TAKING AN INTEREST IN YOUR CREDIT CARD RATE...

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Mortgage and Lending with Land Home Financial Services
TAKING AN INTEREST IN YOUR CREDIT CARD RATE...  
     
 

Credit cards are one of the most pervasive forms of your financial picture. On a daily basis, they provide the flexibility and freedom to reserve a hotel room, travel without carrying cash, and purchase just about anything at anytime.

As such, your credit cards can have a major impact on your financial wellbeing and even your credit score. But did you know that your credit score can also impact your credit cards...specifically your interest rates? Although some companies have abandoned the practice, many won't hesitate to raise your interest rate if your credit score declines--even if you are paying them on time! By following these tips, you can help avoid inflated interest rates on your credit cards:

Understand the terms. The best way to protect yourself from high interest rates and hikes is to read and understand your credit cards policy terms. Pay particular attention to the interest rate, how long that rate is in effect, and what actions can lead to a hike--such as a late payment on your card, a declining credit score, or even a late payment on a completely unrelated bill.

Don't be late. Making a late payment can lead to increased interest rates on all your cards. In addition, they can lower your credit score, causing you even more problems down the road. So make a schedule and always pay on time.

Watch the mail. We all get junk mail, but some of it may not be junk after all. Whenever you receive any information in the mail from your credit card, read it carefully in case any policies or interest rates are changing.

Make a call. If your rate does change, call the company. If you've made your payments on time consistently, you may be able to get your original rate restored. If the company seems hesitant, you may want to threaten to transfer your balances to another card--customers in good standing may find they have more bargaining power than they realize. And don't just threaten to make a change...actually do it if it makes sense. You may find the grass actually is greener on the other side.

Be careful what you close. Closing a card that has a current balance will likely send your interest rate soaring. In addition, closing your oldest credit cards can have a negative impact on your overall credit score. So make sure you check and double check which cards are best to close.

To find out more about your own credit score--and what you can do to improve it--call me today. You'll be surprised how a few simple steps can make a big difference and can improve your overall financial picture.

Go to www.roundtablecredit.com for more info!

Darren Orshoff, is an active Real Estate Investor and a Certified Mortgage and Investment Planner with Wholesale Mortgage Source, a mortgage brokerage company based in Temecula, CaliforniaOrshoff also hosts The Home Ownership Roundtable, a weekly educational radio show on CBS Radio providing insight and direction to anything related to real estate finance and investment.  He is a real estate investor with investment opportunities for everyone.  He also teaches wealth education to youth and adults as a Certified Creative Wealth Specialist bringing financial literacy to the masses.

If you would like to receive my weekly or monthly newsletter with great tidbits of info like this click here to email me with the subject "please add me to your mailing list."  You can always tune in Darren Orshoff every week on 97.1 FREE FM (or stations up all along the West Coast) as I talk about everything real estate finance and investment on The Home Ownership Roundtable.

For information on anything real estate finance and investment, contact Orshoff at 888-823-2261 or visit www.orshoff.com

FOR THE MOST AMAZING REO INVESTOR PROGRAM OUT THERE CHECK ME OUT ON MEETUP.COM AT http://realestate.meetup.com/1446/

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