There is a lot of misinformation about managing your credit and debts. Here are some of the biggest credit repair myths so you know fact from fiction. 1: Amount of debt affects credit score. “It was only for $50. It shouldn’t affect my score very much.” Fact: It doesn’t matter if you have an outstanding [...]
This holiday season, many people pull out their credit cards to purchase Christmas gifts. Some people are lured into opening store credit cards to “save 10%” or receive “no interest ’til 2012″ or something like that. While you are in the shopping mode, you may not be thinking about how this affects your credit report [...]
If you are like me, you receive credit card offers in the mail every week. The offers can be tempting, but will they hurt or harm your credit score? There is both a short-term and long-term consequence to applying for a new credit card. Here are some things to consider if you want to apply [...]
When the Credit Card Accountability, Responsibility, and Disclosure (CARD) Act of 2009 was passed into a law, many consumers were hopeful that the changes will protect them from unreasonable terms and conditions imposed by credit card companies. The changes to the Credit CARD law are beneficial if you are aware of your exact rights and [...]
Once you have been through Trinity Credit Services credit repair program, it is important to re-establish your credit. You need to prove to creditors that you handle credit responsibly. Getting started may be difficult, but with some determination, you will be on your way to having the best that a good credit score can offer. [...]
Bad credit can keep you from buying a home, financing your education, and even from getting a job. This is why it’s so important to build a good credit history. Everything you do that involved credit becomes part of your credit history. You need to use credit responsibly to establish and maintain a good credit [...]
Establishing and maintaining good credit history requires keeping your commitment to repay your credit cards or loans as agreed. This means making your payments on time in the amounts required. Neglecting to do so will make it difficult and costly for you to borrow money in the future. Your credit history can affect essential areas [...]
Obviously making late payments or missing payments altogether is going to wreck your credit score. Fortunately, not all missed and late payments are counted equally. The FICO score weighs missed and late payments by several criteria, including recentness, how late a payment was and the frequency of missed or late payments. Recentness has the most [...]
Did you know that not paying overdue book fines at the library can hurt more than your book-borrowing privileges? It can damage your credit score, as well as unpaid parking tickets. Public institutions can use credit to get people to pay their fines and fees. If someone has unpaid parking tickets, it could be killing [...]
New credit doesn’t mean a shiny new credit card; it means a lower credit score, at least in the long run. Here is why: First, new credit accounts lower the average age of your credit history. If you’ve had one credit card for 20 years and then you open five new store cards because you [...]
Creditors and lenders want to see people use just the right amount of credit. Using too little sends up red flags and using too much sends up flares and fireworks! The credit scoring model favors lots of credit that is not utilized too little or too much. Having many low balances on several cards rather [...]
Consumers shouldn’t close their credit accounts in good standing. And putting them in the freezer in case of an emergency also may backfire. Creditors hate to lend just anyone vast sums of money. Most recently, lenders have taken a use-it-or-lose-it attitude–preferably lose it. Consumers encounter two pitfalls if creditors close accounts for non use: The [...]
By CreditCards.com Starting Thursday, when the first phase of the new Credit Card Accountability, Responsibility and Disclosure (CARD) Act goes into effect, credit card users will be armed with a new right to say no to — that is, opt out of — interest-rate increases and other changes in their credit card agreements. Under the [...]
by Prashant Gopal Wednesday, June 24, 2009 provided by BusinessWeek After years of getting Americans hooked on credit, card companies are slashing limits and weaning themselves off all but the safest customers Terry Mazzera has worked to keep her credit score above 730, paying bills on time, sending in more than the minimum credit-card payment [...]
By Jessica Silver-Greenberg Business Week It’s hard to find a group more publicly reviled than credit-card companies. On Apr. 23, President Barack Obama plans to convene executives at the White House to challenge high card rates and predatory practices, while Congress readies legislation that would crack down on the industry. But most of the crackdown [...]
Most people think about their credit score when they are trying to get approved for credit. Maybe they are applying for a credit card or trying to get a home loan. A lower than average score is a red flag to lenders that you are more likely than to be late on your payments or [...]
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