Weekly Credit Tips on Surviving the Credit Crunch

This Week's Credit Tip

It's a common belief that credit counseling can trash your credit score. In fact, some people even claim that enrollment in a credit counseling program is as bad as filing bankruptcy, which can often linger as a big black mark on your credit reports for up to ten years. However, the truth is credit counseling in and of itself will have no effect on your FICO score—the three-digit number most commonly used among lenders to determine credit worthiness. According to FICO, "whether or not you are participating...Full Weekly Tip

Recent Credit Tips

Put Your Tax Refund to Good Use
March 8, 2010
If you aren't getting a tax refund this year, congrats—you successfully avoided giving the government an interest-free loan. On the other hand, if you happen to be one of...

Paid Collections: Will They Go Away?
March 2, 2010
Many consumers are surprised when they find paid collection accounts still sitting on their credit reports. Unfortunately, it's a common misconception that paying off an account in...

Some Variable Rates Only Go Up
February 26, 2010
Most credit cards currently carry variable interest rates. And while the term "variable" seems to suggest that an interest rate could vary up or down depending upon...

Watch Out for Minimum Finance Charges
February 16, 2010
Minimum finance charges are on the rise as credit issuers continue to search for creative ways to increase fee revenue while operating within new rules set forth by Congress. ...

Say No to Instant Tax Refunds
February 8, 2010
RALs, or refund anticipation loans, won't be as heavily advertised this tax season in an effort to avoid bad press. However, most major tax preparation chains will still be...