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Online payday loans direct lenders- Here are online payday loans direct lenders

Popularized in the second half of the 20th century, personal microcredit had its successes in developing countries or a large portion of the population is excluded from the conventional financial and banking system.
However, this problem also exists in developed countries like Canada, where many people can face financial difficulties.

Searching for money? Here are online payday loans direct lenders

The main advantage of online payday loans direct lenders according to Bridge Payday is its speed and flexibility. Indeed, it allows access to cash in record time, incomparable to the time required for a banking institution to perform its credit analysis and decides on the acceptance and terms of the requested loan. In addition, organizations offering loan services do not care about the allocation of the loan by the applicant.

It thus offers the possibility to people who urgently need money, to have access to the necessary funds to carry out their projects, whatever they are.

Ideal for people excluded from the banking system

It can happen to end up in bank prohibition or to have so deteriorated its credit score that we can not borrow money from traditional banking institutions. In this respect, personal microcredit provides funding for people who, in principle, would never have had access to it.

Small amounts for easy repayment

Small amounts for easy repayment

In fact, the amounts involved in this type of loan rarely exceed a few hundred dollars, which limits the risk associated with repayments. In addition, the essential components of this loan are known at the request, only each borrower knows exactly the number, the dates and the amount of the monthly payments that make up the repayment of his credit.

Reasonable and framed rates

Very important aspect of personal microcredit, interest rates are certainly higher than those charged by banks; however, they remain legislated and have the advantage of being fixed. You will avoid any unpleasant surprises.

Clear and precise conditions

Whether for interest rates, monthly payments, but also repayment terms and late penalties, the terms of a personal loan are clearly established from the outset. It is therefore very easy for you to plan your repayments according to your payment obligations.

Refundable before maturity

cash

If you manage to raise the amount necessary to repay your loan while having regularized your financial situation, it is entirely possible for you to pay it in full and before maturity. It will not cost you any extra fees or penalties.

Early Termination Personal Payday Loan: Extinction Penalty, Residual Debt Calculation

With the legislation governing the consumer credit reform (Legislative Decree no. 141 of 2010, art. 125 sexies), early repayment of the loan is possible, but it is good to be aware of the methods required to be able to assess when the repayment is convenient early or not.

The early repayment of the loan, at any time, partially or totally, is a right of the consumer, who can extinguish a personal payday loan before its natural expiry, established by the stipulated contract, paying the due and paying a penalty of early extinction , which cannot exceed 1% of the residual debt.
The penalty represents the compensation for the lender (bank or financial company) and cannot exceed the amount of interest that the consumer would have paid to conclude the contract in the established time.

When is it best to extinguish Aunt Polly in advance?

When is it best to extinguish Aunt Polly in advance?

The consumer who reimburses in full or in part the amount due to the lender of the existing loan, is entitled to a reduction in the total cost of the credit, equal to the amount of interest and costs due for the remaining life of the contract. The amount of the reduction is calculated based on the remaining time that would lead to the natural extinction of the loan itself.

It follows that the sooner the loan expires earlier than the natural maturity, the more the consumer will derive economic benefits, deriving precisely from the savings on residual interest (Article 125-sexies-paragraph 1).

Loan Debt Calculation

 Loan Debt Calculation

Before proceeding with the request for early repayment, the amount to be returned to the bank or financial institution can be calculated with this procedure:

  1. Subdivide the capital quotas and the interest portions of the residual debt (check the personal payday loan contract for this, which should contain a statement that indicates the financing situation at the end of each installment);
  2. eliminate interest and take capital only into account;
  3. add the amount of any penalty provided by the bank.

Lenders Indemnity (Loan Termination Penalty)

 Lenders Indemnity (Loan Termination Penalty)

The lender (banking or financial institution) is entitled to compensation from the consumer who requests early repayment of the loan, fair and objectively justified for any costs directly linked to early repayment of the credit. (Article 125-sexies-paragraph 2)

Criminal Calculation of Extinction and Debt Residual Loan

 Criminal Calculation of Extinction and Debt Residual Loan

The compensation to which the lender is entitled must be calculated so that it cannot, in any case, exceed the amount of interest that the consumer would have paid for the remaining life of the contract.

Furthermore, for the calculation reference should be made to the legislation that establishes that:

  • The value of the indemnity cannot exceed 1% of the amount repaid in advance (the so-called “residual debt”), if the residual life of the contract is longer than twelve months
  • It cannot exceed 0.5% of the same amount (residual debt) if the residual life of the contract is equal to or less than 12 months.

Cases where the penalty of extinction is not paid

 Cases where the penalty of extinction is not paid

The legislation (Legislative Decree 141/2010 – art. 125-sexies – paragraph 3) also provides a list of areas and cases in which the consumer who extinguishes the loan or loan by repaying it early will not have to pay the penalty of extinction, ie the compensation of the lender.

The penalty of extinction is not paid if:

  • early repayment is made in execution of an insurance contract intended to guarantee the credit;
  • the early repayment relates to a credit agreement;
  • early redemption takes place in a period in which an interest rate expressed by a specific fixed percentage predetermined in the contract is not applied;
  • the amount repaid early corresponds to the entire residual debt and is equal to or less than ten thousand euros.

The Text of the Law on Early Extinction

The full text of the Legislative Reference – legislative decree n.141 of 13 August 2010, published in the Official Journal n. 207 of 4 September 2010 – Suppl. Ordinary no. 21.

Art. 125-sexies. Early repayment
1. The consumer can repay the amount due to the lender in advance at any time, in whole or in part. In this case the consumer is entitled to a reduction in the total cost of the credit, equal to the amount of interest and costs due for the remaining life of the contract.

2. In the event of early repayment, the lender is entitled to fair and objectively justified compensation for any costs directly linked to early repayment of the credit. The indemnity cannot exceed 1 per cent of the amount repaid in advance, if the residual life of the contract is more than one year, or 0.5 per cent of the same amount, if the residual life of the contract is equal or less than one year. In any case, the compensation cannot exceed the amount of interest that the consumer would have paid for the remaining life of the contract.

3. The compensation referred to in paragraph 2 is not due:
a) if the early repayment is made in execution of an insurance contract intended to guarantee the credit;
b) if the early repayment relates to a credit agreement;
c) if the early repayment takes place in a period in which an interest rate expressed by a specific fixed percentage predetermined in the contract is not applied;
d) if the amount repaid early corresponds to the entire residual debt and is equal to or less than 10,000 euros.

Borrowing money without a credit assessment with payment

If you want to borrow money without a credit check assessment with a benefit, you first have to list a number of things before applying for a loan.

If you do not do this, you will undoubtedly hit your nose and your application will be rejected immediately, so it is better to read it carefully first and after you think you meet the conditions, you are ready to apply for a loan. For borrowing money without credit check review, there is always a restriction with regard to the maximum amount that you can borrow. If you want a larger amount, however, there are still solutions to be found.

Borrow money without credit check assessment with payment

Borrow money without BKR assessment with payment

Many people are currently looking for borrowing money without a credit check because they have been registered with the credit check in the past and therefore no longer qualify for any kind of loan. But luckily there is still an opening for this group of people to make it possible to borrow a small amount.

With a small amount I am talking about a maximum of 800 euros which you can borrow for a limited period, this type of credit differs from the calibrated loans such as a revolving credit or a personal loan where the borrowed amount may be repaid in monthly installments . Unfortunately, this is not possible with the advance or the mini loan, you have to repay the total amount within the agreed period.

Credit without payslip

So you don’t have a payslip, because you have a benefit, but still want to take out a loan in whatever form. There are various solutions for this, such as asking a friend or family member to act as guarantor, if the person who guarantees you has sufficient income and is creditworthy, the lender will probably respond positively to your application.

Note that you must be able to pay off in a normal way, you may not get in trouble because of the credit. As long as you pay off neatly and on time, the credit will continue until the end and you will probably be able to apply for a loan more easily afterwards. However, if you do not pay on time, the lender can go to the guarantor and claim the entire amount in one go, of course this is not nice for those, so try to prevent this at all times.

Apply with your partner

Apply with your partner

Another way to still be able to borrow with a benefit is to have your partner sign with you, this has the advantage that the two incomes are added together and you are more likely to have a higher loan amount anyway. If you live together, your partner will have few problems with this and the loan can be repaid jointly in good consultation.

Here, however, there is a risk that if the relationship is broken, you will both be stuck with a loan and since one of the applicants has a benefit, splitting the amount will not prove to be an easy task either, since the lender no longer knows whether you can pay off on time and in total.

Why not borrow with a benefit

Why not borrow with a benefit

You could say that a benefit provides a lot more security than an income that you get from an employer. An employer can go bankrupt and the chance that a payment agency goes bankrupt is a lot smaller than impossible. It is simply the case that lenders look at it differently, perhaps an idea which is outdated, but unfortunately still applies today.

More information about borrowing money

First you have to check with yourself if you actually need a loan. Perhaps it would be wiser to start saving a little first and to take out a loan for the small amount of money you need to make your purchase. Don’t forget that you are tied to a revolving credit and a personal loan for years.

This is not the case with a mini loan, you will be rid of it within a maximum of 45 days. For more information about borrowing money, you can also take a look at the Bunder website, where you will find a lot of information about this tricky topic.

How a credit card improves my economic capacity

A Credit Card will give you and your family the money they need. Let’s see how my economic capacity improves a Credit Card.

Having your emergency fund in cash in a savings account is a much better idea, but if you do not have it available, a Credit Card may be one of the best ways you can pay the bills that appear.

If something broke or an emergency arose, it can be difficult to pay those bills, but that’s where your Credit Card will go. What can benefit you and improve your economic ability to have a Credit Card:

  • Create credit history: Charging small amounts and paying them is an excellent way to establish a credit history.

Without a credit history, it can be harder to get loans or even get a job

Without a credit history, it can be harder to get loans or even get a job

If you can secure a loan without any credit history, your loan rate may be higher as a result. 

Having a good credit history can help you save thousands of dollars on all the important loans in your life.

For example, when applying for a mortgage loan, the difference between an applicant with a good credit history and a negative history could be thousands of dollars. Having a Credit Card and making timely payments is one of the easiest ways to build your credit history.

  • Source of emergency funds: I am referring to a real emergency.

A real emergency fund is always the best, but not everyone has $ 1000 in cash to buy emergency air tickets, repair cars, face a natural disaster, etc.

Some payday loans have interest rates close to 1000% if they are left for a whole year does that improve your economic capacity? Not really.

  • Rewards: Many Credit Cards offer rewards that include cash back, airline miles, discounts, refunds, gift cards and many others.

Most of these rewards are designed to make people use the cards or spend more than they would otherwise, but if they use them properly, the reward points can make a lot of money.

Some Credit Cards offer a registration bonus of several hundred dollars, just to open an account and meet a minimum spending requirement.

  • Comfort: Some people do not like to carry large amounts of cash with them. If they lose it, it goes away. If it is stolen, it goes away. Credit Cards are small, practical and have better protections for consumers.

Credit cards also improve your economic capacity because they are the most convenient means of using to buy things online or to buy large items in dollars.

Another, the convenience is to travel. If you know you will be on a cruise next week and if you use the Credit Cards, you will not need to exchange the same amount of money.

Some Credit Cards do not even charge a foreign transaction fee. This also improves our reach or purchasing power during the trip. taking into account that if we have less cash in our pocket we will be more cautious in what we spend.

  • Car rental: Some car rental agencies will not allow you to rent a car if you do not have a credit card.

Some may allow you to rent a car with a debit card, but they can keep a substantial amount of money in your account until you return the car. You will not be able to use those funds during that time.

Many Credit Cards also provide additional liability insurance when you rent a car. Debit cards? Not that much.

  • Extended warranties: Many credit card companies provide extended warranties on the items you purchase with your card. In some cases, the manufacturer’s guarantees are doubled.
  • Short Term Loan: Credit Cards generally have a grace period, after which the payment is due. This can last several weeks, which allows you to earn interest on the purchases you have already made.

Credit Cards offer numerous benefits , but it is important to use them wisely. The best way to guarantee that your Credit Card helps you, instead of hurting you, is to pay your bill on time and in full every month.

If you can not make a payment, call your creditor and explain the situation: providers will sometimes waive delinquent charges in extenuating circumstances. 
Control your debt by keeping your balance below 30 percent of your available credit

You should routinely check your interest rate against the competition to see if you can get a lower rate elsewhere.

Small cost reduction measures can be added quickly to save you a lot of money

credit card loan

Finally, keep abreast of the activity of your Credit Card. Most lenders offer online portals to control spending activity in real time. In addition to keeping your expenses under control, this frequent attention will help you detect any case of fraud.

A well-managed Credit Card will make your economic capacity a more bearable path if you know how and when to use it. Conclusion:

Pay on time, know all the necessary processes and come out victorious with its proper use. The economic capacity can always be seen well backed by a Credit Card, this is a leverage that in times where we have no solution can give us an opportunity.

Not only will it save you from an emergency the fact of having a Credit Card, you can also have that trip you dreamed of so much, that article that you could buy only after saving all year.

If you pay on time and understand it financially, you have all the ground gained to improve your economic capacity with the use of a Credit Card, since it can positively influence this factor the credit rating and paying all your bills on time as agreed each month can affect prudently the credit scores and limits of the same.

 

Your credit card application was rejected? steps to be approved.

No doubt about it, rejection hurts! Especially when you had to obtain a new and shiny credit card to keep it in your wallet, for emergencies, next vacations or to make a big purchase with little interest. Read this post and find out some steps to be approved in the next Credit Card application.

If you make a request for a Credit Card and it is rejected, do not despair. Instead, know what steps you can follow to discover why you were rejected, solve the problem and eventually get the plastic you want.

Receiving a rejection letter when you are waiting for a card can be annoying, but do not throw that sheet of paper aside. Instead, read it to find out the reason for the rejection and call the company for more details, if necessary.

These are some of the factors that, according to experts, may influence the denial of a Credit Card application .

1. You made an error in your application

1. You made an error in your application

  • Maybe, for example, you lack employment or income information.
  • These companies are not equipped to call a potential customer and say, you filled out your application incorrectly, or there is an error in your credit report.
  • Maybe you have a common name and there is an account that is not yours in your credit report.
  • Maybe they have given you previous information, a medical bill from a long time ago that you never received, that is current.
  • That kind of thing can drag your score down.

2. There is a problem with your work history.

  • If you were recently unemployed or changed jobs, you may have to wait at least six months or get an increase.
  • Maybe your income is too low or you just have not been in your current position long enough.

3. Your credit is unstable

  • You may think that you have a decent credit, after all, it only took you to pay your bills once the car broke down and after that shoe sale, but a creditor can see things differently.
  • Maybe you have a bad credit history, you have been in default on your bills or you have not paid anything in the past.

4. You are having financial problems.

  • You may have good credit, but if the lenders think you are applying for a loan because of a sudden financial crisis , they probably say no.
  • If banks see too many queries, that raises a red flag.

5. Work on your credit.

  • Whatever the reason why you were rejected, you should immediately order copies of your credit reports.
  • Do not think, I will return the application within six months. Ask yourself, what exactly do you have to do to improve in six months?
  • Depending on why you were rejected and what your credit reports are like, here are some steps to consider:

1. Pay all your bills on time or better yet, ahead of time.

  • Set up your account automatically, so you never risk not paying an invoice on time.
  • If you are a person who uses a Credit Card a lot, but you pay it monthly, consider paying your balance one or two days before the statement closes instead of the expiration date, even if it does not seem like you are always at your best. card.
  • If you pay before the statement closes, it is reported as zero at expiration and is seen as a better customer and lower risk.
  • It is a great way to quickly improve your credit score.

2. Pay your balances on existing credit cards or loans

2. Pay your balances on existing credit cards or loans

  • Creditors do not like to see a high rate of credit usage, the ratio between the amount of credit available to you and the amount you are using says a lot.
  • If you have high balances, decreasing them will improve your credit score.
  • Pay your debt first at 30 percent of your credit limit, then at 20 percent, then at 10 percent. Make it card by card.

3. Be strategic about closing cards.

  • Sometimes banks get nervous if a consumer has too much credit available, but that does not mean you should start cutting the cards, experts say.
  • If you close the card you have had more time, that affects your credit history, which affects your score. You do not want to cancel the relationships you’ve had for a long time.
  • Consider closing retailers’ cards that offer few benefits and simply tempting you to buy.
  • Many people end up with a lot of store Credit Cards. Those are the ones that have to be eliminated.
  • Just do not close them all at once.

credit loan

6. Find the correct Credit Card for you

  • If the problem that led to your initial rejection was relatively simple to correct, say, an incorrect item in your credit report that you have disputed and eliminated, you should still wait at least three months to request another Credit Card.
  • Each time you submit an application, it is a query about your credit and you want to make sure to spread it over time.
  • If your rejection involved a doubtful credit or another major problem, it is especially important that you compare before you resubmit the application.
  • It is important to think about what type of card will give you the most benefit, be it a low interest card or a rewards card that returns your money or airline miles.
  • Then, verify that your request is accepted.
  • Instead of sending requests by random email, go to the card issuer’s website, then call and ask what age they are looking for, what income level and job history they are looking for, ask the requirements well.
  • If your requirements are too strict, call other card issuers.

Go shopping could finally pay, some banks are more rigid than others for a credit card application , some are reducing the number of customers and the type of customers they want. Sometimes, it’s just about finding the right combination.

 

Credit card for college student, this is what you need to know

How will you get a Credit Card for a college student if you do not have a credit history? You can not usually get credit without having a credit history. So, where do you start? Read this post and discover how.

 

Nowadays, credit is required for almost everything, from obtaining a cell phone, to renting an apartment, applying for a car loan or a loan for study.

Fortunately, one of the best times to create credit is when you are still in college.

Your credit score is made up of a variety of factors. One of the most important factors is your credit history.

If you are a student with a limited credit history or do not currently have debt or credit, you may not have a credit history and financial institutions have no way to evaluate your ability to repay loans or pay your bills on time.

However, contrary to what you might think, one of the best ways to develop your credit history is to apply responsibly and use a T arjeta college student credit.

As a student applying for a Credit Card, you must concentrate on using it responsibly to develop your credit history. Handling credit responsibly now could help you get lower interest rates in the future.

Each Credit Card comes with different rates, features and benefits. With a student card, you can get additional benefits on each purchase and more.

Several student credit cards offer an introductory offer of 0% for 6-8 months. This will help you pay for large purchases over time and avoid paying interest during the introductory period.

Be sure to research all your options to find a T arjeta credit college student who offers the greatest amount of benefits such as low interest rate, no annual fee, rewards and reasonable credit limit.

You should also pay close attention to billing cycles to make sure you understand the payment policies, so you can avoid possible fees.

Many student credit cards also offer free online financial tools to help you track and manage your expenses.

Use it to pay what you want, your cell phone, the cinema, the taxi or your streaming music and get incredible benefits, Citibanamex presales, months without interest, weeks of promotions, discounts and reward points.

How to obtain approval for a Credit Card for university students?

 

  • Generally, you must be at least 18 years old to apply for a Credit Card. If you are under 21 years of age, in order to obtain approval for a Credit Card, you must present proof of your income or independent assets to demonstrate that you can reimburse the amount charged.
  • Otherwise, you will have to become an authorized user in the account of your parents, guardians or another adult who is over 21 years old.
  • If you have a job, even if it is part-time, you can have enough independent income to obtain the approval of a student Credit Card on your own.
  • However, it is important to remember that it will be your total financial responsibility to pay the credit card bill every month.

Giving credit card

Some recommendations.

  • By properly managing a Student Credit Card, you can create impressive credit scores in just one year. When your score is good, consider adding an unsecured regular card to your portfolio.
  • If you have a stable income, you must be eligible for a new card with a valuable rewards program. Managing several accounts responsibly will help your credit rating rise.
  • A greater power of indebtedness can also help you at work. For example, with some jobs it is about travel and you may have to book flights with your own card and the company reimburses you.
  • Use your Student Credit Card correctly and your credit limit may increase during your college years. You can start at a small value when you’re a freshman, but it ends ten times more when you’re in the last year.
  • And if you waive your student credit card when you surpass the loan or you have a payment due date, do not worry, your life is not over, it’s just beginning.
  • The remedy is simple. Stop charging and pay as much as possible to the account until your debt is paid. Send all future payments on time.
  • Time and a large number of positive payment actions heal all credit wounds.

Learn to use your Credit Card responsibly.

Learn to use your Credit Card responsibly.

 

  • A Credit Card is a great financial tool to help you manage your money and create a budget. Avoid excessive spending by making only small purchases you can pay and make sure you pay the balance each month.
  • To avoid losing a payment, be sure to subscribe via email or text reminders and sign up for automatic bill payment to make sure you pay on time. This is a simple way to improve your credit by establishing a payment history on time.
  • A simple way to improve your credit is by establishing a payment history on time each month.
  • Avoid losing a payment by registering by email or text reminders and signing up for automatic bill payments.

If you are an adult enrolled in college and hopes to declare your financial independence with personal plastic piece, a T arjeta college student credit can be very useful. Many credit issuers offer them and are designed specifically for those new to credit.

 

How to get a credit card step by step, this is what you need to know

If you are looking to obtain a Credit Card, either for the first time or after several years of poor credit, you may be wondering how to continue with the process and obtain a Credit Card, read this post and find your step-by-step guide . There are many good reasons to use a Credit Card. This is what you need to know before requesting one.

Credit Cards when used correctly, can be a valuable financial management tool.

In addition, Credit Cards offer certain benefits that cash simply can not imitate, such as integrated rewards, purchase protection and the ability to obtain the best possible prices on the items you buy.

First, your credit history and its use or your level of debt will determine your credit score and the better that score is, the better your chances of being approved.

Also, the more income you can show, the more likely you are to get the card you choose.

Finally, not all credit cards are the same, so you’ll probably want one with the lowest possible rates and the best rewards.

Here, we will review the process of obtaining a T Credit arjeta step by step so you can be fully prepared upon request.

1. Know your credit score

1. Know your credit score

 

  • Having a good credit is key when you apply for a Credit Card, knowing your score can help you determine the probability of being approved.
  • Once you find out what your score is, you can use those ratings to measure your probability of getting approval for the card of your choice.
  • If your score is not stellar, you can and should take steps to improve it before applying for a credit card.
  • Increasing your credit score is often a matter of paying some bills on time to establish a solid payment history and reduce your debt to improve your credit utilization rate or the extent to which you use the available credit.
  • A credit utilization rate that exceeds 30% can hurt you, but if your total available credit is greater than 30%, pay the difference to be below 30%. and do wonders with your score.

2. Get a job.

 

  • Although your income does not play a role in determining your credit score, it does affect your ability to obtain approval for a Credit Card.
  • Credit card issuers like to make sure of two things before giving accounts, one that is a reasonably reliable borrower and another that you have the means to pay your bills.
  • A large part of the Credit Card approval process is to examine your debt / income ratio, which is taken by dividing your total recurring debts by your gross income.
  • The lower your debt / income ratio, the greater your chances of obtaining approval for a Credit Card.

3. Find the correct Credit Card.

 

  • Take your time, it’s never a good idea to rush into things, your right as a consumer is to evaluate the bank before requesting your products.
  • Do not jump on the first deal with T Credit arjeta you see, because normally it will not be right for you.
  • Instead, spend some time comparing your credit card options and doing your research so you can find the card that suits your financial needs .
  • Putting yourself in a good position to obtain approval of a Credit Card is only half the battle.
  • Once you are ready, you will have to find the ideal card to apply for it.
  • Assuming you are eligible for some of the best deals, you will have to decide what rewards and features are most important to you.
  • If you want to explore the world, think about getting a card that offers you good conditions as a traveler.
  • Now, if your credit score is not very good or your debt / income ratio is higher than the measure, you may have fewer options in terms of credit cards, but if you have an established relationship with a bank, you can try request a card from the same entity.
  • Your bank may be willing to extend a modest credit line if you have a history of managing your account responsibly.
  • While it is important to evaluate the advantages offered by different credit cards, it is equally critical to observe the rates they charge.
  • Some cards, for example, impose a high annual fee, while others charge for things like balance transfers and cash advances. Reviewing these fees before submitting the application can help you avoid heavy charges in the future.
  • Finally, once you apply for your new Credit Card, be sure to read about how to use it responsibly.
  • Credit Cards offer a series of benefits, but if you’re not careful, yours could end up in trouble.

credit loan

4. Verify eligibility requirements.

 

  • You must meet a set of eligibility requirements to be approved for any Credit Card you request.
  • Make sure you meet the bank’s eligibility criteria before submitting your application, as each credit card application that you have rejected can have a negative impact on your credit score.

Eligibility requirements generally include:

  • Years. The holders of the Credit Card must be at least 18 years of age.
  • Residential state. Issuers of Credit Cards generally require that you be a permanent resident in the country. Or that you have a specific visa to request a Credit Card.
  • Good credit history You will need to have a good credit history without default or evidence of bankruptcy to receive approval.
  • There are specific eligibility requirements for each Credit Card, so make sure you know what they are and confirm that you have met them before submitting the application.

Once you’ve decided what type of card you want, it’s time to start comparing your options.

You must compare to make sure you understand the costs and benefits associated with each card.

 

How to get your first credit card. What you should know

If you are thinking about applying for your first Credit Card or maybe you have not succeeded when you have tried before, read in this post some points that you should consider before making the application process so that your credit experience is positive.

Your first Credit Card can be the beginning to build your financial future , and how you use it could affect you for years.

Create a good credit score and you could see lower interest rates on loans for home and car, for example, and receive better Credit Card benefits .

Making too many mistakes with a first letter could mean having less financial flexibility

Making too many mistakes with a first letter could mean having less financial flexibility

Owners, lenders and utility companies may see a low credit score as a risky customer for them and deny services or at least charge more for them.

credit card loan

How you handle your first Credit Card is important

Here are some ways to get it and use it wisely:

  • Credit.
  • If you have a stable income, obtaining your first Credit Card can be as simple as requesting it.
  • If you are a student, some Credit Cards are intended for students, although they require the ability to pay debts or have a consignee.
  • Some card issuers may demand that new clients have a good credit history, which sounds very contradictory. How can you be required to have good credit to get credit, if you do not have credit?
  • But if you do not have an established credit history, you may have difficulty obtaining approval for a first Credit Card . However, there are options for newbies.
  • Probably the easiest thing is to request a Credit Card from a store.
  • These cards only allow you to use them to obtain credit in the same store that the card offers you. But buy some things with the card and pay the bill on time each month and your credit score will grow.
  • Try not to leave a balance because the store’s credit cards are famous for charging high interest rates.
  • Another way to establish a credit can be to join someone else’s credit account. If you can convince a parent or other family member with good credit to be a consignee with a Credit Card, then both can improve their credit scores if the card is used well.
  • Both will be responsible if you do not pay the bill.
  • Some banks allow you to acquire your first Credit Card when you become an authorized user with a Credit Card that one of your relatives already has. Your name is added to the account and you get a Credit Card to use.
  • Paying the card on time as an authorized user will help you develop your credit, while late payments could affect your credit score and the main user’s score.

Recommendations to use your first card well

card loan

  • Good habits can take a life to acquire them. However, establishing good credit card habits in advance should not be so difficult, and you will see how beneficial it is over time as your credit score increases.
  • Start using only your new Credit Card for emergencies. Do not use it for daily purchases.
  • Establish an emergency fund to which you automatically transfer money on the day of payment from your account, to pay for a broken car, hospitalization or other emergencies, and then pay the bill of the credit card in full.
  • Once you have established an emergency fund and have a family budget to follow, add some recurring charges to your Credit Card. These can be a cell phone bill, utility bill, Netflix or other monthly payment.
  • If you can handle those bills without problems, it means that you can pay them in full and on time every month, then it’s time to start making daily purchases on your credit card if they fit your budget.
  • Paying your credit card bill in full every month and on time will mean you will not pay interest or late fees.
  • Those two steps are the best thing you can do to increase your credit score. If you can not pay your bill in full each month, at least make the minimum payment and do not buy anything else until you have paid.
  • Having a credit card balance is fine, as far as a credit score is concerned, as long as it is less than 30 percent of the total limit of your Credit Card.
  • A higher debt-credit ratio can cause creditors to consider you a risk, since you may be spending more than you can afford.
  • After obtaining your first Credit Card, you are likely to receive more Credit Card offers by mail from other credit issuers.
  • They can offer all kinds of rewards and better rates than your current card. Do not look for them until you have established a good credit report for at least one year.
  • Having too many credit cards can only complicate your finances and make it easier to spend excessively.
  • Finally, read your credit card statement carefully every month. Look for fraudulent charges and other errors and inform your bank immediately.

Get in the habit of checking your credit report at least once a year from the three major credit reporting agencies to check for errors in your report.

Following these habits can help you establish good credit and keep it for the rest of your life, providing cheaper financial products as you approach other firsts.