Credit Card Blog

What is Credit card fraud?

Credit card fraud is a wide-ranging term for theft and fraud committed using a credit card or any similar payment mechanism as a fraudulent source of funds in a transaction. The purpose may be to obtain goods without paying, or to obtain unauthorized funds from an account. Credit card fraud is also an adjunct to identity theft.

Ten Tips to Prevent Credit Card Fraud

1. Keep a list of your credit card numbers, expiration dates, and the phone numbers of all card issuers in a safe place.
2. Credit card issuers offer a variety of terms (annual percentage rates, methods of calculating balances subject to finance charges, minimum monthly payments, and actual membership fees). When selecting a card, compare the terms offered by several card companies to find the card that suits your needs.
3. When you use your credit card, watch your card after giving it to a clerk. Take your card back promptly after the clerk is finished and make sure the card is yours.
4. Never sign a blank receipt. Draw a line through any blank spaces above the total when you sign receipts. Tear up the carbons when you take your credit card receipt.
5. Open credit card bills promptly and compare them with your receipts to check for unauthorized charges and billing errors.
6. Write card issuers promptly to report any questionable charges. Written inquires should not be included with your payment. Instead, check the billing statement for the correct address for billing questions. The inquiry must be in writing and must be sent within 60 days to guarantee your rights under the Fair Credit Billing Act.
7. Avoid giving your credit card number over the telephone unless you know the company is trustworthy. Never write your card number on a post card or on the outside of an envelope.
8. Sign new cards as soon as they arrive. Destroy expired cards. Cut up and return unwanted cards to the issuer.
9. If one of your credit cards is missing or stolen, report the loss as soon as possible to the card issuer. Check your credit card statement for a telephone number to report the stolen card. Follow up your phone call with a letter to the card issuer. The letter should contain your card number, the date the card was missing, and the date you reported the loss.
10. If you report the loss before a credit card is used, the issuer cannot hold you responsible for any subsequent unauthorized charges. If a thief uses your card before you report it missing, the most you will owe for unauthorized charges on each card is $50.

Things have gone from worse to worst and you’re in the verge of losing your precious home. What to do? What options do you have left? How about taking the plunge and get you gears up in looking for a current refinance mortgage rate that will help you save your home. Remember that when the going gets tough, a lending organization will come up to something to assist your needs.

As the dictionary defines it, refinance is to obtain new financing for something on different terms, often involving the paying-off of an existing high interest loan by means of a new lower-interest one.

There are several reasons why refinancing can be your best bet in this times. The first is that it can lower you mortgage monthly payment. Find a refinance with a lower interest rate and for sure a lower payment will follow. Another reason for refinancing is to change the term of your mortgage rate in a way that can be more advantageous to you. For instance you are under the adjustable rate mortgage and if the flow of the mortgage rates keeps on fluctuating and tends to create budgeting hazards monthly then you can inquire in your lending institution if it’s possible for you to switch to a fixed-rate to have an easier budget list every month. Same goes with a fixed rate term. If your monthly payment is way higher in the fixed rate term compared to the adjustable rate mortgage, switch it up.

Additional reason to refinance in regards with terms is to make sure that the years of payment is parallel to your long-time goals. For example, there’s no point in making in agreement in a 30-year term if you’re all of a sudden needed to relocate. On the other hand, if a 15-year term is straining the tuition portion of the budget then you can convert yours to a much longer term to accommodate your need.

Obtaining a refinance might be a little bit distressing but hey, you need to do what you need to do. Luckily for the people who needs refinancing, there are a lot of financial corporation that are willing to lend help in refinance. The key words here are ‘there are a lot’, meaning that even if you need to lend resources you also have the option and liberty to choose the right firm to assist your concern. Even if you have a less than exemplary credit report, a lending organization will still aid you in your need.

But remember, before jumping into major decision-making about refinance you need to be able to educate yourself more about it. You can either ask assistance through the lending organization’s customer service or search for a topic or a website online that mainly discusses refinancing. By doing so, you just don’t only add knowledge to yourself but ultimately avoids incidents where you can be cheated or ripped-off by fraud financial corporations that are always lurking in the shadows of those who are badly in need.

Acquiring for a mortgage loan is a big financial decision that really has a great impact in your life. So before making your final choice, as mortgage loaner, you need to know the different types of mortgage loans to know the best for you. Here then are some of the types of mortgage loans for you.

1. Fixed-Rate Mortgage

As the name implies, a fixed-rate mortgage is a type of mortgage loans that offers an interest rate the never changes until the loan is paid. It is one of the most common and arguably the most popular mortgage loan as its main advantage is that even if the interest rate increases in the course of your loan, your rate when you first applied for the loan will remain the same.

The ‘term’ of the fixed-rate mortgage can either be for 15, 20 or 30 years. And as always, they each have their own advantages and disadvantages. A 15-year fixed-rate mortgage loan permits the loaner to pay off their loan in a much shorter time period. If you are capable financially to make this choice, do so, but also remember that this results to higher repayments per month. A 20-year fixed-rate is similar to a 30-year fixed rate with minor differences. Both have a lower monthly repayment though the former is quite difficult to find and the latter is the most common fixed-rate mortgage.

2. Adjustable Rate Mortgage (ARM)

If you choose this type of mortgage loan there’s a big probability that you will start off with an interest rate that is lower than the usual. However, you have to pay attention to the key word of the loan which is ‘adjustable’. Your payment for you loan can either increased tremendously or decrease shockingly after the pre-arranged initial period. This factor depends on the conditions of the market so you need to be ready with its inconsistency.

3. Balloon Loan

This type of loan is a fixed-rate loan that’s short-termed. Under this type of loan, a loaner will pay small amounts for either five, seven or ten years which is called the introductory period. Once the introductory period expires, the remaining balance in the loan should be paid in whole.

4. Government Loans

There are three sub-categories in this type of loan. The first one is called Federal Housing Administration (FHA) loan. It s insured by the administration and is open to all eligible home buyers, and though there are limitations in FHA loans in terms of size, most often than not this loan covers the price of a comparatively priced house. Another type of government loans is the VA loan assured and guaranteed by the Department of Veterans Affair. This particular loan is only eligible to military veterans that have the seal of eligibility from the department. And more often that not, there’s no down payment for this loan. The third type of government loan is referred as the Rural Housing Service (HRS) loan. This loan is mainly for those who live in rural areas with low to average income.