Credit Cards For Less Than Perfect Credit

Dear Erica, It’s time that I admitted that I do not know much about credit, even though Im 28. So far, I have not gotten into debt. All I have is a checking account and a bank card. The bank told me that if I dont build up a credit history with a credit card that I would have a hard time later when I want to buy a home or do whatever else requires credit. Is this true or just part of a strategy to get me to sign up for a credit card? I actually like having just a bank card because Im kind of scatterbrained. Im busy and having just one account is so easy. It saves me the trouble of worrying about missing payments or keeping up with several different accounts. I

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Dear Credit Guide, Can you give me a break down on when and where Im supposed to use a credit card? Emergencies only? What about little things like McDonalds? It sounds crazy, but I really dont know when youre supposed to use it! Barry

Dear Barry,

These are sane, not mad, questions! And I’m going to have you answer them. How? First, by completing a brief exercise. So grab a pen, some paper and a calculator.

1. Write down the amount of money you earn on a monthly basis, after taxes, retirement contributions and everything else is deducted from your paycheck.

2. Make a detailed list of what you regularly spend money on in a month. I

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Dear Erica, I have a credit card judgment from 09 for $2,000. I do not work or have any assets of my own. Everything is in my husbands name: car, house and bank account. Since all the furniture was paid for by my husband, could a debt collector have a sheriff come for the furniture to pay on my debt? My husbands name was not on the judgment. We live in New Jersey. Mary

Dear Mary, So let me get this straight: You’ve been sued for a debt, you and your husband have some assets and you’re afraid that the company that won a monetary judgment might be able to collect what’s due. Before getting into the legality of what the judgment creditor can do to force the matter, I’d like to cover how you can pay. This wa

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If you’re struggling with credit card debt, it may feel like all the doors are closed, and there is no way out. However, there are a number of ways to get help if you know where to look.

Heres the good, the bad and the ugly in credit card debt assistance. Buyer beware.

The good: Credit counseling As the name implies, credit counseling involves working with a professional coach who will look at your unique financial situation and help you pare back your debt strategically.

Millions of consumers enroll in nonprofit credit counseling programs every year and a significant number find that budget counseling and financial literacy education is enough to get them back on the right financial track, according to the National Foundation for Credit Counseling.

Also, good: Debt management plans A debt management plan (DMP) is a comprehensive repayment plan for all of your debt, which typically includes loan modifications, such as lower interest rates and lower monthly payments. I

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A credit card that pays new cardholders $300 just for spending $1,500 within six months may sound like the credit card version of a Brooklyn Bridge fire sale, but think again.

Credit cards featuring lucrative cash bonus offers are becoming increasingly common, according to a new study by Mintel Comperemedia.

In the first four months of this year, a full 23 percent of credit card offers came with a cash bonus offer, the study found, compared to just 1 percent of offers in the same period of 2007. In addition, almost six out of ten credit card offers featured some kind of additional promotional offer, such as bonus points, gift cards, extra miles or cash-back rewards.

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Police in Orlando suggest that if you bought gasoline with a credit card in Orlando within the past couple of years, you may want to check your credit card statement closely or call your credit card issuer to make sure you were not a victim of fraud.

They recently busted a major credit card theft ring that most likely affected at least 35,000 unsuspecting cardholders. The way the scheme worked was that the gang of about a dozen thieves installed thin credit card readers or skimmers into the scanning slot of gas pumps. When people inserted their plastic to pay for gas, the skimming device stored their confidential credit card data.

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