Most consumers know that paying off debt is the best way to find financial security and improve your credit. As with all other things in life there is always an exception to the rule and paying off debt is no different. While it is true that making timely payments and keeping your debt-to-credit ratio low is a good way to improve your credit score, paying off old debt may not have the same effect.
Reviewing your credit report has long been recommended as the first step toward understanding and improving your credit. By reviewing your report you are able to dispute inaccurate reporting and see older accounts that may be causing your score to currently suffer. If you have charge-offs, accounts … (more) April 30, 2009

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If you have ever conducted a search for credit cards online, you will likely have noticed there is a growing list of credit card categories that are available to compare. Too often, people will dismiss these categories because they only care if they get a Mastercard or Visa or that they are approved for a credit card in general.
It can be a financial mistake to not search for credit cards correctly. You can be missing out on a great deal for yourself according to your money habits. Credit cards are assorted into different categories such as Credit Card Rewards, Student Cards, 0% Balance Transfer cards, Secured credit cards, and more. These categories can help you choose which credit card may … (more) April 29, 2009

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Following the state of the economy for more than a year has been a painful experience for consumers. Few need to be reminded of the hardships people have faced. The news doesn’t appear to be as bleak in recent weeks, however the economy is still troubling and will likely remain that way for some time.
Most people are familiar with the saying, “desperate times call for desperate measures”. The question is: have consumers adapted to tough times by changing their lifestyle or have they proceeded as normal hoping things will improve?
The basic principles and practices of good personal finance haven’t changed over the years, however as a society we have altered what is normal or acceptable behavior. For the first time … (more) April 28, 2009

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With so much going on financially in the world, more people are getting desperate for fast money. Sadly, even during such hard times for people, there are still the miscreants who are willing to do just about anything to get their hands on your identity and other financial information.
During a recent gathering of select industries during National Consumer Protection Week, a wide array of groups including the Federal Trade Commission, the Better Business Bureau, and even AARP, representatives each told varied tales of how important it is for all people to keep an eye on their personal information – a very close eye. The AARP group was represented because the age group it typically represents is more susceptible to fraud … (more) April 27, 2009

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Occasionally there are consumes who have credit cards in their name they have misplaced and forgotten before the card was ever activated. So what do those unactivated cards mean for your credit score?
Well, first we need to define unactivated. An unactivated credit card means your received it in the mail but did not go online or call to confirm you have the card in your possession. This means the card has not been used nor is it available to be used for any reason. Inactive cards mean you do not use them often but they have been properly activated for service. Inactive cards are reported to your credit report.
Whether or not an unactivated credit card affects your credit depends on … (more) April 26, 2009

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Everyone knows that the FICO score is calculated to determine an individual’s overall credit risk. You have a 3 digit number between 300 and 850 which describes you to lenders. The higher your number, the less risky you appear to the lenders and the more likely you are to get approved for credit with good interest rates.
In addition to the FICO score, people are also rated on other categories and spending habits, including:
Revenue – using information from credit reports, lenders determine how much revenue a particular cardholder would likely generate for the credit card company.
Response Rate – a score given to individuals that describes how likely they are to respond to a credit card promotional offer. This … (more) April 25, 2009

Posted in Credit Card Advice, Credit Card General, Credit Card Tips, Promotional Offers, credit score Comments Off