What Is A Balance Transfer

Many people have been asking me allot bout credit cards lately, and one particular question about credit cards that I get allot is, What Is A Balance Transfer.  So I will try my best to explain what it is.  This is the scenario.  You Currently have a credit card with a $1,000 dollar credit limit which is maxed out, and has a 21% interest rate.  You also have another credit card or have just been approved for another credit card that has a limit of $2,000 as well as an interest rate of 9%.

With the first credit card at 21% with a credit line of $1,000 and an even payment spread over 12 months, would be $1,000 plus an additional $210 dollars added on for interest, which would be rounded up to about a monthly payment of $100.83.  With the second credit card that has a limit of $2,000 and a payment spread evenly over a 12 month period, with an interest rate of 9% , with a balance of $1,000 would make the monthly payments roughly $90.83, and a additional $90 added to the balance cause of interest; Saving you $120 dollars annually. and dropping your monthly payments down to $10 less.

To summarize everything, your pretty much paying off one credit card with another credit card that has a better interest rate, and will save you money overall as well as lower your monthly payments.

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What Is A Credit Report

The other day a partner of mine asked me what exactly is a credit report, I was a bit shocked to hear at this day and age that he was not aware of what is a credit report.  To my surprise, after a little bit of research, I found out about 4% percent of people don't really know what a credit report is, and 6 out of 10 people don't know where or how to obtain one, and 75% don't know whats on it, surprisingly.  Which is why this blog has been started.

A credit report details a consumer's financial information and identification information. it can contain information gathered from creditors, public records, and other reliable sources which is reported through somewhat of an automated process.  The information on your consumer credit report or sometimes called file, can have your address, job, salary, good or bad payment history of your credit cards and or loans, which are also known as installment loans or revolving loans.  Installment loans are loans that are lent out to a consumer with a particular set interest rate, payment amount, and period of payments (ex: Auto loan, Furniture loan, Student loan).  A revolving credit line/loan are monies that can have unstable interest rates, non specified payment times, and can carry a balance, meaning does not have to be paid off all at once.

Now there are many different credit bureaus out there believe it or not, which some are off springs of others, but the ones that are commonly used by our major and local banks are as follow: Equifax, Experian, and Trans Union.  These 3 make up the big 3 credit reporting agencies.

Check out the video to go with this post at:  https://www.youtube.com/watch?v=ISHQhRiVasI

You can also get a free credit report and score at:

www.annualcreditreport.com
www.freecreditreport.com
www.creditkarma.com
   


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