The literature is peppered with information on how to apply for credit cards, the types of credit cards available to you, and what constitutes a great deal for your personal needs. Broadly speaking, the best credit cards are those which do not carry annual charges, have 0% APR for a fixed period of time, offer generous cashback percentages, are laden with rewards, and allow cost-effective transfers and ATM withdrawals.
This smorgasbord of hand-picked ‘delicacies’ is unrealistic, since most credit cards come with pros and cons. Regardless, it is possible to shop around and get close to what you’re looking for by using credit aggregator services to compare cards based on a host of factors. Before you apply for a credit card, it’s a good idea to determine your net paycheck every month. A paycheck calculator is an excellent tool that determines what your net take-home pay is. You can use it to gauge your ability to repay your credit card bills every month.
Update Your Address Information with Your Credit Card Providers
Once you have established a history with a credit card company through your provider or bank, it’s important to check the transactions from month-to-month to ensure accuracy. If you are in the process of moving, it is important to update your credit card billing address to reflect the change. This is true even if you’re moving next door, or across the road.
Lenders need to have accurate records of their clients at all times. This is the only way you can ensure the accurate delivery of your statements to your address. Remember that credit card statements contain sensitive personal information. If your statements are mailed out to the wrong address, they could be intercepted and used for nefarious purposes.
In this vein, it’s important to contact the customer service department at your credit card company and update them with your address information. You may be able to do this online, and this is the preferred option since it can be completed instantly. In the event that you have multiple credit cards, bank accounts and savings accounts, the best way to ensure that all of your statements are redirected to the right address is by contacting the United States Postal Service (USPS) and have them forward all your mail to your new address. There is a nominal fee for this, but it is negligible.
How to Change Information on your Credit Report
Disputing information on a credit report can be a daunting prospect. Credit reports contain a wealth of information that includes bankruptcy filings, bill payment information, arrest records and the like. Credit reporting organizations use this information to evaluate your eligibility for credit, apartment rentals, home purchases and business-related activity.
It is especially important to evaluate the accuracy of information in credit reports. The data in a credit report is used by lenders to evaluate your credibility. Inaccuracies can immediately disqualify you from jobs, big-ticket purchases, or insurance. You are also entitled to receive a complimentary credit report if a company takes action against you. This could relate to employment, denied credit, or insurance-related information.
The information in your credit report also determines the rate of interest you will be paying when you apply to borrow money. Perhaps the most important reason for checking the accuracy of information in your credit report is the possibility of identity theft. If your credit card has been unlawfully used by third parties, or your Social Security number has been used to open additional lines of credit, you will want to know about that.
Updating the Accuracy and Reliability of Your Information
Inaccurate information needs to be reported since it can result in a denial in future credit applications. One way to guard against this is to order free copies of your credit report from any of the big 3 credit reporting agencies. These include Experian, Equifax and TransUnion. Federal law mandates that these agencies are required to provide 1 copy of your credit report per year.
When you identify an error on your credit report, you are obligated to correct inaccuracies. Inform the credit reporting company of the error by providing copies of supporting documentation to validate your case. It is always a good idea to include your credit report with your supporting letters.
When sending letters via mail, ensure that they are certified so that they will arrive. Next, the credit reporting agency will investigate your complaint. Use a professional dispute letter to make your case. If the credit reporting agency provides information on the credit report, send all documentation to that address. If you cannot find the address, request it and ensure that you have the right address before sending your supporting information.
Understanding credit card basics is important, and sometimes the use of financial comparison sites can help to develop your knowledge and gain a better idea of the market.