Poor Credits - Getting approved for a credit card

It is a fact of modern life that credit cards are an increasingly essential financial tool. There are many situations in which if you do not have a credit card, you will either be unable to pay for goods and services, or to take up special promotions. There are also countless more situations when having a credit card will simply be extremely convenient. Credit cards are also safer than carrying large amounts of cash around with you, especially when you travel.

Criteria

Well, first of all you should be over 18 years of age. You will also need a job or some form of regular income. These are then main criteria and if you can demonstrate them well, you will probably not have much trouble getting approval. You may have had a card in the past that you failed to pay or some other blemish on your credit report. If this is the case, you will find it more difficult to get a card.

Credit Rating

Your credit history plays a very significant role when it comes to assessing who will be approved for credit and who will not. It is based on personal information, your salary, if there have been defaults or court judgments awarded against you, and a host of other factors. They are all put into an equation that computes a personal score for you. Lenders will then decide whether or not to lend to you based on this score.

You should also be aware that many other companies will use your credit report also. It is not only credit companies, but also insurance companies and even employers, when looking at job applicants. This may seem surprising but the thing to remember is that you do not want to damage your credit report by failing to meet repayments.

Refused Application?

If you are finding it difficult to get approval for a credit card, you may consider seeking a co-signor. This is someone, usually a parent or close relative, who will guarantee the debt for you. They must understand the nature of the agreement, and if the situation arises whereby you are not able to make your repayments, they will become fully liable for the amount you have borrowed. It may also be a good incentive for you to repay it.

The final thing to remember is that if you have been turned down for a credit card, it may be an indication that you are not ready for one.

Joseph Kenny is the webmaster of the UK credit card comparison site where you can find a selection of credit card advice. For US visitors there is also the comparison site for all US interest free offers.

Poor Credits - How to minimize your taxes on wealth

Taxes on wealth or simply wealth tax is the tax levied on the value of wealth owned by a person. As the term wealth carries with it a broader meaning, generally capital transfer taxes (which include inheritance tax and gift tax), property tax, and capital gains taxes are some times invariably referred to as wealth taxes.

Taxes on wealth were first introduced in Europe, aimed at reducing the growing wealth gap between the rich and the poor. It was meant to raise revenue for addressing pressing social requirements and also to discourage the attitude towards amassing wealth.

Still, in countries across the world, majority of wealth is concentrated at the hands of fairly small number of people. Ideally taxes on wealth cuts down the disparities in wealth rather than the income, which actually is the determinant factor on how the scales are weighed for the next generations.

Also, taxes on wealth can bring about vertical as well as horizontal equity, which income tax fails to achieve. For example, neither a wealthy person nor a poor one with no income will pay income tax. But the wealthy ones need to cough up wealth tax while the poor need not.

But, as critics puts down, taxes on wealth can actually cause inefficiency by discouraging wealth producing economic initiatives. Also, the revenue generated by imposing taxes on wealth may not be that productive as the theory suggests. The wealthiest form only a small percentage of the population and by nature they are adept at avoiding taxes while remaining themselves within the contours of law.

Taxes on wealth comes in two forms the capital transfer taxes that are levied when wealth change hands and the annual wealth taxes. Capital transfer taxes can occur either at death also called inheritance tax or via donation (gift tax). Some people tend to believe that Capital Gains tax to be a form of taxes on wealth. But in realty, capital gains tax is the taxation on the income obtained on capital and not a wealth tax on the capital.

Ideally, taxes on wealth should not be severe on the tax payers even if they have lots of wealth. Instead, after the minimum slab of no taxation, the taxes on wealth percentage should increase at increments, depending on the value of wealth in dollars. Such a fairer taxation not only increases the revenue but also goes a long way in bringing down the inequality aspect as well.

But with intelligent investing, one can save a lot that other wise goes as wealth tax. But that requires careful thought and advanced planning. May be a tax professional could help one in this regard.

Jakob Jelling is the founder of Visit his website for the latest on personal finance, debt elimination, budgeting, credit cards and real estate.

Poor Credits - Christmas Shopping: Bargains For You!

This Christmas season promises to be one filled with exceptional sales and across the board bargains for eager shoppers. With fuel prices running high, interest rates climbing, and consumer sentiment mixed, merchants know that they must slash prices in order to move merchandise. Lets take a look at some of the types of sales certain to greet price conscious shoppers this holiday season.

Early Bird/Late Night Bargains Well before Thanksgiving some retailers are already opening early or staying open late in order to accommodate shoppers. A big lure: Get ten percent back/off of select purchases over $50. Depending on the details of the offer, you can either apply savings to your current purchase or as credit toward future purchases. Variations of this lure include incremental rewards, i.e. $15 off of purchases of $75 or more, $20 off of purchases of $100 or more, etc. Read the fine print as exceptions do apply!

Friends and Family Sales - One big retailer is offering to their employees a way in which they can pass on their employee discount to select family members and friends. By offering the same discounts that the employee receives, the employee will then mail directly to select people a discount card allowing the customer to get the same discount as the employee. For example, if the employee receives a 20% discount, the family member or a friend will get a card allowing them to get that discount too [for a limited time only]. Many times this discount can be applied alongside of sale prices for exceptional savings. Lets just hope that an employee selects you to be part of this plan!

Secret Sales. Okay, they really arent all that secret. However, if you are a holder of a certain particular retailers charge card, you will be invited to a special cardholders only shopping event. Usually this event coincides with an existing sale and essentially allows secret sale participants the opportunity to shop one or two hours before the store opens for business on a particular day [usually a Saturday]. You get a private time to shop, at least 10 percent off of sale prices, and the opportunity to delay paying on purchases until well after the new year if you use the stores charge card.

Certainly, not all merchant enticements are worth the bother, especially if you are unable to pay off your charge card purchases immediately. A 21.6% APR can eat up any savings you gain in no time. So, shop with wisdom to reap the greatest benefits.