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Best Ways To Pay Off Your Credit Card Debt

November 25, 2014 by  
Filed under Blogs, Credit Cards

by: .

tricks to get approved for a credit card

What’s the quickest way of getting your finances in order and saving hundreds if not thousands of dollars? Paying off your credit cards of-course.

High interest rate charges can drain your bank account and keep you from achieving financial success. 30% of your credit score comes from the utilization rates on your credit cards and maxing out your credit cards lowers your credit scores. Conversely, paying down your credit cards to a balance of 20% or less of the credit limits will actually increase your credit scores and help you get better terms on loans.

Whatever your reasons are, paying down your credit cards is a good idea. So let’s take a look at the best ways of paying off your credit card debt.

Here Are 3 Strategies To Pay Off Your Credit Cards

1. Pay Off Credit Cards With The Highest Interest Rates First

This is the most logical and cost effective way of paying off your credit card debt. You find the credit card which is charging you the most in interest and pay it down first. You make minimum payments on the rest of your cards and increase the amount of money you pay toward this card. Once paid off, you savings will allow you to pay off the rest of your cards faster and you focus on paying off the card with the second highest interest rate.

2. Pay Off Credit Cards with the Lowest Balances First

Let’s be realistic, we all want instant gratification and quick results to keep us motivated and on track. By choosing to pay down the credit cards with the lowest balances first, you can get to your first paid off, zero balance credit card in no time. This will keep you motivated to continue working toward your goal. Once you pay off one card, while making the minimum payments on the other cards, you can focus your attention on paying off the next lowest balance credit card. The strategy is called snowballing and may not save you as much money as the previous strategy, but it seems to work for the vast majority of consumers. In fact, most consumers that use the snowballing strategy to pay off their credit cards succeed, while those who use others stall out and fail.

3. Renegotiate With Your Creditors

The terms of your credit card agreements are not set in stone. If you are struggling to keep up with your growing credit card debt, call your creditors, explain your situation, and ask them to renegotiate the terms of the agreement. Ask for a lower interest rate and a lower monthly payment. Once renegotiated, pay off the cards as quickly as possible.

Need help improving your credit score? We’re here to help.

 

Why Choose CreditFirm.net?

Assurance. Our Credit Repair process was developed by experienced attorneys.

Speed. Documents are typically processed and sent out for investigation within 3-5 days.

Support. Award winning customer service guarantees your satisfaction.

CreditFirm.net Review

Why Your Credit Limit Increase Was Denied

September 15, 2014 by  
Filed under Blogs, Credit Cards

by: .
why your credit limit increase was denied

9 Reasons Your Credit Limit Increase Request Was Denied

Ever wonder why your credit card company wont raise your credit limit? Here are some common reasons of why your credit limit increase request was denied, and what to do to increase the credit limit on your credit cards.

1. The account was recently past due

What it Means
You recently either missed a payment or made a late payment on your account. Generally, credit card companies don’t approve credit line increase requests on accounts that have a late payment within the last six to nine months.

What to Do
You may want to enroll in AutoPay or use customized alerts to help stay on top of your accounts. Pay your credit card bill on time and your chances of getting a limit increase gets much better.

2. The average balance on this account has been too low

What it Means
When a credit card company reviews requests for credit line increases, one of the things they look at is the payment history of your account. If you regularly use your card and make payments on time, it builds your account’s payment history. If you don’t use your card, theres little to no payment history to review.

What to Do
Use your card more, just make sure that you use your card responsibly. Be sure to pay on time and try to make more than just the minimum payments and keep your balance at a 20% utilization rate.

3. The account has not been open for at least 6 months

What it Means
The credit card company needs time to establish how the account has been used and its payment history. Once they have this information, it’s used as a guideline to help determine if the account qualifies for more credit.

What to Do
Feel free to request a credit line increase after your account has been open for at least six months.

4. The credit bureaus have reported a recent delinquency

What it Means
Your credit report shows you’ve recently paid one or more of your creditors late. Generally, credit card companies don’t approve requests for credit line increases on accounts that have had late payments withinin the last six to nine months.

What to Do
Make sure you are paying all of your creditors on time. If you have questions about what’s on your credit bureau report, contact the three bureaus: Equifax, Experian, and Transunion to resolve the issues or hire a company to do so on your behalf.

5. Your average monthly payment has been too low

What it Means
If you received this reason, it generally means you’re carrying a balance and not making large enough monthly payments to qualify for a credit line increase upon request. Both the payment history and the amount of your payments help us to determine if your account qualifies for a credit line increase.

What to Do
Manage your account responsibly. Be sure to make payments on time. In general, customers that make larger payments are more likely to be eligible for a credit line increase.

6. You recently exceeded the credit limit on your account

What it Means
You recently went over the credit limit on one of your credit card. Generally, credit card companies don’t approve credit line increase requests when one of a customer’s accounts has recently been over the limit.

What to Do
Check over your account information often to be sure that you’re not over your credit limit. Using the credit card companies’ customized alerts to tell you when your getting close to the credit limit makes a lot of sense.

7. Your outstanding debt is too high compared to your income

What it Means
When credit card companies review requests for credit line increases, they look at income and expenses. Your housing expenses and outstanding overall debt, as reported by the credit bureaus, might be too high for your income. Generally, credit card companies don’t approve credit line increase requests for customers that have high balances on revolving accounts.

What to Do
Pay down your credit card balances on all of your credit cards at or below 20% of your credit limits and if your employment status or income changes, be sure to contact your credit card company to update your information.

8. There are too many recent inquiries on your credit report

What it Means
According to the information reported by the credit bureaus, there have been numerous requests for new credit over the last 12 months.

What to Do
Keep in mind that when you make numerous applications for credit, it can lower your credit scores and affect how creditors evaluate credit line increase requests for your account. Be selective about how often you apply for credit. And if you don’t recognize any inquiries reporting to your credit reports, contact the three bureaus: Equifax, Experian, and Transunion to resolve the issues or hire a company to do so on your behalf.

9. Your current credit score is too low

What it Means
Based on the information reporting in your credit reports, your current credit score is too low to qualify for a credit line increase.

What to Do
– Pay your bills on time
– Keep your utilization rate at or below 20%
– Don’t close old accounts
– Establish a good mix of credit
– Limit your inquiries
– Get proactive and leverage consumer protection laws like the FCRA to remove derogatory information from your credit report or hire a credit repair agency like CreditFirm.Net to do so on your behalf.

 

Why Choose CreditFirm.net?

Assurance. Our Credit Repair process was developed by experienced attorneys.

Speed. Documents are typically processed and sent out for investigation within 3-5 days.

Support. Award winning customer service guarantees your satisfaction.

CreditFirm.net Review

Who is WFNNB/Comenity Bank?

January 14, 2014 by  
Filed under Blogs, Credit Cards

by: .
wfnnb-comenity bank

Ever wonder what those WFNB, WFNNB, and CMNTY accounts on your credit are?

Well, it’s all the same company. 

World Financial Network National Bank and Comenity Bank are subsidiaries of Alliance Data, a corporation which was formed in 1996 when JC Penney’s credit card business (BSI Business Services, Inc.) and The Limited’s credit card business, (World Financial Network National Bank) merged.

Since then, WFNNB/Comenity Bank has become one of the largest credit card issuers in the world.

Issuing many credit cards in partnership with retail stores or other businesses such as:

Abercrombie & Fitch
American TV & Appliance of Madison, Inc.
Ames Ladies Wear
Ann Taylor
Arhaus Furniture
Ashley Stewart
Avenue
Bealls
BrylaneHome
The Buckle
Carter Lumber Company
Carson Pirie Scott
Catherines
Chadwick’s of Boston
Charming Shoppes, Inc.
Colombian Emeralds DUTYFREE.COM
Crate and Barrel
Diamond Credit Plan
Domestications
Dress Barn
Eddie Bauer
Erb Lumber
Express
Fashion Bug
Friedman’s Jewelers
Garden Ridge
Goody’s Family Clothing
Gordman’s
Harlem Furniture
Henri Bendel
International Male
J.Crew
Jessica London
Kane’s Furniture
KingSize
La Redoute
Lamonts Apparel, Inc
Lane Bryant
Lerner New York
Levin Furniture
Limited Fashion Group
Limited Too
Madison’s
Marianne
Mastercraft Interiors, Ltd.
Maurices
MedChoice Financial
MetroStyle
Micro Center
New York & Company
Newport News
Palais Royal
Pacific Sunwear
Peebles
Pottery Barn
Reeds Jewelers
RedCats USA
Restoration Hardware
Roaman’s
Samuels Jewelers, Inc./Schubach Jewelers, Inc.
Savon Furniture
Silhouettes
Spiegel
Sports Authority
Stage
Steinbach
Structure
The Company Store
The Limited
Today’s Man
Trek Bikes
United Consumers Club
Value City Furniture
V-Girl
Victoria’s Secret
West Building Supply
Wickes Lumber
Winbrook Computer Corporation
Woodcraft

That’s right, every single one of these retail credit cards is issued and managed by the same company.

If you have an account with WFNNB/Comenity Bank and would like to access it online, you can go to http://www.comenity.net/comenity/

Here is WFNNB/Comenity Bank’s contact information:

Address:
3100 Easton Square Place
Columbus, OH 43219
United States

Phone: 614-729-4000

Fax: 614-755-3175

3 Most Exclusive and Valuable Credit Cards

December 19, 2013 by  
Filed under Blogs, Credit Cards

by: .

There’s nothing more annoying than losing your credit card. But losing one of the following 3 cards would be unimaginable.

Here is a list of the 3 most exclusive and valuable credit/charge cards in the world.

solid gold credit card

Sberbank Visa Infinite Exclusive Card

Country: Kazakhstan
Annual Fee: $2,000

The card itself is made of pure gold, 26 diamonds, and pearls. The cost to obtain the card is $100,000. $65,000 of which will go toward minting the card and the remaining $35,000 will be credited to your account.

The card does have some exclusive member benefits including access to VIP lounges at several airports, concierge service, discounts at hotels, restaurants, limo services, and more. But the best perk is that getting this card gives you life and health insurance worth over $250,000 – which you will probably need if anyone finds out you’re carrying a $65,000 credit card in your wallet.

Good looking out Sberbank-Kazakhstan!

—Some bad news, the card is only available to residents of Kazakhstan. – Darn!

credit card made with palladium

J.P. Morgan Palladium Card

Country: USA
Annual Fee: $595

Say hello to the JP Morgan Palladium Card.

The JP Morgan card is made out of palladium and 23k gold. Palladium’s current market value is hovering around $715 per oz, meaning there’s at least $1,000 worth of precious metal in the card itself.

Getting your hand on the card will be a little difficult, it is only offered to private banking clients of the JP Morgan Private Bank, Investment Bank, Treasury Services, or Commercial Bank. Meaning that you will have to let JP Morgan manage $25 million dollars of your money in order to get the card.

Benefits of the card include a 24 hour “Palladium” concierge, Chase Ultimate Rewards, access to over 600 airport lounges, first class upgrades, a free hour on a private jet, and 57 more pages of benefits too long to list. 

Then again, if you have $25 million to invest with JP Morgan, you can have your assistant email be and I’ll pass along the entire list of benefits.

Exclusive credit cards

Dubai First Royale Mastercard

Country: UAE (United Arab Emirates)
Annual Fee: 7,000 AED (about $1,900)

The Royale card is adorned with gold and diamonds. The card has been around for since 2008, originally given to the bank’s 100 wealthiest clients.

The card caters to oil tycoon and royalty alike with perks like no preset spending limit, low APR, and cash back as high as 4%. The card also gives you access to a “Dedicated Relationship Manager” and “Royale Lifestyle Management”, whatever those are.

Membership is by invitation only.

(Yes, I do realize that the name on the card in the picture is Ahmed Abdullah, it’s from the banks website and the UAE’s version of John Smith.)

Back to reality.

Most people will probably have to set their sights a little lower than these cards.

There’s nothing wrong with having a Capital One Venture card which has as many benefits as most of these other cards, a great points/miles program ad doesn’t charge an annual fee.

But, the caveat is that you still need to have good credit. The sad fact is that most Americans don’t qualify for a card like the Venture card because of their low credit scores.

These consumers are forced to use cards like the First Premier Bank credit cards which have high APRs, high annual fees, high penalty charges, low credit limits, and no benefits.

If you’re interested in improving your credit scores so that you can obtain a high quality credit card, a mortgage, or an auto loan, click Sign Up and let the experts at CreditFirm.net help you increase your credit score.

 

Why Choose CreditFirm.net?

Assurance. Our Credit Repair process was developed by experienced attorneys.

Speed. Documents are typically processed and sent out for investigation within 5 days.

Support. Award winning customer service guarantees your satisfaction.

CreditFirm.net Review

Different Types of Credit Cards

December 12, 2013 by  
Filed under Blogs, Credit Cards

by: .

credit cards

The average consumer can find it quite challenging deciding what type of credit card to open in order to build their credit. When looking for a credit card that meets your needs, you need to know about the different types of credit cards that are available.

Lets take a closer look at 5 different types of credit cards.

A Debit Card is a card that works like a checkbook because the limit is the amount of funds you currently have available in your checking account. Every time you use it to make a purchase the amount charged is deducted right from your account.

Debit Cards do NOT report to the 3 credit reporting agencies.

A Prepaid Credit Card works very similar to a Debit Card without the need for a bank checking account. You add funds to your card and whatever amount you add is available to use for purchases.

Prepaid Credit Cards do NOT report to the 3 credit reporting agencies.

A Secured Credit Card is specifically designed for consumers with limited or less than perfect credit. An initial security deposit is required which establishes your card’s credit limit. Once you begin making purchases and using your card you will receive billing statements like a regular credit card.

Secured Credit Cards report to the 3 credit reporting agencies.

An Unsecured Credit Card is a regular credit card which does not require a deposit. The credit limit is determined by several factors including credit score and income. So the higher the credit score, the higher the credit limit.

Unsecured Credit Cards report to the 3 credit reporting agencies.

A Charge Card is a type of credit card which works similar to an unsecured credit card with one caveat. The entire balance has to be paid in full at the end of each billing cycle. Because you can’t carry a balance for more than 30 days, a charge card doesn’t have a specific APR, so there is no interest rate for a charge card issuer to disclose to consumers. A good example of this type of card is the standard American Express Charge Card.

Charge Cards report to the 3 credit reporting agencies.

What is the best type of credit card for you?

If you have limited or bad credit and are looking to rebuild your credit history, a secured credit card may be your best bet.

If you plan on paying your balance off  in full at the end of every month, a charge card which earns points and rewards is a great option.

However, if you plan on maintaining an ongoing balance, a low interest unsecured credit card is a much better option.

No matter what type of credit card you choose, remember to always read the fine print so you completely understand all of the terms, conditions, and fees associated with the card.

 

Why Choose CreditFirm.net?

Assurance. Our Credit Repair process was developed by experienced attorneys.

Speed. Documents are typically processed and sent out for investigation within 5 days.

Support. Award winning customer service guarantees your satisfaction.

CreditFirm.net Review

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