Credit Cards

Your marital status doesn’t play any role in calculating your credit score – so why could a divorce harm your credit score? Joint accounts are the reason. Most couples have joint debt like mortgages, credit cards, and loans. A divorce decree may assign responsibility for a joint debt, but the decree doesn’t affect the lender’s
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It’s always best to pay off a loan as soon as you can, isn’t it? Not necessarily. There are several reasons you may not want to pay off your loan early, including the effects on your credit score. The obvious reason for early payoff is interest savings. By paying your loans off early (especially large
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After a long search you’ve finally found out who’s dragging down your credit score. Surprise! It’s you. Your credit score reflects your entire credit history as recorded on your credit report. Lenders and creditors report your account activity to each of the three major credit reporting agencies (Equifax, Experian, and TransUnion) – whether that activity
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It may seem like you have been paying credit card interest since 3500 BC – but you might be surprised to learn that credit actually dates back to those ancient times. Historians believe that the Sumerians of ancient Mesopotamia (in modern-day Iraq) extended credit to farmers in the rough equivalent of a consumer loan. The
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By Amy Beardsley Are you thinking of applying for a credit card? You’re in good company with over half a million Americans submitting a new credit card application every day according to the Consumer Financial Protection Bureau. Applying for a credit card is simple but getting approved isn’t so easy. Both your credit score and
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You prefer the simplicity and the spending limit security of a debit card, but you also like the cash-back rewards associated with credit cards. Zero, a San Francisco financial startup, may have the perfect card for you. The Zerocard is a unique blend of debit and credit card. Zero’s full package is composed of a
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Millennials are supposed to be the cautious generation where credit is concerned. Many were burned during the housing crisis and Great Recession and vowed not to be overextended with credit. However, evidence is growing that millennials are headed down the same dangerous credit path as previous generations. While millennials do have lower average credit card
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Who doesn’t love cash back rewards? We all enjoy the feeling of getting something back with our purchases, and credit card companies know this. They offer rewards programs as incentives – and a recent survey from CreditCards.com shows that cash back programs are the most attractive variety. Almost one-third (31%) of survey respondents chose 3%
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Millennials faced a difficult entry into adulthood. Many came of age during the housing crisis and the Great Recession, facing scarce jobs and crushing student loan debt. It makes sense that Millennials would be wary of taking on more debt – and Experian’s most recent State of Credit Report backs that up. According to Experian’s
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Are your kids ready for the financial challenges of adulthood? The 10th annual Parents, Kids, and Money Survey from T. Rowe Price shows the benefits of early financial education, including both formal schooling and parental guidance. The T. Rowe Price survey typically polls children aged eight to fourteen years old, along with their parents, to
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Debt is no picnic at any age, but it’s particularly rough on senior citizens. Most are nearing their retirement years or have already retired with little time (or money) to pay down debts. Seniors tend to have better access to more credit if they need it. Their average credit score is 745, well above the
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America’s credit card debt is nearly $1 trillion, according to Federal Reserve data. How much of that debt belongs to your kids? The 2019 Parents, Kids, and Money Survey from T. Rowe Price shows that credit card use has skyrocketed among 8-to-14-year-olds over the past seven years – from 4% in 2012 to 17% today.
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How much of your available credit are you using right now? Experts generally suggest keeping your credit utilization ratio – the amount of credit in use compared to your credit limits – below 30% to keep your credit score high. A new study from CompareCards.com shows that many Americans are struggling to meet that goal,
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You see lines on your credit or debit card statement that read “APL*ITUNES.CON/BILL 866-712-7753 CA” or something similar. Where did all those charges from iTunes come from? Maybe it’s your spouse downloading audiobooks. Maybe it’s your kids downloading their favorite songs or inadvertently making in-app purchases while playing online games. Maybe it’s subscription renewals that
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Watch Your Credit Card Debt Are you keeping your credit card debt under control? Recent data from Bloomberg shows that more consumers are having a hard time doing so. Credit card issuers reported a 3.82% charge-off rate on credit cards in the first quarter of 2019 – the highest percentage of written-off accounts in almost
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It’s bad enough when someone steals your identity and opens accounts in your name. What happens if thieves steal part of your identity and use it to create a non-existent person? Synthetic identity theft occurs when criminals “synthesize” a false identity using made-up Social Security numbers and other personal information. Sometimes, synthetic identity thieves start
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Welcome to the 2018 Consumer Fraud Awards Show! We have a great show for you, with criminal activity galore. Tonight’s winners are chosen based on information from the Consumer Sentinel Network 2018 Data Book and brought to you by the Consumer Information Group at your Federal Trade Commission (FTC). Okay, there really isn’t a consumer
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Wouldn’t it be nice if you could deduct your credit card debt from your taxes? For most Americans, that’s just a dream that will never come true. However, some circumstances allow you to deduct some credit card debt – all related to using your card for business purposes. The 2017 Tax Cuts and Jobs Act
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You’ve taken steps to avoid identity theft, and maybe even applied a credit freeze to your credit report. You can sit back and relax, right? Wrong. You may have prevented identity thieves from opening new accounts in your name, but have you kept your existing credit accounts secure? As opposed to identity theft where your
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Have you missed enough credit card payments that your creditor has contacted you about your debt? If so, you aren’t alone. According to survey results from the February 2019 PYMNTS.com Financial Invisibles Report, almost two in five (36.3%) respondents had been contacted by a creditor regarding an outstanding debt. How did many of them resolve
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