List/Grid Monthly Archives: November 2010

Credit Card Use Is Down

Over the past year more than 8 million consumers have eliminated their credit cards. Only about 62 million people have an active credit card now compared with 70 million a year ago. Some of the speculation is that people fell behind on their payments due to the recession and that the loss of the credit card was involuntary. Another idea is that people are just getting smarter and not using credit so much. And it is probably a little bit of both. It is useful to point out though that if you eliminate a credit card, whether it is voluntary ...
Read more »

Credit Repair For The Inexperienced

And who does have experience with Credit Repair? Most people don’t even pay much attention to their credit report until they need it for something important and then they panic. But it is wise to stay on top of it. You have a right to receive a free credit report every year. You should take advantage of that and check periodically for mistakes, errors and omissions. If you find mistakes or omissions you can dispute the problems and hopefully get them removed. You can do this yourself or if you think you might appreciate someone with more ...
Read more »

Negative Credit Reporting Has A Specified Statute Of Limitations

Negative credit must be removed from your credit report within a specified time period due to provisions within the Fair Credit Reporting Act or the FCRA that was enacted into law back in 1970. This law came about in order to protect consumers from unfair credit reporting. The majority of credit reports contain some types of errors. If you happen to find some inaccuracies or mistakes showing on your report you can send in a dispute and attempt to get them removed. The credit bureaus must verify the accuracy of their information within a 30-day ...
Read more »

Debt Consolidation To Solve Or Improve Problematic Credit

If you have bad credit and you are considering bankruptcy, you may want to look into debt consolidation, debt settlement programs and credit counseling services. These may be viable options to consider. Debt consolidation generally involves getting one loan and paying off your other debts with the proceeds. The benefit is rather than having a few payments too many, you end up with only one payment, which may make your finances more easily handled. Often these types of loans are secured by collateral and many times people will use home equity for ...
Read more »

Hoping For Changes To FICO

What happens when the bank reduces your line of credit due to no fault of your own? Well, you would think that it would be fair if it didn’t affect you. After all, if you have been timely with your payments and you have kept your balance low and the bank just arbitrarily came along and reduced your line of credit without your consent you would think that it shouldn’t affect you. But it does. Your credit score can plummet 30 to 50 points or more. This is because of the ever-important debt to available credit ratio. For example if you owed $5000. ...
Read more »

Beware Of The Interest Rates On Store Credit Cards

If you must use them at all, that is. Store credit cards are much more detrimental to your credit score than the typical credit card. After all, 10% of your score is determined by the type of credit that you have. The credit bureaus don’t like retail cards. A regular credit card is much more beneficial than a revolving charge card from a department store. But also, it turns out that the typical retail store card has a significantly higher interest rate than a regular card. In fact, a study released Sunday by U.S. Rep Anthony Weiner (D-NY) ...
Read more »

Who Is Offering Financial Advice For Teens?

In case your teenager really believes that they may need to “Keep Up” the Kardashian sisters are offering up a Prepaid Debit Card under the pretense that they will be able to teach teenagers about financial and fiscal responsibility. Never mind that the Kardashian’s have zero financial credibility, never mind that a few of the shows have been about shopping addictions, never mind that the Kardashian’s have more money to spend and blow than the majority of teenagers. And of course, the card is not free. It will cost $99.95 a year or ...
Read more »

Responsible Credit Card Use

There are ways to use a credit card that is completely to your advantage. But when you are completely responsible with your credit card, the credit card companies are not making the profits they need and expect. So apparently it is a good thing that there are the irresponsible users also (makes it more beneficial for the responsible ones!) The irresponsible users are the ones who rack up the debt, do balance transfers to postpone debt and basically just live beyond their means. The irresponsible cardholders are the ones that are actually paying ...
Read more »

Top of Page

Copyright © 2009 to 2019 by 724Credit. All rights reserved.