Building a Better Credit Report

The Federal Trade Commission has a useful page on their website, dealing with common credit issues, common credit repair scams, and tips on improving your credit history.

By law, credit repair organizations must give you a copy of the "Consumer Credit File Rights Under State and Federal Law" before you sign a contract. They also must give you a written contract that spells out your rights and obligations. Read these documents before signing the contract. The law contains specific consumer protections. For example, a credit repair company cannot:

• make false claims about their services
• charge you until they have completed the promised services
• perform any services until they have your signature on a written contract and have completed a three-day waiting period. During this time, you can cancel the contract without paying any fees.

Your contract must specify:

• the total cost of the services
• a detailed description of the services to be performed
• how long it will take to achieve the results
• any "guarantees" they offer
• the company's name and business address.

What Credit Card Companies Don’t Want You to Know

::taken from Armoks blog::

If you own a credit card, you know by now that if you’re late with a payment the credit card company will charge you a late fee in addition to raising your interest rate. But did you know that they can raise your interest rate if you’ve made a late payment on any of your other cards, including those issued by other companies?

Not only that, but your interest rates can skyrocket to 30 percent or more if you make a late payment on your car loan, mortgage, or even your phone bill!

Check the site for more info and read the fine print for credit cards with a universal default clause. Bankrate.com has a article on the issue as well. 'Universal default' rules explained

Secret History Of The Credit Card

Frontline's in depth look at the origins of the credit card business, things you should know about credit and other inside tips on credit.

Click here to visit the website for the full length video.

Sunday Round Up

Heres a short list of articles worth a read this week.

It's Down, It's Up... No, It's Down Again
By JONATHAN BURTON, WSJ.com
"What's causing this turmoil? The end of cheap and easy borrowing -- part of the fallout from the subprime mortgage mess -- coincides with slower corporate earnings and weaker consumer spending. This perfect financial storm is causing investors world-wide to rethink the risks they've taken in stocks and bonds. But many shareholders haven't stopped to think at all -- they're just selling."

Top 25 Most Outrageous Celeb Purchases of 2007
Credit Card Lowdown
"#19:Lindsay Lohan’s addiction to Promises. Let’s face it. If any of Lindsay’s stints in the hyped up rehab haven Promises proved to be even slightly effective, this purchase wouldn’t appear on our list. But the budding actress and superstar has failed to sober up after both trips to the Malibu therapy center, which put her back about $122,000. What makes this purchase so outrageous? After all that money spent, it still doesn’t seem to have done any good."
#25 is a good one too!

Gas prices drop nearly 11 cents in last 2 weeks-MSNBC
"The nation’s lowest average price was in St. Louis, where a gallon of regular cost $2.52."

What Is Envelope Budgeting?- Blueprint for Financial Prosperity
"The reason why it works is because it makes people plan up front instead of winging it each month and because it restricts how much you can spend from both an individual category perspective (one envelope) and a total expenditure perspective (all the envelopes)."

Getting rid of an old charge-off

Dear Debt Adviser:
I had a credit card charge-off, and I was not aware of this until recently. I don't know who to get in touch with to pay off this debt. It was an Express store credit card, and I can't remember who the debt was with after Express. I would appreciate any advice possible. Thank you.

Click here to read Debt Advisor's answer.

Welcome to Super Wallet!

We would like to thank you for joining us. We have compiled information that you must know to survive in today’s society. Our purpose for being here today is to educate you on the aspects of credit, how vital credit is in today’s society, and how you can have a more prosperous financial future

You can also find links to online articles, websites and useful information regarding credit and finance. We plan on becoming a site that you can refer to for a wealth of information.

Stay tuned for more info!