Thursday, August 16, 2012
1. Gluttony: Bumping up against your credit limit
Just because your issuer awarded you a $6,000 credit limit doesn't mean you should max the card out. For starters, those who aren't able to pay off their balances in full increase the likelihood of winding up in debt, since they'll be subject to the interest on their purchases. Secondly, bumping up against your credit limit is likely to have a negative overall impact on your credit score. "The closer you get to your credit limit, the riskier your credit profile is going to look," says Chris Mettler, the founder of CompareCards.com, since it leads to a high credit-to-debt utilization ratio. Mettler says it's best to use credit in moderation, using only 15% or less of your total credit at any given time. And yes, you should also pay off all those balances in full by the end of the month whenever possible.
Not checking your credit report You might assume your credit score is in fine standing based upon a presumably stellar payment history, but the truth of the matter is that credit reports can easily contain errors. And the more egregious ones, like inaccurate delinquencies or improper credit limit information, can cost you more than a few points on your accompanying credit score. Consumers therefore should check their credit report at least once a year -- especially since you're entitled to one free copy each year, thanks to the Fair Credit Reporting Act -- or right before you apply for a big loan, to minimize the chances that you'll encounter any surprises.
Applying for too much credit Lucrative sign-up bonuses can certainly be attractive, but that doesn't mean you should apply for every credit card that's touting one. Too many credit card inquiries -- generated by lenders that are looking to see if you deserve a new line of credit -- in a short time frame can also negatively affect your credit score. Instead, apply for credit as you need it, and add a new card to your payment arsenal about once a year until you've got three or four you can consistently pay off on time at your disposal.
Taking out a cash advance It may seem like a great idea to use your credit card to get a cash advance at a casino so you have some cash to gamble with, but in addition to the lousy odds you'll have trying to make the money grow, the paper comes with a price. "You're going to be charged a significant amount of interest," Mettler says, estimating that most transactions will carry an interest rate around 23% or higher. As such, it's best to use a credit card only in instances where the plastic itself can be used to make the purchase and you can pay back the funds by the subsequent bill's due date.
Applying for a card that's out of your league Your globe-trotting friend may continually flash a credit card that grants access to swanky airport lounges, earns free airfare and avoids foreign transaction fees, but don't let jealousy lead you to sign up for one of your own. Typically, cards of that caliber contain high annual fees that are worth paying only if you travel enough to justify the rewards. Instead, ask yourself a few questions to figure out what type of credit card is more suitable to your lifestyle. (You'll also want to checkthat your credit score qualifies you for the account so you don't rack up any of the unnecessary inquiries we were talking about.) There may be a great rewards card with no annual fee that will look much better with your name on it.
Closing all your credit card accounts Those who have gotten burned by their plastic may be inclined to cut up all the credit cards in their wallet and close all the accompanying accounts, but it's best to curb your anger. Closing accounts can negatively influence your credit-to-debt ratio, especially if the one card you're leaving open -- or transferring a balance to -- is bumping up against its credit limit. It's better to keep the account open but not use it, since that will keep your credit-to-debt ratio positively intact and not jeopardize the average age of your credit report.
Not checking your monthly credit card statements It can be easy to set up automatic bill pay on your account and then forget all about your credit card, especially in instances where you use it infrequently. However, it's a bad idea to skip checking your monthly credit card statements. "You can be paying for things you've signed up for and forgotten about," Mettler says, in addition to any fraudulent charges that may appear, courtesy of errors or, even worse, identity theft.
Sunday, July 8, 2012
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Wednesday, May 2, 2012
If I wanted America to fail, I'd use their schools to teach one generation of Americans that their factories and their cars would house a new iceage and I'd muster and maintain a straight face so that the next generation, that they are causing global warming. ..when it is cold out, I'll call it climate change instead. I'd imply that America's cities and factories could run on wind power and wishes. I would teach children to ignore hypocrazy condemning logging, mining, farming, having roofs over their heads, heat in their homes and food on their tables. I would never teach children that the free market is the only force in human history that lifts the poor, establishes the middle class and creates lasting prosperity. I'd instead demonize prosperity itself so they would not miss instead never have.
If I wanted America to fail, I would create countless new regulations and seldom cancel old ones. It would be so complicated that bureaucrats, lawyers and mafias to understand them...that way small businesses with big ideas wouldn't stand a chance. I would never have to worry about another Thomas Edison, Henry Ford or Steve Jobs. I would ridicule them as flat earthers those who urge them to lower energy prices to increasing supply and when evangelists of common sense try to remind people about the laws of supply and demand, I'd enlist the sympathetic media to drown them out.
If I wanted America to fail, I would empower unaccountable bureaucrazies seated in distant capitol to bully Americans out of their dreams and their property rights. I'll send federal agents to raid guitar factories for using the wrong kind of wood. I would force home owners to tear down their own homes built up on their own land. I would make it almost impossible for farmers to farm, miners to mine, loggers to log, and builders to build. ..And because I don't believe in free markets, I'd invent false ones. I'd devise fictitious ones like carbon credits and trade them in imaginary markets. I'd convince people that this would create jobs and would be good for the economy.
If I wanted America to fail, for every concern I'd invent a crises. For every crises, I'd invent a cause...like shutting down entire industries and killing tens and thousands of jobs. In the name of saving spotted owls and when everyone learned that the stunning irony the owls were victims of their larger cousins and not people, it would already be decades too late.
If I wanted America to fail, I'd make it more easier to stop commerce than to start. It would be easier to cut jobs then to create them. It would be more fashionable to resent success then to seek it. When industry seek to create jobs, I'd file lawsuits to stop them and then I'd make taxpayers pay for my lawyers.
If I wanted America to fail, I would transform environmental agenda from document of conservation to an economic suicide pact. I would concede entire industries to our economic rivals by imposing regulations that costs trillions. I would celebrate those who preach environmental austerity in public while indulging in lavish lifestyle in private. I'd convince Americans that Europe has it right and that Americans have it wrong.
If I wanted America to fail, I would prey on the goodness and the decency of ordinary Americans. I would only need to convince them that all of this is for the greater good.
If I wanted America to fail, I ...I would suppose. I wouldn't change a thing.
~Free Market AMERICA
Friday, April 27, 2012
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Sunday, April 22, 2012
Wednesday, February 8, 2012
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