What to Consider Before Getting a Credit Card with an Annual Fee

What to Consider Before Getting a Credit Card with an Annual Fee

Benefits from credit cards can be really helpful. There’s a lot you have to think about before you jump right into a rewards program. To help you make sure you don’t waste your money on empty promises, here’s what you should consider before getting a credit card with an annual fee.

What to Consider Before Getting a Credit Card with an Annual Fee

Are the benefits worth it?

When cards offer amazing rewards, lower interest rates, and better payment options, it means a fee for consumers. In order for these credit card issuers to afford handing out these benefits, they need to make money in other ways. That’s where the annual fees come in. So when you’re looking at a credit card with an annual fee, take a look at what benefits they offer and compare the cost to what you’ll get. Is the annual fee too high for what you’ll be getting? If so, that credit card might not be worth it.

Will you use the benefits?

If your’e paying the annual fee but you’re not taking advantage of the benefits, then the annual fee is a waste of money. It’s actually not unusual to see people paying an annual fee for a credit card and not take advantage of the rewards available to them.

Are the benefits easy to use?

If you find yourself jumping through a bunch of hoops to receive your rewards, they’re really not that valuable. When checking out credit cards, look for a link to the rewards page on their site. It should be completely clear how many points you have and what you can get with those points. If you need to talk to a customer service rep, then it should be easy to find their number. Upon calling them, you should get straight through to a real person and get clear responses to all of your questions.

Are there hidden fees?

Sure, it might look like a great deal on the surface, but once you start digging deeper, you could find that it’s actually not. Watch out for red flags like having to pay an extra fee to actually get your rewards. Some cash back cards will make you spend a certain amount of money before you can receive your check.

Is this the best deal out there?

Compare different rewards programs. Call customer service and ask them for more information if you don’t understand something. A lot of cards don’t offer a lot of information about their rewards programs, so it’s important to know what you’re getting into.

If you already have a card, check every so often to make sure your benefits are still there. You don’t want to suddenly lose benefits you’ve always taken advantage of. And don’t be afraid to ask ask your card issuer to waive the annual fee. The worst thing they can say is no, so it doesn’t hurt to ask. Who knows, it might pay off and they’ll waive the fee for the year.

If you have any questions regarding what to consider before getting a credit card with an annual fee, give us a call at 1-866-991-488. We’re here to help!


No matter what your situation, Go Clean Credit has a solution. We have many credit repair programs that are available to help you overcome your credit situation and place you back on the path to financial success. Real credit restoration is not a once size fits all model and we tailor your needs to the right program, but most people can start for just $99 per month.

We have fixed price programs that get you back on track in as little as 5 months, debt resolution solutions, programs geared toward people who have had recent short sales or foreclosures and many others. Help is just a free phone call away, or you can fill out an appointment request. Contact Go Clean Credit to schedule a free consultation today.

Can a Credit Card Grace Period Help You Save On Interest?

Can a Credit Card Grace Period Help You Save On Interest

With credit cards, interest is a constant shadow that looms overhead. Just the thought of having even a slightly higher payment for the month is enough to bring any cardholder down. Thankfully, a credit card grace period could help you avoid interest and save money.

Can a Credit Card Grace Period Help You Save On Interest?

Credit cards are not required to have a grace period, although almost all of them do. Credit cards that do have a grace period are required to send their cardholders a statement at least 21 days before the closing date.

What is the grace period?

A credit card grace period is the time between the statement closing date and its due date. During this time,  if a cardholder is able to pay their balance in full and on time, they will avoid interest charges.

How does it work?

Basically, cardholders are accruing interest on all of their purchases, but they don’t see those charges if they pay their balance in full during their grace period. However, if they make a payment that’s less than the balance, they will see the interest. When someone doesn’t pay their balance in full, they will be charged interest on their average daily balance going back to the start of the statement.

What if the grace period isn’t used?

If a person is to leave even just $1 unpaid, it will start to accrue interest during the next billing cycle. On top of that, any purchase made will now immediately have interest charges added on to it.

If you do lose your grace period, some cards require that you make two full payments to reinstate it. Carrying a balance can also leave you subject to trailing interest, or “residual interest.” This type of interest can build up on your balance before you have a chance to pay it off. Even if it says you’ve paid in full, you could still have residual interest looming on your balance.

How to best manage a grace period

Know the statement closing date

Knowing the statement’s closing date makes it easier to know when it’s best to make payments. Make purchases just after the closing date, as opposed to just before. This allows for more time to pay off the balance.

Get grace period back as quickly as possible

If a grace period is lost, it’s best to get it back as soon as is possible for the cardholder. To do this, they should make a payment to cover the entire balance. Unfortunately, this won’t affect the interest already accrued, but it can make future purchases eligible for the grace period again.

Maintain grace period on some cards

Sometimes a credit card has to hold a balance. When that happens, leave that card for balances that are going to have to be carried over. Have other cards that will be paid in full each statement.

Do you have any questions regarding the credit card grace period and how you can use it to your advantage? Let us know. We’re here to help.


No matter what your situation, Go Clean Credit has a solution. We have many credit repair programs that are available to help you overcome your credit situation and place you back on the path to financial success. Real credit restoration is not a once size fits all model and we tailor your needs to the right program, but most people can start for just $99 per month.

We have fixed price programs that get you back on track in as little as 5 months, debt resolution solutions, programs geared toward people who have had recent short sales or foreclosures and many others. Help is just a free phone call away, or you can fill out an appointment request. Contact Go Clean Credit to schedule a free consultation today.

Can You Close a Credit Card Without Hurting Your Credit Score?

Can You Close a Credit Card Without Hurting Your Credit Score

Before you snip that card in two, understand that there is more to closing a credit card. If you’re looking to close a credit card without hurting your credit score, think about these important aspects to do it right.

Can You Close a Credit Card Without Hurting Your Credit Score?

Should you cancel your credit card?

Although you may want to cancel that credit card, you have to ask yourself if you should. Eliminating one more source of fees that you don’t need sounds great, but it might not be the best move.

  1. Canceling a card could help you avoid annual fees or high interest rates.
  2. Closing a card could reduce your available credit and average age of your accounts, therefore decreasing your credit score.
  3. You may need to open a new card before you close another.

Reasons to cancel your credit card

There are many valid reasons to cancel a credit card. Perhaps you don’t want to be tempted to spend excessively or the terms of your card are no longer friendly. Essentially, you cancel cards that are unnecessarily costing you money. Before closing your account, though, you can request a lower interest rate from the card issuer. However, they may not respond favorably. Annual fees are often a reason to cancel a card, especially if the issuer won’t waive the fee. Opening a new credit card can also be a good reason to close one of your other cards. This is only a good idea if you get a great deal when you sign onto the new card.

Understand that if you’re closing a card to try to help your score, taking all the right steps doesn’t necessarily mean your score will improve right away. Payment information may stick around for a while. So if you had some late payments on the now closed card, they won’t just disappear.

The impact of canceling a credit card

Potential lenders look at your credit utilization ratio. Included in the ratio is how much credit is in use and how much credit is still available. So, if you cancel a card with a high limit, it will significantly affect your ratio. In turn, it could hurt your credit score. Your score is especially at risk if you have high balances on other cards. To make sure closing one account doesn’t impact your score, pay off the balances on all other cards. Zero balances means a credit utilization ratio of zero, so you won’t feel the hit of the loss of a balance.

You also need to consider the age of your accounts. Old credit is good. If the account you want to close is older, it will decrease the average age of your credit and be potentially harmful to your credit score. Closing an older account could have a negative impact on your score.

Do you have any questions about how to close a credit card without hurting your credit score? Give us a call at 1-866-991-4885.


No matter what your situation, Go Clean Credit has a solution. We have many credit repair programs that are available to help you overcome your credit situation and place you back on the path to financial success. Real credit restoration is not a once size fits all model and we tailor your needs to the right program, but most people can start for just $99 per month.

We have fixed price programs that get you back on track in as little as 5 months, debt resolution solutions, programs geared toward people who have had recent short sales or foreclosures and many others. Help is just a free phone call away, or you can fill out an appointment request. Contact Go Clean Credit to schedule a free consultation today.

The Pros and Cons of Credit Union Credit Cards

The Pros and Cons of Credit Union Credit Cards

The Pros and Cons of Credit Union Credit Cards

Banks aren’t the only institutions that offer credit cards. If you’re not having much luck getting approved for one, look into credit union credit cards. They offer more chances to get a credit card that can potentially make it easier for you.

The Pros and Cons of Credit Union Credit Cards

Pros

You’re a member, not a customer

Credit unions are member owned, nonprofit organizations. This means their goal isn’t to turn a profit, and they don’t have to answer to stockholders like banks do. Instead, their main goal is to provide excellent service to their members. So yes, you do have to join to get the benefits of a credit union, but it’s pretty easy to do so.

They’ll give you a second chance

It’s not every day you get the chance to try again for a loan or a credit card. However, with a credit union, if you apply and are turned down, you can as them to look again. Some credit unions have loan committees that consist of employees and members. They are the ones who look over the initial application. But, if you want a low-interest credit card and believe you have the income to support it, you can write a letter to this committee to explain why. Even if you just want a fresh start, you can write to them and explain your circumstance.

Flexible Payments

Credit unions want to provide you the best customer service to their members. That being said, they will attend to your needs and can basically be a friend for you during financial hardship. In doing so, they will work with you to modify loans and credit card terms to help you get back on your feet.

Low Interest Rates

You’ll often be offered a lower interest rate than you would with a bank. They manage transactions on their own as opposed to relying on different sections of the company to process funds. A lot of costs get cut this way, which saves you money. If you tend to take a few months to pay off your credit card, a credit union could potentially save you money in the long run.

Cons

All your accounts are tied together

Having all your accounts tied together is also known as cross collateralization.  Here’s how it works. If you already have a credit union credit card and get a loan, your credit card balance will be secured by the loan. Therefore, if you default or declare bankruptcy, the amount that is owed on your credit card will not be wiped out. Instead, it becomes secured by the other loan.

They ask a little more of you

If you get a credit card on a second chance, they may recommend that you to take a personal finance. This is to ensure you know how to budget correctly and stay on top of your payments. Of course, this isn’t always the case.

They have entry requirements

Before you can be a member of a credit union, you have to approved for an account. For example, you may be required to have a job in a certain sector of the job force. So if you’re considering joining a credit union, it’s a good idea to call to see if you qualify for an account.

They have their own tough times

While they will be there to help you out during your tough financial times, that doesn’t mean they are safe from tough times of their own. Credit unions are local institutions, so if one area is hit by something such as layoffs, they will feel it. Don’t be surprised if your credit union closes down or becomes part of a larger credit union. It can happen. Fortunately, just like with a bank deposit, you’re protected up to $250,000.

Do you have any questions regarding credit union credit cards? Give us a call at 1-866-991-4885. We’re happy to help.


No matter what your situation, Go Clean Credit has a solution. We have many credit repair programs that are available to help you overcome your credit situation and place you back on the path to financial success. Real credit restoration is not a once size fits all model and we tailor your needs to the right program, but most people can start for just $99 per month.

We have fixed price programs that get you back on track in as little as 5 months, debt resolution solutions, programs geared toward people who have had recent short sales or foreclosures and many others. Help is just a free phone call away, or you can fill out an appointment request. Contact Go Clean Credit to schedule a free consultation today.

Should You Use Your Credit Card or Get a Loan?

Should You Use Your Credit Card Or Get A Loan
There comes a time when you need to make a purchase that you know is going to take some time to pay off. When that time comes, should you use your credit card or get a loan?

Should you use your credit card or get a loan?

When To Use A Credit Card

Credit cards are the better choice when making smaller purchases or consolidating smaller debts. Use them for purchases adding up to no more than a few thousand dollars that you feel you can easily repay within a year.

 

Pros

If you use a credit card with a low introductory rate on new purchases, you could end up paying very little interest on purchases for several months. Of course, you will need good credit to qualify for a credit card like this.

Many credit cards offer rewards just for buying things you normally buy like groceries, dining, gas and retail. Cards like these can  really help your savings if you make your payments on time. Just don’t forget to pay off your balance on time so you don’t lose your rewards to high interest or fall into debt.

Cons

Putting a big expense on a low-interest rate credit card might save you more money at the time, but it could hurt your credit score in the long run by increasing your credit utilization. Remember to try to use ideally around 10%, but no more than 30% of your credit line.

Credit card rates are variable, so the amount you are charged for keeling a balance on your card may change over time. If you have trouble keeping up with your monthly payments, this could mean serious trouble for your budget, and your credit score.

When To Use A Loan

Personal loans are the better option for larger purchases that will take you more than a year to repay. Also consider a loan if you feel you might be tempted to spend too much with a credit card’s open credit limit.

If you need to borrow an amount that is higher than your credit limit and that you know you will need more than 15 months to pay off, a personal loan is a better option.

Pros

Once you qualify for a personal loan, you get to choose a loan term and monthly payment amount that fits your budget. If you decide on a loan with no prepayment penalties, you can even pay ahead, if you’d like.

Many credit scoring models don’t view personal loans the same way as credit card accounts. If your personal loan is listed as an installment loan as opposed to revolving credit, it won’t be counted in your credit utilization ratio.

Cons

Applying for a personal loan counts as an inquiry into your credit. This will only lower your credit score by a few points, though. Avoid applying for several loans at the same time. Check your credit scores before you apply and try to pick a lender with credit requirements you will likely meet. You can ask potential lenders for the minimum credit score they require instead of putting in an application for a loan.

If you take out an unsecured loan, you could be hit with a high interest rate. Lenders do this to offset the risk of lending you money. If your budget is struggling, an unsecured loan is probably not the best option for you.

Do you need to make a purchase and are wondering should you use your credit card or get a loan? Give us a call at 1-866-991-4885.


No matter what your situation, Go Clean Credit has a solution. We have many credit repair programs that are available to help you overcome your credit situation and place you back on the path to financial success. Real credit restoration is not a once size fits all model and we tailor your needs to the right program, but most people can start for just $99 per month.

We have fixed price programs that get you back on track in as little as 5 months, debt resolution solutions, programs geared toward people who have had recent short sales or foreclosures and many others. Help is just a free phone call away, or you can fill out an appointment request. Contact Go Clean Credit to schedule a free consultation today.

Tricks To Paying Off Credit Cards With High Interest Rates

Tricks To Paying Off Credit Cards With High Interest Rates

Paying off credit cards with high interest rates can be extremely difficult. The finance charges essentially take over your minimum payment each month so you barely get anything paid off. That’s at least what it feels like. Although they don’t all involve paying off your highest debt first, here are some tricks to paying off credit cards with high interest rates that you can try.

Tricks To Paying Off Credit Cards With High Interest Rates

Ask for a lower interest rate

Creditors are sometimes willing to give you a lower interest rate if you’re a good cardholder. If you’ve made all of your payments on time or only had one or two late payments, then it’s likely they’ll give you a break. Also, if you have offers for lower interest rates from other credit cards, you can use that to bargain with your creditor.

Transfer the balance to a lower interest rate card

Having it at a lower interest rate might just be what you need to get the debt paid off. And if you have great credit, you could qualify for a good balance transfer interest rate. Don’t only look at balance transfer credit cards, though. Consider rewards credit cards too, because they have some of the best balance transfer rates. If you don’t have enough available credit to move the entire balance to another card, don’t worry, even moving just part of the debt will help a lot.

Tackle smaller debts first

Maybe paying your bigger debt first isn’t the right plan for you. If you instead pay off smaller debts first, that would free up money that you could put toward your larger debt. Start by making a list of your debts, and as you pay them off, take those payments and put them toward the next one on your list.

Pay as much as you can

When interest is high, a lot of your payment is going to that, so you have to try to pay a little more each month to actually make a dent in the amount that you owe. One tactic to consider here is paying the minimum on all the lower interest rate debts and putting all your extra money into your higher interest rate debt. Then, once you’ve paid off that debt, you move on to the debt with the next highest interest rate and continue until you have paid off all your debts.

Cut expenses

Is there anywhere in your day-to-day life you can cut back? Maybe you can eat out less, stop for coffee only two mornings a week, or cut back on the tv channels you’re paying for. Cutting out expenditures that you don’t absolutely need could get you some extra cash to pay off that huge debt that’s hanging over your head. Then, once you’ve paid it off, if it’s in your budget, perhaps you can add everything back in.

Wait a few months

Sometimes it just has to be this way. If you absolutely cannot find any extra cash to put toward your goals of getting rid of your debt, then hold off until you have some. Continue to make the minimum payments on all of your credit cards and pay a little more when you can.

Do you have any questions about paying off credit cards with high interest rates? Let us know! To enlist the help of a trustworthy, effective credit repair company, call us today at 1-866-991-4885!


No matter what your situation, Go Clean Credit has a solution. We have many credit repair programs that are available to help you overcome your credit situation and place you back on the path to financial success. Real credit restoration is not a once size fits all model and we tailor your needs to the right program, but most people can start for just $99 per month.

We have fixed price programs that get you back on track in as little as 5 months, debt resolution solutions, programs geared toward people who have had recent short sales or foreclosures and many others. Help is just a free phone call away, or you can fill out an appointment request. Contact Go Clean Credit to schedule a free consultation today.

6 Signs You’re Addicted To Your Credit Card

6 Signs You're Addicted To Your Credit Card

Credit cards are quick and convenient, but that can mean trouble. When your card is this easy to use, it’s no wonder it can be so easy to use it like it’s second nature. Addiction is quite common with credit cards, so it’s important to know the signs you’re addicted to your credit card.

6 Signs You’re Addicted To Your Credit Card

1. You keep your debt a secret from your partner

Does your partner know you have a lot of debt accumulated on your credit cards? If not, that’s not a good thing. In doing this, you could be hiding any correspondence from credit card issuers or hiding anything that you have been charging. Keeping your debt a secret shows that you have admitted your problem to yourself, but are still unable to ask for help or admit it to someone else.

2. Your cards are maxed out

When you hit the limit on all of your credit cards, it means you’re spending too much. If you are at this point, chances are your spending has exceeded your monthly income, which means it’s going to be even harder to pay off your debt in the long run.

3. You keep opening new cards

Now, if you’re maxing out on your credit cards, there’s a good chance you’re proceeding to open new accounts so you can continue to spend while you’re working on getting those other payments down. Opening another account means you’re not afraid to open yourself to more potential debt just for the sake of using your credit card.

4. You go to extreme measures to pay your bills

If your credit card debt hasn’t caught up to you yet, it will. Then you will have to start paying it off. At this point, some people go to extreme lengths to get the money they need. Once you start resorting to sketchy loans or dangerous methods to obtain money to pay off your debt, that’s a sure sign something needs to change.

5. You aren’t bothered by hikes in APRs

You know it’s not a good sign when your APR increases, but you don’t even flinch. To you, this is just another price to pay to continue to use your credit card.

6. Your balances increase at an alarming rate

As you continue to swipe your card for every single purchase, your balance continues to increase. Of course, when you’re using it that often, your payment becomes larger and larger quite quickly. When it grows that fast, it’s a sign that you need to look at your credit card spending.

It’s so easy to swipe your card and pay later. Be aware of these signs you’re addicted to your credit card spending. Then, unfortunately, before you know it, you’re in extreme debt and stuck trying to find ways to pay everything off. Plus, it’s not great for your credit.

If you need help fixing your credit after going into credit card debt, give us a call at 1-866-991-4885.


No matter what your situation, Go Clean Credit has a solution. We have many credit repair programs that are available to help you overcome your credit situation and place you back on the path to financial success. Real credit restoration is not a once size fits all model and we tailor your needs to the right program, but most people can start for just $99 per month.

We have fixed price programs that get you back on track in as little as 5 months, debt resolution solutions, programs geared toward people who have had recent short sales or foreclosures and many others. Help is just a free phone call away, or you can fill out an appointment request. Contact Go Clean Credit to schedule a free consultation today.

4 Tips For Using Your Credit Card

4 Tips For Using Your Credit Card

Having a credit card is great, but you have to be responsible with it. With how easy it is to use it for every purchase, it’s important to discipline yourself to use it only when necessary. Here are four tips for using your credit card to help you utilize your card the best you can.

4 Tips For Using Your Credit Card

Use cash or debit whenever you can

You should use cash or your debit card as often as you can to make sure you stay within your means. These forms of payment are taken out right away, so you have to stay within your budget. Little transactions can add up quickly on a credit card, and before you know it, you have a big payment to make. A good rule to follow is if the purchase is under $20, use cash or debit.

Never skip a payment

Make a payment every month, even if it’s only the minimum payment or enough to get your balance below 30% of your credit limit. Although, you should try to pay it in full if you are able to. Skipping a payment, however, is bad news for your credit, and should never be an option.

Set up auto pay

If you struggle to remember to make your credit card payments on time, you can always set up auto pay. This way the payments will go out automatically each month.

Use your credit card for needs, not wants

When you start using your credit card for a shopping spree, you can quickly get carried away. If you let yourself get carried away, your balance will get out of hand fast. Limiting credit card spending to only things you need will help you keep your budget under control.

Do you have any other tips for using your credit card that you would like to share? Leave them in the comments! We’d love to hear them!

To enlist the help of a trustworthy, effective credit repair company, call us today at 1-866-991-4885!


No matter what your situation, Go Clean Credit has a solution. We have many credit repair programs that are available to help you overcome your credit situation and place you back on the path to financial success. Real credit restoration is not a once size fits all model and we tailor your needs to the right program, but most people can start for just $99 per month.

We have fixed price programs that get you back on track in as little as 5 months, debt resolution solutions, programs geared toward people who have had recent short sales or foreclosures and many others. Help is just a free phone call away, or you can fill out an appointment request. Contact Go Clean Credit to schedule a free consultation today.

Should I Carry A Credit Card Balance?

Should I Carry A Credit Card Balance

When you use your credit card on a regular basis, you’re faced with the decision of how you should pay it off each month. You can either pay it off in full or just make the minimum payment. But you’ve probably wondered if you should carry a credit card balance. Does doing so help your credit?

Should I carry a credit card balance?

There’s really no need. Even though it does get you some points, it doesn’t do too much to help your credit. What it does more of is put you at risk of not paying off your credit card and increases your interest each month. That doesn’t mean it’s bad to have a balance, because sometimes life just works out that way. If you do have a balance, however, it’s best to try to keep it under 10%, as keeping it here will get you the maximum points possible. Even if that isn’t many points.

That being said, you do have options when it comes to how you pay off your credit card.

Pay the whole balance

This option is the one we most highly recommend you try to do first, if you can. If you are in a position to do so, definitely pay off your entire balance to avoid any interest. However, wait until the statement comes in so the bureau can see that you’ve been utilizing your card. Then, go ahead and send in your payment. On time.

Pay the minimum balance

If you are unable to pay off the whole balance at once, you can always pay the minimum balance. This one is easy on your wallet at first, but later, not so much. Thanks, interest. Regardless, this option is extremely helpful if you’re a little tight on money for the month. If you can’t afford to pay off your whole balance, then you can simply pay off your minimum due and it will be considered an on-time payment. The only downside is you will have just a little extra to pay next month because of, yes, interest.

Pay it off as you go

Say you use your credit card to make a payment on Monday and sign into your account on Wednesday. When you sign into your account, that’s when you’d likely pay off your balance.

This option might really help you keep on top of your finances, but be aware that if your balance shows zero every time the cycle ends, your credit bureau is going to see your account as “not being utilized,” even though that’s not the case. So, yes, you’re being responsible and paying off your card on time, but you’re also not helping your credit score because the bureau has no actual proof that you’re being responsible.

Do you have anymore questions about whether you should carry a credit card balance? Let us know! To enlist the help of a trustworthy, effective credit repair company, call us today at 1-866-991-4885!


No matter what your situation, Go Clean Credit has a solution. We have many credit repair programs that are available to help you overcome your credit situation and place you back on the path to financial success. Real credit restoration is not a once size fits all model and we tailor your needs to the right program, but most people can start for just $99 per month.

We have fixed price programs that get you back on track in as little as 5 months, debt resolution solutions, programs geared toward people who have had recent short sales or foreclosures and many others. Help is just a free phone call away, or you can fill out an appointment request. Contact Go Clean Credit to schedule a free consultation today.