The Best Credit Cards If You Have No Credit

By Morgan Hamilton

Today, carrying actual money can be very inconvenient, not only that it bulks up your pockets or wallet but there is also more risk by losing it or get it stolen. To solve this problem, a great invention is introduced that enables you to buy things without carrying cash around. We called it credit cards.



This 2 inch by 3-inch plastic can enable you to buy without actually paying cash.



A credit card is a type of transaction settlement. This works by lending the consumer money from the credit card issuer or a bank without having the money removed from the consumer’s account. This means that if you purchase an item using a credit card, the credit card company will lend you money that you will have to pay back.



Sometimes people get out of control when using credit cards, so there is something we call credit limit to limit the purchase.



If you have poor or no credit history and you would want to have a credit card, the best option would be applying for a secured credit card. Secured credit card works just like an ordinary card, but secured by a deposit account owned by the cardholder.



To apply for a secured credit card, the cardholder must first deposit 100% to 200% of the amount of credit desired. This means that if the cardholder deposits $1000.00, he or she will be given a credit that range between 500 – 1000 dollars. Secured credit card deposits are held in special savings account.



Secured credit card holders expect to make the regular payments agreed upon, just as you would do in regular credit cards. However, if the cardholder defaults a payment, the credit card issuer can recover the cost of the credit card holder’s purchases by taking money from the deposit.



Another way to obtain a credit card is to establish a credit history. To do this you must apply for a small loan or a line of credit from your bank.



Getting a loan can be difficult. You can increase your chances of getting your small loan approved by making a large down payment. If you do not have cash, borrow from your parents or family member.



One way to establish a credit history is through gas cards. This is practically easy to get and a very good way to show that you pay your bills responsibly, assuming that you pay every month or before the established payment date.



Research about what the credit card issuer requires applying for a credit card.



If you these do not work, apply for a secured credit card. This will require you to deposit money in a special savings account to ensure credit card issuers that they will get their money back. However, applying for a secured credit card often has higher interest rates.



When you are using secured credit card it is best that you pay on time and avoid having the credit card issuer to take money from your deposit. This is because credit card issuers will often upgrade your secured credit card to regular credit card after a few months of making payments on time.



Avoid being rejected by credit card issuers. Apply for a credit card which requirements can easily meet the requirements.



About the Author: Morgan Hamilton offers expert advice and great tips regarding all aspects concerning Credit Cards. Get the information you are seeking now by visiting http://www.getqualitycreditcards.com/categories/bad_credit_credit_cards



Source: www.isnare.com

Permanent Link: http://www.isnare.com/?aid=50313&ca=Finances

7 Reasons You Need Business Credit

Seven Reasons Why You Need Business Credit

Have you ever noticed that it is a lot easier to borrow money when you don't need it? The reality is that if you are down and out – either personally or in your business – nobody will lend you a dime. If you're riding high, people (and institutions) seem ready, willing and able to open their wallet.



The best solution is to make sure you have access to money now, before you need it. You don't necessarily need cash in hand, either. Having a flexible line of credit that you can use when you need it can be just as effective.



Here are seven great reasons for establishing a dependable source of money NOW, rather than when the roof is caving in.



1. Timing is everything. At the risk of being redundant, nail down a dependable source of cash before you need it. If a great opportunity comes up, you want to be able to act immediately. If there's an emergency, you don't have time to start looking for funds. Either way, cash – or its equivalent – can make the difference. In short, opportunities don't wait. And you can't wait if there's a crisis looming.



2. Make decisions from a position of strength. It is empowering to make a business decision knowing you have a definite pool of money to work with. It brings a degree of clarity that wishing, hoping and guessing can't match.



3. Stay in control. In business, almost nothing can put you into a tailspin like a significant financial squeeze. If you have to make payroll or meet an unexpected expense, you'll have to scramble to "pull forward" anything with a dollar sign attached. Would you feel more in control if you had a pre-approved line of credit that you could tap if and when an emergency occurred?



4. Changing market conditions. In recent months, top mortgage lenders have closed their doors or severely cut back programs for home buyers. Forclosures are high. The current housing and mortgage environment is creating pressure on business in general. Unsecured credit is almost impossible to find. If you can find a line of credit today, don't wait.



5. Convenience. What could be more convenient than having a pre-approved line of credit available that you can use with the ease of writing a check? You certainly don't want to jump through a lot of hoops every time you need to use the money. For most people, ease of use, minimal hassles, and clear step-by-step processes are worth the investment. After all, how much is your time and peace of mind worth? Find a line of credit that is easy to get and easy to use.



6. Separate your personal assets from your business. Many entrepreneurs and small business owners fall into the trap of using their own money and credit to build their business. This can have a serious impact for the business owner. Consider the implications. A business owner's personal assets and credit can be eaten up quickly if he or she acts as the bank. Also, personal debt can slam your debt-to-income ratios, which could limit you if you wanted to buy that new dream home. Create a line of credit for your business, instead.



7. Use Other People's Money. Leverage is the name of the game. While you have to consider the cost of money, the leverage you gain by being able to use OPM can make the difference in creating wealth and positioning your business for success. A business line of credit can provide start-up capital, consolidate debt, fund business growth, and replace personal money used to fund business expenses.

---

For More Information: info@www.GetBusinessLinesofCredit.com To apply for a business line of credit: http://www.getbusinesslinesofcredit.com/

Eliminating Credit Card Debt

Five Easy Steps to Credit Card Debt Elimination

For many consumers, credit card debt elimination can seem like mission impossible. When you're thousands of dollars in debt and trying desperately to find a light at the end of the tunnel, the outlook can be quite bleak. Fortunately, no one is beyond help when it comes to breaking free from credit card debt. Here are five easy steps that will have you on the road to credit card debt elimination in no time.



1. Get All of Your Credit Card Statements Together



If you're serious about credit card debt elimination, the first thing you need to do is gather all of your credit card statements together and begin creating a "debt elimination" spreadsheet.



What's going to go on this spreadsheet? You'll want to note how much you owe on each credit card, the interest rate and whether that rate is an introductory teaser rate or a long-term rate. If any of your credit card rates are currently on an introductory time line, make note of when that rate will expire and what it will go up to when it does.



2. Figure Out How Much You Can Afford Each Month



Once you know exactly where your debt stands, it's time to form your game plan. This is critical if you want to pursue credit card debt elimination in the quickest and most efficient manner possible.



First, take a look at how much you can afford to put towards your debt each month. Add up all of your monthly expenses (not including the minimum monthly credit card payments you must make). Take all of your other expenses (include rent/mortgage, car payments, insurance, gas, groceries, utilities, phone, etc.) and add them up.



Once you have your monthly expenses added up, deduct them from your income and see how much you have left over. Take as much of that amount as you possibly can and put it towards your credit card debt elimination plan.



For instance, let's say you have $400 a month left after all of your monthly expenses have been paid. Take $350 of that (leave $50 for emergencies, etc.) and put that towards paying off your credit card debt.



3. Addressing Your Minimum Monthly Payments



The next step towards credit card debt elimination is adding up all of the minimum monthly payments for all of your credit cards. For instance, if you have three credit cards, all with a minimum monthly payment of $75, your total minimum monthly payments would be $225.



If your credit card allocation were $350 each month like the scenario we outlined above, you'd be in okay shape so far. However, if your minimum monthly payments were $400 and you could only afford $350, then you have a serious problem and you need to start cutting out expenses. This may mean turning off your cable till you've achieved credit card debt elimination or foregoing your Starbucks runs, but it will be worth it in the long run.



4. The Plan of Attack



Now that you know exactly how much debt you have and how much money you can afford to pay off that debt each month, it's time to form your plan of attack.



First, take the total of your minimum monthly payments and subtract it from what you have allocated towards credit card debt elimination. So if you have minimum monthly payments of $225 and a credit card debt elimination allocation of $350, your remaining balance would be $125. Take that $125 and apply it towards the credit card with the highest interest rate.



Once the credit card with the highest interest rate is paid off, you're going to take the money you were paying towards that card each month (in this case, it'd be the $125 plus the $75 minimum monthly payment) and pay that $200 towards the card that now has the highest interest rate in addition to the minimum monthly payment. Keep repeating this process until you have achieved total credit card debt elimination.



5. The Fruits of Your Labor



Once your credit cards are all paid off, take half of what you were paying towards your debt and put it into a savings account. This will help you avoid having to rack up credit card debt in the future.



What are you going to do with the other half? Take that half and apply it to the things you were doing without while pursuing credit card debt elimination. After all, once credit card debt elimination is achieved, you do deserve to treat yourself.

---

For more tips on credit card debt, saving money and avoiding getting taken, check out CreditCardTipsEtc.com, a website that specializes in providing credit card tips, advice and resources.