Credit Help and Tips
Master your credit card and credit score, all in one convenient place.Do Consumers with More Credit Cards Have Higher Credit Scores?
An infographic released recently by Credit Karma revealed some interesting characteristics about credit card usage and credit score. For those with so-called excellent credit scores, 750 and higher, the average Credit Karma user had $4,829 in credit card debt on ... Read More »
Don’t Commingle Your Purchases and Balance Transfers
As I always say, credit cards make for complicated business. They almost seem designed to confuse consumers, though the issuers wouldn’t agree with that statement. Thankfully, the CARD Act and other recent measures have evened the playing field somewhat over ... Read More »
Statement Balance vs. Account Balance
Credit cards are pretty sophisticated financial instruments. What this means is that one must be responsible if they wish to carry a credit card in their wallet. The seemingly innocuous pieces of plastic can get you into trouble if you ... Read More »
How Are Credit Card Payments Applied to Balances?
Credit card Q&A: “How are credit card payments applied to balances?” Back in the good old days (as far as credit card issuers were concerned), credit card payments applied to balances with the lowest APR first, followed by higher APR ... Read More »
Are Credit Card Payments Tax Deductible?
Credit card Q&A: “Are credit card payments tax deductible?” While credit cards provide a ton of benefits to cardholders, there are limits. And I’m not just talking about credit card limits. Sure, credit cards provide convenience, payment protection, a bevy ... Read More »
What Do the Numbers on Your Credit Card Mean?
Have you ever stopped to take a hard look at your credit card? Aside from the cool design, shape, and colors, there are lots of numbers emblazoned on the front (unless it’s the Chase Sapphire Preferred). And those numbers are ... Read More »
The Average Age of Open Credit Lines Is Extremely Important!
It seems everyone is always looking for results overnight, whether it be a new diet or a get-rich quick scheme. Unfortunately, meaningful results take time (and work), and the same is true for your increasingly important credit score. While making ... Read More »
What Credit Cards Do the Big Box Stores Accept?
While many businesses are beginning to ONLY accept plastic as a means of payment, there are still some companies that do not accept all types of credit cards. For example, most airlines only accept credit cards for in-flight purchases nowadays, ... Read More »
One in Four Credit Reports Contain Errors!
A while back, I noted that the FTC was going to conduct a study of credit report errors to see how well the credit bureaus (and creditors) manage the vast amount of consumer financial data. And just two short years ... Read More »
When Are Credit Reports and Credit Scores Updated?
A reader recently asked, “When does my credit report/credit score get updated?” This is a great question, and one that causes plenty of confusion and debate. The best way to tackle this question is to first differentiate credit reports and ... Read More »
