Weekly Tips

Weekly Tips

Credit Reports Don't Merge After Marriage

There are several common misconceptions about what happens to an individual's credit reports after marriage. One of the most common myths is that when you are married your credit reports will merge together with your spouse's reports, which may even hurt or improve your credit scores depending upon the strength of your partner's credit history. The fact is credit reports and credit scores are tied directly to individual social security numbers.

Updated by Joshua Heckathorn on Sun, 2009-03-29 17:00

What is a Default Interest Rate?

Has your credit card's interest rate jumped from 12% to 30% in just one month? If so, you have most likely fallen victim to the dreaded Default Interest Rate.

Generally looming in the 25% to 30% range, a default rate is significantly higher than the standard interest rate and is the new percentage to which the credit card's interest rate adjusts when the terms of the credit card agreement are broken.

Updated by Joshua Heckathorn on Sun, 2009-03-22 17:00

Identity Thieves Prey on Job Seekers

Are you out of work and looking for a job? Unfortunately, there may be some people out there who wish to prey on your bad fortune. Identity thieves in particular have recently ramped up activity as they seek to take advantage of our country's bad economic situation and turn it into a goldmine for themselves. So, how are they doing it?

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

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

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

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

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

Freeze Your Credit Reports to Prevent Identity Theft

While millions of consumers continue to fall victim to identity theft each year, many are starting to fight back with new tools— credit alerts and credit freezes. Sounds effective, right? Though they are a great way to prevent thieves from opening new credit in your name, credit alerts and freezes are unfortunately not a total silver bullet. So, before you rush out to lock up your credit, read on to learn about these techniques, how they can prevent , and where they might fall short.

Updated by Joshua Heckathorn on Thu, 2009-02-05 16:00

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