United First Financial Money Merge Account Credit Card Option

As 99% of you know, a Line of Credit (either a Home Equity Line, Personal Line or Business Line will do) is required in order for the Money Merge Account Program to work. Because of the decline in the housing market and many lenders tightening their lending guidelines, Lines of Credit are becoming harder for some to obtain. Well, United First Financial has come up with a temporary fix to this problem.

As of April 2, 2008 a Credit Card can now be used with the United First Financial Money Merge Account as an alternative to a Line of Credit. If you really think of it for a moment, this makes complete sense since a Credit Card is nothing more then a Line of Credit. Granted the rates, fees and credit limit vary greatly, but this is a great way for a client to get started on the Money Merge Account Program and build some equity in their property. Later, they can then apply for a Line of Credit at a major bank and utilize it instead of the Credit Card.

Now, most United First Financial Agents are telling their clients about the Credit Card option instead of having them try to obtain a Line of Credit from a bank. I don't really think this is the right way to go as the rates and fees on Credit Cards are very high. Instead, the Credit Card option should be a last resort for a client to utilize the United First Financial Money Merge Account and it should be know that is only a temporary fix. The client's main goal should be to get a Line of Credit as soon as they can.

It should also be noted that United First Financial WILL NOT GUARANTEE the client's results on the Credit Card option UNTIL Version 4 of the Money Merge Account Software is released in June of this year. Client can still start using the Credit Card option and then once Version 4 of the Money Merge Account Software is released, United First Financial will re-run the client's Money Merge Account Analysis and give them the GUARANTEE. So, I client doesn't have to worry about them not getting a guarantee from United First Financial, since it will happening later, but it in the meantime, they can get started on the program to help paydown their mortgage.

Now, in order for a client to utilize this program, there are a couple of items they need to check with their Credit Card company about. They are as follows:

1) Are they able to write checks from their Credit Card or does their company have an online bill-pay system.
2) If the Credit Card company will allow you to write checks, is there a fee for the checks.
3) What is the interest rate they will charge you if you write a check or do an online bill-pay from your Credit Card. Remember, some Credit Card companies count this as a Cash-Advanced Transaction and the rate and fees are higher.
4) When do they apply payments.
5) Are there any Annual Fees.
6) What is the Credit Limit.

I recently heard from another United First Financial Agent that American Express has a Credit Card which works perfectly. You might want to check them out.

Anyway, I'm sorry it took so long to post this information, but I wanted to make sure the kinks were worked out and all the information I am providing is correct before I posted it.

REMEMBER: THIS IS A LAST OPTION AND A TEMPORARY FIX TO GET YOU STARTED ON THE UNITED FIRST FINANCIAL MONEY MERGE ACCOUNT! YOU SHOULD TRY TO OBTAIN A LINE OF CREDIT AS SOON AS YOU CAN AND THEN CONTACT UNITED FIRST FINANCIAL SO THEY CAN SWITCH YOUR MONEY MERGE ACCOUNT SOFTWARE TO WORK WITH THE LINE OF CREDIT INSTEAD OF THE CREDIT CARD.