Repair Credit Score

Archive for June, 2006

Question: I want to know if anyone has an American Express Blue Credit card?

Im looking to get a credit card to build up a a Credit Score, i tend not to buy things on credit often so i want one that wont charge me high monthly fees when Im not even using it. If you use Amex Blue let me know how much it usually works out at? Or what card would be good for someone who doesn't use it often.

Answer: I have it, it works just like a regular CC. Not like the original Amex, it does not charge you a yrly fee and you do not have to pay the monthly balance off. But a better suggestion for a CC which you might not use often, would be the Sony Credit Card. You get monthly points and you can buy cool Sony Stuff or even Movie tickets, which I do, usually I never pay for my movie tickets. Just be responsible and you should be fine. Other great offers include 5% cash back.

Credit Card Companies are adding MISERY to this economy!

Question: Some1 said people in "Politics" no a lot. Can someone explain what a "merchant" is regarding credit cards?

I tried for two days to find answer in two other forums. No go. SO I ask here where I hear people are smart.

Answer: Ok people use their credit cards to buy stuff from stores. The stores are the merchants. The credit card companies are banks that are making short term loans to the merchants on behalf of the customers with the agreement that the customer is going to pay them back. Often people charge more than they can afford and can't repay all that they borrowed. That is when they need Credit Repair Services to help manage their accounts and negotiate payments they can afford.
A chargeback is when a customer returns something and the value of it is credited back to the credit card used to purchase the item. This could create a complication for a third or fourth party Credit Repair company as it would comnpletely change the math of the loans they are trying to make and the balances they are working with. It basically takes them out of the equation when customers merchants and credit card companies solve the problems without them. So any time a chargeback happens, the Credit Repair Service loses an opportunity to make money. And a lot of Credit Repair comanies are just taking advantage of people . So many merchants don't want to deal with them if they suspect they are trying to do something unethical. This may be why the accounts were frozen.

What is a Credit Score

Question: If emigrating to Canada, would my credit history be given merit by financial institutions?

When opening bank accounts, applying for credit cards, etc., will my credit history be taken into consideration prior to entry into Canada?

Answer: I think the credit systems is very similar to the US and they use some of the same CBRs as well.... So yes, you will get credit for your history..kr

Good Luck!

Understanding Your Credit Score Canada