Help! My Credit Card Application Is Disapproved ! December 6, 2007
Posted by Vedis in : Credit Cards , add a comment
You received an envelope in the mail with a great offer for a low interest credit card.
You read all the details, even the boring small print and decided that this card fit your needs to a tee. You filled out the required forms and anticipated the day that the card would arrive – you even got to pick which background you got.
However, what came in the mail was not an acceptance and a brand new card but a denial. What is your first reaction? Perhaps anger. Perhaps sadness. Perhaps fear. Yet none of these will help you get a card! (more…)
Congratulations ! You’ve Got A Loan ! May 31, 2007
Posted by Vedis in : Loans , 1 comment so far
I have to admit that getting a credit card and loan has been very easy. Even if you don’t apply for a loan, you will be called and congratulated that you have been successfully eligible for a credit card or a loan.
Unbelievable, ya ? It did happen to me last month. One of the banks called me and told me that my card was upgraded to Gold Card ! Wow… and hey, I had been longing for a Gold card !
Well, I would jump at the chance if it was before my debt elimination program.
” Ms Teh, would you like to activate your account now ? ” asked the officer politely.
I had the impulse of saying ‘ YES ‘ at that moment. However, I found myself saying ,” Let me consider first. I will get back to you if I want to activate it.”
Can you believe it ? I turned down the offer. I am glad that I have done so. I have already been loaded with $60,000 credit card debts ! But, the story did not end there.
The next day, the officer called again. This time, I was offered a personal loan of $2,000 at an APR of 9.88 % . I know this is also called unsecured loan as I have been reading a lot of information and articles on loans, comparing loans online, mortgages and last but not least, credit cards.
The idea of unsecured loans or personal loans is that you can borrow money without the risk of your personal assets being up for repossession should it all go wrong.
It is an undeniable fact that many people are trapped with credit card debts and loans. It is my belief that a lot of these people have had bad credit history. I have had a few personal loans as they generally offer lower interest rates. It is pleasing to see that unsecured loans are more accessible nowadays.
Look to the right sidebar - $58,961 ! I am cutting down my debts gradually. I am on the right path to debt free life, are you ?
Have you made up your mind to get out of debts ? If so, read more articles provided by websites like Loanwize daily to keep yourself away from being ignorant.
Reading Is To Get Out Of Credit Card Debts May 28, 2007
Posted by Vedis in : Credit Cards , 4comments“How did you get so deep into such debt trouble ?” This is the common question asked by a lot of concerned bloggers. Well, through the efforts of my hubby and me. OK..I am serious. What I can say is lack of self-control and knowledge about financial matters.
Getting a credit card has become too easy nowadays. I have been approached by credit card executives while shopping in the malls, doing transaction in the banks, going for trade fairs and bumping into roadshows by banks.
There are too many perks offered by banks. Banks now offer 0% credit cards on purchases from participating merchants, if you use their credit cards.
I have had 7 credit cards before (I once boasted to my hubby that I wanted to own 10 credit cards ! How silly !) while my hubby had 6.
Now, I have 2 cards while my hubby has 1 card…;D Are we out of the debts ? Of course, noop.. the credit card debts are still here, decreasing little by little.
Once we realized that our debts had snowballed to more than $60,000, we started feeling petrified. What did we do ? You’ve got it , balance transfers ! Yes, from 0% balance transfers to 9% balance transfers. From bank A to bank B and then from bank B to bank C.Then, thought of personal loans and secured loans.
We used to put the blame on the banks. But, now we have come to realize that we are at faults. We lack of self control. Once we admitted we were at faults, we actually took up our responsibility. We sat down and calculated the total outstanding we had at that time.
Once we knew how much our debts were, the next step was browsing through the internet reading articles which provide tips on How To Choose The Right Card, Credit Card Balance Transfer Guide,Credit Building Tactics and other helpful resources.
After reading the article of Credit Building Tactics , it finally dawned on us that we can actually rebuild our credit rating little by little and with patience.
With sound credit card advice provided by thousands of internet sites like Nations Finance, we have better grasps of the ins and outs of credit cards, mortgages, home insurance and motor insurance.
We know how to get better deals after reading Where Is The Best Place To Get Car Insurance ?
Equip yourself now with more comprehensive and updated news about credit cards, mortgages and related financial advice before you are in deep, deep debt trouble like us.
Opt For Unsecured Loans First ! May 3, 2007
Posted by Vedis in : Loans , 2commentsI have to admit that getting a credit card and loan has been very easy. Even if you don’t apply for a loan, you will be called and congratulated that you have been successfully eligible for a credit card or a loan.
Unbelievable, ya ? It did happen to me two weeks ago. One of the banks called me and told me that my card was upgraded to Gold Card ! Wow… and hey, I had been longing for a Gold card ! Well, I would jump on the chance if it was before my debt elimination program.
” Ms Teh, would you like to activate your account now ? ” asked the officer politely.
I had the impulse of saying ‘ YES ‘ at that moment. However, I found myself saying ,” Let me consider first. I will get back to you if I want to activate it.”
Can you believe it ? I turned down the offer. I am glad that I have done so.But, the story did not end there.
The next day, the officer called again. This time, I was offered an unsecured loan of $2,000 at an interest rate of 9.88 % per annum. I know this is unsecured loan as I have been reading a lot of information on unsecured loans (personal loans). The idea of an unsecured loan is that you can borrow money without the risk of your personal assets being up for repossession should it all go wrong.
It is undeniable fact that many people are trapped with credit card debts and it is my belief that a lot of these people have had bad credit history (like me).People like us are only eligible for bad credit loan: Unsecured loan and Secured loan.
I have had a few unsecured loans as they generally offer lower interest rates. It is pleasing to see that unsecured loans are more accessible nowadays.
It’s true that unsecured loans are the safer option on the market if compared to secured loans.I have been asked if I would consider to consolidate loan. Debt consolidation loan enables us to combine other debts into one monthly payment.
Honestly speaking, this will only be my last resort. No doubt, this kind of loan offers extra money and lower interest rates - but they come with the additional burden of having to secure the loan. You have to link it to your assets , and normally your home ! Should anything go wrong, there goes your home ! Think twice.
For the time being, I will only opt for unsecured loans. Besides, I am cutting down my debts gradually. I am on the right path to debt free life, are you ?
Have you made up your mind to get out of debts ? If so, read more money saving advice daily to keep yourself away from being ignorant.
How Did We Get Into Deep Credit Card Debts ? May 1, 2007
Posted by Vedis in : Credit Cards , add a commentIf this is your first visit to my blog. Welcome ! Look to the right sidebar - $60,000 credit card debts, excluding home loan and car loan.
How did you get so deep into debt trouble ? This is the common question asked by a lot of concerned bloggers. Well, through the efforts of my hubby and me. OK..I am serious. What I can say is lack of self-control.
I started off with my very first credit card in 2001. It was definitely difficult to get a credit card at that time. I still remember the lengthy and daunting process of getting the card approved.
However, getting a credit card has become too easy nowadays. I have been approached by credit card executives while shopping in the malls,doing transaction in the banks, going for trade fairs and bumping into roadshows by banks.
There are too many perks offered by banks. As an example, some banks even offer 0% credit cards on purchases from participating merchants, if you use their credit cards.
I have had 7 credit cards before (I once boasted to my hubby that I wanted to own 10 credit cards ! How silly !) while my hubby had 6.
When we realized that our debts had snowballed to more than $60,000, we started feeling petrified. We had been maxing out our credit cards regularly and paying off the balance in three months when it used to take one month !
What did we do ? You’ve got it , balance transfers ! Yes, from 0% balance transfers to 9% balance transfers. From bank A to bank B and then from bank B to bank C. Then, thought of debt consolidation for our credit cards.
We used to put the blame on the banks. But, now we have come to realize that we are at faults. We lack of self control. Once we admitted we were at faults, we actually took up our responsibility. We sat down and calculated the total outstanding we had at that time.
Once we knew how much our debts were, the next step was browsing through the internet reading articles which provide tips on how to get out of credit card debts, pay off credit card debts and other helpful resources.
After reading the articles on bad credit history, it finally dawned on us why it was difficult for us to obtain cards, car loan and home loan last year.
With sound credit card advice provided by thousands of internet sites, we have better grasps of the ins and outs of credit cards. Equip yourself now with more comprehensive and updated news about credit cards before you are in deep, deep debt trouble like us.
5 Simple Money Tips April 21, 2007
Posted by Vedis in : Money Saving Tips , add a commentWe asked experts for their best cash control tips in areas that can easily get out of hand - and here are 5 simple money tips !
1. Pay Yourself First. Before you start spending your monthly salary, set aside money each month towards your savings, insurance and retirement plan. Also, set aside a sum equal to six months of your income for emergencies. This should be over and above your other savings.
2. Have a Budget. Budgeting can be the key to finding additional money to invest. To get a clearer picture of your expenses, keep a daily record for a couple of months and note down everything you spend. You’ll develop a better understanding of your entire financial picture and be able to identify specific areas where money seems to disappear.
3. Get Smart with Credit Cards. Although convenient and easily obtainable, a credit card can end up being a tool for financial disaster if not managed properly. It would be wise to limit the number of credit card which suits your lifestyle needs better. Alternatively, you can use debit cards which have the same convenience as credit cards - but you don’t end up with a debt.
4. Avoid the “Sale” Mentality. When you buy a $100 item on sale for $60, you don’t necessarily save $40. You spend $60.It is only good deal if you need the item in the first place.
5. Check Bills and Keep Receipts. Studies have shown that every fifth bill from supermarkets contains inaccuracies, on average. So check every bill you get, from your phone company, credit card company - you name it. Ask for proof if you don’t agree. Why pay for their mistakes ?
3 Simple , Yet Practical Aspects Of Secure Life April 20, 2007
Posted by Vedis in : Credit Cards, Insurance , add a commentThe right financial plan helps you cope well with the responsibilities of parenthood.
Ensuring your family’s future is well taken care of is a big challenge. Here’s how you can create a comfortable and secure life for yourself and your your kids:
Get Insurance Coverage. Insurance is vital to protect your family in the event of unforseen circumstances like illness or death.
Aim to be Debt Free. You need to build up a ’safety net’ of savings for emergencies. This can be difficult if you are struggling to pay off high-interest credit cards. So use your credit card wisely and make sure you pay off your credit card debts or bills on time. If it becomes a burden, try contacting a credit counselling service for help.
Educate Your Kids About Money. Encourage your children to be financially responsible by opening their own savings account. When you are making spending decisions that affect the family, include them in talks.
Carnival of Credit Card #9 April 12, 2007
Posted by Vedis in : Personal Development , add a commentI have been showered with tremendous good news these few days.
Firstly, my 5 Simple Debt Reduction Method to Blog Carnival was included in Carnival of Debt Reduction # 82.
Then, my FIRST PPP of Make Money With Ja Kel Daily dot com was accepted.
And now, another post submitted to Blog Carnival was successfully included in Carnival of Credit Card # 9. My post is 5 Signs That You Are in Debt Trouble. This carnival was hosted by Credit Card Lowdown. 12 entries about credit card, debt and personal finance were selected.
More news here !
1. My brother-in-law lent us $5,000 to settle our credit card debts. We offered a 10% interest rate to him as we are paying 18% to banks at the moment. However, he turned down our offer. His condition is simple - return the money to him after one year. We are so glad that we can save the 18% interest on the debts, plus the interest on the interest owed!
Has my brother-in-law’s money been used discreetly ? YES ! We used it to pay off one of the credit cards which carried $2,800. The remaining sum of money was channeled to other credit cards.
2. I got a call from my bank which offers 9.88 % on a $2,000 loan ! Once we get the money, it is for sure that this $2,000 will be used to settle another credit card. Wait for my update.
By the way, my hubby has cut off 5 out of his 6 credit cards. He only keeps one. I am happy that he only keeps one credit card as he loses control whenever he spots a new watch. He is a watch maniac.
As for me, I still keep 3 out of 7 cards.
Our thoughts are absolutely creative. Each thought tends to manifest itself in our lives.Thoughts of riches, achievement, success, provided you do not deny them subsequently, come forth after their kind. You answer your own prayer because it is done unto you as you believe.
5 Signs That You Are In Debt Trouble ! April 4, 2007
Posted by Vedis in : Debts / Credit Card Debts, Loans , 2commentsStudies show that many people with credit cards pay just the minimum amount every month, and “roll over” the rest to pay the following month. The next month, they roll the charge over yet again.
That means they pay interest on the loan, every month. Plus, they pay interest on the interest they owe !
Have a check here if you are already in Debt Trouble:
1. Paying off your balance in three months when it used to take one month.
2. Not knowing how much you owe until your bill arrives.
3. Maxing out your credit card regularly.
4. Paying bills with card cash advances.
5. Paying off one credit card bill with another credit card.
To avoid credit woes, monitor your financial status closely and watch for the warning signs of growing storm.
