Archive for February, 2008

Did you choose the right major?

Wondering if you made the right decision with your major? Planning for your future is a good idea. Here are the Top 50 Paying Careers for 2008. It could give you an idea on what to choose, and start ahead your successful career path!

Read More on Top 50 Paying Careers for 2009

Things You Should Know When Applying for a Credit Card

When you apply for a credit card, the lender does a credit check to how risky the extension of credit is going to be. There has to be a standard of risk that the lender is going to be willing to accept. Among the things you can count on being checked are your credit history, income, job history, current debt, how long you’ve lived in your residence, whether you own your own home, how many times you’ve applied for credit, and possibly if you have tax liens or judgments filed against you. All of these factors can be listed on your personal credit report and along with your credit score (the numerical value of your credit worthiness) the lender will determine if and how much credit they want to extend to you.

In today’s world, there is a credit card available for just about everybody. You are going to find yourself pummeled with credit card offers at some point or other. This is especially true for students. This is where patience, research, and common sense should come into play. Never choose the first credit card offer that comes across the table. Set a standard by what you’re willing to allow yourself to be charged in interest. After all, this is money that will be coming out of your pocket. This means getting in the habit of reading the fine print of the offer. Read more…

Take Full Advantage Of Your Credit Card Rewards

Rewards credit cards are so common today because of the increasing competition among banks and credit card issuers. When used correctly, a credit card rewards program can be a great tool in managing one’s finances. How can you take full advantage of your credit card rewards?

To get the most out of a rewards credit card, it’s important to choose the type of reward that fits your way of life. For instance, why would you pick a travel reward card if you don’t travel? Travel reward credit cards program requires huge points before you get entitled for a free travel. If you know that you will not be making large amounts of purchases on your credit card, then it’s not practical to choose a Travel Rewards credit card because it will take you a very long time before you gather enough points and get the free travel. Therefore, travel rewards credit cards are great for those people who frequently flies abroad and spends a lot on their credit cards.

Read More: Take Full Advantage Of Your Credit Card Rewards

10 Common Mistakes In Holding Credit Cards

1) Overspending
Credit cards are great tools in building credit but if not used carefully, credit cards can also be a trap to uncontrolled spending. Since credit cards are easy to carry and easy to use, it’s also easy to lose control of one’s spending. Thus, self-discipline and a strong sense of responsibility must be practiced by all credit card holders.

2) Taking out cash
Credit cards today can also be used as debit cards. Many credit card holders do not realize that each time they take out cash from their credit card, they are instantly charged with interest. If you need cash, don’t take it out from your credit card.

3) Paying only the minimum
Submitting only the minimum payment from your balance is a very bad habit. As long as your balance is not paid in full, the balance is carried over for the next billing period and the interest accumulates. Read more…

Save Your Money: Avoid Top 10 Credit Mistakes

Here are the top 10 common credit mistakes that you need to avoid to boost your credit score and save you money in loan costs

1. Closing credit cards that you’ve had for a long time. How long you’ve had credit plays an important role in determining your credit standing. Creditors prefer borrowers who have a long record of credit history. Closing credit cards that you’ve had for a long time is a bad move since it will be like deleting a part of your credit history. If you think you own too many credit cards, consider which accounts to close and do not close the ones you’ve had for many years. If the problem is that your old credit cards come with high interest, you don’t have to use them on a regular basis. To prevent them from automatically closing, you may use them once every few months to buy an inexpensive item. This way, you can immediately pay the balance in full and avoid paying for interest.

2. Missing on your credit card payments. Your ability to pay and how responsible you are in paying your debts are all reflected in your credit report. Obviously, missed payments will put you in a bad light. Other creditors will deem you as a high-risk borrower and you will not have the privilege of obtaining better rates when you apply for loans. Read more…

10 Worst Credit Card Mistakes College Students Make

It is a sad fact that a great percentage of people who are stuck in bad credit are students. The lack of responsibility and awareness has put many students in a bad credit situation.
Here are the top 10 worst student credit card mistakes that should be avoided:

1. Signing up to get a freebie

Many credit card companies offer free stuff such as free shirt, caps, mugs, etc. to attract clients. Some students think that signing up just to get the free stuff is a harmless practice. However, all your credit card applications are reflected in your credit report and too many inquiries on your account create a negative impression on your credit standing.

2. Using student credit cards to play on-line games
Many students found themselves in huge debt because of online gambling. Playing on-line using a student credit card can be a tempting hobby but you’ll also be putting your credit online. Read more…

How Students Can Manage Their Student Credit Cards

Surveys prove that many college students graduate with unpaid debts on their student loans which can amount to $20,000. Those who are still in college are faced with credit card debts amounting to $7,000 or even more. Even worse, there are many at a young age of 15-25 have already filed for bankruptcy. If you’re a student who owns a student credit card, these staggering surveys should definitely concern you. What can you do to avoid falling victim of bad credit?

Here are some valuable tips you can in your personal life as a student to help you manage your finances wisely.

Make a Commitment
Bad credit usually results from splurging or uncontrolled spending. In order to avoid paying for unreasonably high balances, as a student you should have the will to restrain yourself from spending on things that are not really necessary. Every time you plan on buying, ask yourself, “do I really need this or do I just want it?” If you know that you can get by without making that purchase then, have the will to back out. Read more…

Avoid Student Credit Card Debt

Students are prone to acquiring credit card debt. Why? Because most young people do not know or are not paying attention on how to handle their credit cards correctly. Here are some practical advice on the proper use of student credit cards and how to avoid credit card debt.

It’s Just a Marketing Strategy

Be aware that credit card companies are experts when it comes to marketing their business. They spend millions of dollars in using different marketing strategies to get your attention, to grab your interest and move you to sign up with their company. Credit card companies may give away freebies, offer instant approval, and other promotional tactics which can be very hard to resist. Don’t be too naive in applying for a credit card just so you can get a free coffee mug or t-shirt. Remember, there’s more to it than just the freebie. Read more…

Student Credit Card Mistakes

Students are prone to get caught in credit card debt. Let’s take a closer look at the following mistakes that students make with their student credit cards.

Signing up for the first student credit card offer
As you enter college, you might receive a lot of credit card offers from different credit card issuers.

If you’re not going to think about it carefully, you might just sign up for the first offer that you think sounds good enough for a credit card. It’s easy to get one enticed by a credit card offer. Most credit card companies make a lot of exciting promotions that may be hard to resist. However, if you’ll read the complete terms and conditions, you might be surprised to see that there are certain charges that are higher than expected. Read more…