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C R E D I T N E T . C O M

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Yet Another FICO Credit-Scoring Myth

October 8th, 2012 by Joshua Heckathorn

Have you ever heard about how you can unlock your car by having someone transmit a signal from a spare remote key via your cell phone? Pretty cool, huh? Well, it doesn't work. Keyless remotes and cell phones operate on completely different frequencies, so don't plan on this trick ever saving the day the next time you lock your keys in the trunk. Regardless, I've heard this urban myth so many times over the past few months that I even started to believe it might work. That is, until I saw it busted with my own eyes on perhaps the greatest show known to mankind—Mythbusters. Seriously, I can't get enough of the Discovery Channel.

Credit Card Offers - Find Your Perfect Credit Card

Stop shuffling through stacks of junk mail to find the best credit card offers from our partners. It's a waste of time!

Instead, check out the blue sidebar to the left: it's Creditnet's free, easy-to-use credit card guide. Grouped by credit level, credit issuer, and common types of cards, our guide is your one-stop credit card resource. Here's how it works

1.) Find the credit card category that best suits your needs and credit level.

Credit Scoring Myths

October 5th, 2012 by Joshua Heckathorn

I’ve been hearing a lot about credit scoring myths these days in our Credit Talk forum. You've probably heard many of the ones I'm thinking of too: "quick and easy ways" to magically add points to your credit scores in a short period of time. Usually they're the same ones that have been circulating around for years, like these two favorites:

  • Close any credit card accounts you don’t use, increase your income, and your credit score will increase too!
  • Just use cash to pay for everything and your credit will be perfect!

I hope you haven’t fallen for any of these. If you have, I’m happy you're taking the time to visit this site and educate yourself about credit cards and how to use them responsibly. It's definitely a step in the right direction.

Soaring Health Care Costs Increase Appeal of Medical Credit Cards

October 3rd, 2012 by Joshua Heckathorn

Medical professionals want to get paid up front for their services, but more and more people can barely afford to pay their regular monthly bills these days. So what’s the solution for health care expenses you can’t afford or overdue medical bills that are about to get sent to collection? Why not handle it the American way? Charge it! Just kidding. While this may be a superb deal for health care providers, it’s generally not the best option for consumers who will end up paying higher interest rates on medical expenses they already can’t afford – and ultimately end up in dire need of debt help.

Are college kids prepared to handle credit cards?

by on October 1, 2012

A study conducted last year at the University of Alabama found some correlation between a lack of knowledge of how credit cards work and increased risky behavior on such an account, and many experts have since noted that this may be a growing concern, according to a report from the Wall Street Journal.

30-Yr. Fixed Mortgages Hit Record-Low 3.4%

October 1st, 2012 by Joshua Heckathorn

Just when I was beginning to think interest rates were finally bottoming out, rates on 30-year fixed mortgages dropped again to an all-time low of 3.4 percent last week. According to a press release issued by Freddie Mac last Thursday, "all mortgage products, except the 5-year ARM, averaged new all-time record lows."

Lenders saying goodbye to credit protection

by on September 30, 2012

As a result of a recent settlement between Capital One Financial and the federal Consumer Financial Protection Bureau, many of the nation's largest lenders are getting rid of credit protection plans, which have been common for years, according to a report from USA Today. Under the recent settlement, the lender had to refund about $150 million it collected from roughly 2.5 million customers past and present, as well as pay $60 million in penalties.

Student loans a drag on borrowers' credit scores?

by on September 27, 2012

Student loan debt has exploded in the last several years, growing 54 percent to $26,549 this year, from the average $17,236 observed in 2005, according to a new report from the credit scoring firm FICO. Further, assuming there are about 200 million people with credit ratings nationwide, the number of borrowers who have student loan debts of $100,000 or more has more than tripled to 1 million in that time.

Citi Price Rewind: Is It Worth the Extra Effort?

September 26th, 2012 by Joshua Heckathorn

If you're already a Citi cardholder, you may have heard of a free service Citibank provides called Citi Price Rewind. I'm a bit embarrassed to admit that I've used Citi credit cards for a long time, yet I had never heard of this card benefit until a few months ago when I saw it advertised on Citi's website. If you aren't familiar with the service, here's how it works:

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