The Barclays Uber Visa and your TransUnion credit score

I have been approved for several credit cards based on my TransUnion credit score but the most recent approval as of last week was for the Barclays Uber Visa credit card. My FICO 8 credit score at the time of approval was 669. My starting credit limit was $4,000. It has since been increased to $5500 per my request.

I think it’s a great card to have as well as all of the rewards that are bundled into it, but I will mention a few of them. One of which is cellphone repair or replacement insurance of $600 as long as you pay your cellphone bill with the card each month.

The card offers roadside assistance which I find to be a very useful offering at no cost to you vs the likes of companies like AAA, Allstate Motor Club, and others who charge fees that are not at all exuberant but are certainly not free.

You will also receive significant rewards for dining in restaurants, fast food included. I could ramble on about the Uber Visa credit card but it would be best if you experience it yourself. I want you to be the ultimate judge but keep in mind that I would never recommend it if it was not legitimate.

The only limitation to the card that I can think of is that it doesn't offer traditional cashback rewards that others do, as all of their primary rewards are restricted to Uber Cash, which means that you will get discounts on Uber rides and Uber Eats, as your points stack up, but if you use these services often, then this is the ideal card for you and it's still a great card even if you don't!

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Payday loans VS Installment Loans

A payday loan must be paid every payday. It can be every 2 weeks or every 4 weeks if you only get paid once a month. I have extensive experience with both payment intervals but between the two, one payday loan a month beats two a month anytime.

Now for installment loans. Installment loans did not become popular until legislation let it be known that they were going to restrict the outrageous interest rates being charged for payday loans to help protect borrowers from being taken advantage of.

All this did was tip their hand and give the payday loan lenders an opportunity to regroup and offer installment loans instead, which did not fall under the currently proposed interest restrictions.

Installment loans allowed payday loan lenders to continue to gouge desperate people looking for any way that they could in order to survive. Installment loans still charged outrageous interest rates but it was exacerbated by adding a 12-month long payment plan. A $1500 loan paid back over a year could end up costing you $5 or $6K including interest.

I took out an installment loan as an experiment and although I was able to pay the 12-month loan back in just under 3 months, the interest rate was through the roof. Three traditional payday loans would have been much cheaper over the same timeframe.

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Installment Loans are Destined to Fail

For anyone that is used to getting payday loans on a regular basis over the years, you already know that due to regulation, payday loans are a thing of the past except for in very rare situations that are dictated by region.

Just like I predicted the eventual end of the payday loan, so too, do I predict the inevitable end of the installment loan. The reason why I can make this statement is that the business model just doesn't work long term.

Payday loans were popular because of the use of short term loans. Installment loans on the other hand are long-term. Usually 1 year in length. This means that you will pay outrageous interest for 12 months instead of just 1.

You'll get a larger lump sum upfront but once that's gone you'll be forced to takeout another long-term loan which clearly mimics the payday loan cycle. The average person will not be able to sustain the payments for more than a few months which will result in a default and eventually, the fall of the installment loan.

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The Best Credit Card For Bad Credit

If your credit is really bad, your options are going to be very limited. I would suggest reaching out to Capital One to see if you qualify for a secured credit card. They are the best company for giving second chances and in my case even a third chance even after burning them in the past. Either they are very forgiving or simply just don’t care. Chances are very good that they will give you at least a secured credit card. 
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