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Have a look at the 5 financial tips for the last week of May 2013.

Tip no 1: Include a 100-word statement on your credit report to elucidate the nature of your financial debacle. This may quench the hunger of creditors.

If you have found a suspicious activity on your credit report, then make sure you add a 100-word statement on it after you've filed a police report and contacted the concerned authorities. The creditors and lenders may get curious after checking your credit report. They may want to get more information. A 100-word statement will help you clearly explain the situation. You can even get a chance to inform the creditors that a proper investigation is going on.

Tip no 2: Negotiate smartly with your creditor to increase your credit limit. Remember, You're at the mercy of your creditor.

If you feel that your credit limit is too low, then contact the credit card issuer and have a discussion with him regarding this issue. Give him the right reasons to hike your credit limit. For instance, you want to reduce your credit-utilization ratio. If your request for an increase in the credit limit is declined, then ask the proper reason behind the denial. If you feel that the reason is unsatisfactory, then inform that you'll be switching to another credit card company. You’re getting plenty of lucrative offers. You’ll accept a good offer and close your current account. This may induce the card issuer lift the ceiling.

Tip no 3: Find out who needs and doesn't need your SSN. Reveal your Social Security number only to those who really need it.

The Social Security number helps creditors and lenders to identify you. It is a special and unique number. As such, it is best to not reveal this number to everybody. For instance: insurance company, sport clubs, gym, property-owners, etc. You may get a form with an option to give your Social Security Number while applying for an insurance policy. You can just skip that option and fill out the remaining blanks in the form. However, there are some organizations where you’ll have to give your Social Security Number. For example: banks, the IRS, the company where you’re employed, etc.

Tip no 4: Take a correct snapshot of your financial health before thinking about a new future. You can set new goals only after getting the correct facts.

You need to have a proper look at your financial health before dreaming about a bright financial future. Go through your financial statements at once. Look at your bank statements, credit card bills, mortgage loan documents, etc. Once you get an idea about where you stand in, set new priorities and strive to achieve them through diligent efforts. For example, if you're irritated with the current status of your checking account, then close it and try opening a new one. Make sure you have enough funds in your checking account so that you don't have to pay NSF fees to the bank.

Tip no 5: Ask right questions to the credit card companies to understand the terms and conditions of the agreement correctly.

Do you simply hate to read the credit card agreement properly? Are you too busy to read the "fine print" section of the credit card agreement? If yes, then you can just ask a series of questions to the credit card issuer and understand whatever is there to know. For instance: ask the credit card issuer about the over limit fees, late fees, foreign-transaction fees, reward points, etc. Ask all types of questions that are there in your mind. If you're not satisfied with the answers, then throw more questions at the credit card issuer.

With proper help you can
  • Lower your monthly payments
  • Reduce credit card interest rates
  • Waive late fees
  • Reduce collection calls
  • Avoid bankruptcy
  • Have only one monthly payment
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