Rebuild Credit Profile, Maintain Good Credit, and Get Credit After Bankruptcy With Rcacredit

Vikram kuamr


When you loose the ability to pay your credits, you have the tendency to file for bankruptcy. Bankruptcy has become an escape goat for many who want to be free from financial obligation with creditors. With bankruptcy, the court will either extend your payment terms that would be favorable to your or you will have to pay the creditor in other ways like exchange it with property and equipments or from the purchase of the same. It would seem favorable on the debtor’s side especially on the part of immediate relief of obligation. The relief comes by extension of payment until the debtor is able to pay, or by using of assets for payment. In both ways, the debtor can escape from the pressure of the credit’s due and amounts to be paid.

But filing for bankruptcy does not necessarily give you more benefits. Although it can be an option for inability to pay, it has grave financial consequences. With bankruptcy, your credit record is stained. This means that other possible creditor may not rely on your ability to pay anymore no matter how well you recovered from financial loss. Bankruptcy records are open to the public. Creditors would absolutely dig into your records to evaluate your application for credit. Remember creditors are into business. If they find out that they have low chances of earning from you because of your tendency to drop your financial obligation, then they would not definitely consider you as an advantage. The only way that creditor approve of your application is when you have good credit records and is able to maintain good credit standing.

You may wonder, is credit still possible after bankruptcy? Generally, the answer is no because of the consequence of bad credit record. However, you can regain good credit with the help of financial services that specialize in rebuilding credit profiles. These companies can help you get credit after bankruptcy by developing programs that would provide you with in-depth understanding on how credits work. One of the companies that offer such services is RCACredit. This company is under service based industry that tackles on credit enhancement and boosting of credit scores. When you enroll on their program, you will be able to re-establish your credit standing and maintain good credit that would benefit you in the long run.

RCACredit can educate you on various aspect of the credit industry. You will learn how to repair your credit records and obtain financial freedom. Moreover, they involve financial institutions that can be part of the program to handle your loan needs that would both be satisfactory for them and at the same time expose you to maintain good credit with them. They can provide you with answers to all credit aspects that will rebuild your credibility in terms of credits. Finally, with their programs, you get to increase your credit score that would make you an advantage to creditors.

All in all, RCACredit can provide you with the ability to get credit after bankruptcy. All you need to do is to contact them and cooperate in their programs that put you on positive credit ground.

Understanding Credit Card Balance Transfer Services

One good feature of many credit cards these days is the so-called balance transfer option. This feature allows transferring of an existing balance from one credit card to another. This service has become quite invaluable for many people, particularly for those who have two cards, one carrying high interest rates while the other one having lower interest rates.

Making use of the balance transfer feature should be done with extreme caution though. This is because this particular service has one or two sub-features that may not always work in your favor. For example, there is this so-called allowable transfer amount which is the amount of balance that your card company allows you to transfer to other cards.

Many cardholders have found this setup highly disappointing. This is quite understandable, especially if your plan involves transferring any remaining balance to your other cards, particularly those which offer lower interest rates.

Getting disappointed is but natural, and one virtue that should be observed here is patience, especially in your transactions. Add an effective strategy in your plans. With these two qualities, transferring all your existing balances to your other cards can still push through.

Another sub-feature found in many balance transfer services is the charges. When transferring card balances, fees are often involved. These fees can come in two different types. One involves a small amount of charge fee with the allowed transfer of balance equally small. The second type will allow transferring huge amounts of balances, but will likewise charge a huge amount of fee.

Given these often unfavorable conditions, you should seriously study whether or not transferring balances to other cards should be pursued in the first place. Transferring balances may appear wise initially for most people, especially for those who have credit card loans that they simply are unable to pay immediately. However, if this will involve getting charged with more unnecessary fees, then it may be better to simply look for other alternatives.

You should also keep in mind that the concept of transferring balances to other cards can only be availed of if you have good credit standing. Credit standing is basic in many credit card applications. It contains critical information about your finances through which you can get your card approved or disapproved.

If card companies find that you have good credit standing, having that needed balance transfer feature available in your credit card is highly possible. In short, this feature is extended as a form of reward for people who have kept their credit in good standing.

Women Building Good Credit

Single women need not worry about getting good credit for themselves. However, once a lady marries, the credit becomes conjugal responsibility. I know of someone who was emotionally shattered when she divorced and even more so financially because it was the husband who handled their money. She was at the ex-husband’s mercy and had to rebuild credit for her own. Being married for more than twenty years, she had to re-learn the basics of credit because statistics say that more women are bound to commit the mistake of having unstable credit rating.

In my research, I found experts’ advice noting the ways women can build good credit. One, avoid rushing it by starting small and few. Creditors will take it as desperate measures on your part when you apply for new credit cards or higher limits one after the other. Two, try to limit your cards to up to six cards only (lesser would be better). Generally, having one too many cards is not a good idea. You will have the tendency to forget to pay at least one due because you overlooked it. One missed payment will affect your score right away and will stay in your record for the next seven years! Also, avoid store cards as these usually have higher interest rates and penalties versus the regular bank card, and discounts are usually just offered on the first purchase.

Another tip is for you to consider having an account solely under your name when you marry, one that is not shared with your husband. You will be able to establish credit history apart from your husband’s. Remember that when you apply for a loan or credit under a shared account, you become jointly liable yet only the husband’s name is put on credit record. Thus, even if you as a couple have had good credit, you cannot carry that with you when you separate. If divorce is inevitable, avoid closing joint accounts all at the same because it will greatly affect your credit history. However, while in the marriage, never hesitate to question the husband about your financial situation. It is your right to know how much you still owe and your rates for interests on loans, mortgage, and credit cards.

Lastly, the usual piece of advice that really works is to pay your dues on time, pay off everything if you can or at least more than the minimum due. It is always best to keep at least 50% of your limits open and check the free copy of your credit report on an annual basis.