I offer readers answers to write-in questions at CardRatings.com . Here are just a few examples that I will share with you from time to time.
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Question: Can I get an American Express credit or charge card if I had a bankruptcy three years ago?
Answer: This is a difficult question to answer as other issues are involved such as what you have been doing since the bankruptcy. As an example lets say since your bankruptcy you have purchased a home and a car and made regular payments on these for the last 3 years and never been late. Though more difficult to obtain because of the bankruptcy and probably with a higher interest, you would probably be approved. If on the other hand you have had no credit extended or worse yet been late on a payment since the bankruptcy, your chances for approval are far less.
But you are on the right track as the 3 year point does offer one of the first time periods after bankruptcy for a better evaluation of your score. Adding to all of the above please realize credit extension has become far more difficult with the economy. All you can do is try.
Question: Which credit card has the longest grace period?
Answer: A grace period for any card is dependent on your contract. Some cards have 25 days and some 30. Some cards have 0 days grace period. But the greater question may be why is this question even coming up? This is why I ask.
Over 30% of your credit score is based upon on time payment history. It is the single most important issue of your credit score. Therefore, you simply do not want to be late on any payment and therefore want to make your payment early enough that the mail reaches the creditor well before the due date… not on or after the due date. That way the grace period makes little difference in affecting your score except to maximize it.
I usually explain a late payment as pouring a ice cold buck of water over you and trying to make up the difference with warm stones which are follow-up on time payments.
Question: If my husband and I have a credit card together, and he passes, will that leave me with no credit history?
Answer: You will have credit but nowhere near as good a credit as if you got a card in your own name. In fact any credit but especially a secured credit would be wise.
You might be interested to know that there is a hierarchy of debt with a high value on things like house, car, and other secured debt. The hierarchy is then followed by unsecured debts such as credit cards. You should also be aware of secured credit cards which are credit cards in every respect only they are secured by a savings deposit of usually $300 or more dollars. These type cards are usually available at most major banks. The very good thing about a secured credit card is they are reported to the credit bureau as a secured debt which helps build your credit score. Of course financing a car in your own name is even better. Just be aware that any late payment on anything can lower your score.
Question: I want to apply for a credit card that I will use only for gas purchases. Which credit card offers the best rebate for this purpose?
Answer: There are actually any number of cards to fill your need especially for cash rebate. Even Shell has a rebate card that you might look into. But Capitol One offers 3% cash back on gas and groceries and Discover offers 5% cash back. The same holds true for Chase, American Express and others. I would think the more important questions might be: What is the interest rate? Is there an annual fee? What is the default rate? Is there any introductory rate?
Your selection also has to do with limitations on any individual card. For example some cards may be 5% but limit you to the first $100 purchase in a month. Another might be at 3% but have unlimited rewards. In this case depending on your needs, the 3% maybe you better deal.
My suggestion is view some of the cards at cardratings.com and make your choice
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The truth is the average consumer can eliminate all debt including their mortgage with the money they currently earn in an average 7.5 years. I have been teaching people how to do this for years and you can see how it is done yourself by receiving the free Debt Freedom Mini-Course via email.
You might also want to know that that eliminating all debt is like getting a 40% Tax-free Salary Increase. If you don’t believe me, read the blog about it.
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