To say that you should rule your credit card, and not the other way around, is common sense advice.

To say that your credit card is a reflection of ones self is wisdom indeed. Too often, we find ourselves in situations where we dont fit and opening a credit card is really no different.

How many times have we convinced ourselves to take out a card with a whole bunch of rewards we never use, or the bare bones card not equipped with all the ones we want? Maybe weve talked ourselves into settling for an insanely high APR, and the excitement once present over our new credit card turns into resentment.

Thats why, during Financial Literacy Month, its very important to know the right steps on how to choose a credit card thats right for you.

How to Choose a Credit Card

When trying to understand how to choose a credit card, think about who you are and what stage of life youre at financially. Youll find that the type of card appropriate for a person in their 20s isnt palatable to a retiree.

Students and young adults

If youre a college student, or a young adult with low or zero credit, a secured credit card might be just the choice for you. Credit limits on a secured card are set with a down payment from the card holder; in this case, secured card limits are traditionally low (around $200), but just right for a young adult with minimal expenses. You may also want to choose a secured credit card with special rebates and incentives for students, like 0% introductory interest rates and low annual fees to get you started, and cash back deals for school supplies, gas and lunch with friends.

Families or Ages 30s-40s

If youre raising children or buying your first home, youll have some big expenses to take care of. The best credit cards for you are those with a low interest rate and the lowest fees possible, especially if you charge many of your household and family purchases on credit. If youve been building your credit score since your college years, youll qualify for an unsecured card, and in this case, you can opt for a mid-to-top tier card that even provides frequent flier miles, perfect for an experienced professional who travels on the job.

Senior citizens or Ages 50 and Up

Theres no reason to fix something that isnt broken, so if your choice of credit card youve had for years still works for you, why change? In retirement, your regular expenses may be fewer, but now is the opportunity to take up things like vacations and well-deserved travel in your golden years. Experts recommend opting for a card that absolutely incentivizes airfare cash back and bonus point rewards.

Whats in a Credit Card?

No matter what stage of life youre in, some characteristics are universally, unequivocally a must when it comes to credit cards. Our friends at Money Crashers suggest several things to aim for in a credit card if you can get all of them in one piece of plastic, more credit to you!

• Fees: No doubt that credit cards with no annual fees or at least no initial fees or interest charges for the first several months are an attractive option. But dont turn your back on a card just because it carries a nominal price tag it could come backed with built-in cash rewards and rebates compensating for the attachment of a fee.
• Cash or Points: Many discriminating card holders have a preference between obtaining a credit card that generates rewards points with every purchase, or a card that offers direct cash rebates, also after passing a certain purchase threshold. Both have their benefits: cash back cards, especially those with a 2 percent return rate, are direct assets and can be used for whatever you like. Rewards points, while more limiting in their use, are great for credit card travel rewards, hotel stays and other products. Which alternative is better for you is your preference.
• Low APRs: Picking a card with a low interest rate is ideal otherwise, its just hard-earned money down the drain. Annual percentage rates are something that can be negotiated for against the strength of your credit score, which, if high enough, gives you more flexibility and freedom in choosing which credit card has the better interest rate.
• Online interactivity: What bank or credit union isnt on the internet these days? Surprisingly, some arent, and that can dampen the attractiveness of opening a credit card account with said financial institution. You manage your checking and savings accounts online, so why not your credit card, too? The best banks and credit card companies with an online presence allow you to pay your monthly balance on their website, and set up transfer routing to the bank account of your liking.

What Will You Use the Credit Card For?

Credit cards serve a purpose. Clarifying what you spend and save your money on makes finding a credit card easier.

• Day-to-day expenses: A basic, no-frills secured credit card may be the perfect match if you like to keep things simple. Gas, groceries and other sundry items a few times a month should satisfy the low limits of a card with a low down payment as a credit limit.
• Major appliances and financing: If youre paying off a mortgage or auto loan, or if youre furnishing or repairing a house, big-ticket expenses and monthly bills can go a long way to boosting your credit score by putting them on a credit card. Obviously, an unsecured card with a higher credit limit will give you the high debt ceiling you may need.
• Travel needs: If youre a globe trotter for business or for pleasure, opt for a rewards credit card or pay full price wherever you go. Rewards cards generally reimburse cash over a set period of time, number of purchases or for each dollar spent to accrue bonus points that can be applied at participating hotels airlines and gas stations.
• Business expenses: From the start-up to the seasoned business owner, a business credit card is the right choice for fronting purchases to support the growth of your company. Computer and office supplies, renovations, overhead carry different priorities than personal expenses, so choosing a credit card that caters to the career professional is key.

There are a lot of things to take into consideration before signing up for a credit card offer. However, if you examine the types of cards on the market today, what your financial needs are, and, most of all, what a card can do for you, you too can choose best credit cards for your needs.

This article is part of the Go Banking Rates Financial Literacy Movement, helping Americans get smarter and grow richer. Take our credit card quiz to test how knowledgeable you are!

Provided by Go Banking Rates

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Greenway Mortgage a NJ Mortgage Company with a Smart Approach

Mortgage rates hovered in record low numbers last week with 30 year fixed returning to around 3.89.  Frank Nothaft of Freddie Mac attributed the lower mortgage rate figures to “mixed indicators” for the labor market.  Having averaged around 4% for over 2 months now, a 30 year fixed mortgage is looking like a strong option at its current numbers.  Are these figures good indicators for making a move towards purchasing a home mortgage now or even refinancing an existing mortgage?  Mortgage companies like Greenway Mortgage, a NJ mortgage company, are taking a smart and stable approach when it comes to their clients.  With so many loan programs on the market right now, Greenway (NJ mortgage consultants) have organized the best programs available to assist in answering tough questions like is now a good time to buy?  It basically all comes down to the individual’s fiscal figures and other factors such as the importance of payment certainty and building equity for that individual.

NJ Mortgage Company with Answers

Obviously there are benefits in using a mortgage lender that is looking out for your best interest.  That’s why Greenway Mortgage is considered as a NJ Mortgage company with a smart approach, they actually focus on customer concerns such as low rates, consolidation of mortgage and reducing interest costs.  Even smarter than just using common courtesy with their customers, Greenway Mortgage also donates 5% of their annual profits to Green Groups and Green causes both in New Jersey and regionally.

So, if you are going to strike while the numbers are low and buy a house or refinance your current mortgage, you’ll want to go with a mortgage company that has a history of positive customer response.  Mortgage lenders like NJ Mortgage Company, Greenway Mortgage, have the right idea in giving back to the community and the environment.  Caring about people and customers is something that more mortgage companies should probably do right now considering the condition of the market over the past few years.

More About Mortgage Firms – All You Need to Know About How Mortgage Companies Work

The advantages

In the simplest terms, a mortgage firm is a business concern that offers financing to its customers. The mortgage company takes care of all the payments related with the purchase initially, thus empowering their customers to make the final purchase. The customer, also known as the mortgage buyer, is then entitled to make monthly repayments to the mortgage firm to clear off the loan. These monthly installments include repayment of the principal amount, the interest charged on the amount, taxes and insurance.

Greenway Mortgage, a NJ Mortgage Company has brought about a revolution in the real estate market in that state. Previously, the purchase of expensive property was very difficult, since one had to have total liquidity for making the purchase. Greenway Mortgage has taken a part in rebuilding communities by offering mortgages to customers with stable financial situations in order to strengthen the longevity of neighborhoods that have been ravaged by the recent housing crises.  Instead of people buying expensive properties out of their budgetary limits, with the assistance of the NJ mortgage company, are now able to get homes that are within the buyer’s actual income range.

Mortgage Companies – How do they work?

All mortgage firms have some initial pre-requisites that must be met in order to apply for the mortgage. Among the most important things, these companies consider the financial position of the applicant and this is determined through his or her credit score. Credit scores not only determine the approval or denial of a loan, but they also play a major role in the determination of the interest rate. If you have an excellent credit score, you can expect your mortgage application to complete in a relatively shorter period of time. However, if you have a less than average credit score, it is suggested that you first go through the steps of boosting your credit score before you apply for a mortgage.

Even though all mortgage firms take steps to ensure that loans are given to credit worthy people; some people still default on their monthly repayments. This has forced these companies to opt for mortgage insurance for the coverage of their loans. There are, however, some limitations on these. Mortgage insurance is not required if the buyer pays 20% of the value of the property as down payment, or if the total mortgage taken is less than 80% of the value of the concerned property. Premium payments are taken care of by these companies, and then added to the monthly repayments provided by the customer.  So, remember, mortgage insurance isn’t going to be an option and you will need to take that into consideration when budgeting.

Mortgage lending is a huge market and lending companies have to rely on other third party companies for information on potential buyers. These are also called leads, and are secured through websites and call centers that deal in lead generation. It is not surprising that mortgage firms in the country spend more than thousands of dollars each year on these leads that offer an increase in business.  However, and more importantly, mortgage companies also rely on informed and educated mortgage consumers.  Greenway Mortgage (a NJ Mortgage Company) is dedicated to educating the mortgage consumer with a transparent look at the industry and how it works from behind the scenes.

When do you need a Mortgage?
 

It is a commonality that when most people retire, they relocate to other places, and usually hundreds of miles away from where they were working. Moreover, many young people live in other states for jobs or business purposes. Now, most of these people look for affordable homes to buy for the period they will be staying. And when the need arises, they turn to mortgage companies for securing home loans.

Mortgage companies cater to those needs by offering numerous options when it comes to home loan programs for their customers. While there are hundreds of programs available around the nation, it is still a balance of understanding between the mortgage lender and the mortgage buyer that makes these programs work.

Understanding mortgage companies

A mortgage broker is licensed person dealing with properties in a state. Various states have their own laws, and the broker must be in accordance with the law prevailing in his or her state. There is usually an examination, post which the broker must pass in order to be issued the license. A mortgage firm consists of a large number of such brokers who are trained and qualified to deal with people searching for mortgages. Mortgage companies work to offer their customers the best home loan solution that complements their economic scenario. While some people can afford to pay a large sum as down payment for a desired property, there are others who may not be in position to do so. Mortgage firms have a variety of home loan programs to suit the needs of most people.

Usually, the amount of money being invested in a house is the largest sum a homeowner puts together in one place. Also, securing a mortgage is a long-term decision, and therefore one has to be very careful in choosing which deal to go with, since this decision can very well affect your whole life. There are a lot of things required to be considered and an organized, well-established mortgage company can assist in sorting through those requirements. Purchasing a house is a big investment, and apart from the basic price of the house, you will have to take a lot of things into consideration.

One of the most important issues when dealing with a mortgage is the interest rate being charged on it. The lower the interest rate on your loan, the lesser your monthly repayments will be. A good idea would be to sit with your mortgage broker and then decide on which plan to go with. Consider your monthly income, your monthly expenditure and then see if the potential program that you have in mind will be covered. You will need to decide how much you can put up for the principal repayment and how much for the interest before you decide which mortgage to choose.

Source: NJ Mortgage Consultants

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Kristen RemingtonChannel 2 News

Pay your bills as soon as they come in. Pay more than the minimum on your accounts.Plus, If you have one credit card, you might consider a second.Why?Find out in tonights Money Watch Qamp;A.

We will learn the easiest and most efficient ways to boost your credit score. Raising it a few points could not only reduce your interest rate by a half percent or more, it can also speed up the approval process on big ticket items.

Jill Perry, the Northern Nevada Director of Consumer Credit Affiliates, will be answering viewer questions during our 5pm newscast. Call 858-2222.

Jill PerryNorthern Nevada DirectorConsumer Credit Affiliates3100 Mill Street, Suite 111Reno, NV 89502775-337-6363800-451-4505fax 775-337-6679
Bad credit car loans are around for people with unfavorable credit ratings or maybe simply no credit countrywide.

Interest rates these days could star in their own Flo Rida
video: They hit the floor and next thing you know, they got low,
low, low, low, low, low, low, low. With rates at already-record
lows, the Federal Reserve promised in early August to hold
short-term rates (to which credit card rates are tied) near zero at
least through mid 2013. Then it enacted Operation Twist in late
September — a plan to lower long-term rates (which affect mortgage
rates) by exchanging $400 billion worth of short-term debt for
longer-term Treasuries.

SEE ALSO:

Kiplingers Economic Outlook

How might crazy low rates affect
you

? Here are the answers to some questions you might have:

Short answer: Probably not. Theres a good chance that your
interest rates are fixed. Or that refinancing with your private
lender wont lock you into new ones.

But dont despair. A surefire way to reduce your federal rates
right now is to sign up for automatic online payments at
www.dl.ed.gov

. That will cut your interest by 0.25%.

Borrowers with unconsolidated
federal

variable-rate loans (generally Stafford and PLUS loans issued
before 2006) have the best opportunity to take advantage of lower
rates. (Not sure which federal loans you have? Take a minute to
check in again at
www.dl.ed.gov

.) For you select few, interest rates change annually on July 1
based on rates associated with US Treasuries in late May and
June, which are hovering at rock bottom. By consolidating your
loans, you can lock in current interest rates before they
inevitably rise.

Be aware, when you consolidate federal loans with different
rates, that your new interest rate will be a weighted average,
rounded up to the nearest eighth of a percentage point and capped
at 8.25%. Try to lock in at 5% or less, if possible, says Deborah
Fox, of Fox College Funding in San Diego, Cal. Thats the median
between the variable rates and the fixed rates.

If your loans are more than five years old, though, odds are
youve already consolidated. Its generally considered good
financial housekeeping to combine your student debt into one
monthly payment. (See
The Dark Side of Student Debt

.)

Susannah says:

Im like many of you, dear readers.
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Stacy says:

My husband and I, for example, are slowly starting to shop –
taking our sweet time touring neighborhoods, figuring out what we
value most in a potential home and asking ourselves
these five questions

, including, Are your financial ducks in a row?

To answer, youll need to figure out your credit score and how
much you can afford for a down payment and your future monthly
payments. With lenders being stingy, youll need a credit score of
at least 740 and a minimum 25% down payment to snag the lowest
rates. According to MyFico.com, with a score between 660 and 679,
youll pay 4.4%, or $1,503 a month, for a $300,000, 30-year
fixed-rate mortgage. But with a credit score of 760 or higher,
youll pay just 3.79%, or $1,396 a month, for the same loan.

If your finances need a tune-up, you have some time. Mortgage
rates are probably going to stay low over the next several months,
if not the next couple of years, says Gerri Detweiler of
Credit.com. Take this time to
boost your credit score

and build up your down payment. But rates are very volatile and
can change within hours, says Detweiler. So if youre ready and
can qualify to buy, go ahead and get a good rate now rather than
speculate on what could happen in the future.

Not much, for now. Most credit cards have variable interest
rates that are tied to the prime rate, which the Federal Reserve
promises to keep
near zero until at least mid 2013

. After that, rates are likely to creep back up again and start to
look very unattractive, says Detweiler. So you should attack
credit-card debt now, while rates are still low.

If youre hoping to get a first or new credit card, youre going
to face some challenges. There is a legitimate concern that
lenders may tighten up on credit lines and on approvals, says
Detweiler. It may be especially difficult for younger people to
get that start and establish the kind of credit rating they need to
get the best rates.

The no-credit life has plenty of plusses (see
The Case for Cutting Out Credit Cards
Completely

), but if you want — and can responsibly handle — a card to help
build your credit history, try shopping on Credit.com or
Bankrate.com. Credit newbies will want to look for types of cards
that are easier to get, which — warning! — means theyll also
usually come with higher interest rates. You can search either site
for student cards (see our slide show:
6 Student Credit Cards That Make the Grade

), cards for bad credit, prepaid cards or secured cards (which
require a savings deposit equal to your credit line). Bankrate also
allows you to browse and compare retail credit cards, while
Credit.com lets you search cards by credit score, including cards
best for those with limited or no credit history.

Aim for a rate of 15% or less, says Detweiler, and watch out for
annual fees and hidden costs. But understand that youll need a
high credit score to nab the lowest rates. If you cant score a
great rate now, work on
boosting your credit score

and periodically — once every year or two — check to see if you
qualify for a better rate as your credit gets stronger, she
says.

Low interest rates make it harder for young savers to hold onto
cash and still beat inflation. Like everyone else, we bright-eyed,
bushy-tailed young savers should aim to squirrel away at least
three to six months of living expenses in an emergency fund, an
account that we can access at the drop of a hat in case of a
medical emergency, layoff or other unexpected expense. And never
underestimate the power of a cash cushion. The more you save, the
less you borrow, and the better-positioned you are to take
advantage of the future, says Erin Baehr, of Baehr Family
Financial, with offices in Stroudsburg, Pa., and Randolph, NJ

Resist the siren call of higher yields promised by investments
such as long-term CDs or mutual funds, which would lock away your
cash so you couldnt quickly and easily access it. Baehr recommends
saving your rainy day fund in a high-yield online bank account.
For example, American Express Banks FDIC-insured savings account
yields 1.0% as of late September, with no required minimum or
monthly fees. At Bankrate.com, you can compare the rates on tons of
savings accounts and select the one that best fits your needs.

Follow
Stacy

,

Susannah

and the whole

Starting Out Kiplinger team

on Twitter.

Crest Car Loan allows you to attain the best car finance percentage for bad credit car loans anyplace guaranteed.

PLYMOUTH, Minn. — Improving your credit score will take some time and effort, but it can be done.

We want to make sure you have a high credit score, because if you go to get a car loan or a mortgage, you are going to get a lower interest rate, explainedfinancial planner Nicole Middendorf.

Sliding up the scale

According to myFICO.com, your credit score is calculated from a lot of different data and can be anywhere from 300 to above 850. A lower score often means you will pay more for the cost of credit and services.

Middendorf says you should try to get your score up to around 760.

Thats where you are going to get the lowest interest rate, she explained.

The factors in the figure

The biggest factor in your score is payment history. It accounts for 35 percent of your overall number.

Pay your bills in full and pay them on time. That is the most important thing, Middendorf said.

Something called your credit usage ratio represents another 30 percent of your score. It is a measure of debt versus credit limit.

Lets say you have a credit card and you have $10,000 available on that card. You dont want to have a balance of more than $3,000, Middendorf explained.

Keeping your debt balances below 30 percent of your credit limits is another way to help your credit score.

Another 15 percent of a credit score has to do with length of credit history. Middendorf says using your older credit card wisely can help with this portion of your credit score.

If you have had a card since 1987 and you paid bills on time, you dont want to go and close that card, she explained.

She suggests charging an item and then paying it off in full and on time to enhance your credit history.

The final two factors in calculating a credit score deal with your overall mix of credit and recent inquires about obtaining credit. Each affects about 10 percent of your overall credit score.

Doubling checking the data

You should look at your credit report to make sure the information being used to calculate your score is correct. Although the report is free, there is a small fee for getting your specific credit score.

You can get a copy of your credit report through a website calledannualcreditreport.com.

(Copyright 2011 by KARE. All Rights Reserved.)

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