The myth regarding annual fees attached to credit cards is that they're ALL BAD. This is simply that - a myth - and frankly some annual fees are easily wiped out by the cash back and rewards benefits afforded by a particular card.
Anyone who has ever applied for a loan, regardless of the type, has probably been told that the lending institution will have to “run their credit.” The latter is a phrase that refers to obtaining the applicant's credit score in order to determine whether or not the individual is a good credit risk. This is often referred to as the person's FICO–Fair Isaac Company–score. This score is what virtually all lenders use to determine how likely it is that a specific borrower will default on a loan or other financial obligation, as well as whether or not the person will make timely payments on loans or other lines of credit.
Dear Creditnet: I need to start rebuilding my credit so I can purchase a home, but I can't seem to get approved for a credit card. I've applied for 3 different cards this year and I've been denied every time. I feel like giving up. Should I just get a prepaid debit card since they don't do credit checks? There's no way I can get denied, right?
Dear Creditnet: My husband and I have one credit card each and the balances total about $1,200. Due to financial difficulties we have not been able to make any payments on these credit cards for almost a year. At one time we were getting letters from a collection agency, but we are now getting letters to pay our balance from the original creditor.
90 percent of lenders still use FICO scores in some way when assessing your risk as a borrower. So if you have any interest in ever getting approved for a high limit credit card, auto loan, or a mortgage, it's a wise financial move to know where your FICO scores stand and what you can do to improve them.
Lights flashing, adrenaline flowing, the scrolling triple 7's rewarding you with the jackpot of a lifetime; who in the world hasn’t dreamed of striking it big in Vegas? You could finally go on that vacation to paradise, pay off your home, or maybe even help support your family for generations to come. But those lucky 7's don’t have to be confined to Vegas. In fact, one of the most important 7's you should be shooting for is a credit score of 700 or higher. It may not reward you with cash jackpot worth millions, but obtaining a credit score above 700 will certainly open the door to more desirable credit cards with rewards, 0% interest credit cards, mortgages, auto loans, and other credit products that will save you thousands in interest during your lifetime.
Upon entering the ring, the debit card and the credit card look pretty evenly matched. They are the same size and the same shape. Their functions are also similar: electronically transferring money from one owner to another. But when pitted against each other in a head-to-head match, who will come out on top?
Advertiser Disclosure: Creditnet.com is an independent, advertising-supported information and comparison service. Creditnet.com receives compensation from some, but not all of its partners whose offers appear on our site. Compensation from our advertising partners may impact how and where products appear on our site. Creditnet.com has not reviewed, nor does it display, all the credit card offers available in the marketplace. We attempt to keep information on this site accurate, but we make no warranty regarding the accuracy of any of our information, including information on specific credit cards, card issuers, credit scores, credit availability, and comparison or savings calculations. When applying for a credit card, you are advised to read the credit card application and related disclosure on the credit issuer's website for details on current terms and conditions.
Editorial Disclosure: Opinions expressed on Creditnet.com are the author’s alone, not those of credit card issuers. Our content is not provided or commissioned by credit card issuers, and it has not been reviewed, approved, or otherwise endorsed by credit card issuers.