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Understanding Credit

Annual Fees

Some cards offer annual fees in exchange for a lower APR. If you have good credit and your payments have been on time, call up your creditor and let them know you would like them to reduce your annual fee. This strategy often works; remember credit card companies only make money if you have a balance with them, and they want to keep you happy. If your creditor is not willing to remove the annual fee, you always have the option of finding another creditor who can offer a deal closer to what you are looking for.

Offers with Low Fees

Creditors will offer low APR's to gain more customers, enticing them to transfer balances. Most of these low APR's last for about 6 or so months before moving to a more typical APR. Transferring money to a low introductory APR can be beneficial if done correctly; however, at Prestige Financial Solutions we urge our clients not to maintain any balances to begin with. If your existing creditor is aware that you are going to transfer a balance, they may even lower your current APR in the hopes of keeping you as a customer (Boy! Doesn't it feel great to be in control again?) Sometimes a new APR may work out better. You may even be able to transfer balances every six months between different creditors to maintain a lower APR until you pay off your balance.

Alternatives to Credit Cards

The best alternative to a credit card is to have no credit cards at all. Make sure you set financial goals for yourself every month and only spend money when you have money. Using a check card is one of the best alternatives to a credit card. The money comes straight out of your account, so always make sure you are aware of your daily balance. Software programs like Intuit Quicken or Microsoft Money can help you keep track of your daily expenses, or you could use the old fashion method of just balancing your check book. Most banks also offer online banking to give you up to date financial information. Always remember the bills that have to get paid each month and stay on pace with your goals. You can reclaim your future.

Rebuilding Your Credit

The key to rebuilding credit is to let creditors know that you are responsible. Because Prestige Financial Solutions has such a great track record with creditors and clients, it is very easy for our clients to get credit again and we make sure we help them use their new credit correctly. Responsibility involves making scheduled payments on time, all the time. That often means establishing a budget and sticking to it. If you are ever late with a payment, call your creditors and apologize, let them know it slipped your mind and sometimes you may even get them to wave the late fee. Do not treat creditors like the enemy. Remember this is their money you are using. The right kind of attitude will help you rebuild your goals.

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