Weekly Tips

Weekly Tips

To Co-sign or Not?

If you have good credit, there will likely come a time in life when a close friend or relative asks you to cosign a loan. Should you say yes?

on Mon, 2009-10-05 17:00

Credit CARD Act of 2009: 5 Must-Know Nuggets

Signed into law by President Obama on May 22nd, the Credit Card Accountability, Responsibility, and Disclosure (CARD) Act of 2009 marks a significant turning point for America's credit card industry. Consumer activists claim the new law will finally afford Americans the reliable protections they deserve, while major credit issuers argue the new rules will only further limit the availability of credit at a time when it's perhaps needed more than ever before.

on Tue, 2009-09-29 17:00

Is Your Annual Fee Worth It?

Nothing in the Credit CARD Act of 2009 limits annual fees, so credit issuers are already beginning to rethink their annual fee structures in an effort to fight eroding profit margins.

on Tue, 2009-09-29 17:00

Extra Time to Pay Your Credit Card Bill

Although most of the 2009 Credit CARD Act's major provisions don't take effect until early 2010, bill-paying procrastinators have something to cheer about already. Effective August 20th, you now have more time to get that credit card bill paid after your credit issuer delivers your monthly statement - make that a whole week of extra time.

on Sun, 2009-09-20 17:00

Does Your Card Have an Interest Rate Floor?

Interest rates are near record lows, but many consumers have noticed their credit card rates aren't following suit.

Some have unfortunately experienced skyrocketing rates as credit issuers fight to remain profitable amidst tough economic conditions. Others have managed to escaped rate increases but are confused because their credit cards' interest rates have failed to move in line with the falling prime rate - the index linked to most variable rate loans or lines of credit.

on Tue, 2009-09-15 17:00

What's the FCBA?

Have you ever noticed that your credit card company mistakenly billed you for something twice? Or perhaps you returned that new flat screen TV because it was too huge to fit on your living room wall, only to find the charge still showed up on your credit card statement without a refund? If so, you should know you have the right to resolve these types of billing disputes for "open-end credit accounts", such as credit cards or charge cards, through the Fair Credit Billing Act (FCBA).

on Wed, 2009-09-09 17:00

Credit for Paying the Bills

I find it hard to believe there are still millions of Americans that don't exist within our nation's credit-scoring system. Since credit has played an integral role in my personal financial life ever since High School, it seems practically impossible that one could live in our society without either leveraging the benefits of credit, or getting into trouble, at some point in time.

on Sun, 2009-09-06 17:00

When You Can't Opt Out

Effective August 20th, the Credit Card Act requires credit issuers to provide 45-day advance notice of a change in interest rates. The idea is that consumers will now have a sufficient amount of time to review the changes, exercise their right to opt out of the new rates, and search for replacement credit cards.

on Mon, 2009-08-31 17:00

Credit Reports May Be Accessed Without Your Permission

It's a common myth to believe that your credit reports can only be accessed with your exclusive permission. So, you may be surprised to find out that the Fair Credit Reporting Act (FCRA) actually includes eight "permissible purposes" for your credit reports to be pulled, many of which don't require your permission at all. Click here to read them all in detail.

on Sun, 2009-08-16 17:00

How Many Points Will My Credit Score Drop From Hard Inquiries?

Hard inquiries are recorded on your credit reports when you apply for new credit products, cell phones, insurance, or maybe even a new job. They are essentially a record of every time a business has viewed your credit report information for the purpose of an application, and they may remain on your reports for up to two years from the original placement.

on Sun, 2009-08-09 17:00