Platinum Credit Card – Achievable?

Fashion statements are never hard to come by, but one that relied on wealth was. The gold card was the must have accessory for the well off, in the dizzy height days of the yuppies in the eighties. The must see card was a symbol of how you were better off than most.

Not now, the gold card became easily accessible to the everyday man on the street and was soon replaced by a new colour that was incorporated to give that feeling of being wealthier than your peers.

The Platinum card was all the rage, but again inflation and the need to issue more cards to meet demand, soon brought about the end of the platinum card as the status symbol for the rich and famous. An income of £10,000 per year can now secure you a platinum card with issuers such as Capital One.

Though the need for these cards as a measure of how rich you were seen to be, was to make people show that they were better off, what they didn’t realise was that the benefits of owning one the original gold cards, and the special extras that some cards offered, was being diluted as issuers tried to meet demand for credit cards.

A rise of almost 13 and a half thousand platinum card owners was recorded in the 4 years from 1999 to 2003, this has made them less attractive to the haves and the wannabes, as more and more emphasis was being put on lower interest and 0% deals on balance transfers and purchases for set periods of time.

This led to the need for a new status symbol of wealth for the must haves, with the black card being introduced to the scene. Black arrived with the feeling that you had unlimited cash, and came with some of the benefits that were lost on the platinum card. Such things as upgraded seats on flights or even simple things like sending flowers to someone as a gift.

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The black card has put the feeling of exclusiveness back into the credit card world, though in truth the need for serious cash is what you have to have to own one. Cards on the market include, The Amex centurion card that specifies that an income of £100,000 is needed to acquire one, that also comes with a yearly fee of £650. Other companies that have black cards are Halifax with an income of £75,000 and fee of £175, Nat West with an income based at £70,000 with a £250 yearly fee and the Lloyds TSB card that requires you to have an income of £60,000 and a yearly fee of £300.

To take it a step further a beyond black card was introduced to give that little bit extra for the seriously rich, coming in at having to be raking in a salary of £100,000 per annum and investments that exceed over £200,000 this is a card that the next generation of must have fashion junkies, will strive to own.


Credit Reporting

The Fair Credit Reporting Act gives specific rights to consumers whose credit information is collected by consumer reporting agencies (CRAs) and distributed to others. State laws may provide additional rights, but the following is an outline of the basic federal protections:

  • Anyone who uses information from a CRA against you must tell you so and give you information on how to contact the CRA.
  • Upon your request, a CRA must give you the information in your file and a list of who has requested it recently. The most the CRA can charge for this is $8 and under some circumstances the report is free.
  • You can dispute the accuracy of information held by the CRA by following a detailed procedure. The CRA will provide a written report of its investigation. Inaccurate or unverified information must be removed from the CRA’s files or be corrected, usually within 30 days after it is disputed. If you notify the source of a CRA’s information, such as a creditor, that you dispute such information, the source may not report the information to the CRA unless it also gives the CRA notice of the dispute.
  • Generally, negative credit information that is more than seven years old may not be reported by a CRA. The time period is extended to 10 years for bankruptcies.
  • Not just anyone can have access to your credit information. A CRA can give information only to those who need it for reasons stated in the law. Usually, this means businesses to whom you have applied for credit, insurance, employment, or housing.
  • Your consent is required before a CRA can give out any kind of credit information about you to your employer or to a prospective employer. If it has medical information about you, the CRA also needs your permission to provide that information to creditors, insurers, or employers.
  • If a CRA, a user of the CRA data, or in some cases a provider of the CRA data violates the federal law’s requirements, you may sue the individual or entity in state or federal court.


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Applying for a Credit Card: APR

There are so many competing offers out there that applying for a credit card can seem a veritable nightmare. Trying to read the fine print on your applications can make you feel like you’re going blind, and understanding the financial jargon can require its own dictionary. Thankfully, there are a few key things to look for when applying for a credit card.

The APR on a credit card is the Annual Percentage Rate. This represents the interest on the card, as expressed as if taken every twelve months. A fraction of this rate is applied to your statement each month, and added to the balance on the card. The ideal credit card will have a low APR, because this keeps the cost of the card itself low.

Variable or Fixed Interest

Many cards will offer a low “introductory” interest rate that goes up after a few months. This variation depends on your credit and on how well you tend to your card. Fixed interest rates may be higher, but many prefer them for the security that they will not go up.

Annual Fees

An annual fee is a set amount added to your balance in addition to any interest. It can be paid once a year, or in monthly increments, but is independent of the balance on the card. Most cards no longer have annual fees, with the exception of some high-limit cards or cards with many rewards.

Secured or Unsecured

Most credit cards are unsecured. This means that no money is due at the time the card is issued. Secured cards require a deposit when the card is issued, and this deposit is held by the creditor. The money is untouched, unless payments are missed on the card. Secured cards are usually taken by people trying to repair their credit.

Credit Scores

National credit bureaus keep track of everyone’s credit histories. Years of financial history are scaled into a credit score, most commonly on the FICO scale. This score between 300 and 850 is used to determine whether someone has “good credit” (over 720) or “bad credit” (under 600). You can request a copy of your own credit report from any credit reporting agency.


Many credit card companies offer rewards for your business. These can take the form of airline miles, cash back, or discounts at specific stores. These rewards are very enticing, but should not be the only factor considered when applying for credit cards.

With these factors explained, you can start looking for a credit card. Most credit card companies have applications online, and if you have good credit you can get approved instantly. Make sure you read all of what you’re agreeing to, and pick the card that’s right for you.

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First Time Home Buyers Mortgage Qualifications

Mortgage calculation is the hectic task before buying a new home; including conditions, contracts and fee. Net surfing is the best way to locate a new home for a homebuyer. Many sites are offering applications through which one can easily calculate his mortgage value before house hunting ever begins.


Minimum Requirements:

By providing information like total income of family, household expenditures usually monthly, any loans and credit card history, homebuyer can calculate his mortgage value. It’s the requirement that monthly expenditures should be no more than twenty-eight percent plus monthly loan payments should be under thirty-six percent. If a home buyer fails to fulfill these requirements then he would not be entertained by any sort of loan.


Mortgage Calculators:

By utilizing different tools including a mortgage calculator one can easily calculate the mortgage value of his possessions. By putting values in the mortgagee calculator one can find out how much a homebuyer can pay monthly. Another feature of mortgage calculators is that one can easily know the amount of payment for a particular home. Once a homebuyer finishes all kinds of calculations he has a clear idea in his mind that what kind of property would be suitable for him according to his financial status.


Official matters while buying a home:

After basic calculations have been done and a financial statement has been completed; it’s the right time for the homebuyer to locate for a new home. There are a number of companies providing assistance for this task, they started with the customer asking him what kind of house he wants; they usually interrogate about designs of kitchen and how many bedrooms and washrooms should be there in a house.

After this, the next task is to locate a person who can help in searching for a suitable; fulfilling all the conditions of homebuyer. His task is to find a dream house for a home buyer.


Home buyer should be a good vigilant:

Immense paperwork is required while buying or selling a property. It’s the duty of the homebuyer to interrogate about property to get full knowledge about documents he has to sign otherwise he would be responsible for any misshape. It takes a lot of time, therefore it takes a test of home seller patience, but it’s the right of homebuyer to get full details before signing any legal documents. Mostly there is no space for mistakes if working on the mortgage calculator worksheet was flawless. For understanding this process completely one can ask about any confusion to satisfy himself.


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Professional Assistance while buying a home:

All this process requires computer and a net connection. One having no access to internet connection; can take help from organizations providing professional guides for this task. Homebuyer can take appointment by contacting leading organizations in this respect. They offer stupendous help regarding mortgage calculations. Home is usually regarded as first priority of American’s lifestyle. Obviously with this mindset every American thinks about having their own home at least once in their life, for that they have to take loans. For this one must have a peaceful mind, satisfying himself that professionally trained and qualified staff is available for their assistance.


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