August 24, 2009 – 3:29 am
Credit can be a fickle thing and complicated to those who are unsure of how credit works. Credit is a billion dollar a year industry and while most of that represents debt that families and individuals are struggling to get out from under, it also represents the possibilities that credit can offer. When handled appropriately and with smart decision making, credit can be a great thing that offers opportunities and advancement to you. Most people thing of credit as how you are able to get a house, a vehicle or other loans for items of value, but credit is also used to judge character about a person when they are applying for a rental, a job or other life advancement.
Take the time to choose and create the right accounts to reflect good credit and then maintain those accounts to boost your credit rating and score for the ultimate level of possibility in the future. So, how do you know which are good accounts to have and which are ones to avoid?
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It is always talked about how important good credit is for everyone. You would be amazed how critical good credit is to you when looking at your life. To properly illustrate this, a trip will be taken down your potential life to see where credit can help you or trip you up.
When you graduate from college, you want to move to a new city and live on your own. If you have no credit whatsoever, you must have a co-signer who is willing to co-sign so that you can get a new apartment. If you have bad credit, this may result in being denied on getting the apartment you want to you may have to settle for an apartment in a less desirable part of town.
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American Express, or AMEX, is one of the most recognisable names in the financial world. What many customers who have MasterCard or Visa credit cards in their wallet are interested in, is what is the difference between these two companies and American Express. Well the difference is quite simple.
MasterCard and Visa are both simply payment methods. They allow locations to accept payment using their system. They do not however, issue any credit cards of their own. For this they rely on their partnerships with thousands of banks worldwide who will issue credit cards, provide the credit necessary, and charge clients interest and give them rewards. None of your credit card bill goes to Visa or MasterCard. It all goes to the bank that provided the card. This bank also sets your interest rate, gives you rewards, offers you zero per cent balance transfers, the works.
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If you are like many people, you either have bad credit or had bad credit at some point in your lifetime. The sad fact is most people are not educated about credit and their rights. America is filled with misconceptions, due to spin of the facts from both sides of the aisle. In reality, consumers become the prey from both credit repair companies and credit reporting agencies like Equifax, Experian and Trans Union.
In this article, I am going to talk about some quick and simple facts that might help you maintain a better credit identity. With each passing day, credit factors more and more into our lives. Having at least decent credit is no longer something to have if you want a credit card, it can now cost you a job if your credit is poor.
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