5 Things That Don't Affect Credit

The 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).

Blog Series: M³ - Marriage Money Mistakes

Welcome back to our blog series: M³ - Marriage Money Mistakes.  The first financial mistake for married couples we discussed was to close all credit cards after you get married; this is a mistake because doing so will lower your credit score substantially.

Continuing our blog series, here is the second mistake we'll discuss:

Discover and Amex Ditch Credit Card Over-Limit Fees

If you've ever been the victim of a fat $35 fee for exceeding your credit card limit by a few bucks, now is the time to get up and bust out your best happy dance.  That is, if you happen to carry a Discover or Amex credit card in your wallet.

Blog Series: M³ - Marriage Money Mistakes

On average, about 50% of all US marriages end in divorce, with one of the top causes being money. So whether you're a newlywed, nearly dead, or somewhere in between, it's not too late to strengthen the financial foundation that is vital to a successful marriage. Here is the first in our series of blog posts on financial mistakes made by married couples, entitled "M³ - Marriage Money Mistakes":

Mistake #1: Closing all credit cards so you can open brand-new joint accounts

Marriage introduces a life filled with newness: you get rid of the worn-down, not-sure-if-I-even-want-to-sit-here, bachelor-pad sofa, and get a cool, black leather one. You’ll throw out your mismatched plastic cups and replace them with a set of crystal glasses from Macy’s. And your Star Wars bed sheets just don’t seem to go as well with your sleek bed frame as 1500 thread count Egyptian Cotton sheets. As you get rid of the old and embrace the new, make sure you don’t apply this same rational to credit cards—closing out all individual cards and opening new accounts jointly. Doing so is completely unnecessary and guarantees a nosedive in your credit score.

Happy 4th of July!

We wish all you Creditnetters a very happy Independence Day!  Drive safely and spend wisely! The Creditnet Team

New Concept in Business Spending

The economy, in its current state, is definitely not handing out any favors to businesses, small or large. Getting a business credit card is more difficult than ever. Not only are major credit card issuers limiting the amount of credit extended to business owners, but some issuers (like Advanta) are even closing their doors indefinitely! So how are business owners to handle their day-to-day business spending without a credit card or with a credit card with a low limit?

Credit Card Bill Heads to Obama's Desk

Consumers rejoice! Congress swiftly passed the Credit Cardholders' Bill of Rights Act yesterday, and it's already headed to Obama for his final approval.

In fact, the President is expected to sign the bill into law by early next week, even if it does include a completely unrelated provision that allows individuals to bring concealed weapons into wildlife refuges and national parks. It's funny how our government works sometimes, isn't it? Of course, it doesn't seem like even a controversial gun proposal is enough to stop such a popular piece of legislation from getting signed into law. Chances of anything thwarting the bill's success at this point are slim to none.

Advanta to Dry Up Business Credit Cards

One of our favorite business credit card issuers, Advanta, has decided to cease lending to its business credit card holders. Whereas other credit card lenders are simply ceasing to lend to new customers, Advanta will also shut down all existing accounts for future use. So if you have an Advanta credit card, you'd better start looking for another way to pay for your business expenses.

Happy Holidays from Creditnet.com!

Wishing each of you a peaceful and joyous holiday season. We'll try not to think about credit for at least one day, and we suggest you try too. So, eat lots of good food, enjoy your family and friends, take a nap, and be thankful for all that you have. Happy Holidays!


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