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Effects of Credit Cards & Loans on Your Credit Report

Effects of credit cards and loan accounts can be positive. For example, retail charge cards can be a good way to establish or improve your credit. Because the card limits are generally low, you may pose little risk to the creditor. So, you may be approved with little or no credit history. Using these cards responsibly may help establish your creditworthiness for more significant credit (such as a vehicle loan or a mortgage) in the future. Unfortunately, the interest rate on charge cards is much higher than regular credit cards because of the higher risk involved. Use these types of cards sparingly.

Like retail charge cards, secured cards can be the first step toward repairing your credit history. With secured credit cards, you are required to deposit money with the issuer of the secured card that partially or completely covers the amount you may charge on your card. If you default on your card payments, the creditor may withdraw the money you have on deposit to repay the debt. In some cases, however, the card may be converted to an unsecured card if you make satisfactory payments for a specified length of time. Your secured card will help you establish or improve your credit only if you make the payments in a timely manner. Even though you have money on deposit with the card issuer to secure the debt, you must pay at least the monthly minimum to keep your credit history from looking even worse.

On the other hand, loans and credit cards can have a negative impact. First of all, applications for credit are reported to credit bureaus as an inquiry and remain on your report for 24 months. Lenders may become suspicious if they see numerous credit applications within a short period of time. Fearing that you may become overextended on the amount of debt you can handle, they may deny you credit simply because you've applied for too much.

Furthermore, late and missed payments will appear on your credit report. For each credit account you have, your credit report will contain a detailed history of your payment record over the last 12 to 24 months. Derogatory information may remain there for seven years or longer, depending on the type of notation. Each time you're late making your credit card payment or miss a payment, you're undermining your credit history and weakening your chance to obtain loans in the future.

Finally, all open accounts with no balances also appear on your credit report, even if you don't use them. Because they increase your potential debt-to-income ratio, open but currently unused accounts can prevent you from obtaining new credit. To prevent this situation, get a copy of your credit report. If your report shows that you have cards you no longer use, call the issuing companies to cancel them.

These are just a few ways credit applications and accounts can affect your credit. To learn more, visit http://www.directlendingsolutions.com

More Useful Resource and Updates on accept credit card wireless

• Crime Stoppers offers reward in credit card abuse case (The Atascocita Observer)
  On June 4, an unidentified suspect broke into a woman?s vehicle and took her purse, which contained several credit cards. When the victim called to cancel her cards, she was informed that her Visa card had already been used twice.



• Don?t fret about closed credit card account (Lawrence Journal-World)
  Several banks are closing dormant credit card accounts, but there are some easy ways for homeowners and buyers to protect against a long-term drop in their overall credit score.



• Pleasant Grove police crack theft and credit-card-fraud ring (Deseret Morning News)
  Police officers have cracked a theft and credit-card fraud ring, leading to the recovery of thousands of dollars of stolen items ranging from plasma TVs to underwear.



• Secured card can help you build credit (Bankrate.com via Yahoo! Finance)
  A secured credit card can help rebuild your payment history if you have bad credit, says Dr. Don Taylor.



• Cuomo calls on gas stations to stop surcharges on credit card customers (The Journal News)
  ALBANY - Attorney General Andrew Cuomo is warning gas stations across the state not to engage in "bait-and-switch" tactics by posting lower cash-only prices for gas and then charging higher prices for credit card customers.



• Home Depot gets credit card boost from Citigroup (Atlanta Journal-Constitution)
  Home Depot, which has one of the largest consumer credit card portfolios in the country, has penned a new deal with its outside credit vendor, Citigroup Inc., the world's largest card issuer. The deal may seem like inside baseball. But it's a big deal for the country's second-largest retailer, as the cost of maintaining the portfolio under the old agreement was depressing earnings. The new deal ...



• Brazen credit card theft leads to conviction (The News)
  NEW?GLASGOW ? A 25-year-old woman who stole John Hamm?s credit card from church and worked with her common-law partner to steal a purse from an elderly lady in Stellarton has been sentenced to probation.



• QCR Holdings, Inc. Announces Gain From the Sale of Merchant Credit Card Acquiring Business (GlobeNewswire via Yahoo! Finance)
  MOLINE, Ill., Aug. 29, 2008 -- QCR Holdings, Inc. announced today that the Company has sold its Merchant Credit Card Acquiring business to Veracity Payment Solutions, Inc. . The transaction will result in an after-tax gain of approximately $3.0 million in the third quarter of 2008.



• Analysts weigh credit card impact of Biden VP bid (ABS-CBNNEWS.com)
  DENVER - Credit card industry analysts are wary of the sector's regulatory outlook if Barack Obama, a harsh critic of their business, becomes U.S. president with their longtime ally Joe Biden as vice president.



• AG Cuomo: Gas stations cheating credit card customers (AM New York)
  New Yorkers should be wary of running across greedy gas station owners, who are ripping off credit card customers, state Attorney General Andrew Cuomo said.

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