Change your lifestyle to get good credit report, advises expert

People who have had their credit card applications turned down should re-evaluate their lifestyles and have a close look at their finances, Fool.co.uk has said.

David Kuo, head of personal finance at Fool.co.uk, said that people are often refused credit because they have too much debt compared to their income or because they have previously defaulted on credit card or other payments.

Earlier this month, MoneyExpert.com reported that 18,000 credit card applications are being refused every day and one in 14 people (seven per cent of the population) have had a credit card application rejected in the last six months – a total of 3.24 million applications.

According to a new survey by Citizens Advice, record numbers of people are seeking help with financial difficulties and many are struggling to pay their essential household bills.

“People need to re-evaluate their own lifestyles at the moment, have a look at their own finances and if someone turns you down for a credit card then ask yourself: ‘Why?’ The answer is in your credit report,” says Mr Kuo.

Tags: total, moment, home, Credit counseling, answer, advice, lifestyles, Mr Kuo

Holiday card fraud on the rise

Travellers are being warned to be extremely vigilant when using their debit or credit cards abroad as card fraud continues to soar. Read more

Tags: answer, Perry Wilson, fraud, Travellers, Payment systems, pin, business, 12 months

Parents turn to kids for cash

It used to be the case that children went to the bank of mum and dad to help them out of sticky financial situations.

However, new research suggests that the trend is reversing, with mum and dad now beginning to turn to the bank of son and daughter in order to live comfortably during retirement.

Yorkshire Bank looked into the financial relationship between children and their parents and found that 27 per cent of people with children are hoping that their offspring will help them out when they retire if need be.

That would seem to be likely considering that 40 per cent of those asked said that they have no real savings for when they retire.

A total of 60 per cent of these people say that they know they should be saving but just cannot afford to as the cost of living continues to rise.

“By not saving for the future, parents appear to be aware they’re storing up hardship for themselves,” commented Gary Lumby, head of retail at Yorkshire Bank.

“Many are already presuming their children… might be the answer to all their financial problems. However, the easiest solution is to start saving now.”

Mr Lumby went on to say that people approaching their 30s should be thinking about putting ten per cent of their income into a pension so that they can live comfortably in retirement.

Tags: business, retirement, cash, financial situations, finance, percentage, answer, dad

The Cost of Travel Insurance

The big decision concerning travel insurance is the question of what happens if the traveller only goes away for a few days at a time for business or pleasure, but has to pay for the policy for an entire year. Since the price per day ends up being more expensive, the yearly option is usually more affordable. Most policies require a certain amount of days, like a one day plan or a fourteen day plan, nothing in between. If a traveller is away for four days, they have to buy the nine day plan and the extra money spent is a waste for days they weren’t travelling. Read more

Tags: few days, trend, travel insurance costs, nothing, traveller, Financial services, answer, travel insurance

Bank Accounts For Bad Credit Applicants

With all the different products on the market today there must surely be a Bank Account available for somebody with a low credit rating. Or is there?

Read more

Tags: FSA Banking articles, bad credit bank accounts, Credit Cards, bank accounts, Banking, time, bad credit, answer