-lowest balance.

I'm a huge fan of the debt snowball. It still takes time to pay off your debts, but you can see results almost immediately.

Supplementary solutions

You can do other things to improve your money situation while you're working on these three steps.

First, focus on the fundamental personal finance equation: to pay off debt, or to save money, or to accumulate wealth, you must spend less than you earn.

Curb your spending. Re-learn frugal habits. (Frugality is something with which most college students are all too familiar.) You can find some great ideas on the internet. Also check Frugal for Life.

While you work on spending less, do what you can to increase your income. If possible, sell some of the crap you bought when you got into debt. Get an extra job. (But don't neglect your studies for the sake of earning more. Your studies are most important.)

Finally, go to your local public library and borrow Dave Ramsey's The Total Money Makeover. Don't be put off by the title - this is a fantastic guide to getting out of debt and developing good money habits. I rave about it often, but that's because it has done so much to help my own personal finances. After you've finished, return it and borrow another book about money.

The most important thing is to start now. Don't start tomorrow. Don't start next week. Start tackling your debt now. Your older self will thank you.

About the Author:

JR Rooney is an expert on debt andCollection Company. JR works for this Collection Agency