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Welcome to the consumer information section of creditcardforme.com. In this section you will find more more specific and in depth information than is available in the FAQ section. All of the credit card applications found at this website have been approved by the editor's of the site as being excellent cards for individuals in the indicated credit status categories.

Most issuers use the Average Daily Balance method for calculating interest. This means that if you don't pay your bill in full, interest will be charged from the day a charge is posted to your account. Some issuers charge two months of interest when you switch from paying in full each month to carrying a balance. This is called Two Cycle Billing. The other two methods for computing charges are Adjusted Balance and Previous Balance. If you feel ambitious the exact formula for interest calculations can be found on your bill.

When you are selecting a credit card you should begin by asking the following questions:
How much is the penalty for being late?
How much do you pay if you go over the credit limit?
How much does your bank charge you for an ATM withdrawal (cash advance fee)? Is the interest rate for cash advances the same or is it higher than the card's "regular" APR?
What is your cash advance limit?
Answers to all these questions may influence your choice of credit card.

Issuers determine credit worthiness by three categories of credit (capacity, character and collateral). Capacity refers to your ability to pay given your income and existing debt. Collateral refers to any assets you have that can secure payment (e.g. bank accounts, home ownership). Character refers to factors such as your payment history and length of employment. The criteria for accepting applicants vary between issuers and credit card products.

You can get a very good idea of your credit status by looking at your credit report(s). Three separate bureaus maintain a different snapshot of your financial history and provide copies of this report to creditors upon request. It is important to make sure information on these reports are accurate, especially if you have been turned down for credit and don't know why.

Getting out of debt isn't easy, especially if you carry high balances, as many of us do. One strategy is to consolidate your debts into a single, lower- interest interest loan. Finding that loan can be a challenge, though, if you already have a fair amount of debt. So you may find that you have to get creative. The truth is, you probably have more options then you realize. Traditional "consolidation loans" from a financial institution may not even be your best choice. Instead, you may want to think about using credit cards, a home equity loan, a loan from your insurance policy or retirement plan, or even a loan from a relative to consolidate.