If you are a fan of using your debit card to make everyday purchases, you may want to think twice before filling up this July 4th weekend. Consumers have been complaining across the country about excessive holds on debit card transactions at gas stations. For instance, if you purchase $25 in gas using a debit card at the pump, there may be a hold placed on your account for $100 until the transaction clears with the bank. This process could take up to 3 business days to complete, and you will be unable to use the funds for any other purchases during that time.

The Fair Isaac Corporation announced a major change in 2007 to their credit scoring formula, which ignited quite a bit of controversy and anticipation throughout the industry over the past year. The lending world does not see these types of changes often, so one can imagine the amount of hype generated by the official announcement that individual credit scores would no longer benefit from authorized user tradelines.  What does this really mean for you?

The media was talking about the "$50 fill-up" like it was an anomaly just a few years ago. With the average national price for regular gas hitting $4 for the first time, a "$50 fill-up" these days probably means you still had a half-full tank when you pulled into the local Costco gas station!

Closing out your oldest credit card immediately shortens credit history and negatively affects your credit score. Length of credit history accounts for approximately 15% of your credit score, and lenders naturally tend to view borrowers with short credit histories as riskier than those who have responsibly held credit for a longer period of time.

So, you will want to keep that first credit card around forever, and remember to use it from time to time. Some credit card issuers, such as Citibank, will automatically close down an account after a period of inactivity.