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•Debt Strategies to Improve Your Credit Scores
Paying down your debt is a great way to stay on track financially and boost your credit scores. Which accounts should you pay down first? Where do you put your extra money each month to make the most difference? Here are a few ideas that we think make the most sense financially.
Priority #1: Pay down the highest interest rate accounts first.
Doesn't matter what the amount is. I'm sure you would rather be paying down a debt than applying money to interest each month. Start with the accounts...
•Use Cash Back Cards Wisely to Protect Credit Scores
Unwise use of cash-back credit cards can destroy your credit scores, so be careful.
The temptation is there - when you get a new card that offers to give you twice the reward if you hurry up and use that card in the first couple of months, you might want to get out there and spend money. After all, there are things you need for your home that you'll probably buy over the next few months, so why not do it now - while you can get 4% cash-back?
The obvious reason is that no matter when you use...
•Your FICO Scores Changes in 2009
The FICO score has long been the standard used by banks and other financial institutions to determine your credit worthiness. It is compiled using a complex system that measures things such the amount of credit you have available to you, the amount of credit you're using, how long you've had credit with a given provider, and how faithful you are about paying your accounts on time.
Each of the three major credit bureaus: Experian, TransUnion, and Equifax compiles a FICO score based on the...
•How Credit Card Balances Affect Credit Scores
Getting confused about how to use your credit cards for the best effect on your credit scores?
You know you need credit card accounts - you've been cautioned not to close any accounts, especially your oldest accounts.
You've heard that you shouldn't carry a balance of more than 30% of your available credit in a given month. You know that if you do charge more, you should go on line and make a payment before your monthly credit card statement is generated.
But, do you need some kind of...
•Why You Need More Than One Credit Card
Do you carry one credit card, or a whole pocket full?
Once upon a time having a fistful of cards was seen in some circles as some kind of status symbol - showing how much great credit you had. Unfortunately, many got into trouble over it because they actually used all those cards.
Others, fearing their own tendencies to overspend, opted to own just one card.
Neither way is the best answer. Life is not only more convenient, but safer and more economical when you carry at least 2 different...
•Heading out on Vacation Pack your Credit Card Information
Heading out on Vacation? Pack your Credit Card Information Credit cards are the safest and most convenient way to pay for expenses while on vacation, but they can and do get stolen, and thieves often pick heavily populated vacation spots to grab their opportunities. Protect yourself this vacation season by taking some smart precautions before you leave home.
First, pare down your wallet - if you usually carry a whole fist full of credit cards, change your habit. After checking each card so...
•Credit Card Issuers Have Their Own Definition of a Dead Beat and They Might Mean You
Have you never paid your credit card bill late? Have you never gone over your credit limit? Do you pay the entire statement balance each month? Do you use your rewards card - and collect the rewards? Are your credit rating and your FICO scores rated excellent?
Then you, my friend, may be a deadbeat.
That doesn't sound like my definition of a deadbeat, and I'll bet it doesn't fit yours either. But the credit card issuers have a different way of looking at things.
They think you're a deadbeat...
•Credit Score 101 Do s and Dont s
A credit score is an indicator of how likely you are to default on a loan or credit card. Your credit score is determined by a combination of the following:
1. Payment History. Do you pay your bills on time? Are there recent late payments? How many times were you late? 2. Amounts owed. Are your cards maxed out? Do you have a ton of debt? 3. Length of credit history. How long have you been using credit? Have you established good credit history? 4. New Credit. Are you opening new...
•Changes in Credit Card Laws Will Benefit Consumers
You know that credit card issuers have been reacting strongly to the credit crisis. They've been raising interest rates, lowering credit limits, and closing accounts. Some of them are even offering bribes to customers to get them to pay off outstanding balances and close accounts.
These activities may affect more and more consumers as we get closer to February 2010, when the Credit Cardholders Bill of Rights goes into effect. This new law will severely limit some of the practices that have...
•Should You Request a Lower Credit Card Interest Rate
? Not unless you can't meet the minimum payment with your current interest rate.
Prior to the credit crisis, consumers were advised to request lower rates as a reward for their good credit history, but with the turmoil going on in the credit card industry right now, asking could backfire.
Any time you ask for a change in terms - be it a rate reduction or a credit line increase - the credit card issuer will pull your credit report. They will also ask for additional information such as your...
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