How to Get Guaranteed Instant Approval With High Limit Credit

No credit card or loan company can guarantee you an instant approval if you already have high credit limits. If you need a way to get an automatic approval to help raise your credit score--even with a high credit limit---get a secured credit card. With a secured card, you give the company a deposit and they give you a card. Instructions 1 Find a reputable credit card company that issues secured credit cards. Orchard Bank is one example. According to Bankrate, your own bank or credit union is a good place to start. 2 Complete the pre-qualification...

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The Difference Between a Line of Credit & a Credit Card

When an individual realizes he has a need for money without the means to supply it, he typically resorts to obtaining some form of credit which allows him to borrow from a lender. There are several available options for a potential borrower to choose from, including a credit card company and his bank, which can issue a line of credit. No matter which he chooses, he should be careful in managing the amount he uses. Line of Credit A line of credit (LOC) is an extension of money, similar to a bank account, which a bank grants to an eligible...

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Can Debt Collectors Freeze Your Bank Account?

It's embarrassing and inconvenient to try and make a purchase with your debit card or extract money from the ATM only to discover a hold on your bank account. If you have unpaid debts currently owned by a collection agency, an unexpected bank account freeze is a possibility. Although bank account freezes are only temporary, they indicate an impending account garnishment. Facts After suing you, a debt collector requests a writ of garnishment...

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How to Eliminate Credit Card Debt Legally

Eliminating debt is an important step in building financial stability. There are some concrete steps you can take to eliminate credit-card debt legally and start creating a more sound financial future for yourself. Instructions 1 Stop using credit cards. The best way to legally eliminate credit-card debt is not to keep creating more. Don't sign up for new cards, and cut up your existing cards. 2 Create a plan to pay down your credit-card...

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How to Eliminate a Credit Card Debt to Avoid Going to Court

A substantial number of credit card holders have defaulted on the credit card accounts. According to creditcards.com and the National Foundation for Credit Counseling, in the 2009 Financial Literacy Survey, approximately 15 percent of adults in the United States make late credit card payments. That's about 34 million people. When you make payments late you will receive phone calls and letters from your credit card company. If the delinquent payments are not resolved, in a timely manner, you could wind up in court fighting a lawsuit or judgment....

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What to Do When I Get a Credit Card Judgment?

If you are more than six months behind in your credit card payments and you have made no attempt to work out a solution with your lender, you may face a judgment against you. Although the situation may be troubling or even frightening, you still have options. The only option you should not take is to do nothing and hope the judgment will go away. It won't. About Judgments Once you are more than six months late with your credit card payment, your credit card issuer typically sells your account to a collection agency. One option the collection...

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What Is a Loan Charge Off?

Confusion over the meaning of a loan charge off can lead to financial problems if you unknowingly take the wrong course of action. Know the facts before ignoring a loan that might be charged off. Banking Term Debt Help explains that a bank charges off a loan by taking it from its assets column and listing it as a loss on their tax return. They do this when they come to the conclusion that the loan will not be paid, usually six months after...

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Time Frame for Repairing Bad Credit

There is no quick fix for a bad credit score. This is because a credit score is a reflection of a person's credit history. In formulating the score, credit reporting agencies draw information from the past decade of a person's lending. Although many near-term improvements in a person's lending habits can definitely help hike up a score in a short period of time, serious, lasting improvements in a person's score can take years to accomplish. Paying Off Overdue Debts The surest near-term fix to a credit score is to pay off overdue debts that...

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Help With Credit Card Debt in Utah

Utah adheres to the Fair Debt Collections Practices Act, which prohibits a creditor from employing any abusive actions to collect a debt owed them. Other than this, the Utah legislature does not have any other state law that differs from this federal act, enacted in 1977. However, there are nonprofit and other associations and debt counselors that can help any Utah resident eliminate or pay off insurmountable debt. Fair Debt Collections Practices...

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How to Remove Accounts From a Credit Check

There are few options for preventing certain accounts from being visible during a check of your credit. Generally, you would want only negative information removed from your credit report, although some people might also want to hide accounts showing the full scope of their personal debt. However, there are no provisions under the Fair Credit Reporting Act for arbitrarily removing items from credit reports. Credit information that is positive can remain on your report indefinitely, while most negative information can be reported for at least seven...

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Types of Debt Relief

Debt relief is becoming more common across the world. The economy runs largely on the process of consumerism: citizens purchase goods and services furnished by producers and service providers. More recently, customers have become more involved in the consumer culture by utilizing credit. The result has been an increase in the need for debt relief for those in overwhelming debt. Consolidation Consolidation is the most common form of debt relief. Many lenders offer consolidation loans. These loans aggregate loans with high payments and interest...

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How to Stop a WAMU Foreclosure

Washington Mutual Inc., also known as WaMu, filed for bankruptcy on Sept. 26, 2008 -- a day after it was sold to JPMorgan Chase for $1.9 billion, according to Bloomberg.com. Before failing, WaMu had more than 2,200 branches, including mortgage loan offices. The company's mortgage and other banking business was taken over by Chase Bank. Stopping a foreclosure on a former WaMu mortgage will require working with officials at Chase. Instructions 1 Contact a housing counselor specializing in foreclosure prevention. Find a counselor in your area...

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Statutue of Limitations of Child Support in Arkansas

When a biological parent does not pay child support for their child after being ordered to do so by the court, the custodial parent can get a judgment against the other parent to force them to pay. Identification As with other debts, child support debt may have a statute of limitations. A statute of limitations stipulates how long you can be sued for a particular debt or how long a judgment against you can be enforced. Time Frame In Arkansas, the statute of limitations on non-adjudicated child support debt is five years after the...

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What Are Alternate Solutions to Student Debt?

Student debt is a separate category from regular loans, because many student debts are based in government loans that do not follow the same rules. For instance, in a bankruptcy, student debts are likely to remain or be paid off fully if they are federal in origin, since federal debts take priority. This, combined with college student finances soon after graduation, can put pressure on students to pay off their debts. If students are struggling and do not want to fall behind on their debt, there are several options for debt aid they can pursue....

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How Is Credit Restoration Done After Debt Consolidation?

Debt consolidation programs can help you get your debt under control and create a payment plan that you can afford. Debt mismanagement that leads to the need for consolidation can damage your credit. Consolidating your debt is only the beginning of restoring your credit. Consumers who follow a credit restoration plan can recover their good credit over time, according to credit expert Dani Arthur writing on the Bankrate website. Spending Your spending habits after consolidation need to be altered to make your consolidation a success. Do...

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If Something Goes on Your Credit History & You Pay it, How Does it Affect You?

Your credit history reflects your entire experience with debt. When you make payments late or skip payments altogether, subsequently paying the debt may not positively impact your credit score immediately. However, over time, it will help, assuming all items remain paid on time. If you have not already paid off a problem debt, there are steps you can take to lessen the damage. Check Your Credit Report Everyone who establishes credit can obtain a free copy of his credit report once each year through AnnualCreditReport.com. You can get copies...

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What Non-Exempt Property Can Be Taken by a Creditor With a Judgment?

Debtors have two types of property -- exempt, meaning it's protected from creditors, and non-exempt, meaning creditors can seek judgment against it. A creditor may take possession of non-exempt property as repayment towards a debt. In chapter 7 bankruptcy, debtors can choose between a federal package of exemption or state exemption. Depending on state rules, state exemption may allow certain non-exempt personal items in the debtor's home to fall under exempt status. Bank Accounts and Investments It is possible to have your bank accounts...

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Leaving Debt When You Die

Preparing for your death is a responsible, mature step towards making sure your family and loved ones suffer as little as possible. If you have a lot of outstanding debts when you pass away, there is a chance your spouse or heirs could be held liable for repaying those debts. Specific laws and procedures vary based on the state you live in, the type of debt you have outstanding when you die and what assets you leave in your estate. Probate Court...

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Colorado Law Regarding Debt Before Marriage

Colorado is not a community property state for divorce. This means the court divides property and debts in an equitable fashion among both spouses. Property and debt distribution regulations also apply to debts acquired prior to the marriage. The court may require spouses to pay pre-marital debts depending on how the couple handled these debts over the life of the marriage. Debts Tied to Assets In Colorado, assets acquired before the marriage count as marital property in a divorce if those assets appreciate in value over the course of...

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How to Stop Gambling Online Right Now

Online gambling is becoming more and more popular as a hobby, but it can also be problematic for many individuals. If you suspect that this form of gambling has started to become a problem for you, it is probably time for you to consider stopping. After all, many people go into debt because of gambling problems, and you certainly don't want to find yourself buried in debt as a direct result of making bets online. If you are interested in learning...

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Options to Avoid Bankruptcy

Bankruptcy may seem like the only alternative when you're drowning in debt. Yes, bankruptcy can eliminate debts and free up your cash. A bankruptcy proceeding will, however, stay on your credit file for 10 years and reduce your credit score. Rather than file bankruptcy to discharge your debts, consider ways to get rid of debt on your own. Discuss Settlement Options with Creditors Creditors don't want you to file bankruptcy because they'll likely never recoup the money owed to them. If considering a bankruptcy to eliminate debts, contact...

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Types of Public Debt Relief and Debt Forgiveness

The federal government offers public debt relief and forgiveness to people struggling with payments on their loan obligations. Qualifying for these programs generally requires an assessment of need -- homeowners and other debtors who are capable of making their loan payments usually are not eligible for public help. Debt relief programs are available to both struggling homeowners and those with large student loan burdens. The government may be able...

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How to Get a Temporary Credit Card

A temporary credit card is a unique credit card number you can use for online purchases. It is an online security measure if you don't feel comfortable using your own card. Your credit card company issues you a temporary card number to be used for one transaction. The number is of no use after that transaction, so if it is stolen by phishing or other means, it will be useless. Instructions 1 Inquire at your bank or credit card company about...

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How to Remove Inquiries on Credit Reports

When you apply for credit, the lender or business may view your credit history to determine your creditworthiness. The lender has to make sure that you are capable of repaying your debts in a timely manner. Each time a lender or business views your credit history, it will display as an inquiry on your credit report. However, sometimes a business can access your credit report without your permission. Unfortunately, too many credit report inquiries can lower your score. If you have unauthorized inquiries listed on your credit report, there is a way...

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How to Keep Your Personal Identity Safe

There are articles and shows everyday that speak about the pitfalls of identity theft. There are many ways that scam artists can get a hold of your personal information. Identity theft can ruin your credit rating. It can also be a hassle to try and clear up any case of identity theft that may appear on your credit report. The best thing to do is to avoid identity theft be keeping your personal identity safe. Instructions 1 Shred all paperwork before you put it in the trash. Many people shred some of their documents before they put it in...

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Nonprofit Free Debt Reduction

If you're drowning in debt, it can be difficult to know which step to take next, or who can help you to make financial decisions. There are plenty of companies that refer to themselves as free nonprofit debt reduction specialists, but knowing which ones you can trust can prevent you from making mistakes that can result in deeper debt and destroyed credit. Nonprofit Debt Counseling Services The phrase "nonprofit" in front of an organization's name can give you a false sense of security. Just because a company is nonprofit does not mean the...

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How to Find Out if a Creditor Filed a Judgment Against You

Depending on the laws in your state, a creditor with a court judgment against you may have the right to attach a lien to your personal property, seize your bank accounts and garnish your wages. Creditors lack the right simply to "file" judgments. To obtain a court judgment, your creditor must sue you and win. Although creditors must serve you formal notice of a lawsuit, some states allow plaintiffs to serve notice to your last known address -- and...

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The Effect Interest Rates Have on the Decision to Lease vs. Buy

While the interest rate that a person receives on a loan depends largely on their credit score, the average interest rate available to lenders will depend on a number of economic and political factors. The movement of these interest rates has a number of wide-ranging effects. Among these is whether prospective home buyers choose to lease or buy their residences. Rise in Interest Rates A rise in interest rates makes taking out a loan more expensive. As the interest rate increases, the amount of money that a borrower must spend paying interest...

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What Should You Do If Someone Used Your Credit Card Number?

As devastating as it is to think about, credit card fraud occurs all the time. There are two major ways your credit card account can be used fraudulently. The first is that your card is physically stolen. The other way is your credit card number can be stolen. This usually happens when you enter your number into an unsecure website. If you are the victim of credit card theft, there are some quick steps you should follow to protect your account from...

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Do Debit Overdrafts Affect My Credit?

Debit cards offer instant access to a checking account, but because a checking account isn't a credit account, spending patterns -- including occasional overdrafts -- usually have no bearing on a credit report. However, a few unusual circumstances related to the habitual misuse of a checking account can feed a negative credit record. Credit and Demand Deposit Accounts A credit account requires a lender to provide access to cash -- even cash...

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If I Am Paying Monthly on a Medical Bill Can They Turn it Over to a Collection Agency?

When a person undergoes medical treatment, he will often accrue considerable expenses. These bills resemble any other debt in that the medical care provider has a legal right to receive payment on them. If a former patient does not pay his bills, the medical care provider has a right to seek payment through a number of different means, including through the use of a collection agency. However, this agency cannot change the bill payment terms. Medical Bills Medical bills take the form of a contract between the medical care provider and the...

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How to Transfer Someone Else's Debt to My Credit Card

The process of transferring someone else's debt to your credit card is paying the other person's creditor with the money that is available to spend on your credit card. You cannot pay most creditors by giving them your credit card number, therefore you must do either a cash advance or a balance transfer in order to pay the other person's creditor. Instructions Cash Advances 1 Learn your credit card's available balance. Do this by signing on...

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How to Answer a Foreclosure Summons in Illinois

Illinois Legal Aid reports that receiving a foreclosure summons means that your mortgage company is attempting to take your house from you through a lawsuit. However, the agency advises that you should not panic -- and that you should not move out of the home. The foreclosure process takes several months to complete in Illinois, giving you plenty of time to consider your options. After receiving the summons it is important to seek reputable advice while avoiding so-called "foreclosure rescue" companies. Instructions 1 Read the foreclosure...

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Can Debt Collectors Garnish Wages?

When a debtor is seriously behind on payments to a creditor, the creditor may choose to hire a professional debt collector to collect on the debt, or simply sell the debt to the collector. Debt collectors use a variety of methods to compel debtors to pay the money they owe, ranging from phone calls to wage garnishments. Although the debt many not have been issued by the debt collector, the collector is still empowered to use all legal means to receive payment, including garnishment. Garnishment To legally garnish a debtor's wages, a debt...

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What Are Two Debt Reduction Strategies?

If you are looking for a way out of debt, there is some good news and some bad news. You can find that there are about as many methods to get out of debt as there ways to get into debt, so there is not a lack of strategies to try. The bad news is that not all the strategies presented actually work. Whatever plan you decide to implement, one thing is certain -- don't deviate from the course until you have met your financial goals. Power Payment Strategy Debt can be an overwhelming burden to live with but, with proper techniques, it can be...

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Bad Credit Loan Alternatives With Consolidation

There are loans for people of nearly every level of credit worthiness---including those with bad credit. People with bad credit generally have credit scores in the 500s and lower, according to the website Bank Rate. At that level, borrowers often have to resort to loans from lenders comfortable with so-called sub-prime borrowers. Those lenders generally charge very high interest rates and sometimes onerous fees. There are, however, a few alternatives....

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How to Find a Spouse's Hidden Debt

Most people bring some sort of financial baggage to a relationship, whatever their age. It's usually best to be open and straightforward with your partner about the amount of debt you're in from the beginning, but there are those that refuse to face reality and bury their head in the sand. If you suspect your spouse is hiding debt problems from you, it's best to get things out in the open. Instructions 1 Search your property for your spouse's...

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Should I Borrow From My Retirement to Pay Off Credit Cards?

Dealing with credit card debt is one of the most difficult financial problems that many consumers have to handle. One option that some people consider is borrowing money from a retirement plan to pay off the balances on these cards. While this can eliminate the balances, it could also lead to big financial problems in the future. Function The purpose of this method is to pay off your credit cards as quickly as possible. Most 401(k)s allow you to borrow money from them through a 401(k) loan. If you have an IRA, you would not be able to borrow...

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Measure of Personal Debt to GDP

Many analysts compare the rates of personal debt as a percentage of a country's gross domestic product (GDP). Specifically, such ratios are used to describe the stability of an economy, especially during times of economic crisis or recession. At high debt-to-GDP levels, a loss of income may result in further losses in GDP by means of reduced consumer, government and investment expenditure. Defining Personal Debt Personal debt may be defined as all debts accrued on the individual level. Such debts may include mortgage debt, credit card debt,...

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