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CD Laddering: How it Works

If you're like many consumers these days, you're spending less and saving more. And while high-yield online savings accounts certainly make a great place to stash your savings, their interest rates are variable and thus subject to downward movements in the market. So if you're looking for a better way to make the most of your savings, you may want to consider building your very own CD ladder.

Updated by Joshua Heckathorn on Sun, 2010-04-18 17:00

Ask Creditnet: Interest Rate Jacked on Existing Balance

April 15th, 2010 by Joshua Heckathorn

Dear Creditnet: The issuer of my primary credit card just sent me notice saying they're raising the rate on my existing balance to 30 percent. My account is already into the thousands and I can barely make payments as it is! I have been a little late in the past, for which I will now be massively penalized. Is there anything I can do? Any recourse?

Closed Credit Cards Can Still Affect Utilization

Credit utilization, which accounts for a large chunk of your overall FICO score, measures how much of your available revolving credit is being used each month. The higher the ratio, the more it hurts your credit score.

Updated by Joshua Heckathorn on Sun, 2010-04-11 17:00

Hurts So Good

April 9th, 2010 by Joshua Heckathorn

Dollar bills

At its most basic level, economics is really the science of trying to explain and predict human nature. Everything we do throughout a day, every decision we make, is based on supply, demand and price.

Even things we do that seemingly have nothing to do with money can be boiled down to these principles. Where you sit at lunch, the friends you choose and even whom you married can be explained through economic terms. (A word of advice—don’t tell your spouse you married him/her because of supply, demand and price. Trust me, that conversation doesn’t go over well.)

Don't Tap 401(k) to Pay Off Debt

Are you thinking about tapping your retirement funds to get rid of lingering credit card debt? If so, don't do it, and here's why:

While racking up too much debt on credit cards may be one of the worst financial moves a consumer can make, raiding retirement funds to dig out of debt ranks high on the list of financial "no-nos" as well.

Updated by Joshua Heckathorn on Tue, 2010-04-06 17:00

No More "Free" Reports from FreeCreditReport.com

April 1st, 2010 by Joshua Heckathorn

big_freecreditreport

I checked out FreeCreditReport.com today because I was interested to see what changes have been made in light of the new rules that take effect this week.

As you might recall, new regulations that were part of the CARD Act of 2009 require free credit report advertisers to clearly state that there's only one authorized place to get a truly free credit report—AnnualCreditReport.com. The deadline to make this change for online advertisers is April 2nd, while the same requirement for TV and radio ads doesn't take effect until September.

Credit Scores That Matter

Credit scores can be confusing enough without having to worry about whether the score you just purchased is a "real" credit score. Major Credit Reporting Agencies (CRAs) unfortunately add to the confusion by not making it very clear that most of the credit scores sold through their websites will never even be looked at by a lender.

Updated by Joshua Heckathorn on Tue, 2010-03-30 17:00

How to Activate a Credit Freeze

A credit freeze prevents lenders from pulling, viewing and thus modifying your credit reports. No one, including yourself, should be able to open any type of credit in your name while a freeze is active. For these reasons, initiating a credit freeze has become a popular tool among consumers who are dealing with the aftershocks of identity theft.

Updated by Joshua Heckathorn on Sun, 2010-03-28 17:00

Watch Your Grace Period

Do you know how long you have to pay your monthly credit card bill before interest starts accruing? If you pay balances in full each month (as you ALWAYS should), chances are your card still provides a 20 to 30 day grace period on new purchases. However, that may not always be the case.

Updated by Joshua Heckathorn on Sun, 2010-03-21 17:00

Wells Fargo Jumps Off the Wagon

March 18th, 2010 by Joshua Heckathorn

WF WagonPhoto by Art Poskanzer Higher interest rates for new credit card offers have become the norm in recent months. Credit issuers that quickly jumped on the rate-jacking wagon last year have blamed the increases on tighter regulations set forth by the CARD Act, difficult economic conditions, and increased risk in consumer credit markets.

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