Pay Your Debt More Often

You probably get the same spam every day that we do - "reduce your debt now with our service!", "get out of debt fast", etc. Well, we at StudentPlatinum.com decided to get in on the action and really research how all this debt calculation works. It's not a secret - in fact, by law the calculations which determine your interest and payments cannot be a secret, it's just somewhat unpleasant math.So, that said, here is the not-so-secret formula to reduce your debt faster - Pay your debt more often.Probably not the closely guarded formula you were looking for, but it's true. It works on the principle of average daily balance, the billing method most credit cards use to compute interest. The faster you reduce your average daily balance (ADB), the more you'll save in interest. Here's an example. Say you have a starting balance of $1,000 on a credit card with 15% APR. If you do nothing all month and pay $100 at the end of the month, your finance charge will be computed as such:

Review your Credit Report and Make Corrections

First get your credit report and your credit score to find out exactly where you stand. If you have recently been rejected for a loan or line of credit and have been told that your credit report was a contributing factor, you are entitled to a copy of the report from the lender that denied you. Ask for a copy so that you can see what’s going on. But for now, let’s assume that you have a copy of your credit report and you are less than thrilled with some of the information on it.Thoroughly comb through all of the information on the report and identify anything that you think is incorrect. This can include unfamiliar accounts, late payment indications, past due accounts, etc. You have the right to dispute any information in your credit report that is not correct! In fact, it’s Imperative that you do this immediately as the items are most likely a large contributing factor to your low FICO credit score! Your report should list instructions as to how to dispute data. If not, send a letter to the credit bureau who gave you the report detailing the inaccurate information.Repairing your credit begins with the correction of incorrect items on your credit report. Once you've obtained a copy (for free if you have been declined credit, otherwise you can improve your credit score through our credit reporting service for a nominal fee) of your credit report, review it for accuracy.Under the law, both the credit bureaus and the organization that provided the information to the credit bureaus, such as a bank or credit card company, have responsibilities for correcting inaccurate or incomplete information in your report. To protect all your rights under the law, contact both the credit bureaus and the information provider if you have a dispute.Tell the credit bureaus in writing what information you believe is inaccurate. Include copies (not originals) of documents that support your position. In addition to providing your complete name and address, your letter should clearly identify each item in your report you dispute, state the facts and explain why you dispute the information, and request deletion or correction. You may want to enclose a copy of your report with the items in question circled. Your letter may look something like the one below. Send your letter by certified mail, return receipt requested, so you can document what the credit bureaus received. Keep copies of your dispute letter and enclosures.

How to Repair Your Credit - Repairing Your Credit

What can you do if your credit is currently less than stellar? Well, as you can imagine, there are many ways to handle bad credit and there will be no shortage of companies looking to sell you easy solutions to do it for you. Before you buy into any of them you should realize that there’s only one way to truly turn things around and that is with some soul searching, a little behavior modification, and a lot of hard work. Whether you work with an agency or not, some are good and others are crooks, everybody should try the following steps first.

What to do if Your Credit Card is Stolen

So, you recently got our Chase Platinum Visa Card , and you're feeling the happiness of a great asset in your pocket, when you notice that said pocket is a little lighter... and that your wallet has been lifted by an enterprising pickpocket. Now what?The theft of a credit card is far more than the loss of a piece of plastic and the money that can be spent on it. Recent studies have indicated that theft of credit cards is only part of the greater crime of identity theft. This guide will help you minimize the damage a thief can do to your credit rating.

Avoiding Credit and Charge Card Fraud

A thief goes through trash to find discarded receipts or carbons, and then uses your account numbers illegally.A dishonest clerk makes an extra imprint from your credit or charge card and uses it to make personal charges.You respond to a mailing asking you to call a long distance number for a free trip or bargain-priced travel package. You're told you must join a travel club first and you're asked for your account number so you can be billed. The catch! Charges you didn't make are added to your bill, and you never get your trip.Credit and charge card fraud costs cardholders and issuers hundreds of millions of dollars each year. While theft is the most obvious form of fraud, it can occur in other ways. For example, someone may use your card number without your knowledge.It's not always possible to prevent credit or charge card fraud from happening. But there are a few steps you can take to make it more difficult for a crook to capture your card or card numbers and minimize the possibility.

Debt Collectors - Fair Debt Collection

If you use credit cards, owe money on a personal loan, or are paying on a home mortgage, you are a "debtor." If you fall behind in repaying your creditors, or an error is made on your accounts, you may be contacted by a "debt collector."You should know that in either situation, the Fair Debt Collection Practices Act requires that debt collectors treat you fairly and prohibits certain methods of debt collection. Of course, the law does not erase any legitimate debt you owe.This page answers commonly asked questions about your rights under the Fair Debt Collection Practices Act.Search for the Right Student Credit Card - Apply TodayWhat debts are covered under the Fair Debt Collection Practices Act?Personal, family, and household debts are covered under the Act. This includes money owed for the purchase of an automobile, for medical care, or for charge accounts.Who is a debt collector?A debt collector is any person who regularly collects debts owed to others. This includes attorneys who collect debts on a regular basis.How may a debt collector contact you?A collector may contact you in person, by mail, telephone, telegram, or fax. However, a debt collector may not contact you at inconvenient times or places, such as before 8 a.m. or after 9 p.m., unless you agree. A debt collector also may not contact you at work if the collector knows that your employer disapproves of such contacts.Can you stop a debt collector from contacting you?You can stop a debt collector from contacting you by writing a letter to the collector telling them to stop. Once the collector receives your letter, they may not contact you again except to say there will be no further contact or to notify you that the debt collector or the creditor intends to take some specific action. Please note, however, that sending such a letter to a collector does not make the debt go away if you actually owe it. You could still be sued by the debt collector or your original creditor.May a debt collector contact anyone else about your debt?If you have an attorney, the debt collector must contact the attorney, rather than you. If you do not have an attorney, a collector may contact other people, but only to find out where you live, what your phone number is, and where you work. Collectors usually are prohibited from contacting such third parties more than once. In most cases, the collector may not tell anyone other than you and your attorney that you owe money.

Best Student Credit Cards for College

The best credit cards for students are the credit cards that best fit your individual sitution. Consider your current credit, your card requirements and list your priorities. Many of the best student credit card programs offer useful rewards and benefits. Some have low rates but higher fees, others have low fees and higher rates. Review them carefully and manage them responsibly to find the best student card for you!