Guide to The Prepaid Rush Card

The Prepaid Rush Card is issued as a Visa. Just like the name suggests you must first deposit money in your account before you can use it to make purchases.

There are a variety of designs to choose from (pink, purple, and black) and you will pick which design you want when you apply. There is no credit check or chexsystems verification.

How to Deposit Money

Direct deposit is the most common and is provided to you for free. To use this you simply download a form from your account fill out the requested information and turn that form into your employer.

It may take a pay period or two but after that your checks will be deposited straight into your account. This typically will give you access to your money faster. In addition you don’t have the fuss of going somewhere or expense of check cashing fees.

You can also load funds at cash stores or by purchasing a MoneyPak. These are available at Walgreens, CVS, 7-eleven, Walmart… Also you can make a transfer from a bank or pay pal account.

Online Bill Pay

You will be given access to an online payment center. This will enable you to pay your bills without the inconvenience or expense of purchasing money orders. You can pay you bills or an individual. Many users find this tool very helpful in managing their budget.

In addition you are given other tools to help you track your spending. You will be able to view graphics that will break down your spending, deposit, and balance trends. There is also another tool to help you create a budget. This tool can send you alerts if you begin exceeding budgeted amounts, which can help you stay on track.

Build Credit

This is an optional service and provided for free. It will report your payment history to a credit bureau when you pay any monthly recurring bill. For example; rent, phone, cable, electricity, automobile…

Text Alerts

You can sign up for free text alerts. You can even send them a text message and get a response with your requested information (balance, transaction, deposit info). However you will still be responsible to pay any charges for text messages from your cell phone provider. You will have online access to your account and customer service 24/7.

Where Can You Use It?

It is accepted at millions of locations throughout the world. Additionally you can make purchases over the phone and online.

Security

God forbid your card is ever lost or stolen your money is still safe. It will be protected under Visa’s Zero Liability Policy. We do encourage you to report your it lost or stolen as soon as you can.

For a full review of the Prepaid RushCard or for more about Prepaid Debit Cards visit us.

A Guide to Pre-Paid Debit Cards

Prepaid debit cards were created for individuals with a damaged or no credit history. There is no credit check or chexsystems verification.

The only requirement is that you comply with the US. Patriot Act, which basically says that your identity will be checked. So as long as you are who you say you are, then you will be approved.

These are not traditional unsecured cards. Instead you must first deposit funds into your account and then you can make purchases. However you will not be charged any interest fees, late payment fees, overdraft fees, or over the limit fees instead you can only spend the money in your account.

Where will it be accepted?

It will be accepted over the phone and online. Additionally you can use it world-wide and make purchases such as reserving hotel accommodations, buying gas at the pump, renting a car…

How to deposit money

Direct deposit is the most common form and usually it is free. You can also purchase a money pak and load funds at thousands of retail locations (grocery stores, gas stations, money stores…). You can also transfer funds from a bank account or pay pal account.

Bill Payment

You will be given access to an online bill payment center. This will allow you to pay your bills and manage your money. You can set up one time payment, recurring payments, and future payments. The fees for this will vary we have seen it cost upwards of a $1 and we have also seen it for free.

Fees

Each offer will vary with fees. This is incredibly important feature to research for obvious reasons. You should expect to pay roughly $10 a month; however you should also have the option of no monthly charges if you deposit enough money (we have seen roughly $3,000 a month) or make so many purchases every month. We have seen some cards charge up to $19.99 a month which is simply too much!

Security & Fraud Protection

Your card will be issued as either a Visa or a MasterCard. These cards will be covered by a Zero Liability Policy. This means that should you ever lose your card or have it stolen you will not be responsible for unauthorized purchases. In other words you will not have to pay for purchases that you did not make.

Need Cash

When you need cash, you will have access to millions of ATM locations. Additionally you can also ask for ‘cash back’ at the grocery store.

In sum, prepaid debit cards are a great alternative if you have made some financial mistakes in the past or just don’t have credit. They can save you a bundle of money on check cashing fees and purchasing money orders.

For more about Bad Credit and our recommended Pre Paid Card visit us.

A Summary of the Asset Acceptance Collection Agency

Because of the type of work that they do, collection agencies have a reputation all their own. Asset Acceptance Collection Agency (AACA), also known as Asset Acceptance Capital Corporation, is no different.

AACA is a collection company which focuses on the primary, secondary and tertiary debt markets. For the layperson, this means that they purchase charged-off debt from creditors which has already been through one, two or three collection agencies’ attempts at collection. Online research indicates that AACA’s tertiary accounts (3rd time at collection) “make up about half of its portfolio.” http://www.hoovers.com/company/Asset_Acceptance_Capital_Corp/rtjrhci-1.html.

AACA likes to diversify by purchasing different kinds of debt. AACA’s debt portfolios include large holdings of consumer loan, credit card and utility debt. Approximately half of AACA’s debt is made up of credit card debt, such as MasterCard, Visa and Discover Card. It is interesting to note that charged-off debt is normally purchased for cents on the dollar. Collections begin once this debt is purchased.

AACA reports in its November 4, 2009, Quarterly Report, that “[s]ince these receivables are delinquent or past due, we are able to purchase them at a substantial discount. We purchase and collect charged-off consumer receivable portfolios for our own account as we believe this affords us the best opportunity to use long-term strategies to maximize our profits.” http://biz.yahoo.com/e/091104/aacc10-q.htmo. And, AACA does maximize its profits! In 2008, AACA reported $234.2M in revenue.

AACA is located in Warren, Michigan, and, in 2008, it employed 1,651 employees. It is estimated that AACA now employs over 1,700 employees. AACA is traded on the NASDAQ (AACC). As I wrote earlier, AACA’s revenue totaled $234.2M in 2008. Collection agencies are alive and well in this depressed economy!

If you would like to attempt to work with AACA on your own, here are a few things to consider. If you have a small stash of money squirreled away for a rainy day, you might consider this a rain shower and decide to access this cash. If so, you can contact AACA and offer a lump sum payment in exchange for a lower total amount due. Make sure that you make absolutely clear that this would be a full settlement of the account.

Of course, a financial standby would be to offer to make monthly payments. The drawback to this option is that AACA would be less inclined to lower the amount due.

If at all possible, you should attempt not to become embroiled with a collection agency because of charged-off debt. If, however, you do find yourself dealing with a collection agency, do not bury your head in the sand! Go confidently forward and make arrangements to get the debt settled!

Asset Acceptance Ruined my Life. What I Did to Get Revenge against the asset acceptance collection agency.

Can Repossessions Be Removed?

It can be financially devastating to have a vehicle or other item repossessed, not to mention embarrassing! The repercussion of repossessed items can mean different things to different people. Repossession of a vehicle usually means loss of freedom to the owner. Repossession (foreclosure) of a home can mean the loss of family memories. Beyond these emotions, a repossession will trigger the downward spiral of your credit score!

As you watch your car being towed away, you might feel as though your world has come crashing down! However, as bad as it may seem, it’s not the end of the world! Really! The best thing to help yourself is to immediately begin to rebuild your credit. To do this you should first request copies of your credit reports from the three major credit reporting agencies. These three credit reporting agencies are Experian, TransUnion, and Equifax. Once every twelve months, these credit reporting agences are legally bound to provide you with a copy of your credit report, upon your request.

Once you receive your credit reports, you should sit down with them and review them thoroughly. When repossessions are entered on your credit report, the entry will include a list of all fees associated with the repossession, such as towing and storage. Check these amounts against your receipts. These amounts must be listed accurately. If they are not listed accurately, you may be able to dispute the item as a negative entry.

If you find any discrepancies on one or more of your credit reports, you should write a dispute letter to the relevant credit reporting bureaus explaining the errors and requesting removal of the repossession entry. You should include a copy of your credit report with the errors highlighted as well as the receipts which correspond with the errors on the credit report. Also, be sure to retain copies of all letters you send.

Once the credit reporting agency has received your dispute letter, it has 30 days to contact and verify the repossession with your creditor. If the creditor cannot or does not verify the repossession amounts within the alloted time frame, the credit reporting agency is legally required to remove the entry from your credit report. You should receive a letter from the credit reporting agencies which indicates what action was or was not taken with regard to your account and why. If you are unsuccessful in removing the repossession entry, it will continue to be listed on your credit report for seven years.

If disputing the repossession entry with the credit reporting agencies does not work, you might try contacting your creditor to negotiate the removal or improvement of the repossession entry. To do this, you would want to call or write your creditor and request removal of the repossession entry in exchange for partial payment or payment in full. If an agreement is reached, be sure to obtain the agreement in writing along with both of your signatures.

Although repossession can be devastating, it is something you can recover from. Times are tough and you are not alone in this plight. Just remember that there are better days ahead!

Removing a repossession is possible. Discover the only legal way to remove any questionable credit repo at www.repocredit.net.

Do You Know NCO Financial Collection Agency?

If you were to perform an online search for NCO Financial Collection Agency (NCO), as you may have just done, you will see that it has quite an unsavory reputation. This collection agency is known for its bad manners where its collection practices are concerned.

NCO is one of the largest collection agencies in the United States; which really says something, because there are thousands of collection agencies doing business in the United States. As one of the largest collection agencies, NCO has the financial resources and personnel to play hardball when it comes to collecting debt. Their collection practices even include filing law suits against debtors in order to obtain judgments which will allow NCO to legally take actions against you. Wage garnishment and liens against your real property are just two legal actions which NCO can obtain through a judgment.

In 1926, Louis Barrist founded National Collection Office in the city of Philadelphia, which later became NCO. NCO was collecting more than 800,000 debts by 1992 and had a presence in all 50 states. Another significant fact is that NCO began to be traded on the NASDAQ (NCOG) by the end of 1996.

Today, NCO is housed in Horsham, Pennsylvania, and, after its acquisition of Outsourcing Solutions, Inc., is thought to be the world’s largest collection agency. In 2006, the company was pulled from the NASDAQ when it was purchased by its management team and private equity. NCO, with 140 locations, now has over 30,000 employees and operates in 10 countries. Reported revenues in 2007, were $1.2B.

One interesting tidbit is that NCO was required to pay $1.5M in May 2004 to the Federal Trade Commission. The reason for this payment was violations related to the Fair Credit Reporting Act (FCRA). With regard to the United States, this was the biggest penalty ever paid by a collection agency. NCO was also required to pay the Commonwealth of Pennsylvania $300,000 for violations related to the state’s consumer protection laws.

Harassing phone calls and threatening letters may be a way of life for you right now if NCO has acquired your debt. They can be relentless! If you are thinking that you can just ignore their attempts to collect from you, you should think again because chances are that’s not how this will play out!

There are a few things you can do to tackle this situation. To begin, you can attempt to schedule a payment plan with NCO, provided you really do owe the debt. All NCO really wants is to get the debt paid, so they will likely be happy to work with you to schedule payments. If you would prefer to just get it done and over with (and who wouldn’t!), you might offer to give them a lump sum payment if they agree to decrease the amount which you owe. This, of course, will require that you actually have a little nest egg which you can draw from for the payment. In any event, whichever way you decide to tackle NCO, be sure to obtain the agreement in writing and obtain both parties’ signatures.

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Are Judgments Really As Bad As People Say?

I hope you are not looking at a judgment and are just asking this question for the sake of curiosity. However, if you believe you will be facing a legal judgment, it is essential that you do your research and understand the mechanics of a judgment – before it happens, during the process, and afterward.

When a creditor feels he will be unable to collect a debt from you or if he just get tired to trying, a judgment proceeding may be initiated by the creditor against you. However, before getting to this point, many things have normally taken place. For starters, you likely agreed to pay the creditor for an item you purchased on credit, meaning you agreed to pay for the item in installments. Another scenario would be where you obtain a credit card and charge an item to the credit card, thereby creating a balance owed to the credit card company.

Excited about your purchase, you drive home anticipating the benefits and enjoyment you will receive from the purchase. Unfortunately, the economy is so poor that two weeks later not one, but both, of your grown children and their families move home because they cannot make ends meet. Your kids are confident that they will be able to recovery financially within two or three months; however, eight months later they are all still there and you are financially over-extended. You have been unable to make a payment on your purchase for the past four months and your creditor is now sending letters and calling constantly.

Normally, a creditor will contact you when you fall behind on payments and try to determine the cause and make arrangements with you to bring the payments current. The economy is so poor right now that he may initially be sympathetic and understanding. As time continues, however, he may become less inclined to sympathy and more insistent upon cold, hard cash. As it takes time and money to try to chase down debt owed, your creditor may become even less sympathetic and file a judgment proceeding against you in order to attempt to obtain payment. (It is important to note at this point that when you entered the agreement to purchase the item or when you entered the agreement with the credit card company to pay for any debt you incurred using the credit card, you probably signed a written agreement which contained a clause allowing the creditor or credit card company to initiate a legal action against you in the event that you defaulted on your payments.) By initiating this legal action, your creditor will attempt to prove that the debt was incurred by you and that you do, in fact, owe the sum due. By doing this, he will be able to obtain a “judgment” against you.

People unfamiliar with legal matters are often nervous when they receive legal papers, which is natural. They may even consider not appearing in court for the hearing because they are scared to do so. Let me state here and now that it is ESSENTIAL that you show up at the hearing! If you do not, your absence will mean that a default will automatically be rendered in the case. A default on your part means that you LOSE the case and your creditor, with no effort on his part, will automatically win! This will mean that you will be right back at step one again and owing your creditor the debt.

In the event your creditor is successful in this matter, he will be granted the judgment. Following this proceeding, you will be served with a Notice of Judgment, which will give you up to 30 days to pay the debt in full. Your creditor will have access to certain legal actions in the event you do not pay the debt within the 30-day time limit. These legal actions can be quite severe and can include liens against real property, garnishment of wages, and seizure of assets.

Your credit score will take a nose-dive if your creditor is successful in obtaining a judgment against you! It is best to contact your creditor early on and try to work out a payment plan. Remember, the only one hurt in a judgment proceeding is YOU!

Learn how to Remove a judgement. Discover the only legal way to remove any questionable credit report judgement at www.creditreportjudgement.com.

Walmart Money Card

If you are one of the many consumers with damaged credit, low credit scores or no credit at all, Walmart now offers another option called the Walmart Money Card. This card can be used anywhere a VISA card is accepted.

It is a prepaid card, available to you immediately by depositing funds directly into your account. There is no credit check needed, and you are able to use your card for any kind of purchase you want, as well as pay bills, buy groceries or airline tickets online.

Monitor your balance by checking your account online or by alerts on your cell phone. This can be done by transferring any funds from any account, direct deposit of your paycheck, or any other method you wish to reload your card.

The card does not allow you to build your rating, as you are not being extended any line of credit, and no reports are made to the major bureaus. Because of this, those who are eligible for a standard credit card should consider that option first.

It is easy to set up an account at any Walmart store. After paying an initial fee of $8.94, the monthly fee is reduced to only $4.94 per month. When you reload the account with more funds, you are charged $4.94.

You might want to think about signing up for direct deposit as well since it is free of charge. A check cashing fee is $3 but if you cash a check to reload the account, that is free as well.

You will also be charged $1.95 each time you visit an ATM for withdrawal, but free of you use one at a Walmart. If you check your balance at an ATM other than at Walmart, it will also cost $.75, so its smarter to check online. Monthly paper statements will cost $3 per month.

It is essential to take the time and do the proper research before you agree to apply for any credit card. Surprisingly many cards fees vary and dramatically.

Not all debit cards are safe to use. Get the real truth about the Walmart Prepaid Visa and the Rush Visa www.rushcard.com here.

What Are Second Chance Credit Cards?

A “second chance credit card” is geared toward people who have for various reasons, purposely or not, made mistakes related to their credit and credit cards. The issuers of this type of credit card believe that the consumer deserves a second chance in order to prove their creditworthiness.

These cards are also called “bad credit” credit cards and the whole reason behind these cards is to provide the consumer with an opportunity to improve their credit by practicing good spending habits. These cards normally offer the same benefits as a “standard” credit card.

There are many different kinds of second chance credit card. Depending on your credit score, you may apply for one or more of these varying types of card. A secured credit card may be an option or possibly even an unsecured credit card. If these don’t work, there is always the opportunity to apply for a prepaid credit card.

You should contact a credit card provider prior to applying for a second chance credit card. By doing this, you will be guided to the best credit product for your situation. It is important to apply for the second chance credit card for which you will be approved. Otherwise, if you apply for a second chance credit card and are denied, this will be reported to the credit reporting agencies and will affect your credit score adversely.

A “standard” MasterCard or Visa is very much like an unsecured second chance credit card. However, the difference is that the unsecured second chance credit card will carry a much higher annual percentage rate (APR). This means that, if you don’t pay the bill in full each month, you will be paying a much larger amount in interest. The reason for the higher APR is that the cardholder is considered a higher financial risk to the credit card provider because of the cardholder’s documented spending and paying habits.

A secured credit card is different from an unsecured credit card in that a deposit is required before the secured credit card may be used. The deposit which the cardholder provides to the credit card company then becomes the credit limit associated with the credit card. If the cardholder misses a payment, the credit card company will make the payment from the deposit on hand. If the cardholder is in good standing when the account is closed, the deposit will be returned to the cardholder.

Second chance credit cards, both secured and unsecured, can help a cardholder to repair his credit score because most second chance credit card providers report to the three major credit reporting agencies. This credit reporting will only assist cardholders with their creditworthiness if they are careful with their credit card purchases and pay their bill on time each and every month. After a while, the cardholder will have built up his credit score enough to be able to qualify for more desirable credit products.

Prepaid credit cards require the cardholder to “load” their credit card with funds through direct deposit or by going to specific locations which offer this service. Prepaid card users will not see an increase in their credit score by using these cards because the card provider is not offering a line of credit.

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Good Credit Credit Cards? What Are They?

“Good credit” credit cards are available for those who qualify. Haven’t heard of “good credit” credit cards? Well, then, read on.

In the business world, business owners will always seek out those people they perceive to be good customers in order to sell merchandise to them or transact business with them. When it comes to credit card companies, this is true as well. Credit card companies will approve credit cards for those people they feel are reliable, have a good credit rating, and pay their bills on time.

The people who are perceived to be a good credit risk will be offered the best credit cards. These cards will include the best rates and the best incentives and bonuses. These “good credit” credit cards offer incentives such as low annual percentage rates (APRs), cash back bonuses, and no annual or monthly fees.

Most credit card companies cater to those people who fit into the “good credit” category. If your FICO score is 650 or above, you will usually win for yourself the title of “good credit” risk. This is desirable. If you are already there, keep up the good work! If not, keep reading!

Maintaining a high monthly balance on your credit card can cost you hundreds and, in some cases, thousands of dollars each year if you carry a “bad credit” credit card. To understand how this can be, you just need to calculate the amount you would spend each year on a higher APR and monthly and annual fees. Interest charges alone can account for hundreds of dollars!

If you currently are not eligible for a “good credit” credit card, you can do some things that should, over time, help you to obtain one or more of these credit cards. Good financial practices will go far in this endeavor. You will need to pay your bills on time (every month), lower your income to credit ratio (pay off in their entirety, some, maybe even all, of your bills, excluding, of course, your monthly living expenses), and stay within your allowed credit limit (do not overspend).

By cleaning up your financial situation by following the suggestions above, you should begin to see your credit score increase monthly. What a great feeling! And, eventually, you, too, will be able to apply for and obtain a “good credit” credit card.

You should refrain for applying for one of these “good credit” credit cards until your credit score is over 650. The reason to wait is to make sure that you do not damage your credit score by applying too soon and being denied, the denial of which will then be reported to the credit reporting agencies.

After you have been practicing better spending habits and good financial practices for a while, you should access your credit report to make sure that your efforts are paying off. You may obtain a copy of your credit report from each of the three major credit reporting bureaus – Experian, Equifax, and TransUnion. These credit reporting bureaus are legally required to provide, upon your request, one free credit report per year.

Rebuilding your credit is worth the time and effort! Get started today!

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What Can I Do About a Judgment?

The last resort for a creditor to obtain payment from a debtor is to try to obtain a court judgment. You actually agree to this when you take out a loan or apply for a credit card. The fine print in the document states that you agree to be sued if you don’t make your payments each month.

The main goal in a creditor’s law suit is to prove that you actually owe the debt. It is smart, if you really do owe the debt, to attempt to resolve any pending legal action quickly. It is often that a creditor may prefer a settlement to continuing with a legal action. To show good faith, it is helpful if you can provide an up-front partial cash payment.

It is important to ascertain if the statute of limitations has already run. If so, the debt is uncollectible. You should note though that your legal obligation to pay the debt can be reinstated if you make even a small payment.

If an attorney is handling the matter for the creditor, call the attorney and make an offer. No matter how modest your offer may be, the attorney is ethically bound to discuss the offer with the creditor.

You should do what you can to avoid going to court. Also, keep in mind that a settlement is always better than a court judgment. If your creditor is able to obtain a judgment, your credit report will reflect the judgment and the entry can remain on your credit report for up to ten years.

It is important to SHOW UP if you cannot reach a settlement with your creditor and you end up in court. Some people make the mistake of not showing up which means that they automatically forfeit. This means that the creditor wins by default!

It is important to note that if you do appear, you should be prepared to present a defense and work toward a resolution of the matter. You will earn the respect of the judge and plaintiff creditor by doing so. This will require that you present a defense on your behalf.

You will receive a notice of judgment if the creditor is successful in his suit. The judgment will allow you 30 days in which to pay the debt in full. After the 30 days has run and if you still have not paid the debt, there are additional legal actions which the creditor may take. For instance, the creditor may be allowed to place a lien against your home or property. If a lien is placed against your home, the lien will have to be paid in full prior to the sale or refinance of your home.

In addition, a creditor may be able to seize personal property you own. One other possible legal remedy might be garnishment of wages.

A judgment obtained by a creditor will be noted on your credit report and will cause financial havoc. Other areas of your life may be affected by a court judgment as well. In some instances, a court judgment can affect whether you get that new job or if your bid for advancement in your current position is granted! You should do your best to avoid a court judgment.

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