FW: Your August TrueCredit newsletter

Just thought I would post TransUnions Canada new credit report newsletter.

When you apply for credit, factors like your income... expenses...
debt...and credit history are used to determine your creditworthiness.
Thanks to the Equal Credit Opportunity Act, there are certain things that
creditors are not allowed to ask you when you apply.
They cannot ask you to reveal your sex, race, marital status, natural origin
or religion. And creditors cannot deny you credit because you receive public
assistance income, or because of your age (unless you're under 18).
If you feel like you've been discriminated against, notify the creditor
right away. They may see their error and reverse the decision. For more
information on your rights and actions you can take, visit www.ftc.gov or
call 1-877-FTC-HELP.

How to stamp out bad credit card offers
If you're like me, your mailbox is usually stuffed with things like bills...
postcards selling some turbo-charged Internetservice...maybe a few
magazines...and, of course, credit card offers.
It's the credit card offers that get you. They're pretty tempting, aren't
they? Whether it's being pre-approved for $10,000, or the promise of earning
free airline tickets, there's always something that lures us in.
While you might get a few good offers every now and then, most should be
sent right to the shredder. The trick is, knowing which ones should stay�and
which ones should go.
Be choosy
Keep one thing in mind: if you have a couple of credit cards you're happy
with, try not to apply for more cards. Each time you apply, it shows up on
your credit report. And that can make you look credit hungry. It may also
lower your credit score.
When you do decide you need a new credit card�or you are applying for your
first one�ask yourself: what kind of card do you want? You can get one with
reward points. Or miles. Or even a card that helps you save. With so many
cards out there, you don't have to jump at the first offer you get in the
mail. Shop around.
Learn the lingo
You've probably noticed that credit card offers come with what looks like a
lot of legal mumbo jumbo. But these are the terms and conditions of the
credit card, and they explain what fees and finance charges you could pay
when you use the card.
Every card has different terms and conditions. To shop for the best deal,
you need to know what the main terms mean. Here are some to look out for:
Annual Percentage Rate (APR)�This is the yearly percentage rate charged when
a balance is held on a credit card. This rate is applied each month that you
carry a balance (the lower APR, the better).
Annual Fee�Yearly fee associated with having the credit card. Unless you are
getting rewards or miles, or something extra, you may want to look for a
card without an annual fee.
Grace Period�A period of time during which you are allowed to pay your
credit card bill without being charged a finance and/or late fee. This
period is usually 10-28 days.
Introductory Rate (or Intro APR)�A temporary, lower annual percentage rate
that is raised later. Make sure you know what the rate will go up to after
the intro period is over.
Other fees�Also check for the amount of the late payment and cash advance
fees.
Why wait? Activate
Once you receive your new card in the mail, activate it right away. Then put
it in your wallet or in a safe place. Otherwise, you may set the card down,
forget about it, and it could end up in the wrong hands.
As you use your card, keep an eye on your bill and the charges listed. Also,
you should get
your 3-Bureau Credit Report on a regular basis to make sure no one else is
using your account. That way, you stay in charge of your credit card.

Dear Audrey,
Is it true that if you use a credit card and pay it off each month, it never
gets on your credit history? And therefore won't help you build credit?
Thanks.
Lois W.
Crown Point, Ind.

Dear Lois,
While many people believe you have to have a balance in order to build their
credit, this notion is completely untrue.
Paying off a credit card balance each month is one of the best ways to build
your credit because it shows creditors you can handle your credit
responsibly. Plus, it will look great on your credit report when you're
being reviewed for a larger loan, like a mortgage.
By checking your credit report often, you can make sure your timely payments
are reflected in your balances. You can also look for errors that could
potentially damage your credit score, such as accounts that do not belong to
you.
At TrueCredit.com, it's easy to not only check your credit report, but also
get helpful tips for keeping your credit in good standing.
Until next month,

Audrey O'Dell Newsletter Editor
Read more here

Your credit horoscope
Leo & Virgo:
If you want something good to happen, picture it taking place. Visualizing
your financial success will get things rolling.
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