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Buy Me Some Beer, and Then Cosign My Credit Card

October 15th, 2010 by Joshua Heckathorn

What's a college student to do when he's not old enough to buy a six pack of his favorite brew? He simply asks his older frat brother to buy it for him, of course. And now that the CARD Act restricts anyone under 21 from acquiring a credit card without an adult cosigner or proof of ability to pay, students are using the same old tactic in order to skirt the intent of the law.

Beware of New Debit Card Fees

Debit card issuers can no longer charge hefty overdraft fees unless you opt into their overdraft protection service. And much to their dismay, customers haven't been signing up in droves. So how are they making up for the lost overdraft fee revenue? New fees, of course.

But shouldn't debit cards be "free" to use in the first place? Well, in the past, debit card users grew accustomed to using their cards as a transaction-free method of payment. However, more and more consumers are now reporting the appearance of annual fees and/or transaction fees on their bank statements.

Updated by Joshua Heckathorn on Mon, 2010-10-11 17:00

Citi 2G Credit Cards Coming Soon

October 8th, 2010 by Joshua Heckathorn

Dynamics Inc., a developer and manufacturer of advanced payment devices, recently took best of show at Finovate Fall 2010 when they announced their partnership with Citi and the launch of a new credit card that allows consumers to redeem rewards right at the cash register.

Top 10 Things You Can Do Today to Improve Your Credit

The most difficult part about beginning a new exercise routine is getting your butt off the couch to go to the gym. Yes, those endless reruns of "America's Next Top Model" can be quite hypnotizing, but think about how great you'll feel once you see the results of your hard work take shape in the form of rock-hard abs!

Similar to getting your body back into shape, rebuilding or repairing your credit isn't something that happens overnight. It will take a lot of hard work and perseverance, but in the end the results are always well worth the time spent.

Updated by Joshua Heckathorn on Wed, 2010-10-06 17:00

Credit Card Debt and Community Property Laws

Married couples, especially those that have been separated for a long time, often assume that one spouse cannot be held responsible for the other spouse's credit card debt unless they are joint account holders. Unfortunately, for couples that live in a community property state, this isn't the case.

Updated by Joshua Heckathorn on Mon, 2010-10-04 17:00

Ask Creditnet: Is My Credit Card Reporting Correctly?

September 30th, 2010 by Joshua Heckathorn

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Dear Creditnet: I'm a cosigner on my son's credit card. I know, that may have been a mistake in the first place.

Recently, I pulled my credit report and found out that the account was maxed out, closed in March of last year, and then reported late for six months before he started making payments again. The account status is currently listed as "Pays As Agreed."

Understanding the Statute of Limitations on Debt

A common misconception among consumers is that their credit card debt will simply go away once the Statute of Limitations (SOL) has expired. However, in reality, the debt goes nowhere and creditors still have the right to try and collect what is rightfully owed to them. So, what good does understanding the SOL do when attempting to clean up your credit reports?

Updated by Joshua Heckathorn on Sun, 2010-09-26 17:00

Card Issuers Don't Care What Credit Limit You "Need"

September 22nd, 2010 by Elisabeth Chan

[caption id="attachment_1735" align="alignleft" width="300" caption=" "][/caption] Credit issuers have become quite stingy when offering new credit card limits. But who can really blame them? With unemployment high and the economy still sputtering along, it shouldn't come as a surprise that credit issuers want to do everything possible to reduce unnecessary risk. Likewise, consumers are trying to reduce their own risk by paying down credit card debt and saving more cash. According to the latest report from the Federal Reserve Bank, revolving credit decreased nearly $900 million between June and July of this year. That marks a total annual decline of 1.8 percent and suggests that Americans are truly serious about not only curbing spending but also managing their existing debt.

Small Collection Accounts Ignored by FICO '08

Too many credit scores have been wrecked by something like an annoying $50 medical bill that falls through the insurance cracks and ends up on your credit report before you ever receive a bill. We all know it can happen to the best of us.

Updated by Joshua Heckathorn on Sun, 2010-09-19 17:00

The Minimum Requirements for FICO Scores

Individuals new to credit are often concerned about how long it will take to actually obtain a FICO credit score. Most think that as soon as some kind of credit is acquired, they will automatically have a FICO score the next day. That's not how it works. In fact, according to Fair Isaac, creator of the FICO score, your credit report needs to indicate the following before a score can even be calculated:

Updated by Joshua Heckathorn on Mon, 2010-09-13 17:00

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