American Express

Last evening, I decided to apply for yet another credit card. I’ve never owned an American Express card and figured it was about time that I get one for myself. Everyone seems to have wonderful things to say about them and the commercials always seem convincing. And so, I embarked on my online journey to find an American Express card that would be ideal for me. Little did I know that American Express has a million different types of cards to choose from. Okay, perhaps not a million – but a lot more than I was prepared to review. Some have annual fees; others don’t. Some of them have unlimited spending and others will only extend you a certain amount of credit. Some of them have all kinds of different reward programs that you can choose from as well. You can pick from lots of different designs as well.

I never knew that choosing a credit card could be so difficult. Heck, I never knew that American Express had so many different types of cards to choose from either. I spent almost an hour reading over all of the offers from all of the types of cards that American Express apparently owns. I finally decided on one that has a great balance transfer plan. The standard interest rates seemed a bit high to me but I had accepted an offer for a very low rate for the first year. After that first year, the interest rate would rise. I knew that either I would only use my card for emergencies after that happens or cancel it. These days, people hop back and forth between credit card companies like crazy, trying to get the best deals and bargains. American Express seems to be interested in competing to get more customers as well. I’m not quite sure why you should have to pay an annual fee, but American Express seems to have quite a few cards that will require payment of one. I can understand why if it is for a business and they don’t cap the spending limit. But, I can’t see a point for charging an annual fee for a personal card that has limited spending. Afterall, they’re getting plenty of extra payments from the interest rates. However, I don’t own a credit card company and I cannot speak on their behalf. I simply know that I now own an American Express card and if I can actually believe what I see on television, they are accepted almost everywhere. I’m quite sure that for my first year of having that low interest rate, I will test that out quite a bit.

Improve Credit Rating

Most Americans will say that their credit score is not what it could and should be. A lot of people will also admit to have some or a lot of debt. What does that debt load do to your credit rating? It takes it down. Now, having some debts can also improve your credit rating. Businesses like to know that other companies are trusting you with lines of credit and want to see that you’re an individual who is responsible and pays on time. However, if you have too much debt, you will notice that your credit score can start to dwindle. A late payment can affect your rating. Financial hardships can leave your credit rating in a panicking stage that might not seem repairable.

The truth is that you can improve credit ratings in many ways. It isn’t something that will happen overnight and will require some time and energy. However, with the right knowledge and research, it is more than possible.

Before you get started and begin to figure out how you can improve credit ratings and move forward in your life, you should obtain a copy of your credit report. While you might only want to get one credit report, there are actually three different major credit agencies that you should talk to. TransUnion, Equifax and Experian are the three agencies and because they are all independent, there may be some major varying information on each of them. After you get a report from all three agencies, read all of the reports carefully. If there is information that doesn’t make any sense to you or is inaccurate, make a note of it. Whatever information is not correct, you can start to work on getting it fixed as soon as possible. After things are on their way to being repaired, you should make it a point to check your credit report every few months to be sure that nothing else is on the reports that should not be. Since identity theft is more common and certainly on the rise, checking your credit report can ensure that you won’t be a victim as easily as someone else might be.

Paying your bills on time is a huge key to how you can improve credit ratings. Even paying a few days late can have a negative impact on how lenders and businesses perceive you. If you know that you’re going to be late in paying a bill, a way to improve credit rating would be to contact them, explain the situation and assure them that payment will be made soon. Hopefully, they’ll mark you account to show that you did contact them and want to make things right. Lenders don’t want to lose with money but they also don’t want for your life to become more difficult. Some companies may be very willing to work with you on your payments and other companies will be all too quick to turn your account over to a collections agency.

Another way to improve credit ratings is to not spend beyond your means. Just because you have a credit card with a $10,000 limit doesn’t mean that you should use all of it. Lenders like to see that you have the credit available and know that you’re not going crazy spending it. In fact, the more debt you accumulate beyond your credit limit can be very detrimental to your credit rating. If you find that to improve credit ratings for yourself if too confusing and gives you a headache, find a reputable credit repair service and get their assistance. Before you know it, your score may be back up to what it should be!