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According to a recent survey¹ of more than 2,000 customers of Countrywide Rewards^(SM) Visa^® Card, 71 percent of respondents said they have saved money on their mortgage, or plan to use the principal reduction option, by using the card’s distinctive rewards feature. The survey was conducted by Countrywide Bank, FSB.

Countrywide Rewards^(SM) Visa^® Card was launched in February 2007 with First USA. The Countrywide rewards credit card enables cardmembers to earn one point for every dollar spent on purchases and interest, with no point cap. Once cardmembers earn 2,500 points they can redeem them for a $50 payment applicable to any outstanding Countrywide mortgage principal balance, not just their own Countrywide mortgage. This means that cardmembers can apply the rewards towards a friend or family member’s Countrywide mortgage².

Countrywide Rewards Credit Card: Key Survey Findings

• Customers using the principal reduction reward feature are significantly more satisfied with the card than those using the other reward features available.
• Nearly half of Countrywide Rewards(SM) Visa(R) cardmembers who have a Countrywide mortgage indicated they are more likely to keep
• Countrywide as a mortgage provider because of the card.
• More than one-third of customers closed out a previously held credit card after receiving the card.

Want to learn more about Countrywide Rewards Credit Card?

• To apply for Countrywide Rewards(SM) Visa® Card, call +1-800-339-8216 and mention code 60DD or fill out a form and apply online
• For more information about rewards cards and additional details about Countrywide Rewards(SM) Visa® Card, read the Countrywide Rewards Card section.

^1.Survey Methodology: This survey was conducted online within the United States by Countrywide, between September 13 and 24, 2007 among 2,061 adults (aged 18 years and older).

^2.Cardmembers earn 1 point for each $1 of net purchases and 1 point for each $1 of interest. Cardmembers may receive double rewards when applying earned points to pay down the principal on an outstanding Countrywide mortgage. For every 2,500 points earned, cardmembers may receive a $50 payment to apply to the principal balance of a Countrywide mortgage. Points cannot be earned on balance transfers, cash advances, any checks that are used to access your account, travelers checks, unauthorized or fraudulent charges, or fees of any kind, including fees for products that protect or insure the balances of your account. There is no maximum number of points that a cardmembers can accumulate in the program. See Rewards Program Rules and Regulations, which will be mailed after the account is established.

Credit issues have a way of creeping up on people. At one time or another, many people face credit problems. And when they do, it can cost them big money:
• Credit card rates may go up into the high double-digits
• Loans may be denied
• For loans that are approved, the interest rates may be higher
• Buying power may be limited
But you can overcome your credit problems! Consider these 7 habits to turn your credit issues in a positive direction!

7 habits to overcome credit issues

1. Pay bills promptly. As obvious as this seems, late payments are a leading reason for credit issues. Paying bills promptly is one of your best tools to begin restoring good credit. Be sure to set aside the time you need once or twice a month to pay your bills.

2. If you’re juggling bills, pay any home loans first. Losing your house to a foreclosure action is a lot worse than having your credit cards frozen. And, your home’s available equity may be a tool to help consolidate your other personal debt—so protect your mortgage above all.

3. After the mortgage, pay the most seriously delinquent bills first. A bill that’s 90 days late is more serious on your credit than one that’s 30 days late. Plus, you risk having utilities cut off and the added expense of restoring them. Be proactive by calling your creditors to let them know when to expect payment. And, explore the option of a debt consolidation loan early on, before your credit issues become too severe to qualify.

4. Don’t spend up to your credit limit. Avoid maxing out or exceeding your credit limits by setting your own “limit” for how much you use each account. Less than 50% of the available credit is a good rule of thumb.

5. Keep using credit—but keep track of it. Don’t over-react to credit issues by closing all your accounts. Having no credit accounts can be as damaging as bad credit if you’re trying to re-establish creditworthiness. You need to show a track record of responsible credit usage. To monitor how you’re doing, get a free copy of your credit report annually from www.annualcreditreport.com.

6. Close or minimize high-rate accounts. The type of credit you use can make a difference. High-rate credit cards or finance company accounts generally aren’t viewed as favorably as a low-rate auto loan, for example.

7. Don’t over-extend yourself just before making a loan application. Most people don’t apply for a mortgage or car loan on the spur of the moment—it’s a planned event. So, don’t go on a spending spree or open a new credit account just before you apply for a new loan. It could lower your credit score.

Credit scores are based on credit reports, which contain your credit history. The credit score is used by lenders to help predict how risky it would be for a lender to offer you more credit.

The most well-known credit score is called the FICO score, developed by the Fair Isaac Credit Organization. While each credit bureau calculates credit scores using its own unique formula, there’s no mystery to the factors that make up a credit score. MyFico.com, a division of Fair Isaac, offers helpful guidelines to explain what goes into a credit score:

• How promptly you pay = 35% of your credit score
• How much of your credit limits you use = 30% of your credit score
  • So avoid exceeding or maxing out your credit limits
• How long you’ve been using credit = 15% of your credit score
• What types of credit you utilize = 10% of your credit score
  • A secured credit card and high-rate finance company loan don’t do as much for your credit score as an unsecured card and low-rate auto loan
• How much you’ve borrowed recently = 10% of your credit score
• Other factors include:
  • Court judgments
  • Tax liens
  • Number of recent credit checks