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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.

Auto Loan Rejection: Great Credit, but Insufficient Credit Mix

A friend of mine from Southern California (let's call him Alex) recently left me a voicemail claiming to have a few questions about credit. When I caught up with Alex a few days later, he was quite upset because he had just been rejected for an auto loan from the national bank he's frequented for years.

He had his heart set on purchasing this car, and he just couldn't figure out why the bank would decline his loan. He even tried a different bank where he had some family connections; however, the result was the same - declined due to "insufficient credit mix".

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.

"Stuck at Stupid"

A friend of mine recently sent me the following quote by Lou S. Barnes, an owner of a Colorado mortgage bank named Boulder West Financial Services.

It gave me a good chuckle, so for those of you that haven't already come across his remarks elsewhere, I thought I would share what Mr. Barnes had to say about the current home lending environment.

Pay off Student Credit Card Debt or Pad the 401K?

Millions of young college graduates are finding themselves trapped in the worst job market since the early 1980s. And it's been quite the wake-up call for a generation that's frankly had it pretty easy to this point.

Credit Card Bill: Consumers with Good Credit May Bear its Burden

The Credit Card Act of 2009 certainly had good intentions to protect the average consumer from unfair practices that have plagued the credit card industry for years. However, it may not be all good news - especially for credit savvy consumers who have mastered the art of the credit game and learned how to use it to their financial advantage.

Happy 4th of July!

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

The Return of The Annual Fee

A couple of weeks ago President Barack Obama officially signed into law a bill that will change the credit card industry forever. Now, the main problem remaining for consumers is that most of the new rules don't actually take effect until February of next year.

New Rules Restrict Credit for Students

You can buy cigarettes, porn, lotto tickets, and even a gun when you turn 18. Of course, you can vote and join the military without parental consent as well. But according to new rules recently signed into law by President Obama, you're not responsible enough to use a credit card without getting mommy or daddy's signature first.

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?


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