credit cards: Know Your Credit Card!
- 09/17/12 06:43 AM
You wouldn’t choose a mortgage lender without fully understanding the agreement the two of you establish.
The same goes for a credit card.
Understanding a credit card’s specific terms will help you make the best financial decisions.
Here are 4 credit card terms you may encounter on your agreement:
1. APR: The annual percentage rate is the interest rate you pay each month.
2. Set-up and maintenance fees: Some credit cards may charge an annual, one-time or monthly fee. They vary from card to card.
3. Transaction fees: These include balance transfer, foreign transaction and cash advance fees. They are … (0 comments)
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credit cards: Credit Card Habits to Avoid
- 09/17/12 05:35 AM
A client’s credit score is a major factor that determines his creditworthiness when applying for a mortgage.
With the average U.S. household having nearly $8,000 in credit card debt according to the Federal Reserve, chances are many people could be committing a bad credit habit that is hurting their credit score.
Here are 4 habits to avoid that will keep a client’s credit score healthy:
1. Paying late: Late payments cost you fees that add up, can make your interest rate go up and your credit score go down.
2. Making only the minimum payment: Charge only what you can afford … (2 comments)
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credit cards: How To Get Out of Debt... For Good!
- 07/18/11 07:55 AM
With home values declining and first-time buyers still facing an uphill battle, it's easy to fall into debt. Getting out, however, is not so easy. On today's Equifax personal finance blog, CredAbility expert Mechel Glass has written an excellent post on how to get out of debt for good. While many people want to get out of debt, it can be overwhelming to take the first step. Mechel Glass says it all begins with finding out how you got into debt in the first place. He likens it to dieting: Just because you know you want to lose 20 or 30 pounds doesn't … (1 comments)
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credit cards: How Can I Build Credit In Order To Buy A Home?
- 06/20/11 09:47 AM
Lots of future homeowners worry that their credit scores are too low to qualify them for a good mortgage. But what if you have no credit at all? A reader recently asked debt author David Bach what she can do to establish credit, as she has never owned a credit card but wants to buy a home in the next few years. Sadly, the potential home owner was denied three times for credit cards. Do she and her husband have any options for establishing credit? You can read David Bach's answer in his full blog post on building credit in order to buy … (0 comments)
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credit cards: What Financial Advice Would You Give To Graduating Seniors?
- 05/09/11 06:13 AM
Kids learn a lot in high school, but not always about finances. On today's Equifax personal finance blog, guest blogger Mechel Glass of CredAbility offers five lessons that every high school graduate should know to avoid debt and financial crises. Though graduating seniors may be ready to take on college or the work place, are they ready to handle credit cards, budgeting, and money management? Not if they don't know these five key financial lessons:
How to create and stick to a budget How to use a checking account How to save How to use credit cards How to protect a credit … (0 comments)
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credit cards: Have We Reached The Tipping Point?
- 03/14/11 02:54 AM
Every recession has its "tipping point." So, are we there yet? According to credit expert Janet Dedrick, consumers generally have less outstanding debt now than they did in 2008, which is good news. But the Catch-22 of debt is that it actually grows the economy until a certain level. Dedrick says we've reached that tipping point now. While it may seem like the worst levels of consumer debt are behind us, Dedrick still sees credit challenges for consumers, and especially home buyers. Payment stress is high for prime mortgage borrowers, not just subprime borrowers, and there is unprecedented payment stress on … (1 comments)
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credit cards: 2010 End of Year Credit Trends
- 12/20/10 03:40 AM
We’re approaching the end of the year, and the big topic in credit trends seems to be delinquency rates. These rates, which measure loan nonpayment levels, were increasing in 2009 and had not peaked, while today they are no longer at historic highs and are declining. Even mortgage delinquencies are declining:Select Delinquency Rates From Oct 2009 Oct 2010 Mortgage 7.76% 7.17% [8% decline] HELOC 3.39% 3.05% [10% decline]Card 4.58% 3.50% [24% decline]Auto 1.21% 0.92% [24% decline]However, it is still tough out there, given the last few years of recession and the nascent recovery. Mortgage and HELOC delinquencies are still at levels … (1 comments)
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credit cards: Need Credit Card Insurance? You May Already Be Covered
- 12/03/10 06:08 AM
Have you heard of credit card insurance? It’s a type of insurance that protects the cardholder in the event that he or she cannot make payments. As with all kinds of insurance, the answer to whether or not you need credit card insurance depends on you and your particular financial needs.Insurance expert Linda Rey shares some points to consider if you're wondering whether credit card insurance could be right for you. Basically, credit card insurance could protect you in the event you lose your job and can't pay your bills, you become disabled, you die, or property purchased with your card is … (3 comments)
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credit cards: Credit Trends: Signs Of Life From Subprime Customers
- 11/22/10 01:53 AM
Everyone wants to know what direction the economy will take, and there are many factors that are pieces of the puzzle. You could look at student loans, home equity lines of credit, and auto loans, but one of the most important indicators of the economy's health is the credit market. Fortunately, the credit market is starting to open up and show signs of moving toward recovery.
Lately, subprime customers (generally those with credit scores under 660) are showing signs of life. While this doesn't automatically indicate that the economy is turning around, there are some encouraging trends. Credit expert Janet Dedrick … (0 comments)
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credit cards: How Does Closing An Account Affect Your Credit Score?
- 10/25/10 02:35 AM
The credit expert team at the Equifax personal finance blog gets tons of questions from consumers about how their credit score has changed. People also want to know how to improve their credit score, and how their financial activity will affect it. Unfortunately, we can’t say that closing a certain account will decrease your score by X points, or that paying off your balance on another account will raise your score by Y points. The reason we can’t tell you exactly what will happen to your credit score is that everyone’s credit is different, and everyone’s financial situation is different. (And … (1 comments)
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credit cards: Avoid Identity Theft
- 10/11/10 05:34 AM
Your personal information is valuable, particularly to would-be thieves. Learn how to protect yourself and your personal information.
You lock your door when you leave your house; you hold your purse tightly on a busy street. You probably ask the neighbors to pick up your newspapers when you’re out of town.We all have certain habits to protect our personal possessions and avoid theft, but what about everyday practices to protect against identity theft?
Follow these best practices and get in the habit of protecting your personal information to avoid identity theft: Don’t carry more credit cards than you need. Shred … (3 comments)
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credit cards: Signs of Life in the Credit Universe
- 10/04/10 05:36 AM
While the credit industry may not be out of trouble yet, there are some signs that recovery is finally here. Equifax's Credit Trend data is showing small, but important changes in the credit industry. A few of these changes have occurred because of looser restrictions on lending, and some have occurred in spite of tighter lending standards.
Signs of Life include:
Risk scores are stabilizing and improving, because less consumers are delinquent on loans. Consumers are paying down debt voluntarily Lenders are extending new credit, although they are doing so very cautiously Auto loans continue to expand, despite tight auto lending … (1 comments)
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credit cards: 13 Ways your Credit Card Account May Have Changed
- 09/20/10 04:10 AM
Credit legislation is not a fun thing to follow: the jargon is confusing, the laws don't change much and they all include percentages and numbers that are indecipherable to any normal person.
Fortunately, there are credit experts, whose job it is to stay on top of this seemingly boring legislation.
Recently there have been a lot of changes to credit card legislation to protect consumers from unfair changes, but they do no good if the consumers don't know about them. Here are 13 things that have changed in the past year that you should know about: http://credit.equifax.com/2010/09/13-ways-your-credit-card-account-may.html
… (3 comments)
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credit cards: Four Things College Kids Need To Know About Credit
- 06/07/10 07:05 AM
Robin Holland, who teaches financial literacy programs for Equifax, blogged about the 4 things college kids need to know about credit for this week's Credit Blog of the Equifax Personal Finance Blog.
The lessons she mentions are good for any person to know, really. Are you familiar with these?
Lesson #1: Credit Cards are a convenience, not a form of income.
Lesson #2: Just because you can afford the minimum payment every month doesn't mean you're not in debt.
Read the other 2 lessons and the rest of the blog at the Equifax Personal Finance Blog. And as always, I appreciate … (0 comments)
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credit cards: Four Myths About Your Credit History
- 05/24/10 06:15 AM
This article comes from the brand new Equifax Personal Finance Blog. I am the Real Estate blogger for the site and we also cover credit, retirement/investing, tax and insurance. Here is an exceprt from the Credit blog by Robin Holland, to read her entire article visit this page on the Equifax Personal Finance Blog.
If you don’t learn to understand your credit, it can be a lifelong problem. You probably know you should be checking your credit report at least once a year.
Do you understand what’s included in your credit report and how to read and do something about the … (2 comments)
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credit cards: Regiment Bill Payments To Get Out Of Debt
- 08/24/09 06:41 AM
A debt management plan can help someone whose credit history and credit score have likely already suffered either because their debt-to-credit limits are out of whack or because they have started to pay some of their bills late.
If you have maxed out your credit cards, and are having trouble making your mortgage payments, you need help in figuring out how to get these amounts in line with your income.
As difficult as it might be, the best personal finance advice I can give you is that a properly designed and administered debt management plan is a good … (0 comments)
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credit cards: Scam Artists Use Phone Relay System To Fool Businesses
- 07/10/09 03:32 AM
A new scam alert from the FBI is targeting auto shops via the phone relay system. This scam asks businesses to charge repairs and shipping costs to a stolen credit card, asking to wire the excess funds back to the scam artist. After the money has already been wired, the business finds out the credit card is stolen, getting stuck with the loss. While this scam is appearing in auto shops, the money wiring scam has been around for a long time. Don't get trapped by this scam.
Auto repair shops watch out, this scam is targeting you. Scammers have been … (7 comments)
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credit cards: Who Has An 850 Credit Score And How Do You Get One?
- 05/12/09 10:06 AM
Credit scores, on the scale assigned by FICO, range from 300 to 850. Who has an 850 credit score and what canyou do to get one?
Less than 1 percent of the population has a credit score above 800, so it's very unlikely you will have an 850 credit score. However, if your credit score is above 720, you will probably still receive the best rates.
Watch more credit and identity theft videos from Expert Real Estate Tips to learn how to raise your credit score.
… (8 comments)
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credit cards: Identity Theft and Credit History Damage (With Video!)
- 04/25/09 06:59 AM
Identity theft can happen when your personal information is stolen to open up new lines of credit. Identity thieves commonly use your name, address, social security number and mother's maiden name to create fake identities. Eventually, you will be held responsible for these accounts that you didn't know existed. The long-term damage to your credit history from identity theft can be more damaging than the short-term effects. Watch this Expert Real Estate Tips video on Identity Theft for more information on how to protect yourself from identity theft. … (0 comments)
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credit cards: Credit Score - Can Closing A Credit Card Affect Your Credit Score?
- 04/14/09 10:19 AM
When you have many credit cards and decide to close one that charges you a monthly fee, it's likely it won't negatively affect your credit score. Closing a credit card that you've had open for only a short time has less effect than a credit card you've had for 10 to 15 years. One alternative to closing the credit card is to transfer the account to a different card, so long as the account usage information gets transferred as well. If that's not possible you may want to explore getting a new credit card that better meets your needs.
Question: I … (1 comments)
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You wouldn’t choose a mortgage lender without fully understanding the agreement the two of you establish. 
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