The Credit Card Act of 2009 bans credit cards for young adults under the age of 21 unless they can show proof of sufficient income or secure a co-signer. Most students are aware of this change now that it's been a few years since the act was signed into law, but what's confusing is there are still plenty of student credit cards on the market that claim "no co-signer is required."

I was even confused the first time I saw this offered after the new rules took effect, so what's the deal? Are co-signatures really required or not for student credit cards?

Dear Creditnet: I'm trying to clean up my credit reports so I can get approved for a mortgage this year. While I've already removed a lot of errors, I still have a few old credit card debts I think are ready to drop off at any time.

What confuses me is how to determine exactly when these debts will fall off my credit reports. Should I be trying to determine the "date of first delinquency" or the "date of last activity", and can you explain the difference between the two terms?

I'm sad to say I was immediately rejected when I applied for a student loan through FAFSA a few months ago. The reason: I had a credit card bill that was beyond 180 days late. And just what was my unpaid balance? A skimpy $9...ugh! Unfortunately, I had completely forgotten about a small purchase I made on eBay several months prior. I had racked up interest in the amount of $4 and some change, a bunch of negative marks on my credit reports, and then I was forced to deal with the whole hassle of getting denied for a graduate school loan I really needed. All of that pain for 9 bucks.

I'm not a big advocate of credit builder loans because they essentially promote taking on debt for the sole purpose of building credit, and I don't think that's a very smart way to approach the credit-scoring game. However, credit builder loans might be a decent option for those who feel like their back is up against the wall because they've run out of traditional ways to build credit. If this includes you, here's a brief explanation of how credit builder loans work and why you might find them useful on your credit-building journey.

Dear Creditnet: I have unsuccessfully tried to cancel my contract with an alarm company. Although my 3-year contract ended, I've been told I automatically signed up for another year because I didn't give them one month's notice. I did call 2 1/2 weeks in advance to cancel.

I believe these guys are unethical since they continue to charge my credit card every month, so what happens if I initiate a chargeback through my credit card company? Is that the only way to get them to stop charging my card?