Weekly Credit Tips on Surviving the Credit Crunch - Creditnet.com

This Week's Credit Tip

Put Your Tax Refund to Good Use

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 the millions entitled to a big fat refund check, then you're probably already thinking about what you'll do when the cash hits your bank account. Here are a few suggestions to help you put your refund to good use. First, set aside a small amount to treat yourself or the family to something fun. Life needs to be more...Full Weekly Tip

Weekly credit tips to help you survive the credit crunch

Credit Cards

• 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. ...


• Beware of Tricky Credit Card Payment Terms
  February 1, 2010
  Some consumers find it more convenient to pay off their credit card bills in several payments throughout the month. Why would they want to do that? ...


• Don't Ignore Your Credit Card Mail
  January 6, 2010
  Here's some simple financial advice for 2010—don't throw away any credit card mail without reading it first! If you do, you might regret it because those letters cramming your...


• Right to Opt Out Excludes Minimum Payment Increases
  October 13, 2009
  Consumers have the right to opt out of significant changes to their credit card accounts, such as increases in interest rates and other unwanted fees. What's this...


• Is Your Annual Fee Worth It?
  September 30, 2009
  Nothing in the Credit CARD Act of 2009 limits annual fees, so credit issuers are already beginning to rethink their annual fee structures in an effort to fight...


• Does Your Card Have an Interest Rate Floor?
  September 16, 2009
  Interest rates are near record lows, but many consumers have noticed their credit card rates aren't following suit. Some have unfortunately experienced skyrocketing rates as credit issuers fight to...


• When You Can't Opt Out
  September 1, 2009
  Effective August 20th, the Credit Card Act requires credit issuers to provide 45-day advance notice of a change in interest rates. The idea is that consumers will...


• Avoid Credit Card Cancellations Due to Inactivity
  August 24, 2009
  If you haven't used one of your credit cards for months or even years, don't be surprised when you receive a letter in the mail notifying you of...


• Authorized User vs Joint Account Holder
  August 3, 2009
  If you're planning to add someone, like a spouse or child, to your credit card account, you'll need to first decide whether you want to add the individual...


• Shop Credit Cards the Smart Way - Compare and Apply Online
  June 15, 2009
  The days of just applying for whatever credit card offer you received in the mail are long gone. And that's a good thing, because it wasn't a smart way...


• Reward Yourself with the Citi Forward Card
  June 1, 2009
  Looking for a new rewards credit card that's forward thinking? Do you pay your credit card bill on time and stay within your credit limit each month? And...


• Is a Prepaid Debit Card Right For You?
  May 11, 2009
  Prepaid debit cards have become increasingly popular as credit markets tighten and consumers search for alternative ways to manage their budgets. While prepaid debit cards provide all the flexibility...


• What is a Default Interest Rate?
  March 23, 2009
  Has your credit card's interest rate jumped from 12% to 30% in just one month? If so, you have most likely fallen victim to the dreaded Default...


• Don't Ignore the "Schumer Box"
  March 16, 2009
  The Federal Truth in Lending Act (TILA) requires credit card companies to disclose certain information in any offer they make to you. In addition, the "Schumer Box",...


• Beware of Hefty Over-the-limit Fees
  March 9, 2009
  There are few things worse than getting slapped with a hefty $35 fee for spending a few dollars more than your credit limit. However, it can easily happen to...


• Understand Your Credit Card's Grace Period
  December 31, 2008
  The average credit card provides a 20 to 30 day grace period. What that means is your credit issuer will not charge interest on your new purchases...


• Purchase Protection Can Come in Handy
  December 8, 2008
  Several credit card benefits are often overlooked by the so-called personal finance gurus that claim consumers should leave their credit cards at home when hitting the malls this...


• Opting-Out of Credit Card Interest Rate Hikes
  November 24, 2008
  Citigroup Inc. and American Express are two of the largest credit-card issuers who recently announced they will hit millions of consumers with interest rate hikes just...


• Does Your Credit Card Have a Penalty Rate?
  October 21, 2008
  Buried deep in the fine print of your credit card's terms and conditions, chances are you will find something known as the "penalty rate clause". In fact, more than...


• Want a Lower Credit-Card Rate? Just Ask for It
  September 7, 2008
  Existing credit card customers are of great value to credit issuers, and that will never change. In fact, some analysts estimate it costs credit card companies more than $200...


• Avoid On-the-spot Signups for Retail Credit Cards
  July 25, 2008
  Retail Credit Cards can become a huge problem for those who find it difficult to just say no to the "Get 10-percent off your purchase today" sales tactic. Remember...


• What's the Universal Default Clause?
  July 18, 2008
  Hidden deep in the small print of your credit card terms and conditions, you may find the dreaded policy known as the "Universal Default Clause". This clause gives credit...


• How to Ease Your Pain at the Pump!
  June 9, 2008
  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...


• Traveling outside the US? How to avoid foreign transaction fees
  June 2, 2008
  Currency conversion fees are often as high as three percent and are charged by virtually all credit card issuers for purchases made overseas. If you are like most travelers...

Credit in the News

• Don't Forfeit Your Credit Card's Rewards Miles
  November 30, 2009
  Banks are sending a clear message to those who enjoy racking up airline miles and hotel points for credit card purchases—pay your bill on time, or forfeit those...


• Do I Qualify for the Homebuyers Tax Credit?
  November 9, 2009
  If you didn't qualify before, your chances just got much better. The first-time homebuyers tax credit, which was scheduled to lapse on December 1, will now live on until...


• Extra Time to Pay Your Credit Card Bill
  September 21, 2009
  Although most of the 2009 Credit CARD Act's major provisions don't take effect until early 2010, bill-paying procrastinators have something to cheer about already. Effective August 20th,...


• Under 21? New Rules Limit Access to Credit
  July 20, 2009
  New credit card regulations set to take effect in early 2010 will make it more difficult for young adults to gain access to credit. This is an important issue...


• See What Income-Based Repayment Can Do For You
  July 13, 2009
  Are you struggling to keep up with your federal student loan payments? If so, a provision of the 2007 College Cost Reduction and Access Act, known...


• Bid Double-Cycle Billing Goodbye
  June 8, 2009
  While the Credit Card Act of 2009 may not be perfect, it will put an end to some of the more egregious practices that have plagued the credit card industry...


• Bid Farewell to Your Experian Credit Score
  February 16, 2009
  Effective February 14th, FICO credit scores from Experian, one of the three major credit bureaus, are no longer available to consumers. Equifax and TransUnion FICO scores can...


• How to Build Credit with No Debt
  January 7, 2009
  Roughly 50 million people in this country have no credit at all. No credit cards, student loans, auto loans, or mortgages. It's hard to believe, but it's true....


• Rates Drop in US and UK, but Banks Fail to Follow
  November 10, 2008
  In an effort to ward off a deep depression, the Fed dropped its benchmark rate to a record-tying low of 1 percent, and the Bank of England recently slashed Britain's...


• Worried About Missing Your Next Credit Card Payment?
  August 24, 2008
  Credit card delinquencies are soaring in 2008 as consumers continue to struggle with the subprime loan crisis, higher energy prices, and a sputtering U.S. economy. In fact, some experts...


• 'Piggybacking' Lives On
  August 3, 2008
  Piggybacking, a technique that allows consumers with good credit to boost other's credit scores by adding them as an authorized user, will live on. If you haven't heard...


• Beware of Excessive Debit Card Holds at Gas Pumps
  July 3, 2008
  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...

Credit Repair & Debt

• 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...


• What's the FDCPA?
  January 18, 2010
  The FDCPA, or Fair Debt Collection Practices Act, protects consumers from abusive collection techniques and provides legal recourse to fight back against third-party debt collectors who violate the...


• What's the CROA?
  December 7, 2009
  2008 was a tough year for credit repair agencies. In fact, the Federal Trade Commission shut down more than 30 businesses for violations of the CROA - The Credit...


• What's the FCRA?
  November 16, 2009
  The three big credit reporting agencies—Experian, Equifax, and TransUnion—gather an enormous amount of personal data about consumers, compile their credit reports, and disseminate information to third parties such...


• What's the FCBA?
  September 10, 2009
  Have you ever noticed that your credit card company mistakenly billed you for something twice? Or perhaps you returned that new flat screen TV because it was too huge to...


• Can Social Security Benefits Be Garnished?
  May 4, 2009
  Unless you owe Uncle Sam taxes or are behind on alimony or child support payments, your social security benefits cannot be garnished. So, if you've recently lost your job...


• I Paid My Tax Lien - Why is it Still on My Credit Report?
  April 27, 2009
  The IRS has 30 days, according to its own rules, to release a tax lien once you pay or settle the debt. However, in reality this is...


• Collection Accounts Linger for 7 Years
  April 20, 2009
  It's a common misconception among consumers that paying off a collection account will make it disappear from their credit report. However, the truth is a collection remains on your...


• Is Forgiven Debt Really Considered Income?
  February 23, 2009
  If you're in the process of settling a debt or thinking about approaching a creditor to begin debt settlement negotiations, it's important to remember that the IRS considers forgiven debt...


• What's the Best Way to Pay Off Credit Card Debt?
  February 9, 2009
  If the only thing that matters to you is saving dollars and cents, the strategy that clearly makes the most financial sense is paying off the balance with the highest...


• What's Loss Mitigation?
  November 18, 2008
  What does this financial buzzword you're hearing everywhere really mean? If you're a homeowner facing the possibility of foreclosure, it should mean a great deal to you because loss...


• Credit Talk Forum Helps Users Navigate the Credit World
  September 14, 2008
  Are you ready to take matters into your own hands and improve your credit? If so, congratulations for having the courage to do something about your credit problems. ...


• There is an error on my credit report - Where do I begin?
  April 28, 2008
  Mistakes happen all the time, and it is more important than ever to make sure there are no errors on your credit report. To ensure an error gets corrected...

Credit Scores & Credit Reports

• FICO Score is No Respecter of Income
  January 25, 2010
  The common belief that income directly impacts the strength of one's FICO score is perhaps the longest-living credit myth on record. The truth is whether you make $25,000 or...


• Considering a Charge Card? Keep Your Credit Score in Mind
  January 11, 2010
  Charge cards can be a great way to avoid racking up debt while still enjoying the convenience of paying with plastic. But if you're considering switching your spending from...


• How ChexSystems Works
  November 24, 2009
  If there's one report in the financial world you definitely don't want your name on, it's ChexSystems. Utilized by U.S. Banks and credit unions as a way to determine...


• To Co-sign or Not?
  October 6, 2009
  If you have good credit, there will likely come a time in life when a close friend or relative asks you to cosign a loan. Should you...


• Credit Reports May Be Accessed Without Your Permission
  August 17, 2009
  It's a common myth to believe that your credit reports can only be accessed with your exclusive permission. So, you may be surprised to find out that...


• How Many Points Will My Credit Score Drop From Hard Inquiries?
  August 10, 2009
  Hard inquiries are recorded on your credit reports when you apply for new credit products, cell phones, insurance, or maybe even a new job. They are essentially...


• Closed by Consumer vs. Closed by Creditor
  July 1, 2009
  A closed credit card account will show up on your credit report as either "Closed by Consumer" or "Closed by Creditor". The words may not be exactly the same,...


• How Many Credit Scores Do I Have?
  June 23, 2009
  Unless you don't exist in the credit system for some reason, you actually have three credit scores. And you have three credit scores because you also have three credit...


• Build Credit with Secured Credit Cards
  May 19, 2009
  For consumers with damaged credit or no credit history at all, secured credit cards are one of the most popular ways to obtain credit and start improving your credit score...


• Credit Reports Don't Merge After Marriage
  March 30, 2009
  There are several common misconceptions about what happens to an individual's credit reports after marriage. One of the most common myths is that when you are married your credit...


• Credit Tips for Newlyweds
  February 2, 2009
  While it's not the most romantic topic of discussion, newlyweds should make it a top priority to openly discuss their individual credit histories. Of course, it's best to determine...


• Beware of Double Negatives on Your Credit Report
  January 27, 2009
  The only thing that's worse than a negative account on your credit report is a negative account that shows up twice. Unfortunately, double entries can happen quite...


• Don't Sweat the Soft Inquiries
  January 20, 2009
  A soft inquiry is recorded on your credit report when an existing creditor reviews your file, a prospective creditor pulls your report for marketing purposes, or you order...


• Why is my Ex's Mortgage Still on My Credit Report?
  January 13, 2009
  A common credit myth is that a divorce decree will absolve you from any credit obligations the judge decides your ex-spouse will be responsible for paying. However, the truth...


• House Hunting? Keep an Eagle Eye on Your Credit Score
  December 15, 2008
  As rates on 30-year fixed mortgages approach 5 percent and frantic sellers continue to drop prices in hopes of luring potential buyers, it may finally be time to purchase that...


• 750 is the new 650
  November 4, 2008
  Prior to a few months ago, there was basically no difference between a credit score of 650 and 800 for most loans. Whether you were looking to get into...


• How Will A Short Sale Affect My Credit Score?
  October 27, 2008
  As property values continue to head south, many people are finding themselves upside-down on home loans and possibly facing foreclosure. A "short sale" can provide an alternative...


• A Poor Credit Score Influences More Than Lenders
  October 13, 2008
  People with good credit are finding it difficult to get loans these days. For those with poor or damaged credit, the task is even more daunting. But what...


• How Will Foreclosure Affect My Credit?
  September 28, 2008
  The credit markets are in the tank, and mortgage foreclosures are happening everywhere in today's economy. Whether voluntary or involuntary, it's important to understand that a foreclosure on your home...


• What Should I Look For On My Credit Report?
  September 21, 2008
  If you already have excellent credit and sparingly apply for new credit, checking your credit reports once a year might be sufficient. However, if you are in...


• Leaving Monthly Balances Won't Boost Credit Scores
  August 17, 2008
  It's likely you've had friends tell you how they established credit history faster by leaving monthly balances on credit cards instead of paying in full. Hope you didn't fall...


• "Same As Cash" Offers Hurt Credit Scores
  August 10, 2008
  Even though you really want that new high-def plasma TV with the booming home theater system, $5,000 smackers might sound a bit too rich for your pocketbook at the moment....


• What's a "Good" Credit Score?
  July 11, 2008
  Everyone seems to care what your credit score is these days. Even insurance companies and employers are taking a look at your credit history to determine if you are...


• I never use my first credit card anymore - Should I just close the account?
  May 26, 2008
  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...


• Will too much plastic hurt my credit score?
  May 19, 2008
  Credit is hard to come by these days, and it is more important than ever to maintain a good credit score. So, will having too much plastic in your...


• Will shopping the market hurt my FICO score?
  May 12, 2008
  While multiple inquiries at one time for your credit report information can theoretically hurt your credit score, the fact is it probably will not drop too much. If you...

Identity Theft

• Holidays are a Hotbed for ID Theft
  October 20, 2009
  The Holiday season means more shopping than usual for most of us. Whether you like it or not, you'll probably spend more time than any other season of the year...


• Beware of Identity Theft on Social Networking Sites
  March 2, 2009
  Popular social networking sites, such as Facebook and MySpace, have become all the rage in recent years. And while they are undoubtedly a great way to connect with friends...


• Leave Your Social Security Card at Home
  December 2, 2008
  Is it really necessary to carry your social security card around with you like a driver's license? Not at all, yet many people sill tote around one of the...


• Beware of Voter Registration ID Theft Scam
  August 31, 2008
  Identity theft scammers never grow tired of finding new ways to deceive the unknowing into divulging personal information over the phone. In fact, the Federal Trade...


• ID Theft Tops FTC's List—Are You Protecting Your Good Name?
  June 13, 2008
  For the eighth year in a row, identity theft led the way in 2007 as "the number one consumer complaint category".  The Federal Trade Commission's List of Top...

Money Management

• 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...


• 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...


• Pay the First Bill of 2010 to Yourself
  December 29, 2009
  Holiday cards from friends and family probably filled your mailbox in December. Unfortunately, something a lot less enjoyable and amusing to read may take their spot in January—the dreaded...


• Conduct a Year-End Credit Card Inventory
  December 22, 2009
  Did 2009 bring some unwanted changes to your credit cards' terms and conditions? If not, consider yourself lucky. Skyrocketing interest rates, reduced credit limits, increased minimum payments, and...


• Make a List and Check it Twice
  December 14, 2009
  If you're interested in staying within your holiday shopping budget, take some advice from the big man in the red suit—make a list. And after it's made, check it...


• Give Your Holiday Budget a Boost
  November 2, 2009
  If there's any time of year when we could all use a few extra bucks in our budget, it's the holiday season. Let's face it, all those gifts, parties,...


• Beware of POS Overdraft Fees
  October 26, 2009
  Many consumers, in an effort to avoid ATM fees, take cash withdrawals during point-of-sale transactions at grocery stores or other retail establishments. While this may be a savvy way...


• Looking for a Loan? Think Small and Local
  July 27, 2009
  The "too-big-to-fail" banks have received billions in taxpayer bailouts, yet purse strings remain tight and credit markets remain frozen across the country. Whether you're looking for a new
  
• Auto-pay Credit Cards from Online Savings Accounts
  July 9, 2009
  Did you know you can set up automatic payments for many of your credit cards directly from an online savings account? This can be an excellent way to earn...


• moneyStrands Helps Put Your Financial House in Order
  May 26, 2009
  Our personal financial lives can quickly become complex and difficult to track. In fact, if you're like most people, you may already have several online bank accounts, a mortgage,...


• Should I Pay My Taxes With Plastic?
  April 13, 2009
  Tax week is here again! And in a last-ditch effort to boost future e-payment numbers, the IRS recently announced that some taxpayers will now be allowed to deduct the...


• Avoid Credit Card Late Fees: Pay More Often!
  April 6, 2009
  The average credit card late fee hovers around $40, which is triple what it was just a decade ago. And it's not just the 40 bucks that will hurt...


• The Right Time to Buy a Car?
  December 22, 2008
  The violent winds of the current economy seem to be stirring up the perfect storm for great deals on a new car. Auto manufacturers and dealers are obviously hurting...


• Times are Tough, but Basic Rules Remain Unchanged
  October 5, 2008
  The economy is hurting and credit markets are in the tank. In fact, it's easy to understand why all the media hype concerning the credit crunch has consumers scared...


• How to Save 15-75% on Meals
  June 27, 2008
  If your busy life forces you to eat out often, then you should know just how painful it can be on the pocketbook. In fact, eating out is by...


• Emergency funds - A personal cure for the credit crunch
  May 5, 2008
  Do not rely on credit as an emergency fund. Everyone's personal financial plan should include a goal of having at least six months' worth of living expenses saved in...


• Have trouble making your payments on time?
  April 21, 2008
  The best way to prove you are a reliable credit risk is to always make your payments on time. If you find yourself forgetting when your credit card payments...

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