Your credit score is quite possibly the single most important measure of your creditworthiness when you’re applying for a new loan or credit card. Home mortgage lenders and credit card companies will not only use your score to determine whether or not to extend you credit, but also what interest rate you’ll pay for that credit.
While the exact formula used to calculate your credit score is not known, and contains a number of different components, we do know that certain types of activities can result in a significant drop in your score.
Here is some credit card advice on... Articles Tagged ‘credit card advice’
6 Credit Hits That Can Lower a Credit Score by 100 Points or More
Your credit score is quite possibly the single most important measure of your creditworthiness when you’re applying for a new loan or credit card. Home mortgage lenders and credit card companies will not only use your score to determine whether or not to extend you credit, but also what interest rate you’ll pay for that credit.
While the exact formula used to calculate your credit score is not known, and contains a number of different components, we do know that certain types of activities can result in a significant drop in your score.
Here is some credit card advice on...
Thursday, March 7th, 2013
Your credit score is quite possibly the single most important measure of your creditworthiness when you’re applying for a new loan or credit card. Home mortgage lenders and credit card companies will not only use your score to determine whether or not to extend you credit, but also what interest rate you’ll pay for that credit.
While the exact formula used to calculate your credit score is not known, and contains a number of different components, we do know that certain types of activities can result in a significant drop in your score.
Here is some credit card advice on... Why Financial Institutions May Automatically Raise Your Credit Card Limit
It seems like some individuals are always searching for ways to increase the credit limits on their credit cards. The reasons for doing so are varied, and might include a desire for greater day to day purchasing power, the need for an easy to access source of funds for emergencies, or even to lower an individual’s credit utilization ratio.
But sometimes a bank or credit union or credit card company will automatically raise a customer’s credit limit without ever being asked to do so. While this might seem a bit unusual, there are actually a few good reasons why your...
Friday, February 15th, 2013
It seems like some individuals are always searching for ways to increase the credit limits on their credit cards. The reasons for doing so are varied, and might include a desire for greater day to day purchasing power, the need for an easy to access source of funds for emergencies, or even to lower an individual’s credit utilization ratio.
But sometimes a bank or credit union or credit card company will automatically raise a customer’s credit limit without ever being asked to do so. While this might seem a bit unusual, there are actually a few good reasons why your... What is an APR?
Thursday, January 17th, 2013
Any time you go shopping for a new home loan, car loan or credit card, you’re likely to encounter a lot of “fine print” on the loan or credit agreement. While it’s a good idea to understand all of the terms you’re agreeing to, some terms deserve more of your focus.
One of the most important terms of any credit arrangement, and the one that will impact your cost of borrowing most directly, is the annual percentage rate (or “APR”) of the loan.
What is APR? Annual Percentage Rate is a numerical description of the interest rate that you effectively pay...
Advice on Making the Most of Your Credit Card in 2013
Many of us start each New Year by making resolutions to improve ourselves. These resolutions often relate to our health or spending time with our famines. Another common type of resolution relates to matters of personal finance. Since credit card debt and spending is an ongoing problem for many individuals, improving your credit card situation can be a great personal resolution for the coming year.
Reducing your level of credit card will likely be one component of your plan for the coming year, but there are also some other elements of your credit card spending and accounts that you...
Tuesday, December 18th, 2012
Many of us start each New Year by making resolutions to improve ourselves. These resolutions often relate to our health or spending time with our famines. Another common type of resolution relates to matters of personal finance. Since credit card debt and spending is an ongoing problem for many individuals, improving your credit card situation can be a great personal resolution for the coming year.
Reducing your level of credit card will likely be one component of your plan for the coming year, but there are also some other elements of your credit card spending and accounts that you... How Often Does Your Credit Report Change?
Friday, December 7th, 2012
Your credit report – and the credit score that’s calculated based on the information on your credit report – plays a significant role in determining how much you’ll have to pay in interest charges whenever you take out a loan. In fact, your credit report will likely be the primary factor in a lender’s determination of whether or not to make a loan to you in the first place.
It’s important to understand that your credit report is a living and breathing document. Many different things you do will impact your credit report, and your report will change based on...
When is the Best Time to Get a Credit Report?
Your credit report is one of the most important documents when it comes to your financial identity. Any time you apply for a credit card, a car loan, a home mortgage, or even when you apply for certain types of jobs, someone will use your credit report as a significant factor in making their decision.
Unfortunately, credit reports sometimes include mistakes or outdated information. The only way to make sure that this information doesn’t stay on your credit report, and therefore doesn’t factor into any decision that could cost you money, is to stay on top of your own...
Monday, November 26th, 2012
Your credit report is one of the most important documents when it comes to your financial identity. Any time you apply for a credit card, a car loan, a home mortgage, or even when you apply for certain types of jobs, someone will use your credit report as a significant factor in making their decision.
Unfortunately, credit reports sometimes include mistakes or outdated information. The only way to make sure that this information doesn’t stay on your credit report, and therefore doesn’t factor into any decision that could cost you money, is to stay on top of your own... Want a Credit Limit Increase? Understand the Effects
Even if you don’t normally carry a balance on your credit card, you may find that there are times when your spending levels get uncomfortable close to your credit limit. Having a well thought out budget can help keep your spending at a predictable amount each month, but there still may be times where unexpected expenses can cause you to come close to maxing out your card.
Once this happens, you might consider calling your credit card company to request a credit limit increase.
Before you ask for that credit limit increase, however, it’s important to understand the effects of...
Friday, November 16th, 2012
Even if you don’t normally carry a balance on your credit card, you may find that there are times when your spending levels get uncomfortable close to your credit limit. Having a well thought out budget can help keep your spending at a predictable amount each month, but there still may be times where unexpected expenses can cause you to come close to maxing out your card.
Once this happens, you might consider calling your credit card company to request a credit limit increase.
Before you ask for that credit limit increase, however, it’s important to understand the effects of... What’s a Better Approach, One Credit Card with a High Limit or Multiple Credit Cards?
Wednesday, November 7th, 2012
Even though the recent credit crunch has made it quite difficult for some individuals to get a new home loan, or even to refinance their existing mortgage, one area of lending remains vibrant; the credit card industry. Individuals with a relatively strong credit history will find that they have a number of different options available to them for credit cards.
One choice you’ll have to make is whether to use a single credit card with a high limit for all your purchasing activity, or to spread that activity out over multiple credit card accounts.
Here is some credit card advice on...
3 Tips to Maximize Your Credit Card Rewards
Wednesday, October 31st, 2012
Credit cards are often unfairly criticized as something harmful; something that allows people to overspend their income, or to buy things that they don’t need. Of course, the credit card itself is just a tool. It’s the behavior of the account holder that ultimately determines whether or not the credit card use will cause any negative financial impacts.
A responsible account holder will actually be able to generate some very positive consequences from responsible credit card use if their credit card company offers a rewards program.
Here is some credit card advice on maximizing what you can get from your credit...
Advice on Simple Steps to Build Your Credit
Even if you don’t plan to use credit cards very often, there are times you’ll be glad you have them (such as when you need to rent a car or reserve a hotel room for travel). In order to ensure that this type of consumer credit is always available to you, and that you don’t pay too much for the convenience, you’ll want to have a good credit score. Furthermore, having good credit can save you many thousands of dollars when it comes time to purchasing a home.
But you don’t start off with a good credit score by default....
Tuesday, October 23rd, 2012
Even if you don’t plan to use credit cards very often, there are times you’ll be glad you have them (such as when you need to rent a car or reserve a hotel room for travel). In order to ensure that this type of consumer credit is always available to you, and that you don’t pay too much for the convenience, you’ll want to have a good credit score. Furthermore, having good credit can save you many thousands of dollars when it comes time to purchasing a home.
But you don’t start off with a good credit score by default.... 
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