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Advantages and Disadvantages Of Getting A New Credit Card

If you need to improve your credit score you may consider adding in a new credit card. Or not. There are actually some advantages and disadvantages. Either way if you add in a new credit card you must be responsible with it or it can have detrimental effects. First off, when you apply for a new credit card it is a “hard inquiry” on your credit report. That is an automatic ding on your report and score. However, if you get the card and use it responsibly the benefits will override any negative ding from the inquiry. For one thing, a ...
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Limits On Credit Card Penalty Fees?

Have you ever made a small mistake with your credit card, for example, being late on a $20.00 minimum payment, and then to make matters worse the bank hits you with a $39.00 late fee? Excessive late fees have long been a common consumer complaint. But on Wednesday of this week, the Federal Reserve proposed stricter restrictions on the penalty fees that a credit card issuer can charge. One of the most significant changes would be to prohibit the companies from exacting a penalty charge that is larger than the violation. So if you happen to stop by ...
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Final Rules For Credit Card Act

On Tuesday, January 12, 2010 the Federal Reserve Board approved the final rules amending Regulation Z also known as Truth in Lending in order to implement the provisions of CARD or the Credit Card Accountability Responsibility and Disclosure Act of 2009, which will become effective February 22, 2010. Some of the high points of CARD Act include · Prohibition of creditors issuing credit cards to consumers who are under the age of 21 unless the consumer has the ability to make the required payments (think Hannah Montana 😉 ) or gets a parent or ...
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Credit Card Debt And Delinquencies Decline

In some good news for the personal economy of many people,credit card debt declined for the 13th month in a row in October 2009. Credit card delinquencies are also on the decline.
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