Signs of Life in the Credit Card Industry?
September 20th, 2009
While most mailboxes are enjoying a respite from the daily deluge of credit card offers, major credit issuers are clearly still interested in dropping big bucks to pursue one type of consumer – those with top-notch credit and big-time spending habits.
I’ve seen ads everywhere lately for premium credit cards, such as the new Visa Black or Chase Sapphire card, and it’s no secret their marketers are hitting mailboxes around the country pretty hard as well.
According to a recent press release from Comperemedia, a firm that tracks direct marketing strategies, credit card issuers continued last year’s trend into the 2nd quarter of 2009 by cutting their direct mail offers to consumers “as a whole by 8%.” However, of the offers that were delivered, they also sent “28% more offers for premium cards than they did the quarter before.” More »
Posted By: Joshua Heckathorn | Comments (0)Piggybacking: What’s the Deal?
September 13th, 2009
Piggybacking, a technique often used to build credit by paying to become an authorized user of a stranger’s credit card account, has been under fire since it first gained widespread popularity in 2007. In practice, the loophole in the credit scoring system works great, which is perhaps why it’s ruffled the feathers of so many people that find it unfair and sleazy.
Should it really be so easy to dupe the system? Instead of slowly building my credit history one on-time payment after the next, I can simply pay someone to add a credit card with a high credit limit, low balance, and a clean payment history directly to my credit report. And voila – I instantly have stellar credit and thus a higher credit score. Millions of people have benefited from artificially boosting their credit scores this way, and there’s no doubt in my mind that many credit repair agencies have made a nice profit from connecting buyers and sellers of trade lines as well. More »
Posted By: Joshua Heckathorn | Comments (10)YoungMoney.com Launches Financial Literacy Challenge
September 4th, 2009
It may come as no surprise to you that financial literacy among our youth is rather poor. In fact, a poll recently conducted by YoungMoney.com found that only 24% or respondents felt they have a decent understanding of personal finances.
So, in an effort to help young adults learn more about personal finance and have some fun doing it, YoungMoney.com has launched an interactive Financial Literacy Challenge on September 2nd.
If you’re interested, check it out here, test your financial IQ, and get hooked up with some great incentives as well!
Posted By: Creditnet.com | Comments (0)5 Things That Don’t Affect Credit
September 1st, 2009The ever-increasing hype over the importance of credit scores has led to a lot of bogus myths about what actually determines them. You’ll be happy to know that what you ate for breakfast or how well you can balance on your left pinky toe while checking your bank statement has absolutely no bearing on this elusive three-digit number.
In short, there are five key factors that are used to calculate your credit score (payment history is the most important of these). But the aim of this particular post is to dispel the rumors about other factors commonly believed to influence your credit score. So here’s a list of five things that have no impact on your credit rating (insert sigh of relief here). More »
Posted By: Guest Post | Comments (1)
