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Credit Repair After Bankruptcy: Your Options
When it comes to credit repair after bankruptcy you have essentially three options: 1) Hire a credit repair company 2) Buy credit repair software 3) Do it yourself (free!) Before we go further, for the purpose of this article "credit repair" means the ...
Credit score facts and myths.
Credit score is the key factor determining approval of almost any type of credit. It is based on the information contained in your credit report files. The widely used FICO score was developed by Fair Isaac Corporation, and it is a formula which assesses ...
What is an Affinity Credit Card?
Affinity credit cards are the fastest growing segment of the credit card market. An affinity credit card is just like a standard credit card - with one important difference. Every time you use it, you're making a donation to your favorite charity. ...
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Using a high interest credit card is like throwing money down the drain! If you're wasting money with a high APR, you should consider applying for a low interest or 0% APR credit card instead. Although your credit score will ultimately determine your interest rate, apply for a lower APR and you could save a ton on interest charges. Here's an example of how much you can save just by reducing your current APR:
Save with a Lower APR:
Your current credit card has an APR of 14.99%. But you've been pre-approved for a credit card at 9.99%. Over the course of a year, you could save 5% on interest. How does this add up?
Assume you have a balance of $5,000 on your credit card:
OLD CARD:
$5,000 x 14.99% = $ 749.50 per year
NEW CARD:
$5,000 x 9.99% = $ 499.50 per year
In this example, you could save up to $250 per year! If you had a balance of $10,000, you could save twice as much! This extra money could be used to pay down your current credit card balances, or used to make cash purchases and avoid increasing your existing credit card debt.
Save with a 0% APR:
Another great way to save money is using a 0% APR credit card. These offers have become increasingly popular in recent years because they offer a multitude of ways to avoid interest and pay off your existing debt more quickly. Not only can you save on new purchases, but you can pay zero interest on balance transfers.Here's a simple example of how you can save:
Assume you have $5000 in existing credit card debt, or you will make a $5000 purchase with your new card:
REGULAR CARD:
$5,000 x 9.99% = $ 499.50 after 1st year
0% APR FOR 12 MONTHS:
$5,000 x 0.00% = $ 0.00 after 1st year
With a balance of $5000, you could save almost $500 in interest the first year! This savings could be applied to your balances or used as cash!
Saving EVEN MORE:
You can clearly see the savings a 0% APR provides (especially during the intro period). But if you transfer your existing balances before the intro period is over, you can save much more! Essentially, you can carry your credit card balances interest-free as long as you switch your credit cards before the intro periods end. Many people have taken advantage of this method to pay off debts and save thousands of dollars in interest. But be aware, switching credit cards too frequently can have a negative impact on your credit score. So use this method in moderation.
To see a complete list of 0% APR and low interest credit cards, please visit:
ASAP Credit Card
About the author:
by ASAP Credit Card - Copyright © 2005
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