Cash Back

First Frank and Janet thought it was a simple error. Their mortgage had been recently sold to a new company with a new servicing company. As with the prior lender, they had sent in their mortgage payment by way of a personal check between the first and the fifteenth of the month and the payment had been posted with little event as being received as agreed.

Around the 20th of month, a rather cryptic call was received on the answering machine stating the payment had not been received and a late charge would be applied and charged and that they needed to make a payment immediately. Ok Frank and Janet reasoned that the payment might have been lost in the mail. Things happen, although it was the first time in two years that a payment was late. Frank and Janet has some credit challenges three years ago and found it necessary to entertain a sub prime loan to buy the house that they currently resided. Thus they were dealing with a sub prime lender and all that goes with it. Quickly, Frank and Janet called customer service and were able to make a check debit on line for the payment plus a late fee right out of their checking account. The late fee of 5% amounted to $62.50. Frank told the mortgage-servicing representative that they would put a stop payment on the check and instructed them to flag the account and not deposit that particular check (with #10224 check number dated on the 2nd of that month) as he was going to put a “Stop Payment” on it. After the call they called their bank and put a “stop payment” on that check. This cost them $25. Five days later another call came in from the mortgage servicing company stated that they had deposited the mailed check and it came back resulting in a $50 charge for the transaction since it hadn’t gone through. The conversation went nowhere as there wasn’t a record anywhere.

Frank and Janet looked at each other and collectively rolled their eyes while verbally reviewing what had transpired. Frank asked Janet rhetorically, “Can you believe this”? Next month rolls around and this time Frank and Janet make a special effort to send the mortgage payment in close to the first of the month. Around the 20th of the month, Frank and Janet received another call from the mortgage servicing company indicating again, that the payment had not been received and that there would be another late charge. The discussion became extremely heated with Frank leading the charge. Frank demanded to speak with a supervisor regarding the second time around of the mishandling of the monthly mortgage payment. The supervisor was not of much help claiming the check had not been received. Frank and Janet were determined that they would not put another “Stop Payment” on this check at a cost of $25. Not getting any satisfaction, Frank told the customer service supervisor that he would call back in seven days to see if the check had been received and posted. Seven days later, Frank called and the check had been received and posted but there would be a late charge that would apply. Another $62.50 late charge would apply. Frank and Janet were frosted beyond belief but at the same time relieved that the check had arrived. What could be going on they wondered.

The next month Frank and Janet decided to send in the mortgage payment a week before the 1st giving the mortgage servicing company plenty of time to receive and post the payment well within the time frame. On the 20th of that month a call was received from the mortgage servicing company stating once again the payment had not been received. Frank and Janet were beside themselves. This time Janet demanded to speak with a supervisor. The supervisor explained that the check had not been received. Janet pressed the supervisor further, “Has this been a recurring problem with other borrowers?” There was a long pause of silence from the supervisor followed by, “Uh…no…I don’t think so.” Janet wasn’t satisfied with any of the answers and what was going on with this new mortgage servicing company and was determined to get the bottom of these “phantom late charges”. Adding insult to injury, the following month a thirty-day late was reported to the credit bureau. Frank and Janet engaged in their own spirited credit repair campaign.

Immediately, after getting off the phone with the supervisor Janet and Frank went on line and started researching the company for any information that might shed some light on what was happening. It was found a series of stories and articles about complaints regarding this servicing company. A ton of new service business had been added without the staff to handle it. Check and payments were stacked up and untouched. Problems and complaints mounted. State and Federal agencies were suing with massive fines to be levied. Frank and Janet decided to send bank checks by certified mail return receipt. This was cheaper than $62.50 a crack and could now prove ready receipts of their payments.

Credit Repair

First Frank and Janet thought it was a simple error. Their mortgage had been recently sold to a new company with a new servicing company. As with the prior lender, they had sent in their mortgage payment by way of a personal check between the first and the fifteenth of the month and the payment had been posted with little event as being received as agreed.

Around the 20th of month, a rather cryptic call was received on the answering machine stating the payment had not been received and a late charge would be applied and charged and that they needed to make a payment immediately. Ok Frank and Janet reasoned that the payment might have been lost in the mail. Things happen, although it was the first time in two years that a payment was late. Frank and Janet has some credit challenges three years ago and found it necessary to entertain a sub prime loan to buy the house that they currently resided. Thus they were dealing with a sub prime lender and all that goes with it. Quickly, Frank and Janet called customer service and were able to make a check debit on line for the payment plus a late fee right out of their checking account. The late fee of 5% amounted to $62.50. Frank told the mortgage-servicing representative that they would put a stop payment on the check and instructed them to flag the account and not deposit that particular check (with #10224 check number dated on the 2nd of that month) as he was going to put a “Stop Payment” on it. After the call they called their bank and put a “stop payment” on that check. This cost them $25. Five days later another call came in from the mortgage servicing company stated that they had deposited the mailed check and it came back resulting in a $50 charge for the transaction since it hadn’t gone through. The conversation went nowhere as there wasn’t a record anywhere.

Frank and Janet looked at each other and collectively rolled their eyes while verbally reviewing what had transpired. Frank asked Janet rhetorically, “Can you believe this”? Next month rolls around and this time Frank and Janet make a special effort to send the mortgage payment in close to the first of the month. Around the 20th of the month, Frank and Janet received another call from the mortgage servicing company indicating again, that the payment had not been received and that there would be another late charge. The discussion became extremely heated with Frank leading the charge. Frank demanded to speak with a supervisor regarding the second time around of the mishandling of the monthly mortgage payment. The supervisor was not of much help claiming the check had not been received. Frank and Janet were determined that they would not put another “Stop Payment” on this check at a cost of $25. Not getting any satisfaction, Frank told the customer service supervisor that he would call back in seven days to see if the check had been received and posted. Seven days later, Frank called and the check had been received and posted but there would be a late charge that would apply. Another $62.50 late charge would apply. Frank and Janet were frosted beyond belief but at the same time relieved that the check had arrived. What could be going on they wondered.

The next month Frank and Janet decided to send in the mortgage payment a week before the 1st giving the mortgage servicing company plenty of time to receive and post the payment well within the time frame. On the 20th of that month a call was received from the mortgage servicing company stating once again the payment had not been received. Frank and Janet were beside themselves. This time Janet demanded to speak with a supervisor. The supervisor explained that the check had not been received. Janet pressed the supervisor further, “Has this been a recurring problem with other borrowers?” There was a long pause of silence from the supervisor followed by, “Uh…no…I don’t think so.” Janet wasn’t satisfied with any of the answers and what was going on with this new mortgage servicing company and was determined to get the bottom of these “phantom late charges”. Adding insult to injury, the following month a thirty-day late was reported to the credit bureau. Frank and Janet engaged in their own spirited credit repair campaign.

Immediately, after getting off the phone with the supervisor Janet and Frank went on line and started researching the company for any information that might shed some light on what was happening. It was found a series of stories and articles about complaints regarding this servicing company. A ton of new service business had been added without the staff to handle it. Check and payments were stacked up and untouched. Problems and complaints mounted. State and Federal agencies were suing with massive fines to be levied. Frank and Janet decided to send bank checks by certified mail return receipt. This was cheaper than $62.50 a crack and could now prove ready receipts of their payments.

Instant Credit Card

Getting a credit card used to be a time-consuming business. You'd have to ring or go into your bank, fill out a lengthy form and wait for quite a while before you got a reply. Although many people are still using that method, there's now a quicker way, thanks to the Internet.

How Do I Find An Online Credit Card Application?

Most card issuers now offer online application for their credit cards. Finding one is as simple as doing an Internet search or visiting that company's website. In addition, there are several credit card comparison sites that allow users to select cards that match a range of features and then apply. Credit card applicants are required to be UK residents and over 18.

Most online credit card applications now have a summary box which gives details of the rates that apply to purchases, balance transfers and cash advances, the interest free period, fees and charges, how interest is charged and how payments are allocated. There is also a link to the detailed terms and conditions. Once you've read these, it's time to fill in the application form. Here is the information that most credit card applications ask for.

Cardholder's Name And Address

To start with, you will need to give your name. This is usually your full name – no hiding that unwanted moniker from the credit card companies. They will also ask about marital status and your date of birth. Credit card companies also ask for your mother's maiden name for security purposes. Applications are only taken from the principal cardholder. This means you can't apply for a credit card on someone else's behalf. However, you can add an additional cardholder at the time of application or later.

You will also need details of your address and postcode. If you have lived at this address less than three years, you will also need to give your previous address and postcode. In essence, you need to show a three year history of where you have lived. Other contact details required include a phone number and an email address.

Home Ownership And Employment

Most companies want to know whether you own or rent your home and some may ask about the size of your mortgage payment. They will also want to know your occupation and employment status. Ideally credit card applicants should be working more than 16 hours a week.

They will also require annual income and bank details, including how long you've been with the bank. Finally, you'll have to list the types of credit cards you already have (Visa, MasterCard, Amex, store cards and so on).

All of these help credit card companies establish what level of credit risk you are and what credit rating you have.

Other Credit Card Services

Many online applications forms offer you the chance to take up additional services such as payment protection insurance, travel insurance, household insurance and much more.

You will also need to have details of any cards that need to be transferred to your new credit card.

Once you've completed all these details, you simply need to wait a short while for a response. Some card issuers respond within a minute. It's worth knowing that there will be some cases where they will ask for additional information before issuing a credit card.

To Use Or Not To Use

Nowadays it is becoming a trend to keep more than one credit cards in the wallet. Most of us have several plastic cards in our pocket leading us in the serious financial bind that is unrecoverable in most of the cases. Although these credit cards save our butt when we are in trouble sometimes when we need money for some unexpected expenses but if you use them carelessly then you are in trouble in no time.

All this happens because of marketing capability of those credit card companies. They advertise what people want, the 0 apr credit cards. Most of the people have an impression that zero depicts that you will not have to pay anything but that is not true. Usually, there are hidden clauses that the 0 apr credit cards are for a limited period or amount after which there is heavy interest. When it comes to end of year, we all end up paying huge bills that include interest on the purchases and use of credit card.

Our mailboxes are loaded with many such advertisements. The common question would be, how many have you got today in your mailbox? Now it’s upon you to read the advertisement or to throw it in trash. What I want to express is that the credit cards should be used wisely and not be used to spend money carelessly just because you don’t have to pay at the moment. If you use these 0 apr credit cards wisely then it could be the best opportunity for you. You must use the credit card where it is really needed to limit your purchase on credit. Try to pay by cash at most of the places and don’t stick on your 0 apr credit cards for all your expenditure. Avoid struggling with the monthly credit card payment. There are only very few people who can pay all monthly credit card payments in time. Credit card count for such customers who are unable to pay for their monthly credit card payments as most of us are. Then these companies offer such 0 apr credit cards for some emergencies in the end of the month to increase their sales as some people take it to pay their monthly payments.

If you are looking for best options to have such 0 apr credit cards then you can find the best deals on the internet. Just hop online and surf various websites with different options and select the most suitable offer for you. If you are unaware of websites supporting the offer then use Google search engine to find loads of websites. Remember the 0 apr credit cards are for your convenience and not to spend blindly ending up in big credits.

Credit Card Debt

People know the fact that debt accumulated by spending on frivolous items is bad and research has also found that people tend to underestimate the extent of their borrowing. In financial website Bankrate's survey, 58% of respondents claimed to pay off in full their credit cards every month, which is in contrast to studies that show the number is closer to 40%. Surprisingly, only 3% of respondents believed that other people paid off their bills in full.

A study by an American economist on the competition in the credit card market also found that, despite assurances to the contrary, three quarters of consumers pay finance charges on their outstanding credit card balances.

Actually, debt may not just be related to money problems but emotional issues as well. Some depressed people may use credit and shopping as a means of overcompensation. They feel depressed and they don't feel good. They hope that shopping will make them feel good. Thus, in a simplistic way, they're 'fixing' their problem, but the fact is, it leads to even more trouble.

It may also be used to make up for certain traits one may be lacking. For instance, if a person feels that he isn't very capable, he may try to make up for that through credit spending. Society enjoys a higher standard of living today and people are used to getting what they want even though they can't afford it and this kind of habit leads to disaster.

In a study titled "Consumer Response to Changes in Credit Supply", two US researches analyzing several hundred thousand credit card accounts and found that increased liquidity triggers immediate and large jumps in spending and debt. On average, debt rises by about $40 in the month in which a credit line is increased, more than $180 in the two months after an increase and more than $350 in a year. Each extra $1,000 of liquidity is translated into a $130 increase in an individual's debt.

The research also found that many people seem to 'aim' credit card use. Say, if a consumer is originally using 60% of his $5,000 credit limit and when his limit is increased to $6,000, he might increases his spending to raise the utilization rate back to 60%. Thus, it causes more debt and more interest to pay.

Another research program by an American non-profit financial centre Myvesta's survey reveals that a quarter of Americans don't even review their credit card statements each month. It's natural for human beings seeking pleasure and avoiding pain. In a materialistic and hedonistic world, pleasure is often linked to buying something. Thus, as long as they don't face the bills, they can carry on spending and deriving pleasure. For them a credit card is a tool for spending; whether they have money or not to spend is a separate issue.

When you are consuming, you are not thinking about the payments and when you are paying, you do not know what you are paying for!

If you are taking on a long term or large debt that can't possibly be paid off in the near future, it is smart to factor in all the things that could happen in that time period. As we all know, economies can decline which leads to changes in interest rates and value of assets and threaten jobs. People always just see what is happening today and they always ignore the future.

Usually, the person is already in debt but it is still under control until something bad happens. Once the income is gone, the person can't afford to make monthly payments and the excess gets rolled over. Then, due to compounding interest, the debt grows and grows. In conclusion, consumers should be entirely rational about debt and when it comes to spending.

Get A Bank Card

A bank credit card is a financial tool that can act as a form of revolving credit. A consumer, who uses a bank credit card, must pay back the money after a period of time, along with some interest. Sometimes, the bank waives interest charges when the balance is paid completely each month.

Any U.S. citizen who is above eighteen years of age is eligible to obtain a bank credit card. Despite this, many banks issue bank credit card only after opening a bank account. The consumer needs to maintain a good credit history and his income must meet the bank's criteria.

Most of the U.S. banks verify the details written in the consumer's credit card application form before issuing the bank credit card. This is usually done by contacting the consumer in person or by telephone. Some banks even assign agencies to check the consumer's credit history. It is always advisable to have a copy of the credit report from any of the major national credit bureaus before applying for a bank credit card.

When the application is approved, the bank sends a Personal Identification Number (PIN) that serves as the key to obtain cash from an ATM. A PIN is a highly confidential number known only to the consumer; it is unique to every bank credit card. In most cases, the consumer can obtain a bank credit card within ten business days upon approval of the application.

With the advent of online banking, it is very easy to apply for credit cards online. It is a more secure method, as it protects the consumer's personal financial information. Some U.S. banks provide additional benefits such as insurance, credit card protection, rebates, and discounts along with the credit card.

Even when the consumer has bad or a damaged credit, it is possible to obtain a secured bank credit card; to do so, the consumer is required to open and maintain a savings account to act as collateral for the credit line.

Card Applications

A bank credit card is an extremely incredible and convenient piece of plastic with which one can purchase goods and services. An average American now holds up to eight bank credit cards. In order to qualify for a bank credit card, the applicant must be eighteen years of age and should have a good credit history.

U.S. banks offer various types of bank credit cards. After choosing the appropriate bank credit card, the consumer needs to submit a duly completed bank credit card application. An application and processing fee must also be paid along with the application. An individual can apply for a bank credit card online or through the phone. U.S. banks usually send bank credit card applications by ordinary mail, since the consumer is required to sign the applications upon receiving them. When bank credit card applications are transmitted online, there are more chances for fraud.

Most bank credit card applications include personal information about the consumer such as name, age, date of birth, marital status, applicant's current and previous addresses (only when the current address is less than two years), e-mail address, driver's license number, and social security number. To enter the employment details of the applicant, fields such as occupation, employer, position, household income, and source of other income are available. Bank account information is also included in the bank credit card applications. Moreover, the applicant needs to specify whether he is a citizen or a permanent resident of the U.S. If necessary, the details of the co-applicant/spouse are also required to be entered in bank credit card applications.

If the applicant is a student, in addition to the basic personal information, bank credit card applications have fields for entering student status, school name, graduation year, major, and campus telephone.

Once the bank credit card applications are completed and submitted, the bank will verify the details by contacting the consumer in person or through the given telephone numbers. The bank issues bank credit cards only when the consumer proves to hold a good credit record.