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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

Credit Card Debt Statute of Limitations by State

June 16, 2013 by  
Filed under Blogs, Credit Cards

by: .
Statute of limitations for credit card debt

statute of limitations is a type of federal or state law that restricts the time within which legal proceedings may be brought.

It exists to limit the amount of time creditors and debt collectors have to file law suits over unpaid debt.

CreditFirm.net has compiled this table which lists the statutes of limitations of credit card debt for each state. 

State

Statute of Limitations

Alabama 3 Years
Alaska 3 Years
Arizona 6 Years
Arkansas 5 Years
California 4 Years
Colorado 6 Years
 Connecticut 6 Years
 Delaware 3 Years
 District of Columbia 3 Years
 Florida 5 Years
Georgia 6 Years
Hawaii 6 Years
Idaho 5 Years
Illinois 5 Years
Indiana 6 Years
Iowa 10 Years
Kansas 3 Years
Kentucky 15 Years
Louisiana 3 Years
Maine 6 Years
Maryland 3 Years
Massachusetts 6 Years
Michigan 6 Years
Minnesota 6 Years
Mississippi 3 Years
Missouri 5 Years
Montana 8 Years
 Nebraska 4 Years
Nevada 4 Years
 New Hampshire 3 Years
New Jersey 6 Years
New Mexico 4 Years
New York 6 Years
North Carolina 3 Years
North Dakota 6 Years
Ohio 6 Years
Oklahoma 5 Years
Oregon 6 Years
Pennsylvania 4 Years
Rhode Island 10 Years
South Carolina 3 Years
South Dakota 6 Years
Tennessee 6 Years
Texas 4 Years
Utah 4 Years
 Vermont 6 Years
Virginia 3 Years
Washington 6 Years
West Virginia 10 Years
Wisconsin 6 Years
Wyoming 8 Years

 

Note: This table shows the statute of limitations on written or open-ended contracts to which credit card agreements comply. State laws are subject to change. This table is current as of June 13, 2013.

 

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

Why Closing Credit Cards Destroys Your Credit

March 25, 2013 by  
Filed under Blogs, Credit Cards, Credit Score

by: .
impact of closing credit card on credit score

Managing your credit can be overwhelming. The slightest action can have a long term negative impact on your credit score and cost you thousands of dollars in interest payments.

Let’s take a look at the most common mistake consumers make while working on their credit.

Closing Old Credit Cards Accounts

 

Although it is logical to think that paying off your credit cards and closing the accounts should increase your credit score, the reality is actually quite the opposite.

    • Closing your credit cards will lower your credit score because 30% of your credit score is calculated by how well you manage your debt and use your available credit. Ideally, you should use no more than 30% of the credit limit on your credit cards, meaning if you have a card with a $1,000 limit, your balance should never exceed $300.
    • Closing old accounts will lower your average length of history and decrease your credit score. 15% of your credit score is calculated by the average length of your accounts.
  • Closing your credit card accounts may put your mix of credit out of balance and decrease your credit score. 10% of your credit score is calculated from having a good mix of credit. This means that you should have a mix of both installment accounts such as mortgages, auto loans, student loans, and revolving accounts such as credit cards.

Most debt counselors advise consumers to close old credit card accounts so that they won’t be tempted to incur more debt.

Although it’s a great way of cutting off the temptation to use your credit cards, it absolutely destroys 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

Lowering Your Credit Card Interest Payments

February 12, 2013 by  
Filed under Blogs, Credit Cards

by:
lower credit card APR

Monthly credit card payments on high interest credit cards can quickly derail a consumer from a fiscally responsible path and throw even the best budget out the window.

Once compounding interest begins accruing on a consumer’s credit card balance, the race to minimize the damage begins as the balance grows and the amount of the monthly payment applied to the principle  declines. But, there are a few ways to cut down on your monthly credit card interest payment and save you money.

oneBalance Transfers. Transferring your high interest credit card balance to a new credit card with a low 0% interest rate will give you the opportunity to pay off the balance much sooner as well as saving you thousands of dollars in interest payments.

twoPay early and often. The monthly interest fee which your credit card company charges you is calculated by your average daily balance. The sooner you make your payment, the less you will you will owe in interest. In fact, making multiple small monthly payments as often as you can will also lower the amount of interest that you are charged.

threePay on-line. Due to the fact that mailing and processing of your payment may take 3-5 days, that’s an extra 3-5 days that your account accrues interest. Paying your bills on-line will save you money by assuring you that you payment is processed immediately.

Ask for a special financing. Your current credit card company can actually give you the same promotional offer that others extend to new clients. This means that you can get a 0% APR for a fixed term from your current credit card company, just ask them.

fiveAsk for a lower interest rate. If your credit card company isn’t willing to offer you special financing, request a lower interest rate.  Just make sure that your account is in good standing and that your utilization rate is 30% or less. (Meaning that your balance is 30% or less than the credit limit.)

Follow these tips to save money and get out of credit card debt.

If your interested in hiring a professional credit repair agency to fix your credit report. Give us the opportunity to serve you.

 

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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