Don't Ignore the "Schumer Box"

The Federal Truth in Lending Act (TILA) requires credit card companies to disclose certain information in any offer they make to you. In addition, the "Schumer Box", named after Sen. Charles E. Schumer who sponsored the provision to the TILA that requires it, ensures that credit issuers disclose this important information to you in a tabular form that is easy to read and understand.

Updated by Joshua Heckathorn on Sun, 2009-03-15 17:00

Citi Forward Card Rewards Financial Responsibility

March 11th, 2009 by Joshua Heckathorn

Citi Forward Card

I've heard a lot of hype during the last few days about Citi's new Forward card, so I thought I would take a closer look at what benefits the card really offers to consumers. I must admit that after a quick review of the details, it seems as though the card can actually be quite rewarding. And it has no annual fee! I especially like that part of the deal.

Beware of Hefty Over-the-limit Fees

There are few things worse than getting slapped with a hefty $35 fee for spending a few dollars more than your credit limit. However, it can easily happen to the best of us, and the fact is most consumers aren't even aware of the fees until they eventually show up on their credit card statements.

Updated by Joshua Heckathorn on Sun, 2009-03-08 17:00

Beware of Identity Theft on Social Networking Sites

Popular social networking sites, such as Facebook and MySpace, have become all the rage in recent years. And while they are undoubtedly a great way to connect with friends you probably forgot about years ago, they have also become an increasingly popular target for identity thieves who want to gain access to your personal information.

Updated by Joshua Heckathorn on Sun, 2009-03-01 16:00

Top 5 Ways to Manage Student Loans

College graduation should be one of the most exciting times in your life. You've worked hard to get your degree and prepare yourself for a successful and fulfilling career. Now it's time to get out of the classroom and take that next big step into the unknown. It's time to find out what you're really capable of accomplishing, and hopefully make some money along the way.

Updated by Joshua Heckathorn on Tue, 2009-02-24 16:00

Amex Offers Cash to Get Rid of Customers

February 24th, 2009 by Joshua Heckathorn

American Express won't share the juicy details behind how it chose the select few, but Reuters recently reported that the credit card giant is actually offering some U.S. cardholders $300 to pay off balances and close their accounts. My, how things have changed, eh? A short time ago credit issuers were stepping all over each other trying to become the card of choice in everyone's wallet, and now they're willing to pay cash to just get out before the economy gets any worse.

Is Forgiven Debt Really Considered Income?

If you're in the process of settling a debt or thinking about approaching a creditor to begin debt settlement negotiations, it's important to remember that the IRS considers forgiven debt to be taxable income. What this means is that if you owe $10,000 on a credit card and settle with your creditor for $4,000, the difference of $6,000 will be reported to the IRS as earned and taxable income.

Updated by Joshua Heckathorn on Sun, 2009-02-22 16:00

Fannie and Freddie Twist the Knife in Our Backs

February 17th, 2009 by Joshua Heckathorn

Operating under federal control and still burning through cash like it's going out of style, Fannie Mae and Freddie Mac have decided it's the perfect time to twist the knife in our backs and make it even more costly to get a home loan in this horrific lending environment. Effective April 1st, the dynamic duo plan to implement a new set of mandatory loan fees based on tighter down-payment and credit scoring rules.

Perfect timing guys! Just what our economy needs to pull itself out of this seemingly never-ending slump. And while I can understand their desperate need for additional revenue-generating fees, it just doesn't make any sense to penalize future buyers that come to the table with solid credit scores and sizable down payments for the sins of the past. That's not going to improve the situation for anyone but Fannie and Freddie.

Bid Farewell to Your Experian Credit Score

Effective February 14th, FICO credit scores from Experian, one of the three major credit bureaus, are no longer available to consumers. Equifax and TransUnion FICO scores can still be accessed via www.myfico.com; however, Experian FICO scores will no longer be available from myFICO or any other public source.

Updated by Joshua Heckathorn on Sun, 2009-02-15 16:00

Experian Ends Partnership with Fair Isaac

February 9th, 2009 by Joshua Heckathorn

Unless Experian and Fair Isaac can figure out a way to reignite the fire in their marriage before Valentine's Day, we will no longer have the ability to access FICO scores based on Experian data. Creditnet.com received notice last week that Experian sent a termination letter to Fair Isaac in mid January that will apparently end the rocky relationship between the credit bureau and the developer of the 800-pound gorilla of credit scores. Equifax and TransUnion FICO scores will still be available at www.myfico.com; however, Experian FICO scores will no longer be accessible from myFICO or anywhere else for that matter.