You are aware that as times get tougher, the credit card companies are continually searching for new ways to increase their income. To stay ahead of the game ‘Grab The Dollars’ , even with the new laws passed with added consumer protection, you must constantly keep your eyes open for the deceitful tactics the credit card companies are still using.
IF you use your credit card regularly it could actually raise your score! Periodically make small purchases, $10.00 or so, then pay it off to show activity. Some credit card banks have contract provisions buried in that small print that takes a magnifying glass to read, if you don’t use your card for a specified period, they can charge you a fee, raise your interest rate or even cancel the card. So DO NOT let your cards go dormant. DO NOT close an account, that hurts your debt to credit ratio and your credit scores. IF they close your account, that also lowers your score.
How do you pay your credit card bills ? Even if you think you are making the payment on the due date. Phone payments made after a specific TIME may not be credited until the next day, and internet payments can take a full day or so to be processed. Again, this information is in itsy bitsy tiny print usually buried on the back of your statements.
You must be aware of the ‘grace period shuffle’. That is a game where they ELIMINATE the grace period on new purchases. The grace period is between the time your statement’s closing date and the due date. Watch closely ANY changes on your statements, pull out an old statement and compare them side by side, look for the land mines buried in your monthly credit card statements.
You may have already experienced them lowering your credit limit, even though you have never been late or missed a payment, never giving them any excuse. They adjust your limits based upon what THEY think is right for your finances. Americans paid nearly $30 BILLION in fees to credit card companies. By lowering your credit limit it puts you in the ‘maxed out’ position, which will position them to collect fees. Call the card company right away, ask to talk to a supervisor to get their reason and find out their criteria for your credit limit to be restored. Protest, demand to be recognized for your record and loyalty.
Spectrum Resources has the mission to help you figure out how to live INSIDE your income. Contact for counseling in debt, credit and home ownership issues to learn your options and to side step the land mines the credit card companies have hidden in your monthly statements.
Call (863) 967-0660 or email: SpectrumResources@tampabay.rr.com and visit often our blogs each filled with different lessons that can help you: http://MoneySavingTips.wordpress.com & http://SpectrumResources.wordpress.com and http://FinacialEducationAndOptions.blogspot.com
Help Us Help Others, please send your tax exempt donation to: SRDC 2014 Brentwood Dr. Auburndale, FL. 33823