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Credit Card for People with Bad Credit

December 18, 2011 By 128 Comments
The current credit crunch has triggered a lot of would be credit issuers to tighten up their approvals for consumer applicants with bad credit.  Even those that are relatively new to credit are being squeezed out before they get a chance to screw up their credit scores.
Many have legitimate reasons for establishing or re-establishing credit.  One of the issues for those that are trying to establish or re-establish credit is that they likely have a good reason to do so.  A lot of the major credit issuers now require the consumer to have established credit, that it remains in good standing for a period of time, and they have ability to repay.  It’s a catch 22, (a problem that cannot be solved because the requisite for solving would require a fact of the problem to be untrue).  You can’t get credit unless you have credit.  This, from an industry that until 2007 gave out credit cards like they were concert fliers.
However, there are a handful of companies that are helping people establish credit or reestablish credit.  Companies like Horizon, and Orchard Bank continue to help people reestablish their credit scores.  These cards have a typically low credit limit, $250 – $1,500.  However, after a few months of paying on time, your limit can be increased.  Plus, you’ll likely be eligible for other lenders’ cards.
So, if you’re having a tough time getting a credit card from a traditional Wells Fargo, or Chase type bank, (tier one lenders), you should consider applying for an Orchard Bank Visa or Mastercard.  Establishing your credit with a lower tier lender is a good idea.  You can can then build up your credit and quickly establish yourself as a credit-worthy, low-risk consumer.  If you do that, credit issuers will be breaking down your mailbox to give you money.

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Postal Credit Union in Minnesota Rewards Debit Card Usage by Giving Away $1,000 Cash Prizes

November 28, 2011 By 107 Comments

WOODBURY, Minn.- Postal Credit Union in Minnesota is giving away $1,000 a week in cash prizes through the end of 2011 for members who use their debit cards. During its $1,000 a Week Debit Card Giveaway, each time members use their PCU Cash & Check (Debit) Card for purchases beginning November 13 through December 31, 2011, they’ll earn a chance to win one of PCU’s weekly $1,000 random drawings. Members can earn 100 BONUS entries when they make 25 or more purchases a week using their PCU Cash & Check (Debit) Card. There is no purchase necessary to participate. Go to the website for official rules and to learn more about the $1,000 Weekly Give-A-Way debit card promotion.

“Convenience has always been a priority at PCU,” said President Russ Plunkett. “A PCU Cash & Check Card gives our members a convenient way to access their funds to make purchases, pay bills and get cash when they need it. This debit card promotion is designed to thank and encourage members to use their cards without penalizing them for doing so.”

Founded in 1926, PCU is a member-owned financial institution that specializes in providing excellent member service, great rates and convenience. PCU offers a complete range of affordable services, including free checking, free bill pay, free debit cards, 24/7 loan approval, mortgages, online banking, online deposits, business services, investment services and more. PCU is proud to serve Anoka, Chisago, Dakota, Hennepin, Ramsey and Washington counties, with office locations in Eagan, Hugo, North St. Paul, West St. Paul and Woodbury. For more information, contact PCU at 651-770-7000, 800-247-0857 or www.postalcu.org.

Source: Business Wire

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‘Tis the Season to Teach Children About Money

November 28, 2011 By 96 Comments

SAN FRANCISCO–(BUSINESS WIRE)–Before you and your kids start checking off the holiday shopping list this season, give your kids the gift that keeps on giving – teach them the importance of financial education. Parents, who plan ahead and teach their children good financial habits before they start shopping, will avoid added holiday stress by keeping spending under control. Wells Fargo & Company (NYSE:WFC) is offering six ways to help parents to prepare their kids for the holiday shopping season.

“As young people become more and more active as consumers, we need to make sure that they become responsible spenders and savers, and learn how to manage their money,” said Angel Zapata, senior vice president, National Manager for Wells Fargo Foundation’s Office of Financial Education. “This holiday season is a great opportunity to do this, as parents and grandparents can incorporate financial education into something fun like holiday gift shopping.”

These simple tips can help keep your spending on track while teaching your kids financial habits that they can use year-round.

  • Make a budget and stick to it. Take a look at last January’s credit card bills and your bank account records. This year, set a total figure – and stick to it. Help your children understand this year’s priorities and your budget, and get their thoughts. Spending alerts, via mobile or email, keep customers informed about debit/credit card spending, so they don’t lose track of how much they are spending during the holidays. Also, make your purchases using a widely accepted gift card pre-loaded with the total amount you want to spend, and when the card is maxed-out, stop spending. Wells Fargo Visa Gift cards are accepted anywhere Visa® debit cards are accepted in the U.S. Plus, they are more secure than certificates, checks, or cash since lost cards can be replaced and there are no monthly fees or lost value.
  • “Edit” your gift list. Have a frank talk with your friends and family. You may be surprised how willing they are to pare down their gift lists, limit gift-giving to home-cooked treats or throw a holiday pot-luck get-together in lieu of gifts. A thoughtful gift doesn’t have to mean expensive. If you have a large family, consider drawing names – at least among the older children and adults – so each family member gives to just one person.
  • Open a bank account — This year, give your kids the gift of savings. Savings and checking accounts are great ways to get your kids on the right financial track. Teach them how to make deposits and withdrawals, keep an account register and balance the account.
    • It’s never too early to teach children about the value of saving. Open an account in their name with as little as $25.
    • For teens, Wells Fargo offers Teen Checking for ages 13 to 17 with an adult co-owner, specifically designed to help parents teach their teenagers good money management skills.
    • For everyone, Wells Fargo offers the Ways2Save Savings account. Customers can make deposits anytime/anywhere and utilize My Savings Plan to help them track their savings goals. Ways2Save Savings also offers a variety of automatic savings options designed to help you develop regular savings habits and meet your financial goals today and in the future.
  • Use free resources to teach financial education — There are many free and reputable places where you can find more helpful guidance to teach children about saving and finances. Wells Fargo offers Hands on Banking®, a free, fun, interactive money management program. The Hands on Banking program (http://www.handsonbanking.org) teaches the money skills needed for all stages of life – from youth to the teen years to young adulthood to adulthood. It is also available in Spanish as the El futuro en tus manos®program. The Hands on Banking curriculum for school-age students meets or exceeds national and state education standards for economics, financial education, mathematics and English language arts. Wells Fargo also offers a children’s financial success resource center (www.wellsfargo.com/family) that helps parents plan for their child’s financial future.
  • Keep focused when you shop – Teach your children to avoid impulse buys. With advertising and sales enticing you to buy, it’s easy to go overboard. Especially for larger purchases, think it over for 24 hours. Be confident that this is an item that you really need and can afford.
  • Make a plan to start saving for next year — Starting with your first paycheck – and your kids’ first allowance – of 2012 and set aside a specific amount for deposit into a savings account. Start saving now and you could have your holiday shopping money saved before the first decorations hit the stores.

This year, make a holiday resolution to keep spending on track and start the New Year on the right financial foot – for everyone in the family. It’s a great gift for you and for your kids – and it won’t cost a dime.

About Wells Fargo

Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.3 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 stores, 12,000 ATMs, the Internet (wellsfargo.com and wachovia.com), and other distribution channels across North America and internationally. With more than 270,000 team members, Wells Fargo serves one in three households in America. Wells Fargo & Company was ranked No. 23 on Fortune’s 2011 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially.

Source: Business Wire

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Credit Cards for People with Bad Credit

November 28, 2011 By 86 Comments

It can be attainable to have fantastic credit following a financial difficulty. It takes a little bit of effort, however it could be achieved. Virtually every last walk of life has been touched. Contractors, realtors, automobile salesmen, restaurant owners as well as churches have felt the crunch. House owners have let houses they loved go back to the lender. Consumers who had ideal credit scores now are afraid to research out what a credit report would revel. A lot of of them have lost the right to utilize a credit card and really feel there’s no hope of obtaining one. Many people ought to have a card once they must rent a vehicle or for emergencies.

Credit cards is often useful for the individual who pays the bill each and every month on time. Some customers spend the entire amount off each and every month. These folks use the card as a tool. Most Americans would agree that it’s a great concept to have at the very least one credit card for unexpected events.

Consumers equate who they are using the number of capital they have. It’s not a good philosophy and certainly not correct. Someone’s self worth is not dependent on their bank book. Plenty of people will expertise income issues at some time throughout their lifetime. It is just a season and it’ll pass. They are going to go on to come to be economically solvent again.

It really is attainable for all those who have poor credit scores (under 600) to obtain a credit or debit card. It takes a little bit of investigating but it is worth the effort. The credit card will need to be paid on time every single month. No late fees and no exceptions. Not simply could be the card holder obtaining a second chance to rebuild credit, they are gaining a necessary tool by obtaining the credit card. It can be doable to have e-mails sent for the card holder to remind them it can be time to pay. Lots of cards will accept payments online. Most cards will report to no less than three credit agencies.

Prepaid credit cards are well-known and seem to become the most beneficial way for some people. A smaller to significant quantity of money is put in an interest giving account. The credit card is issued for that quantity or a little extra. No credit checks are essential. It’s a fantastic chance to rebuild credit. For the person who requires to look for a credit card, a word of caution. Be cautious about cards that have hidden agendas. No one requirements to add to their credit issues.

There are actually card readily available and when the application goes in, a credit report are going to be pulled. Some card providers are going to be lenient and offer you the chance to utilize the card. The limit might be low, but it is often a begin. Credit is important and employing it wisely is a thing which can adjust your ability to get a vehicle, have back up resources and invest in a dwelling. No one should really be discouraged because with some time and diligence, they’ll once more have superb credit.

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