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Immediately report the loss of the credit card to the issuing company. Many companies have toll-free numbers and 24-hour service to deal with such emergencies. As a precautionary measure follow up your phone calls with a letter that includes your account number, when you noticed your card was missing, and the date you first reported the loss. After reporting the loss, review you’re billing statements very carefully. If you find any unauthorized charges, send a letter immediately to the card issuer, describing each questionable charge. Again, tell the card issuer the date your card was lost or stolen, or when you first noticed unauthorized charges, and when you first reported the problem to them. Be sure to send the letter to the address provided for billing errors. Do not send it with a payment or to the address where you send your payments unless you are directed to do so. That’s it. Once you have done this, you are no more liable for unauthorized future billings.

Your maximum liability for unauthorized use of your credit card is $ 50. If you report the loss before your credit cards are used, the FCBA says the card issuer cannot hold you responsible for any unauthorized charges. If a thief uses your cards before you report them missing, at most you are liable to pay $ 50 per card. If the loss involves your credit card number, but not the card itself, you have no liability for unauthorized use.

If case of a dispute you could contact Federal Trade Commission. The Federal Trade Commission (FTC) is responsible for enforcing federal laws that govern credit card issues. It functions for the consumer to prevent fraudulent, deceptive and unfair business practices in the marketplace and to provide help information. To file a complaint or to get free information on consumer issues you could visit www.ftc.gov.

When you receive a pre-approved credit card offer, it is not necessary that you would definitely receive the card. When you complete the application and return it, a credit check is again carried out. This is to determine if anything in the credit file has changed for the worse since the original evaluation, and the qualification criteria may be higher this time. This credit check is used for final approval or rejection of the application. Sometimes small changes in total available credit or balance-to-limit ratio since the pre-screening can result in a rejection.

Before considering an offer for a pre-approved credit card, find out the details first. You need to know what interest rate you will be paying and for how long. Some credit cards offer low rates that are raised after a certain period of time or only apply to balances transferred from other cards. You also need to know about any annual fees, late charges or other fees, and whether there are grace periods for payment before interest is applied. If the terms of the offer aren’t provided or aren’t clear, look for a credit card from someone else.

If getting a lot of pre approved card offers in your mailbox or email annoys you, consider removing your name from the marketing list of the three credit bureaus (Equifax, Experian , or Trans Union) . You could call 1-8… to reduce your pre-approved credit card applications. This number will remove your name from all three databases.

As a precautionary measure make sure to tear up those pre-approved credit card offers that appear in the mail. Someone else could accept the offer on your behalf, indicate a new address, and you could have a nice time paying someone else’s bills!

* Never go overboard in your spending .Know you budget, respect it and always adhere to it. Have a plan to pay back the money you charge to your credit card before you make the purchase. It is real money you are spending. Sooner or later the bill is going to catch up with you. Before you use your credit card to make purchases consider how you will pay the bill when it arrives in a few weeks time.

* Keep a track of money you are spending. By paying cash or writing a cheque for some items or paying your credit card balance twice a month may be more beneficial to you and allow you budget your money better. This way money is coming out of bank account for some items and you will have an idea of how much money you will owe at the end of the month to avoid the interest charges.

* Always try to maintain a good credit rating. In case you are not able to make a payment due to some unexpected reason, get in touch with your creditors. You may be able to extend the repayment period and lower the monthly payment.

* Keep copies of all of your credit card receipts to compare to your monthly statements. Follow up on any errors. Shred or otherwise destroy carbons and receipts before throwing them away. For each of your credit cards, keep a record of the account number, the issuer’s name, and the phone number to call if your card is lost or stolen.

* Always keep the credit card number and expiry date confidential. Draw a line through blank spaces above the total when you sign receipts. Rip up or retain carbon copies. While shopping online make sure to it is a trusted site before using your credit card. Never give the credit card number to someone on telephone unless dealing with a reputed company. In case of lost/stolen credit card immediately report the matter to the credit card company.

Credit cards are there to make your life easy, not to be a source of tension and anxiety. Use it sensibly, pay the bills in time and enjoy the benefits.

Your credit report contains information about how you’ve used credit in the past. It is a record of your payments on credit cards, car loans, student loans or home mortgages. Companies that loan money look at your credit report to determine your ability to pay back your debts on time. This is known as your credit rating.

National credit reporting agencies, also known as credit bureaus, organize the information and keep credit reports on file. Credit reports are usually based on the individual’s credit history, who reviewed the credit history, information that has been given to the credit information company, specific identification information; and any explanatory notes and comments.

One of the best ways to establish a credit history is to apply for a small loan or line of credit from your local bank or a credit card from a local department store. But make sure they report it to the credit bureau. If they don’t then it will not help you in building a credit report. Gas cards are also an easy option. Apply for one and use it to establish credit, but pay it off every month to show that you can pay your bills responsibly

If this does not work try to make someone (maybe a family member or a friend) with a positive credit history co-sign an account for you. In this arrangement the co-signer guarantees to pay the debts if you are unable to pay the bills. Make sure to pay your bills on time or else it could strain the relationship!

If nothing works, you could consider a secured credit card. It requires that you open and maintain a bank account at a financial institution as security for your line of credit. Your credit line will be a percentage of your deposit, typically from 50 to 100 percent. Application and processing fees are not uncommon for secured credit cards. In addition, secured credit cards usually carry higher interest rates than traditional non-secured cards..

Finally, if you have a damaged credit, you’ll need to rectify the past. Pay old debts and correct errors as soon as possible. Once you have a credit line, establish a good history by using it responsibly. Keep balances low, always pay on time and don’t pursue unecessary credit.

Credit history is not taken into consideration when applying for a secured credit card. In this arrangement you have to make a deposit with the issuing company. The credit card company then issues a credit card. Usually you can make use of your credit card up to 50 %-100% of your deposit depending on the company. You may also have to pay application and processing fees for these secured credit cards. The interest rates are also higher. Your secured card will look no different than a regular credit card. You can use your secured credit card to buy groceries and gas, book hotels, buy airlines tickets, or do online shopping.

If your credit is bad, then secured credit card is a good solution for you. Whatever made your credit bad, late payments, collections, medical bills, credit counseling or bankruptcy, a secured credit card will help you to get fresh start. Again, using it for a couple years will restore some credit. The trick is to pay your secured credit card bills on time. Now this statement has to be emphasized. You may be using the secured card either because you do not have any credit rating or have a damaged credit report. If you do pay you bills on time, it would come up in your credit report, defeating the entire purpose of signing for a secured credit card.

When considering a secured credit card, you should closely review the terms. There have been many scams involving secured credit cards. As a general rule beware of any advertisements which promise instant credit. If you have problems or questions about a secured credit card marketer, you could contact your local consumer protection agency or state Attorney General’s office.

Taoism states that everything has a opposite in the world and this statement could not be more true in the case of credit cards. For all the convenience, flexibility and advantages associated with credit cards, they come with the danger of making you bankrupt if you are not careful.

Long since credit card was first introduced in the 1950’s it was noticed that consumers tend to spend more while using credit cards. Partly, human psychology is responsible. The very fact that you cannot see the money you are spending coupled with the assurance that you could pay it off later, entices many people go overboard with their budget.

Like loans, credit cards are not free money. The interest rates are generally higher than any other form of money you can borrow. Consider the following scenario. You go to a sale and chance upon a beautiful dress. It has a marked price of $220 but is being given for $180. Now since you do not have cash readily available, you use your credit card. Now let us say due to some reasons you are able you only pay 15 $ per month back to the credit card company. Plus, you pay late once, and you’re charged a $30 penalty fee for missing the payment date.

At this rate you would take 16 months to pay off the bill and considering that the interest rate is 17.9% finally you would have paid $228.26. More than the original price! See this is what is happens with the other articles you buy.

According to a 1999 study by the Consumer Federation of America, expanding credit card debt is quickly becoming one of the most severe threats to academic success on college campuses. This study, conducted by sociologist Dr. Robert Manning, a visiting professor at Georgetown University, suggests that credit card marketing “on college campuses poses a greater threat than alcohol or sexually transmitted diseases.” Dr. Manning’s study estimates that nearly 20 percent of students may have credit card debt in excess of $10,000.

Credit card can easily put you into debt if not used sensibly. Use money in your daily transactions and use credit card only when the need arises. Charge only the amount you can pay off in full each month and try to pay more than the minimum amount recommended per month by the credit company. So if have been putting off payment of bills for some future date, remember ‘payback time’ is coming!

Identity Theft is when someone steals your personal information and uses it to commit fraud without your knowledge. Your name, date of birth, address, credit card, Social Insurance Number and other personal identification numbers can be used to open credit card and bank accounts, redirect mail, establish cellular phone service, rent vehicles, equipment, or accommodation, and even secure employment. Even though federal laws limit your financial liability to $ 50, your losses will include time and effort to remedy the effects of the theft. You may need to provide extensive documentation to clear up bad credit reports.

There is no foolproof way to prevent identity theft. Fraudsters keep on coming with new genuine ways to steal your personal identity but it would help keeping the following precautions in mind.

* Burn or shred personal financial information such as statements, credit card offers, receipts, insurance forms, etc. Insist that businesses you deal with do the same.

* Don’t give your credit card number on the telephone, by electronic mail, or to a voice mailbox, unless you know the person with whom you’re communicating.

* Notify creditors immediately if your identification or credit cards are lost or stolen.

* When you are asked to provide personal information, ask how it will be used, why it is needed, who will be sharing it and how it will be safeguarded.

* Pay attention to your billing cycle. If credit card or utility bills fail to arrive, contact the companies to ensure that they have not been illicitly redirected.

* Always use a secured browser when doing money transactions over the internet. Make sure it conforms to the encryption standards such as SSL. Deal with only trusted sites.

One of the best ways to catch identity theft is to regularly check your credit report. Order your credit report from each of the three major credit bureaus at least once each year and verify that all the information is correct.

Equifax http://www.equifax.com 1-800-685-1111
Experian http://www.experian.com 1-888-397-3742
Trans Union http://www.transunion.com 1-800-916-8800

Visit Total Credit Reports for more information about credit reports and identity theft.

also visit the FTC’s ID Theft Center