| Mum's the word for bad credit
A LOVING daughter was left debt-ridden and confused after her poverty-stricken mother stole her credit card. Rachel Wilsons mother had racked up so many bills that she waited until her daughter was at university before pinching her account details and abusing her new credit card. But despite 22-year-old Rachel being threatened by bailiffs and having her credit record ruined - meaning she has no chance of buying a house or car for five years she refused to shop her mum to police. Ironically the Bournemouth student only took on a card after a university friend advised her that people with no history of repaying loans could find it hard to get credit. In order to build up a decent credit history, I decided to use the card a few times and then pay off the balance, says Rachel, then in her third year.
Bad credit? No problems. Have these credit cards
People with bad credit or poor credit are often face difficulties in obtaining a credit card for bad credit. The fact is indeed true that their choices are limited when it comes to credit cards but, credit card issuers are increasingly offering financial products that specially cater to bad credit people. Bad credit problem can be caused due to a number of situations. The credit card choices available to bad credit people allow them to rebuild their credit history. Financial products that help bad credit people are prepaid credit cards or debit cards, secured bad credit cards, unsecured bad credit cards. In this article we take a look at each one of them. Prepaid or debit cards: .
Bad credit history 'doesn't have to mean bad mortgage deal'
Having a bad credit rating does not necessarily mean customers can only obtain a poor mortgage deal, a leading lender has claimed.According to L&C, 71 per cent of people who have come to the company with a bad credit rating have been able to secure a mainstream mortgage deal with a competitive interest rate.Many people believe that a recent history of bad debt or County Court Judgements (CCJs) would prevent them getting competitive mortgage deals. However, L&C revealed that the situation is less clear than that, and that some lenders are more lenient that others."All too often, people assume that because they've had some credit problems in the past, they will have to pay a much higher interest rate and in some cases, high broker fees," explained James Cotton, a mortgage specialist at L&C."In fact, our research shows that by getting whole of market advice from L&C, borrowers can seek out the best deal for their circumstances and can often secure a better rate than they thought possible."A recent study from the Mortgage Trust found that record numbers of people were opting for fixed-rate mortgages.As interest rates have risen, the percentage of people choosing these sorts of mortgage has increased from 48 per cent to over 60 per cent.
The cruelest card
Pay down debt: The closer you are to the limits on accounts, the more it lowers your score. Get your available-credit-to-credit-used ratio under 50%.
Loan yourself money: Open a savings account and take a loan with the savings as collateral.
Keep older accounts: You need to show stability on your credit history, so keep accounts that have been established for more than three years.
Check your credit: By law, you're allowed one free copy of your credit report each year from each of the three credit bureaus. Printer friendly version Comment on this story Send this story to a friend Get Home Delivery .
In a cycle of debt
Yet the 32-year-old Keller resident seemed blithely unconcerned about the interest rate charged by a unit of Fort Worth-based Cash America, called Payday Advance. "I don't even think I know what it is, but I'm sure it's in the paperwork. I think it's like getting a new credit card and paying an annual fee," said the customer, who identified herself only as Kim because, explaining with an embarrassed smile, she works at a bank. For a variety of reasons, including her credit rating, she did not approach her employer for a $400 loan. Kim knew she was being charged a fee of about $18 per $100 loaned, and was unfazed that, on an annualized basis, it worked out to more than 400 percent interest. Another contract supplied by Cash America for a $344 payday loan payable in 14 days carried a $63.47 finance charge, which worked out to a 481 percent annual percentage rate.
Chaos at Guantánamo
At the Guantánamo Bay military commissions, the only constant -- aside from the desperate prisoners -- is chaos. Attorneys come and go; rules are invalidated and reintroduced; one prison closes and another opens, but pandemonium is ever-present. Since their inception five years ago, the military commissions -- the first war crimes tribunals conducted by the United States since Nuremberg -- have careened from one crisis to the next. Yesterday, the commissions lurched into another one. Proceedings yesterday morning, which I attended, involved Omar Khadr, a twenty-year-old Canadian citizen who is charged with murder, attempted murder, conspiracy, material support of terrorism, and espionage. The murder charges stem from an incident that took place on July 27, 2002. On that day, U.S.
Focus turning to secured loans
More people are turning to secured loans . Mortgage borrowers have been locking themselves in to fixed rate mortgages in increasing numbers over the last 12 months. At the same time a rising number of mortgage applications have been turned down. Both are symptoms of rising interest rates. But what about those who need to raise money, for whatever reason, and find themselves unable to extend their mortgage (because their income won't support the new multiple) or because they face substantial early repayment charges on their existing mortgage? Secured loans are seen as one potential answer. Robert Sinclair, Director of the Association of Finance Brokers, says, "Mortgage brokers are increasingly using secured loans as an appropriate part of their advice to customers.
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