Teens, Young Adults and Credit Cards

April 26, 2011

TweetWhy did the Credit CARD Act address the issue of credit cards and those under 21 years of age? The number of teens and young adults who were running up debt was becoming a serious problem. Credit card issuers were making it extremely easy for college students to get their first credit card, yet were [...]

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What Happens When You Refuse a New Credit Card Interest Rate?

April 20, 2011

TweetThe Credit CARD act gives you the right to refuse to accept a raise in your interest rate within 45 days of the date the notice was issued. In reality, this means you actually have a few days less than 45 days if you are still receiving notices in the mail. The question you must [...]

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Little Known Information About Your Credit Report

April 18, 2011

TweetWe have been told that there is a seven year statute of limitations on information listed on your credit report. You may be surprised to discover that this isn’t always so. In fact the law allows a debt to remain on your credit report for 7-1/2 years after a delinquency causes an account to “go [...]

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What’s Happening with Credit Card Interest Rates?

April 12, 2011

TweetMost of the provisions of the Credit CARD Act of 2009 are now in effect. How has this impacted credit card interest rates? Rates are still up.  Balance transfers are averaging at 12.80%, business interest rates are almost 13% and about the lowest interest rates someone with excellent credit can get is 11.18%. Using a [...]

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Credit Score Factors

April 8, 2011

TweetThere are five factors that impact your credit score. Knowing what they are is the first step to restoring a positive credit score if yours has gone down for any reason. 1) Your Payment History – 35% of your score Every time you open an account that uses credit, you should expect to have your [...]

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Reasons Why You Don’t Want to Cut Your Credit Card Up

March 29, 2011

TweetWhile there is a growing trend in the world of financial advising that is very negative toward the ownership of credit cards, the recommendation that every consumer cut up his or her credit cards is a cookie cutter approach to the world of credit. Not every individual that is struggling with excessive credit card debt [...]

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