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Getting a Good Deal on Your Credit Card

Card Insider: Credit cards are like power tools –- they help keep your financial house in order, but if you’re careless, they can do a lot of damage. First, the benefits of a credit card: • Credit cards let you use the card company’s money for free. As long you pay your bill in full each time it’s due, you don’t have to make interest payments on things you buy for anywhere from 15 to as many as 50 days after you buy them. • Credit cards make budgeting brainless. If you put everything on them, you have a record of your spending, which can help you make and trim your person...

CreditCardsGuru on June 10, 2010 0

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Finally! Free credit scores on horizon

Card Insider: One financial reform passed by the Senate would allow you to see your credit scores -- not just your reports -- if they were used against you. Free access to your credit scores may be just around the corner. The financial-reform bill that the Senate passed last week includes an amendment that would give individuals the right to see their scores if those numbers were used against them in a financial transaction. In other words, if you were denied a mortgage or insurance, or had to pay more for either one because of your credit, you'd get to see the score that was used to make the decis...

CreditCardsGuru on June 7, 2010 1

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What Your Credit Score Is Made Of

Card Insider: Your credit score is a three-digit number that is used to predict how you will pay your bills. The score ranges from 300-850 and is calculated using your credit history information from your credit report. When you make an application for credit, the creditor or lender uses your credit score to quickly make a credit/no-credit decision. This same decision can very well be made by simply viewing your credit report, but the credit score makes decision-making easier and less subjective. While there are several different versions of the credit score, the most commonly used version is the FICO...

CreditCardsGuru on May 24, 2010 0

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The Six Worst Things For Your Credit Report

Money Saver: It's easy to make mistakes when it comes to your credit. Some mistakes are so detrimental; you'd never want to appear on your credit report. Since future creditors and lenders use your credit report to make decisions about you, there are some things you'd never want to show up on your report. 1. Charge-offs Missing your payments for 6 months or more could cause your creditors to deem your account as uncollectible. When this happens, the creditor writes off the account and updates your credit report as "charged-...

CreditCardsGuru on May 24, 2010 0

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An Overview Of Your Credit Report and Score

Card Insider: Did you know that all your credit card payments – and non-payments – are compiled into a single document known as your credit report? Did you also know that the information in this report can be given a numerical value called a credit score? Your credit report and credit score are the two primary methods that creditors and lenders make a credit decision about you. When you apply for a credit card, either your credit report or credit score (or both) are checked to see if you have a history of late payments on credit cards. Mortgage lenders check your credit report for previous loan defau...

CreditCardsGuru on May 24, 2010 0

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How To Correct Credit Report Errors Yourself For Free

Card Insider: You can correct credit report errors yourself for free. You have to work hard to keep your credit score high. And it’s really a pain in the neck when somebody dings your credit by mistake. And each credit ding will cost you lots of money. You’ll find it difficult to find a good job, you’ll pay higher interest for mortgage and credit loans, and your homeowners and auto insurance will be higher too. The good news is if someone reports something negative about your credit by mistake, they have to fix it. That goes for both the reporting company and third party...

CreditCardsGuru on May 10, 2010 0

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Big Downsides to Store Credit Cards

Card Insider: A cash register isn't just a place where you pull out your wallet to get cash or a credit card anymore. At a growing number of stores, it is becoming a place of opportunity to put some of that money back, in the form of instant discounts, shopping perks and savings that may otherwise pass you by -- if you only sign up for the store's own credit card that the sales clerk is soft-selling you. Sure, a 15% discount sounds fine, especially if you arrive at the register with an armful of items. But don't be wooed by the initial discount the plastic gets you on items you buy the same day you open ...

CreditCardsGuru on May 4, 2010 0

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10 Things Your Credit-Card Company Won't Tell You

Card Insider: 1. 'We're Waiting for You to Screw Up' Despite the new credit-card rules, many factors can still cause a credit-card issuer to raise your interest rate. One is when a lender reviews your credit history and decides to change the terms of your credit card when, for example, it's informed that you missed a payment with another credit issuer. The Credit Card Accountability Responsibility and Disclosure (CARD) Act, however, does offer consumers some protection here: Should your credit-card issuer change the terms on your credit card, they can do so for purchases going forward...

CreditCardsGuru on May 4, 2010 0

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New Rules For Healthy Credit Score

Card Insider: The rules that credit-card companies have to live by changed dramatically with the enactment of new regulations last month. Now, some of the rules for consumers striving to maintain good credit are changing, too. For the most part, card holders would still do well to pay on time, keep their balances low and refrain from applying for too many credit cards at once. But some of the old tenets may not always hold up, as credit-card companies continue to adapt to the new environment and look for ways to run their for-profit businesses. Case in point: Many issuers introduced annual or inactivi...

CreditCardsGuru on April 28, 2010 0

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A Costly Loophole In the Credit CARD Act

Card Insider: The Credit Card Accountability, Responsibility and Disclosure Act banned many of the industry’s most abusive fees and practices when it went into effect last winter. But there’s a loophole in the new regulations that really bugs us. In the past, credit cards routinely applied payments to that portion of your balance being charged the lowest interest rate. If, for example, you took out a cash advance with a 29.99% interest rate but were charged only 8.99% interest on purchases, the credit card company would apply your payment to the balance with 8.99%. That way, they could keep ...

CreditCardsGuru on April 27, 2010 0

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Which Debt Should You Pay off First?

Money Saver: If you’ve racked up a lot of debt on your credit cards, you’re not alone. In fact, of the 90 million households in the United States that own at least one credit card, the average debt totals a whopping $10,691, according to CardTrak.com. Many of these households are only paying the minimum payments on their credit cards too. If that sounds like you, here’s some food for thought: If you carry the average credit card debt of $10,691 and only pay the minimum payments each month, it will take you nearly 33 years to pay off your balance completely. Clearly, the minimum payment method ...

CreditCardsGuru on January 27, 2010 0

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What Consumers Should Do if Their Credit Limits are Cut

Money Saver: Studies done by Consumer Action, a consumer advocacy group, are showing that almost one in five consumers have had limits on their credit cards cut. Almost 20 percent of these customers are showing they have nearly maxed out their cards as a result. Experts are predicting that limiting credit is going to “become severe” in the near future. Meredith Whitney, bank analyst for Oppenheimer and Co., stated that she predicts “card issuers will cut credit lines by $2 trillion-plus over the next 18 months.” Some triggers for limit cutting are consumer’s credit sore falling, late payment...

CreditCardsGuru on December 15, 2009 0

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Learn How to Manage you Credit Cards

Money Saver: Consumers are suffering financially due to the recession and need to know how to manage their credit card, savings and investment accounts. In today’s society, credit cards are a staple. Their convenience and many uses make them one of the easiest ways of purchasing items. Unfortunately, they are also a very easy way to get into financial trouble if consumers are spending more than they earn. Not using or establishing credit can also be detrimental. Most consumers cannot afford big-ticket items like homes, cars and large appliances without the use of credit. Because of the importance of cred...

CreditCardsGuru on December 15, 2009 0

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Escape by Discover Credit Card

Best Cards: Escape by Discover Credit Card rewards Basic APR - 10.99-18.99% Intro Period- 6 months Balance Transfer Fee - 3% Cash Advance - 23.99% ...

CreditCardsGuru on December 8, 2009 0

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Fed Issues Rules Restricting Gift Card Fees

Card Insider: "The rules would protect consumers from certain unexpected costs and would require...

CreditCardsGuru on November 16, 2009 0

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Your Guide to Credit Cards

Best Cards: This article comes from MSN Money. Use a credit card wisely and you can collect benefits like cash back, bonus points and airline miles, not to mention a better credit score. Use it unwisely and you could end up in a great debt. The No. 1 rule: Pay off your balance every month. Otherwise, you'll pay interest on your purchases. Paying the balance takes discipline. About 40% of households carry credit card debt, according to the Federal Reserve. And although the Credit Card Accountability, Responsibility and Disclosure Act makes significant strides for consumers, it will likely ...

CreditCardsGuru on October 27, 2009 0

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Credit Card Cuts Affect Your FICO Score

Card Insider: This article comes from Kathleen Pender of San Francisco Chronicle. You may read more from this author on sfgate.com/blogs/pender. As lenders cancel or cut limits on credit cards and home equity lines of credit, many consumers are wondering how this affects their credit score. The short answer: It's never good. "In general, it's going to be neutral or negative," says John Ulzheimer, president of consumer education for Credit.com. But the impact varies depending on what else is in the person's credit report. Getting your credit card limit cu...

CreditCardsGuru on October 26, 2009 0

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