My Teen Wants A Credit Card, Should They Get One?

The answer to this question could be good or bad for your teen. The outcome would depend on if your teen is responsible, and would have the ability to pay a credit card bill they may receive in a timely manner. By doing that, your teen will be on a path to building good credit for the future. However, if your teen is, or decides to become irresponsible by running up their credit card balances by not paying their bill, this could result in a negative credit history early in their life. You wouldn’t want your teen to be subjected to this. So here are some tips and information on whether or not your teen should get that credit card:

1) My teen just started college and just received his new credit card in the mail with a credit line of $ 500, how should he use this card? First, your teen needs to be responsible with his new credit card and ensure that his payments will be made on time to establish a good payment and credit history. Your teen will also want to keep his credit card charges to a minimum as well!

2) Should my teen apply for more than one credit card? Yes. Your teen should consider applying for two credit cards. However, make sure your teen pays their monthly credit card balance in full and timely!

3) Why are credit card companies so hungry to get my teen to sign up for a credit card? Usually, when your teen starts college, the credit card companies know that your teen doesn’t have a credit card and will probably need a card to make purchases on or off campus. They also figure that your teen will most likely pay the minimum payment due. If your teen lets the balance on their credit card increase over time, then the credit card company gets to collect all that interest from your teen!

4) What if my teen’s credit card balance gets too high, what should I do? If that happens, you may be stuck paying your teen’s debt! Some credit card companies love this. That means they may get all of their money sooner if the credit card is paid off by the parent. Teach your teen to be responsible for paying off their credit card balance each month. If they can’t afford the bill, then don’t charge the item!

5) What alternatives are there for my teen if they don’t want to get a credit card? A good alternative is a debit card usually issued by their bank. The debit card will have a Visa or MasterCard logo and can be used like a credit card. The catch to this is that your teen will be using money from their own bank account when a charge is made. So make sure that your teen understands this and they are aware that the money they are charging on their debit card, must be in their bank account. Another good alternative to using a credit card for your teen is a stored value card that has a Visa or MasterCard logo on the card. The stored value card has a certain amount of money on the card that your teen can use when they charge a particular item. Once your teen has used up the balance they have on the stored value card, they are not able to charge anything else.

Overall, a credit card is a good thing for your teen to have. This is a good way for your teen to start learning how to manage their personal finances. They will be able to build a solid credit history and will reap the benefits of being responsible with their credit cards for many years to come!

Nocita Carter is a writer that designs websites providing informative tips at finance tips & dating tips

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Tips On How To Fix Bad Credit

If you have fallen on hard times like so many other people in this economy, then there is a good chance that your credit has suffered as well. Cleaning it up is going to be very important for moving forward and rebuilding your financial life. This article will show you how you can repair your credit and get back on track.

If you repair your credit score, you can save money on your insurance premiums. This refers to all types of insurance, including your homeowner’s insurance, your auto insurance, and even your life insurance. A poor credit history reflects badly on your character as a person, meaning your rates are higher for any type of insurance.

Paying your premiums in full instead of on a monthly schedule can help you save big money on your auto insurance policy. If you can pay a larger portion of a 6-month or 12-month policy, you should definitely go ahead and get the premium paid off. This will allow you to save some money over the life of your plan.

Your household bills are just as important to pay on time as any other credit source. When repairing your credit history be sure to maintain on time payments to utilities, mortgages or rent. If these are reported as late, it can have as much negative impact on your history as the positive things you are doing in your repairs.

It is easy to find a loan even if you have bad credit, but it isn’t all positive. If you have bad credit, you are forced to pay higher interest rates and it is hard to find fair companies, that don’t punish you for negative credit. It is much easier to legally clean up your credit than to pay thousands of dollars more for a loan.

An important tip to consider when working to repair your credit is to make sure you exhaust all possible resources before considering bankruptcy. This is important because bankruptcy will remain on your report for 10 years and is extremely hard to come back from. Always consult with a credit counselor beforehand.

An important tip to consider when working to repair your credit is that if you have poor credit you probably won’t receive funding from a bank to start your home business. This is important because for some there is no other option other than borrowing from a bank, and starting up a business may be a dream that is otherwise unattainable.

Start rebuilding your credit score by opening two credit cards. You should choose from some of the better known credit card companies like MasterCard or Visa. You can use secured cards. This is the best and the fastest way for you to raise your FICO score as long as you make your payments on time.

When contacting a company to obtain aid in fixing your credit, do not hire one that offers to help you by creating a false credit identity through an Employer Identification Number as a way to sidestep using your Social Security number. Not only is this illegal advice, you will be committing fraud and you might end up in legal hot water.

Even if you have had problems with credit in the past, living a cash-only lifestyle will not repair your credit. If you want to increase your credit score, you need to make use of your available credit, but do it wisely. If you truly don’t trust yourself with a credit card, ask to be an authorized user on a friend or relatives card, but don’t hold an actual card.

While there is no magic wand or special process that can ever erase all the negative things on your credit report, there are lots of ways that you can minimize their effects. Start by correcting the incorrect and start putting lots of positives on there. Follow the advice from this article and you will see higher scores and better credit moving forward.

Credit Union Forms News – 2015 in Review

Another year has gone by, and what an incredible year it has been for credit unions! Membership has reached an all time high, and the numbers continue to grow. Here is a look back at some important events that have happened in the credit union industry during 2015.

-The April riots in Baltimore caused credit union offices to close down. Read more at

-In June, the CFPB announced that they will allow for a grace period for TRID enforcement. This update was originally set for August 1, 2015 but was pushed back to October to ensure a smooth transition. The extension was given to allow for real time testing of the closing process. Read more at

-Transamerica announced that they are leaving the credit union market. Make sure your credit union forms are compliant while you choose a new insurance carrier by using Oak Tree Business Systems, Inc. credit union forms. Read more at

-The U.S. Secretary, Jack Lew announced that a woman will be featured on the new 10 dollar bill in 2020. Read more at

-In June, NAFCU held their 48th Annual Conference in Montreal, CA where they announce that they will be opening membership to federally insured, state-charted credit unions. Read more at

-In July, The NCUA made changes to implement automatic approval and regulatory relief to federal credit unions seeking to add associations to their field of membership in an electronic confirmation. In doing so, they created 12 additional categories for membership eligibility. Read more here.

-This year the iWatch was released. The release of apple iWatch grew the existing Apple pay. Many credit unions introduced apps for their members that allowed them to use Apple pay.

-In July, the FCC added new guidelines to the Telephone Consumer Protection Act that effect financial institutions. Read more at

-The Michigan Credit Union League became the first league to allow credit unions to join the league without joining CUNA. Read more at

-Credit Unions showed their support to the communities they serve with fundraisers set up for those affected by the California Fires. Read more at

-Credit Union International Day was celebrated on October 15 this year. Credit unions participated around the world by celebrating their members. Read more at

-New Military Lending Act Regulations were passed to further protect active-duty members. Read more at

-In November, NCUA announced a proposed Commercial Lending Rule in an effort to allow for more business loans to be approved by credit unions. Read more at

A list of the top ranked credit union was released on December 5, 2015.

-Alliant Credit Union
-Digital Federal Credit Union
-First Technology Federal Credit Union
-Kinecta Federal Credit Union
-Patelco Credit Union
-Lake Michigan Credit Union
-Pentagon Federal Credit Union
-San Diego County Credit Union
-The Golden 1 Credit Union

Source: “Best Credit Unions in the US (Top Ranking List and Reviews).” Best Credit Unions Opened to Anyiong. AdvisoryHQ., 5 Dec. 2002. Web. 10 Dec 2015.

Oak Tree looks forward to another great year for credit unions and will continue to provide exceptional forms to the credit union industry.

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