Credit Reports: How One Baddie Becomes Two

When creditors are unable to collect a debt for an extended period of time, generally 6 months or more, they will write it off their books. To the debtor, this will show up on their credit reports as a charge-off, which could remain for up to 7 years and will negatively impact their credit scores.

Updated by Joshua Heckathorn on Tue, 2010-05-25 17:00

Any Blippers Out There?

May 20th, 2010 by Joshua Heckathorn

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I've yet to actually meet someone who regularly uses Blippy.com, the twitter-esque social networking site that allows users to share their credit card transactions online.

Apparently there are still thousands of you, but I can't for the life of me figure out why. Where are you? Who are you? If you're out there reading this, please enlighten me!

How Debt Validation Works

Have you been contacted by a collection agency regarding an old debt you're not sure is yours? If so, you have the right to receive more detailed information before cutting a check to anyone.

Updated by Joshua Heckathorn on Mon, 2010-05-17 17:00

Credit vs. Debit: Protecting Yourself from Fraud

May 14th, 2010 by Logan Abbott

‘Credit or Debit?’ You’re used to hearing this question when checking out at the grocery store, but have you ever stopped to think about what your choice means in terms of your financial security?

Paid Collections May Not Improve Credit Scores

It seems logical—pay off that nagging collection on your credit report, and you should see an improvement in your credit score, right? Well, that's not exactly how it works. In fact, paying off an account in collections may not do anything to improve your credit score in the short run.

Updated by Joshua Heckathorn on Mon, 2010-05-10 17:00

Ask Creditnet: Best Hotel Rewards Card for Newbies

May 7th, 2010 by Logan Abbott

Dear Creditnet: My fiancé and I are new to credit cards (we've only used debit cards in the past), and we're looking to get one that will give us hotel reward points. Any idea which card would help us better our credit scores while banking hotel points as well?

Beware of Skimmers & Shoulder Surfers

Identity theft and credit card fraud already account for billions in consumer fraud losses every year. Unfortunately, these crimes shows no sign of slowing down as thieves grow sneakier and more consumers fall victim to their tactics. In fact, according to Javelin Strategy & Research, more than 11 million adults were victims of Identity theft and fraud in 2009â€”a surge of 12 percent since 2008.

Updated by Joshua Heckathorn on Sun, 2010-05-02 17:00

Paying Off Car Loan Could Hurt Your Credit Score

It may sound counterintuitive, but paying off your car loan probably won't improve your credit score. In fact, if it's the only installment loan you have, your credit score could take quite an unexpected hit. Here's why: According to the Fair Isaac Corporation, creator of the mighty FICO score, the types of credit consumers use (otherwise know as your "credit mix") accounts for 10 percent of their overall FICO score.

Updated by Joshua Heckathorn on Mon, 2010-04-26 17:00

Should We Get A Free Credit Score Each Year Too?

April 21st, 2010 by Joshua Heckathorn

We can already get our "free" credit reports through annualcreditreport.com—one from Experian, TransUnion, and Equifax each year. Now, a lot of people think consumers should be entitled to a free credit score too? Not a fake one that lenders wouldn't ever use to asses our risk, but a real credit score that matters. You know, one that lenders will actually consider when determining how much credit to offer, at what rate, and under what terms and conditions.

CD Laddering: How it Works

If you're like many consumers these days, you're spending less and saving more. And while high-yield online savings accounts certainly make a great place to stash your savings, their interest rates are variable and thus subject to downward movements in the market. So if you're looking for a better way to make the most of your savings, you may want to consider building your very own CD ladder.

Updated by Joshua Heckathorn on Sun, 2010-04-18 17:00