20 Months At 0 % New Credit Card Deal Launched By First Direct
Another lender has joined the credit card battle with First Direct offering a 20 month at 0 per cent deal. To be eligible for the card you must bank with First Direct. The offer is available for existing and new customers, but you can also qualify for the card if you have had a credit card with them in the last six months.
Once the 20 month period is up the rates will rise to 19.9 per cent APR, with a very expensive 24.7 per cent when withdrawing cash on the card.
To qualify for the card you must have a transfer a balance of £500 over two months of opening up the account. A fee of 2.9 per cent will be charged to transfer.
3 Step Guide To Understanding Credit Repair
There has been a lot of conversation over the legitimacy of credit repair. Many banks and credit institutions have gone to great lengths to assert that credit repair is both ineffective and illegal. On the other hand, many private credit repair institutions have claimed to be successful in removing significant events—like bankruptcy and tax liens—from credit reports. With such contrasting claims, it is hard to tell just how effective and how ethical credit repair really is. Here is a three step guide to understanding the way credit repair works.
Credit Repair Can Remove Errors From Your Credit Report
It may surprise you to learn that your credit report contains errors. A study conducted by CBS news indicates that as many as 80% of credit reports may contain errors. The
The ABC’s of Bad Credit Loans
If you do not have a stellar credit history, it may be very difficult for you to secure a loan. This can be a major problem if an emergency comes up that makes you have to lay out more money than you currently have. When most people are forced to deal with such a situation, they usually have to borrow money. However, if you do not have good credit, it is likely that you will not be able to secure a conventional loan. Today there are bad credit loans that have been developed specifically for people in these circumstances.
Lenders rely on a person’s credit history to give them some indication of how likely it is that a borrower will repay a loan. If a customer has an awful credit history, the lender will often be unwilling to risk lending money to that customer because they fear that they will never get the money back. Poor credit loans have been created to give lenders some other reason besides credit history to make them feel that loaning money to that customer will be safe.
One way bad credit loans make lenders feel more secure is by making a borrower offer up collateral. This means that the borrower has to show the lender that they have some valuable item in their possession that they are willing to hand over to the lender if the loan is not repaid. The lender can then use the value of the item to cover all or part of the loan amount that was not paid.
Poor credit loans do tend to be more expensive than conventional loans. Interest rates on these loans are higher because lenders see them as being more of a risk than traditional loans.
Auto loans and the notorious “Yo-Yo” dealer scam
Car dealers call them “spot deliveries.” They occur when a customer drives home his or her new car immediately after a deal is concluded. Nothing wrong with that. Who wants to wait days or even longer before taking delivery of a vehicle? Let’s face it, we’re all like kids before Christmas when we change cars, and just can’t wait to play with our shiny new toy.
For most buyers, driving away in the new vehicle isn’t a problem. But some unscrupulous dealers use spot deliveries as a device to hook unwary customers in an unsavory auto loans scam. And a new report from the Center for Responsible Lending (CRL) reveals that this practice is more common than you may think.
What is a Yo-Yo scam?
Herb Weisbaum described how the scam works on MSNBC on Apr. 12. He told the two completely separate stories of Leslie Hurst of Ludlow, Ky.