Important Credit Card Fraud Alert
Find a way to protect yourself with a Credit Card Fraud Alert.
There are many offers that come your way each and every day.
As you sift through the mail you find many different envelopes that seem to be from reputable banks.
As you open each of these you find that within each lies an offer for a different credit card. No matter what your current credit rating is these offers just keep coming.
Most reputable companies depend on your credit score to decide whether you are a good financial risk. However, these companies that are bombarding you are not reputable companies, but are those looking to commit credit card fraud.They are scam artists that do not have your financial interests at heart. Instead, they see you as simply a way to make money.
Basically, the company will ask you to give them some money so that they can send you an application.
This application will be sent to your home with a list of banks that are supposedly going to grant you revolving credit with them. You then proceed to fill out the application and try to get approval from a financial institution.
When you get approved you will be instructed to open an account with them.
Once you do this you will be given a credit line that is equal to your deposit into the account that you have opened for you.
Again, this may all sound okay, but think seriously about it, avoid this typre of credit card fraud.
How do you feel about paying a large interest rate only to use your own money? When you think about it that way it does not sound like such a good deal.
These credit card companies may also make claims that they can fix your poor credit rating. Basically, they are claiming that they are going to notify the credit reporting agencies about your on time payments.
However, you have to remember that merely by applying for the credit card your report is going to be pulled which will take a point off of your credit score. And the truth is that even if your good credit payments are reported they will not erase the negatives that you have on your report.
Instead, the only way that you can really impact your report is to reduce your debt to income ratio, maintain an accurate payment record, and pay off any old debts that you are hanging on to.
The truth is that you need to realize that you may be paying exorbitant interest rates by simply using their card. It is not out of possibility for you to need to pay over 20% interests on a credit card balance. This interest is simply money that you are loosing and the credit company is earning.
You have to really think about whether that is something that you want to get involved with.
It simply does not make sense to pay an interest rate that may equal the possible balance on the account simply so that you can make a purchase.
The truth is that if it is going to cost twice as much to purchase something with your card, it is not the bargain that you may have thought that it was.