Debt
Free Article
The
least you need to know
This
debt free article will cover the least you need to know
about Credit union and broker investing, online banking,
your credit rating, and the right credit cards for you. You
will find the to the point format here to be of special use
for quick reading. If you need any additional info on these
debt free subjects concerning you and your finances, be sure
to visit our debt free article section - the link is at the
bottom of this page.
Credit
union and broker info
·
Trading on the Internet has become as easy as using an ATM
in the recent years, but not every broker is excited about
this yet.
·
There
is a huge price war regarding online commissions and
transactions among brokers, which you can totally take
advantage of by doing a little homework.
·
Credit
unions a not for profit organizations that pay higher
savings rates and charge lower loan rates than banks do.
·
Credit
unions call their customers members (even though you do not
have to be a member in technical terms anymore) and
typically have done away with member ship requirements. For
instance, in most states, you would not have to be a health
care worker to belong to the Healthcare Credit Union. Check
the state you live in for laws and details on the credit
unions located there.
·
Credit
unions have the same $100,000 federally insured deposit
protection as FDIC insured banks do, so do not worry about
your money not being safe.
·
You
will most likely find friendlier service at a credit union,
because you will be served by people who have the same
interests at heart as you do.
Online
banking
·
With
online banking, you can balance your checkbook and even pay
bills when ever it is the most convenient for you to do so.
You are not going to be at the mercy of the lobby hours
here.
·
By the
mid 1990s, virtually all banks created some sort of
telephone – based banking service (800 numbers), and more
than 33% of the top 150 banks in the US offered home
computer based home banking services.
·
Look
for a bank that offers 128 bit encryption method with its
online banking features (always be certain the URL contains
https: not just http: when you are
transmitting any personal info online – the s at the
end stands for secure). This or the latest encryption
that is, will always ensure a safe personal information
area. If you are banking with any larger bank, you can be
certain they use the most sought after encryption - it still
does not hurt to look though and to be aware. Never give
your password(s) over email or the Internet – your bank will
NEVER ask for this information over the Internet.
·
Just
because you do not need to go into a bank branch does not
mean there are not charges involved with online banking.
Most banks will provide online banking for free – but charge
a small monthly fee for online bill pay services. Just be
aware before you get going.
Your
credit rating
·
Most
of your financial information, your salary, bank accounts,
credit card, and loan information is stored in computers at
the Experian, Trans Union, and Equifax credit agencies (the
big 3).
·
Your
credit score will influence whether you are excepted or
rejected
·
Employers may also use your credit report to verify
employment history.
·
To
improve your credit report, pat your bills on time and cut
down the number of credit cards you have, do not live up to
your credit limit, and pay off your outstanding debts.
·
Do not
apply fro credit at too many places. All those places will
show up on your report and scare creditors away in most all
cases. It looks desperate quite honestly.
·
Review
your credit report at least once a year to make sure there
is no false or incorrect reporting. 25% of the reports out
there have mistakes on them.
·
Be
sure to dispute any errors on your credit report in
inserting up to 100 words on the report to explain your side
of the story. Also, show your lender any copies of paid
invoices and letters that document your position. For
specific rights that you posses regarding your credit, be
sure to visit our main news article page (or archived
articles) to see the complete Fair Credit Act)
Proper
credit cards for you
-
Credit cards are poison to your personal financial life
(this means your debt free life too). They are the #1
reason why more than 1 million people file bankruptcy
each and every year in this country.
-
The basic types of credit cards are fixed rate cards,
variable rate cards, gold cards, secured cards, and
credit cards with those crazy gimmicks such as rebates.
-
Banks are raising ALL of their card fees, from late
payment and over the limit fees, to cash advances (never
take a cash advance on any credit card). This is
especially true for the people out there who fail to pay
exactly on time, and even penalizing customers who do
not use their cards for 6 months.
-
Cards that offer you rebates, cash rewards and free air
miles are not the best unless you use these services a
lot – enough to make up for the other fees or interest.
If you are earning enough freebies from miles – that
fine.
-
Do
not carry more cards than you need.
-
People with bad credit pay higher rates.
-
Read all fine print. Shop for the best rates.
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