Credit Information


Why Does Your Credit Card Rate Keep Going Up?


Have your read your credit card contract through completely? Do you know when it is okay for your creditor to raise your interest rates? If you are not sure about how and when your rates can be affected over the life of your contract you should take a few minutes to read your contract thoroughly from beginning to end.

Creditors must have clauses in their contracts that give them the right to change your interest rates. And if your rates have gone up you can be pretty sure that they are there, you may have missed them on your first read through but they are there buried in the contract.

If even after reading your contract again you still cannot figure out just how your credit card issuer can do this to you ask yourself the following questions.

Have you been late paying your monthly credit card payment recently? If you have, your interest rate going up is most likely due to this factor. Whenever you are late making a payment the credit card company has the right to raise your interest rates.

Have you been late on any other debt payments? Any late payments can cause your interest rates to rise, even ones that are not associated with your credit card. Your creditors have access to your credit report and all payments that you make are on there, if they see you made a late payment to someone else it can get them concerned that you will do the same to them in the future. That is why it is so important to always make your payments on time every single month.

Has your credit card company merged with another company? Mergers can affect your contract. The acquiring company has the right to change the rules on you as long as they let you know what is going on and why.

It is amazing what credit card companies can get away with legally. All you can do is make sure that you understand the ins and out of your contract, that way you will not be stunned when you get hit with extra fees.

Credit cards are a big financial responsibility, before you sign for one decide if it is really the right thing for you financially.

When you sign your credit card contract you probably assume that the interest rate quoted in this contract is the rate that you will always be paying. This is not the case. Credit card companies have the right to up your interest rate. Knowing how and why can save you a lot of stress in the long run.

Martin Lukac, represents, #1 Loans USA, a finance web-company specializing in real estate/mortgage market. We specialize in daily updates, rate predictions, mortgage rates and more: http://www.1LoansUSA.com


MORE RESOURCES:
This RSS feed URL is deprecated, please update. New URLs can be found in the footers at https://news.google.com/news



MyAJC

Here's why you credit score may suddenly be on the rise
MyAJC
Americans have witnessed a wholesale rise in their credit scores since new rules went into effect last year forcing the credit bureaus to remove certain collection items for your credit report. But the even better news is you don't have to wait for ...
The way credit scores are calculated is changing - MarketplaceMarketplace.org
Heres why you credit score may suddenly be on the riseActionNewsJax.com
Credit collections have plunged after agency settlement with states, new study findsMarketWatch
Liberty Street Economics - Federal Reserve Bank of New York -National Consumer Assistance Plan -New York State Attorney General -Clark Howard
all 33 news articles »


CNBC

3 times you shouldn't use your credit card
CNBC
Using a credit card isn't just convenient. It offers a number of benefits, including rewards and fraud protection. That might be why debit card usage is declining in the U.S. Since 2013, the percentage of households that use debit cards has dropped ...
Put away that credit card. You need to use cash more - The Boston ...The Boston Globe
Proven Strategies for Earning More Credit Card PointsU.S. News & World Report

all 9 news articles »


KTRK-TV

Your credit score may soon be going up | abc13.com
KTRK-TV
Here's some good news if you are concerned about your credit score. Millions of Americans are seeing a boost in their score after an overhaul in the way the ...
Your credit score may soon be going upKFSN-TV

all 5 news articles »


USA TODAY

Why did my credit score drop? Reasons vary, but all can be fixed
USA TODAY
The more you know about how your credit score operates and what can affect in, the easier it will be to get it back up to scratch. Here are 6 reasons why your ...

and more »


Give yourself some credit for a big score
PostBulletin.com
DEAR READERS: Your credit score is important when you are building your financial future. Your credit score is a number (from 300 to 850) that considers many factors: if you pay your bills on time, how many credit accounts you have, how much you use ...

and more »


MarketWatch

My husband works part-time, has no credit and doesn't pay any bills
MarketWatch
My husband does not seem to care or realize how significant credit is to our lives. I can't seem to convey to him how serious this may become. I have considered filing for divorce because I seriously struggling financially while married and can't seem ...



MyPalmBeachPost

Floridians charge to N0. 2 in credit use as area counselors gear up
MyPalmBeachPost
Despite cutting the cord on some traditional expenses — such as dropping telephone land lines by 17 percent in a year — Floridians are replacing them with other spending and ringing up credit card debt at the nation's second-fastest pace. “August has ...

and more »


KREM.com

Past of Coeur d'Alene suspect examined after entering credit union with a gun
KREM.com
COEUR D'ALENE, Idaho — A former employee of a Coeur d'Alene credit union was shot and killed on Saturday after he barged into the branch with a gun. Coeur d'Alene Police said Joshua Martz went into the Global Credit Union wearing a motorcycle ...



Washington Post

Frozen credit files can slow the mortgage process
Washington Post
Nearly a year after the catastrophic Equifax hack exposed 147 million Americans' personal and financial data to cybercriminals, consumers are about to get a break — something especially useful for home buyers and owners. Starting Sept. 21, credit-file ...


Google News

home | site map
© 2007