WE HAVE THE KNOWLEDGE HERE, YOU JUST NEED TO COME GET IT. HERE IS SOME BASIC 101 ADVICE
9 Credit Terms That Will Help to Increase Your Financial Knowledge
Could increasing your credit vocabulary improve your financial well-being? Test your knowledge of these nine important terms that can help you maintain healthy credit — and get the most from your credit card experience.
Credit card companies may charge interest in exchange for letting you carry balances. You may avoid an Interest Charge on purchases if you pay your balance in full each month. However, if you pay less than the full balance, an Interest Charge may be added to your account. The Annual Percentage Rate is a measure of the cost of credit, expressed as a yearly rate. The higher the APR, the more that you will pay.
You may hear this phrase used everywhere, but here's a quick explanation of the financial definition: the "bottom line" is your monthly income less your monthly expenses.
You may be able to transfer a balance from one credit card to another, usually to take advantage of a lower interest rate. Transfers are limited to the available credit on the receiving card.
If you think your bill is wrong, write to your credit card issuer at the address listed on your statement, within 60 days of receiving the first statement where the error appeared. The credit card issuer must acknowledge your letter within 30 days, and correct the error or explain why they think the statement was correct within two Billing Cycles, but no later than 90 days after the receipt of your letter.
And here's a tip to help your dispute: If you notify the credit card issuer of a possible error in writing, you may not have to pay the amount in question while it is investigated. (Though you do have to pay the rest of your bill.)
Many credit card issuers give you a Grace Period on Purchases if you pay your balance on your statement by the due date each month. If you don't, you may not get a Grace Period on Purchases until you pay the balance by the due date for two months in a row.
A Secured Card is a credit card that is collateralized, or partially collateralized, by a cash deposit held in a special savings account or certificate of deposit. Some banks may require that the deposit remain in the account until the credit line is closed or the bank decides security is no longer necessary. The credit line on the card may sometimes equal to the amount of the deposit. If the cardmember defaults on the card, the issuer may apply the deposit towards the outstanding balance.
A Variable Interest Rate is an interest rate that changes based on an economic index such as the Prime Rate or the U.S. LIBOR Rate. For example, a variable rate credit card with an interest rate like "Prime + 5.9%" means that the interest on the card is based upon the Prime Rate plus an additional 5.9%.
Not entirely sure how Prime Rates are calculated? Read on.
The Prime Rate is the interest rate that some major banks charge to many of their best corporate borrowers. Each bank sets its own Prime Rate, though because the rate is so competitive, sometimes the rate is the same at all banks.
For consumer loans — including credit cards — banks and other lenders may use the Prime Rate as a base for calculating variable interest rates. For example, a credit card might carry an Annual Percentage Rate (APR) based upon the Prime Rate + 7.4%. If the Prime Rate today is 3.25%, the rate on the loan will be 10.65% (3.25% + 7.4% = 10.65%). If the Prime Rate drops to 3% when the price on the loan is next evaluated, the rate on the loan may go down to 10.4% (3% + 7.4% = 10.4%).
Never again will Revolving Credit make your head spin. Simply put, it's a credit agreement that allows consumers to pay all or part of the outstanding balance on a line of credit or credit card. As the balance is paid off, it becomes available again to use for another purchase or Cash Advance.
Looking for more definitions? Check out Citi's A to Z glossary of the most commonly used credit terms here.
Judgment and Judgments Services
STAGE 1 - ("Pre-legal")
Determining the viability securing the judgment prior to pursuing legal action. During this phase we will do a comprehensive evaluation with our qualified legal council and judgment experts. Prior to seeking a judgment or judgments if more than one case exists we will process your case into "Stage 1 - Pre-Judgment Phases" Before seeking a judgment, we recommend our help reviewing your case and parties involved first. The are the ABC's of our Pre-judgment process should you start here with us. Remember that securing a judgment against a debtor who legitimately owes a debt, is the easy part. But, a judgment is just the first part to collecting the money owed to you. Be prepared to collect the judgment before filing suit.
A) Viability of seeking a judgment
-Is there sufficient evidence?
-Is the case financially sound for you?
-Are there Pro's & Con's to consider?
B) Asset Locating & Qualifying judgement worthiness
-CRI will process potentially liable defendants for judgment worthiness.
-How will the judgment be paid when/if awarded? We have you covered
C) Consider Effective Alternatives
-What alternatives are available instead of seeking a judgment? We are the answer to all of these concerns. Call us today for answers.
Judgment and Judgments Services
STAGE 2- ("Legal Action")
Assuming that Legal action in order to secure a judgment has been decided.
A) We will do the heavy lifting when matching you with the right attorney to represent your business.
B) Can you afford expensive legal fees that come with effective and sought after attorney's? We will help you with EVERYTHING involving you legal process. You will need to contact us to get the details.
Judgment and Judgments Services
STAGE 3- ("Legal Action")
Collecting a judgment is the ultimate goal. Recovering the money owed to you for a judgment can be very difficult in many cases.
The answers you will need for the questions below are our specialty. We can gladly help.
If/when a judgment is awarded by the court what is the next step? We work diligently throughout the process to have these questions answered beforehand.
In many instances our clients have sought our judgment collection services at this stage. After securing a judgment many clients find that collecting more than dust is a problem. We will take care of these issues and concerns.
A) What course(s) of action are available to collect the judgment?
B) How can I collect money owed to me from a judgment?
C) Can I collect my judgment without spending more money?
The last thing we want a client doing is "throwing good money after bad money"
how can we help? Answer: in more ways than one!
We specialize in Post-judgment remedies and services to make the recovery of your awarded judgment, effective, efficient, and very affordable. (special programs available)