Monthly Archives: January 2010

How many credit card pranks are there, really?  The most popular credit card prank out there right now goes to John Hargrove, who will probably end up applying for a trademark for the phrase, “Credit Card Prank.” As documented on the zug.com website, Hargrove has gone through numerous attempts at getting his charge denied based on his signature not matching the signature on the back of his personal credit card.  So far, he has not seemed to suffer negatively from this.

You could do this at home but the title of this article specifically warns you “don’t try this at home.”  In theory, what you could do is:

• sign your name with different handwriting as what’s on the back of your credit card

• scribble an intelligible signature

• sign somebody else’s name

• write a message instead of a name

• draw instead of writing your name

According to Hargrove, all of his charges went through.  What should you do if you are confronted with a signature that looks nothing like the one on the back of your card?

• Tell the clerk that you were drunk or sober (i.e. had the shakes) when you originally signed the card.  If the clerk has watched “Leaving Las Vegas” then he or she would probably understand.

• Tell the clerk that you have some degenerative nerve disease that is making handwriting a more difficult task for you.  Eventually, your dog will need push you around in a wheelchair; you will need to type messages out with a chopstick in your mouth.

• Tell the clerk you have had that card forever, like before you actually settled on a handwriting style. Remind them how everybody wrote back in grade school versus after graduating high school.  You were a late bloomer.

• Pretend you have had another hand cramp.  Wait for it to pass and then sign the receipt again in the correct manner.

If none of these outs work for you, do not say that I did not warn you not to try this credit card prank at home.

Another type of credit card prank that comes to my mind that would probably be just as funny but would have minimal risk to your own legal status would be to call in the card of a acquaintance as lost or stolen.  Preferably do this right after you join him or her for dinner out.  But only do this if you are certain that he or she has access to cash with which they can pay for dinner. Otherwise, you might be stuck with the bill.

Fico Credit Score 560 Home Mortgage Loans:

Someone ask that his credit score is as below as 560; so can he be able to get a mortgage loan. Now 560 is not considered as a very good credit score and the lender will like to see a better credit score for sure but that does not mean that with 560 credit score you will not be approved for a mortgage loan. The thing is that the interest rate will be higher and you will not be able to avail the best of the terms on the market as your credit score is not too good.

Lenders mainly check the credit score or rather the credit history to find out that whether the buyer can actually afford to pay off the mortgage loan. The better your credit score is the better chance for you to get a loan with better rates and terms in the market.

It is not really a very good idea to go for a mortgage loan if the credit score is not too good unless and until it is absolutely necessary. Buying a dream home is the biggest investment for most of us. So it is better to improve the credit score and save a handsome amount of money for the down payment and other necessary costs to get a mortgage and then go for a mortgage loan but as it is already said that a bad credit score does not means that you will not be able to get the mortgage loan. If you search in the market you can certainly be able to find some lenders who are giving you loan even though your credit score is really good.

Our economy is in a very tumultuous state; in fact, an economic climate like this has not existed in years. Needless to say, it exists today, and it has been making it very difficult for average every day people to be able to pay their bills. Part of this difficulty is soaring credit card debt. When daily expenses start to climb, you may find yourself padding your expenses by using your credit card to make ends meet. Suddenly you are putting your weekly trip to the gas station on your credit card, your groceries, and even your cell phone bill. This can quickly start to inflate, and you may soon find yourself struggling to make your minimum payments on your credit cards.

However, you do not have to simply deal with ballooning credit card debt. There are ways to get yourself out of credit card debt no matter how far in you may be. One of the best ways that you can start to get your finances under control is by negotiating with your credit card companies. There are many different debt consolidation companies out there, but the best way to start to handle this is by trying to call your credit card companies yourself. When you call the different credit card companies, there are a few avenues that you can try to go down.

Negotiate a Lower Annual Percentage Rate (APR)

Your APR rate will directly affect how long it will take to pay down your credit card balances. If you have a very high APR, it will continue to compound and help to inflate your balances. Believe it or not, your credit card company will be very open to discussing this. There is a lot of competition in the credit card market, and keeping you as a customer is a top priority for your company. If you are a loyal customer who pays their bills on time regularly then your credit company will definitely want to keep you.

To start negotiating for a lower APR you will want to call your credit card company directly. When you speak with them, you will want to let them know that you have received a better offer from a different credit card company. This can be either a brand new card or a balance transfer offer. Typically, you will be able to use this to negotiate. That being said, if you are someone whose rates have grown due to missed payments you may not be able to negotiate a lower rate until you are able to change your payment track record.

Negotiate a Lower Payment

If you are struggling to pay your bills, but your account has not fallen into collections you may want to try to lower the payment that you are responsible for each month. The goal here is to try to get yourself at a payment that you can afford each month. Be aware that if you do negotiate a lower payment you will not be getting any closer to getting your credit cards paid off. However, you will be able to establish a good payment record.

When you get ready to speak with the credit card company, you will need to have a case prepared. You should disclose specifically what it is that is preventing you from being able to adequately maintain your payments. Be honest, but also do not be afraid to play the emotion of your economic situation. You never know when you might get a sympathetic person on the other end of the phone.

Consolidate Your Debt

If you are very behind on your credit card payments, your account may have been turned over to collections. If that is the case negotiation is still an option for you. In fact, since your account has fallen into collections the goal has changed for the company holding the debt. They are no longer looking to receive monthly payments. Instead, they are hoping to receive some money from you. This is where you can usually negotiate to pay a larger sum at one time to satisfy the outstanding debt. Given that your account is significantly overdue, you are considered a rather large risk and the company will take almost any opportunity to get some money from you.

This may seem like the easiest of all options, but it does have some significantly negative aspects to it. When your account goes into collections, it negatively affects your credit report, which can affect your credit score and your financial future. It is a last resort, but if at all possible, you should always try to keep your bills current and paid.

You may feel like you are drowning under all of your credit card debt, but you are not alone. Hundreds of people deal with looming credit card debt every day, and you can take control of your financial future. By personally calling your credit card companies, you can take control of your situation and start to work towards credit card debt elimination. Be honest with yourself and with your credit card companies so that you can find a solution that works for both of you! From there you need to exercise a bit of self-discipline. Try to operate on cash only basis and this will help you to keep your credit card balances down in the future.