And I saw an interesting commercial for a website called Credit Karma.

I couldn’t find a link to the commercial anywhere online but here’s their official Youtube Channel – they may upload it in the near future.

It was clearly a dig at services like FreeCreditReport.com as you can get a free report from them but then the onus is on you to cancel or you get automatically enrolled in their credit monitoring services (whatever the heck they’re called) and they just ding your credit card or bank account every month until you do take the time to cancel.

Credit Karma promised they weren’t going to do that which I knew would interest you if it turned out to be legit.

So I decided to do some poking around to figure out what the heck they were up to.

Is it really free?

As it turns out – yes.  They will provide you with a free credit score from TransUnion.  Yes, it only comes from one of the three major credit reporting bureaus and scores can vary up between each bureau but it is good free resource.

I learned first hand how much credit scores can vary a few years ago.  I was looking to get a loan for a new motorcycle (not a good thing to borrow money for, but this was before I became money savvy) and wasn’t approved at the dealership.  They sent me to the credit union and the credit union not only approved me, but I got their best rate as they only checked credit scores from one bureau and that happened to be the one bureau that rated me as having a high credit score.

So having just one credit score isn’t perfect, but it’s a lot better than nothing – If you’re looking to get two out of the three, the website Quizzle is a completely free resource for getting your Experian credit score.

I’m not aware  of any completely free service that will give your your Equifax credit score, but keep in mind that you can get your credit report from them directly for free once a year to make sure there aren’t any negative remarks.  If your information is accurate, then your credit score with Equifax will be similar to Experian and TransUnion – the key is to make sure that nothing is amiss.

How Does Credit Karma Earn Money?

Since we all know they’re probably not giving your credit scores for free out of the goodness of their heart (though by having “karma” in their name, they do sort of imply that), you’re probably wondering how they earn money?

My first though is that they sell your information to third parties… as it turns out that’s not the case – Credit Karma guarantees they won’t share your information with anyone else without your explicit permission.

They earn their money through advertising (like Google and Mint).

They also have user reviews of credit cards.  Unlike CreditCards.com and similar sites they don’t actually do their own reviews, they merely syndicate reviews from card holders more like Amazon does with their products.  Amazon provides the details of the products and lets customers do the actual reviewing.  It did look like they do earn revenue from some of the credit cards featured on the website.

Their earnings disclosure simply says “This site may be compensated through third part advertisers.”

So there you have it, a completely free alternative for getting your credit score for free without having to take some kind of free trial that you’ll just have to cancel later.

Save yourself the hassle and just use Credit Karma and Quizzle.

It is really quite easy to set up quick cash loans, so the best advantage of this type of loan lies in its name. Numerous loan companies will process your requests and approve loans instantly, thus it is easier for you to have the funds in your bank account almost within a day or so. You have all the reasons to believe that quick cash loans are the easiest means of solving your financial problems in the event you need urgent cash funds.

The requirements for approval are quite straightforward and this is one of the key advantages. Although the criteria may vary from one lender to another it is indeed easy to achieve pay day advance. All you need to have are a valid bank account and a job. A majority of these credit companies don’t run a credit check, and your credit score s not of that much concern as with various other forms of credit. These qualities make quick cash loans so much attractive to people who have a poor credit score, and needs to struggle elsewhere for achieving credit.

There is one particular disadvantage associated with quick cash loans – these loans are indeed more expensive than other types of credit. The interest rate charges a horrible figure through a 20% flat fees added to the loan principal, and the repayment period also seems quite short for this type of loans. A hefty cost is being charged by these quick cash advances though it’s tough to get a perfect notion when they offer rates worth 1000% or more. Remember that it may not always be easier for you to repay such high fees within a short span of time, and it may indeed get you deeper within a financial problem. All you need to do is to weigh it upon your own conscience.

You must know if it’s best in your interest to opt for quick cash. Its worth paying for the high interest charges associated with all expensive quick cash loans in case you find it tough to avail an alternative fund source, bear a poor credit score or need cash all of a sudden. Go through the terms and conditions, and clarify all your doubts before you enroll for a quick cash loan.

A good example is how finding great credit card deals can help you get out of debt. There’s a number of functions that a credit card offers that can help you to achieve this goal, which we’ll go into more detail about here.

Carry out a balance transfer

For many people, paying off what they owe isn’t the problem – it’s keeping up with the growing interest. Therefore, if you’ve got debt on a number of cards and are paying a hefty APR on them, consider moving to a card that offers a lengthy 0% period on balance transfers. Pay off the minimum amount in full at the end of the month and you’ll only be paying off what you owe, rather than any interest.

Work out your needs

The best credit card deal for one person might not be the best for another. So think about what it is you’re looking for. For example, if you know you spend a high proportion of your monthly budget in one store, consider taking out a credit card that offers cashback in this outlet. Or if you’re a frequent flyer, look into airmiles credit cards that allow you to claim free flights and hotel stays, saving you money on things you’d be spending on anyway. In this instance, the less you spend on your travel, the more of your money you can devote to paying off your debt. It could even be the case that the rewards on some cards lead to you spending less on days out or those little treats you allow yourself from time to time.

Find a lengthy 0% deal on purchases

When you’re in debt, it can be easy to end up a spiral that sends you further and further in the red. You may want to spend as much of your money as possible on getting back in the black, but you still need to spend on the essentials. So look at whether a card with an introductory 0% offer on purchases could give you a little breathing space and allow you to spread the cost of your purchases. 

I know for me having a credit card in college was a bit of a mixed blessing but I always felt a little safer when driving back home during breaks knowing that if my car broke down or there was some emergency, I had access to credit to cover my expenses.

Before you apply for a student credit card, I recommend reading our Responsible Credit Card Use article as it’ll help make sure you know the ins and outs of using your newly minted credit card so you can avoid racking up any more debt than you need to by the time you finish classes.

For years, credit card companies targeted college students with special student cards offering anything from free sporting event tickets to free pizza to free tshirts for anyone who applied for one of their credit cards.

The credit card companies found that young people were  often loyal to the first credit card company that was willing to give them a credit card which meant a potentially very lucrative account if they got someone to sign up when they’re young.

Of course, that made credit card companies very aggressive in issuing student credit cards and many students found that it was a little too easy to get several credit cards and end up with a huge amount of additional consumer debt during their college years.

The Credit Card Act that was enacted in 2010 changed how student credit cards could be issued.  The intention was to stop credit card companies from offering credit cards to people who couldn’t afford to pay their bills.  Credit card can no longer be marketed on college campuses and if you’re under the age of 21 you’ll need a co-signor (most likely your parents) or you’ll need to show that you have enough income to make you potential monthly payments.

Now that you’ve up to speed on how student credit cards work, let’s cover the best credit cards targeted toward students.

What We Looked For

When rating our cards, we looked for cards that had low introductory rates as well as APRs that were reasonable.  If the interest rate shot up after the intro period above 20% we immediately took the card off the list.

We also looked for cards that would reward you for using it towards expenses you’re likely to actually have.  That means things like gas, groceries, and utilities.

We added extra weight to cards targeted towards people actually in college though it wasn’t a hard and fast requirement and if the card had an annual fee associated with it, it was automatically excluded from this list.   All cards on this have no annual fee since we don’t think you should have to pay just for the privilege of having a credit card when you’re young and that money is better spent on other things – like books (okay, who are we kidding – pizza and beer J ) .

Best Student Credit Cards

1) Discover Student Card

The Discover Student Card topped our list of student credit cards for several reason.  We really like the fact that it is heavily customizable and you can actually pick the APR you’ll be charged.  For example, if you think you’ll possibly be carrying a balance on your card, you can pick a lower interest rate but get less rewards.

If you think you’ll be able to pay off your balance each month, then you can choose a higher interest rate and get $25 in rewards if you spend $250 in the first 3 months.

You’ll also get a 5% Cashback Bonus for items you’re most likely to spend money on – gas, travel, groceries, and restaurants (up to $400 in purchases in those categories each month).

Plus, with Discover you always get 1% cashback on everything, no matter what it is and there’s no limit.

• You’re the boss. Choose your intro APRs and duration for purchases.
• Choose your card design.
• Start building your card with our interactive tool today.
• Click Here To Apply Now!

2) Citi Forward Card for College Students

Coming in at number two is the Citi Forward Card.  We put this card at number 2 on the list for one important reason – no Cosigner required.

Of course, that’s not all we liked about the card.

The Citi Forward card rewards you with up to a 2% interest rate reduction when you stay under your credit limit and pay your bill 3 times in a row.  You get rewarded for doing simple things you should be doing anyway.

It also comes with complimentary cell phone protection which is a nice perk with cell phones being so expensive these days.

This card uses ThankYou points for rewards.   The points are designed to accumulate fastest when you shop at places college students are likely to go to – bookstores, restaurants (yes, fast food is included), the movies, video stores, and even record stores so if you have a thing for vinyl, you still get more bonuses.

3)      Citi Dividend Platinum Select Card for College Students

I’ll admit when I first saw the name of this card, I thought it must be a misprint because I when I saw the word, “dividend” I immediately thought this card was for investors who got stock dividends.

After learning more about this card I realized it was just a fancy term for the rewards you get when using this card – you earn “Dividend Dollars” as your cash rewards.  There is no cosigner required or minimum income to qualify for this card.

Like most of the other cards on this list you get a 0% introductory interest rate (if you qualify) and then the interest rate will be in the 16% to 20% range – not great, but not terrible either.

As far as rewards go, you will earn 1% cash back on purchases after the introductory period ends and if you shop with the retailers in the Citi Bonus Cash Center, you’ll earn an average of 5% cash back, up to a maximum of $300 in “Dividend Dollars” per year.

4) Capital One Journey Student Rewards Card

There’s a lot we like about the Capital One Journey Card.  However, the 19.8% APR on purchases pushed it down to fourth on this list.  We would have liked to have seen a lower interest rate and a 0% introductory rate.

If you can look past those little details, this is otherwise a great card.

This credit card is designed to help you build and establish your credit score.  It comes with free text and email alerts to help you keep your spending on track.

As far as rewards go, you get 1% cash back on all purchases (no limit) plus a 25% bonus when you pay your bill on time.

Since it carries the Visa Platinum logo, you get the benefits that go along with that as well – things like free auto rental insurance, and extended warranty protection when you make those purchases with your credit card.

5)      Citi mtvU Platinum Select Card For College Students

Rounding out the top 5 of our favorite student cards is the Citi mtvU Platinum Select Card.

It’s still a decent card and is aimed at MTV fans with extra perks for those who love MTV.  Your points can be redeemed on MTV’s shopping website for things like concert tickets and VIP status at mtvU’s Sprig Break.   However, unless that’s important to you, it’s really a bit of a stripped down Citi Forward Card (the #2 card on this list).

You still earn rewards but not as many.

One thing we did like is the good student bonus.  You get up to 2,500 bonus points twice a year for getting good grades – you do have to send your transcript to Citi to get the point, though.

How To Convince Your Parents To Co-Sign For A Student Credit Card

Since most cards are going to require you to have a cosigner if you want to qualify for a credit card these days, I thought I’d put together this little section for helping you convince your parents to cosign on the card for you so you can get one.

Keep in mind some parents are going to be easier to convince than others – that’s just the way it is.

The first angle I’d try is the additional security having a credit card provides for emergencies.  If you are going to school far away from home, this will be more likely to work.  Just tell them you’d like to h

The other angle to try is that it’s important for you to establish your own credit and that you can’t establish credit if you don’t use it.

This site is all about helping people get out of debt, not get in it, but even we’re willing to admit that in today’s modern world, having a good credit score never hurts but you can’t build your credit score without using credit.  Just by using your card once a month and paying off the balance when it comes, you’ll start building your credit score.

Later on when the time comes for you to start looking to get a mortgage or a car loan, you’ll get a better interest rate if you have a higher credit score.  The length of time you have been using credit is one of many factors that contributes to a higher score – having credit established for many years contributes to a higher score.

Over the past couple of years, it has been extremely difficult to get small business loans. However, it looks like banks are starting to become a little more willing to give loans to small business again so in this article, I’ll give you some tips on maximizing your chances of getting a small business loan.

Check Your Community Bank

Small, local banks tend to be the best place to start for small business owners. The Bank of Americas and Wells Fargos of the world tend to avoid doing small business loans (they want to do big loans to big businesses) so just steer clear and find a small bank that is in your local community. In fact, community banks just got access to $30 billion in new federal funding for small business loans, so check there if your business could use some extra capital.

If you bank at a local instution and have all your accounts with them, you may find that the best place to start when looking for a loan as they tend to know you best already.

Small Business Administration

Finding a small business loan isn't always easy, but it is getting easier than it has been in the past couple of years.

The Small Business Administration’s microloan program just got $47 million in new funding which has a top limit of $50,000 and with changes to the SBA’s loan rules, it’s easier to qualify and when you can meet the requirements for an SBA-guaranteed loan, that also increases the chances of being able to get a bank loan.

Peer To Peer Lending (Perhaps the Easiest Way)

In the past couple years, a new method for getting a loan for your small business has emerged and it is perhaps the easiest way to get a loan – you never need leave your office to get it.  You can do it with peer to peer lending websites like Prosper.com.  Prosper is a lending network funded by regular people (your peers) and you are able to get loans for several different reasons, including financing for small business.

You can borrow up to $25,000 and as long as you have a credit score of at least 640, you should be able to get the loan you like.  Expect interest rates of anywhere from 7-15% on your loan, depending on your credit.  If you don’t like trying to convince bankers to give you money, this is an easier way as you can do it all online from your computer.   There are a few other peer to peer lending networks but we like Prosper.com the best for small business loans since it seems like your get your financing faster and more reliably with them than with other networks.

What are you going to do with the money?

You’re going to have a hard time getting a loan if you just ask for some extra cash to keep things going. You need to provide details on how every dollar will be used. If you need it for new employees, marketing, new assets or equipment, you’ll need to specify and be sure to have a business plan to show them – banks want to see business plans.

If at first you don’t succeed…

Don’t be surprised if you get turned down the first, second, or third time. Keep trying. Running a business requires a certain degree of persistence, so don’t be afraid to keep knocking on doors until someon let’s you in.

For those who cannot get a typical home loan because their credit has some flaws, there is hope. A growing trend by investors to offer lease options to potential homebuyers is giving home ownership hope to those who were not so long ago denied the opportunity.

A lease option essentially offers someone the ability to live in a home for a certain amount of time usually 24-36 months with the option to purchase the home at a later date for the current asking price.

There is usually an opt-in fee associated with a lease option in addition to a monthly ‘consideration’ fee. The monthly fee combined with the original opt-in fee can be used for your down payment and closing costs at the time of actual purchase. If you decide not to purchase the home at the end of your option term, these monies will not be refunded. Engaging in a lease option can be a good move in many circumstances, particularly if you are trying to establish or reestablish good credit. It’s also a good deal for someone who needs time to save the money but generally has a difficult time with the discipline required as the down payment is part of the monthly lease. The best benefit of a lease option for the potential buyer is that it locks in the price of the home at today’s price rather than an appreciated value two or three years from now.

We also need to look at the benefits that offering lease benefits provide the home seller. People who enter into lease option contracts are not traditional renters. These are people who are hoping to own the home they are leasing. As such, they are much more inclined to care for this property much better than someone who has no vested interest in it. You also have to consider that there are fewer homes for sale that offer the possibility of lease options so the few that do are in high demand. They have the potential to be contracted much more quickly than a home that is simply offered for sale without the opportunity for a lease option. Lease options also tend to be for a much longer period of time than a traditional rental agreement. This means that there will be a steady income generated from this property rather than having it sit empty waiting for a realtor to show it.

Lease options offer something valuable to both the homeowner and the future homeowner. Keep in mind though that these deals can go bad and you need to protect yourself if you are either the owner of the property or the one leasing the property. Be sure to have an attorney check your papers and explain everything so that you are absolutely sure of what your rights, responsibilities, and privileges are as far as the property is concerned. More importantly, plan to enjoy a mutually beneficial relationship for at least a couple of years to come.

The current economic climate has made it difficult for some people to catch up with their mortgage payments. As a result, many of them will be facing foreclosures unless they will be able to come up with a suitable solution. Lucky for them, the government, banks and other financial companies have come up with a better set-up that would make it easier for home owners to deal with their mortgage. All they have to do is to request for a possible mortgage loan modification so that they won’t have to lose their properties.

Mortgage loan modification was primarily designed to help lenders with their payment issues. Since the current state of the economy is unfavorable for almost all people, this will help everyone cope with their financial woes. This will give them a better option instead of following extreme means that may end up to a critical result for both parties involved. Most individuals would think of loan modification as refinancing, but there is a clear difference between the two concepts. Borrowers are not going to get a new loan, but they would modify an existing set-up so that the current payment terms would not be to hard to meet.

Borrowers tend to think that one of the best benefits of asking for a mortgage modification is the fact that banks and other lenders can lower the payments they have to make every month. This would mean that these loan companies would have to reduce the interest they are charging. Based on the current policies of loan modification, the monthly payment could be lowered up to 31% of the income of the borrower. This would mean that the interest should be about 2% more or less. If this would still be too big for the lender, they can ask to extend the loan to a few more years instead.

People who would be asking for a mortgage modification should look closely for any terms that may be disadvantageous to them. It is important to read the fine print no matter how tedious it may seem at first. Many of these new plans would contain stipulations that might be challenging to meet in a few years.

When you find yourself in a financial rut, it pays to know your options. Some people would simply think about filing bankruptcy once they feel that they cannot sustain their debt payments. This is a bad mistake because it should not be the first reaction people should consider. Aside from declaring bankruptcy, there are many solutions people can take. Bankruptcy should only be used as a last resort; it should be taken once all options are exhausted. For one thing, you should consider getting some loan modification help first. This is one way to see if you would be able to arrange a better payment option with the lending institution.

Loan modification is basically a program meant to assist people who are currently feeling the effects of the negative state of the economy. It was made to offer a better solution to people who are facing hardship, but are still in a position when they can still be able to pay for the loans they owe to companies. This was not made by businesses alone, but is supported by the policies designed by the government.

It is important for you to look for experts that would be able to give you adequate loan modification help. These specialists can basically guide you along the whole process. You can easily prepare what you need for the actual negotiation. You don’t have to arrange a meeting and figure out later on that you are ineligible for the program.

There are many factors that can tell if you are eligible to get a loan modification. One of the first things you should arrange is to prove that you are experiencing financial hardship. This is vital because you will not get a loan modification if they will see that you deliberately failed to do your obligations just to make sure that you will qualify. Unless you can prove that you are either facing serious financial downfall or have simply accumulated too much debt, you would be rejected for the program.

Not all people can get help from their obligations to their lender. Experts may be able to determine if you are qualified beforehand. Given that you have not bought a multi-millionaire’s house and you are really having a hard time with your debt, you have a good chance in getting some reprieve.

Global trends have made almost all modern countries a paperless society and this is a continuous challenge for people who are trying to live on a cash only basis. Luckily, there is an answer to their problems. They can still keep their finances in check by avoiding unnecessary debts from credit cards. They can still enjoy purchasing items from online stores, airlines and other over-the-phone businesses. All they have to do is to get a debit card in their name in order to enjoy these perks. Though it is commonly used today, some have failed to grasp how prepaid debit cards work.

The first step in getting one is to open an account from the credit card company of your choice. The whole process is as easy as opening the usual savings account. You would simply have to pay for a certain amount when you first sign up. Most banks would charge $5, but there are others that would charge you as much as $15 for the processing fee.

You don’t have to worry about making sure that you will maintain a healthy account since the credit will basically be consumable. You can use it anytime you want as long as there is still some money left on your account. You can say that it’s like paying for actual cash, but you get to use plastic in this case. You don’t have to fill your wallet with paper money when you go out.

Some people are frustrated with how prepaid debit cards work. Despite the many advantages of using one, there are also some downsides you should consider. You have to keep in mind that even if you have money deposited in the account, it won’t gain any interest. Some banks have this feature though the money deposited must be maintained for a certain time span and it should be more than a specified amount. Aside from that, some companies would not be willing to receive payment from prepaid cards especially if the amount would have to be charged on a monthly basis. This is a common occurrence to postpaid accounts from mobile and internet companies.

The pressing need for loan modifications has not only made it a popular service, but it also encouraged some shady individuals to set up their own scams. Since you are already in a precarious position, you don’t want to fall for these bad deals because it will get you into more financial trouble. Before you look for help or find an expert, you should know how to avoid loan modification scams. This will give you an ideal what to watch out for.

One of the best options you have at this point is to look for a good lawyer that can offer you the best advices when it comes to your finances. Aside from that, you may also think about hiring a professional loan modification company. There are currently a lot of these accredited companies around. All you would have to do is to look through the yellow pages. If you find this inconvenient, there are many sites that would be able to help you find one. You have to be extra careful before signing up for a deal because you’ll never know if it is a scam or not until it is too late.

What are some easy ways to tell if the company is out to scam you? What are some factors you should keep in mind about how to avoid loan modification scams?

The first and perhaps the easiest action you should take is find them in the local BBB or Better Business Bureau. Its online site is updated with information on legitimate and illegal businesses. You have to take note that the company would have to last for about a year in order to make sure that they are listed in the BBB. In the site, you can read through comments that may tell you about the company and how they deal with their business.

You should stay away from companies that would ask for a large upfront fee. This is clearly an indication that it is a scam. Legitimate loan modification businesses would take their time to explain to you their process, and the fees you have to pay. Even if you are not satisfied with the final result, you can’t do anything since you spent your money on the upfront fee.