Credit Cards & Credit Scores
You and Your Credit Report
by Catherine Eagan
Debt incurred by U.S. Consumers has risen steadily over the past decade and now tops $3 trillion, according to the Federal Reserve. Meanwhile, median incomes have dropped over the same period, and more recently, the worth building engine of home price increases has dropped precipitously. As a result, many are struggling to keep up with their credit card debts. For these people, and for anyone who needs or uses credit, having a clear understanding of how credit reports and credit scores are compiled and analyzed is very important. Credit reports are used for a variety of purposes, including, in some case, as a screening criteria for new hires at some companies.
Your Credit Score
by Catherine Eagan
As anyone who has bought a car or house, or who has applied for credit knows, credit scores are an important determinant of your ability to receive credit and how much interest you will have to pay for that credit. The most commonly used is the FICO score, which has been developed by Fair Isaac Corporation.
Successful Strategies for Managing Your Credit
by Catherine Eagan
Managing your credit cards is crucial, and by management, we do not mean simply spending within limits and paying off balances. Managing your credit also means understanding the agreements you are entering into with credit cards companies, how those agreements can change and what that will mean for you. Managing your credit also means understand how to evaluate credit card company offers and how to shop for the best deals, as well as the impact of your borrowing and repayment history on your credit report.
Get Paid: Managing Your Credit to Receive the Greatest Return
by Catherine Eagan
While you are exploring how much you might have to pay for your credit card, it is also important to shop for ways in which your credit card pays you. Credit card companies, of course, charge fees and interest for the use of your credit line. But they also offer inducements and programs designed to attract your business. Some of these programs are more valuable than others, and some will fit your lifestyle and spending habit better than others. So, take the time to research these “payback” programs; doing so will effectively reduce the amount of money you pay for use of your credit line.
Repairing Your Credit
by Catherine Eagan
If you have gone through a period of being late on payments, there are steps you can take to repair your credit history, starting with the process of disputing any negatives that are not legitimate.