According to a recent article in Money Magazine, Fair Isaac is set to roll out a new formula for determining your credit score. Their goal is to better differentiate between “good risk” and “bad risk” borrowers, thereby providing creditors with a more realistic idea of your risk o defaulting. The good news here is that [...]
Have you ever noticed how hard car rental agencies push their damage waiver while you’re standing at the rental counter? The reason for this is that these policies typically come complete with incredible profit margins. What a lot of people don’t know is that many car insurance companies provide rental coverage, especially if the rental [...]
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This card offers 5 points for every dollar spent on gas, supermarket, and drugstore purchases and 1 point per dollar on all other purchases, making it roughly equivalent to a 5%/1% cash rebate card. This is also one of the many 0% balance transfer credit card offers that’s out there floating [...]
New legislation introduced by Rep. Carolyn Maloney (D-NY) seeks to abolish “major industry abuses that unfairly hurt consumers while fostering fair competition and free market values.” According to Maloney’s press release, the key components of the bill are that it:
- Protects cardholders against arbitrary interest rate increases
- Prevents cardholders who pay on time from being [...]
According to a recent article in Business Week, Bank of America notified some of it’s best customers that they’re rates would be increasing — in some cases up to as much a 28% APR — without providing an explanation as to why. Unlike issuers practicing universal default, Bank of America appears to be using super-secret [...]
In case you haven’t heard, the USPS is planning to increase stamp prices. Again. While buying so-called ‘forever’ stamps that are good regardless of the going rate is a great way to save a bit on postage going forward, you can actually do even better by purchasing your stamps at a grocery store using a [...]
This is just a quick tip for those of you that are sick and tired of receiving unsolicited credit card offers in the mail. Did you know that you can easily opt out receiving such offers by visiting OptOutPrescreen.com?
While this won’t actually stop every single credit card offer, it will stop so-called “firm” offers, which [...]
Ever wonder how your credit score is determined? While Fair Isaac (the company responsible for FICO scores) holds the details of their calculation very close to the vest, there are some generalities out there that are good to know. Here’s a quick rundown, as well as an indicaiton of the relative importance of each component:
Payment [...]
According to a recent issue of Money Magazine, Chase has discontinued their practice of hiking interest rates if your credit score declines. This move comes on the heels of Citibank’s decisions to voluntarily eliminate their universal default provision. While none of the five major credit card issuers have been officially practicing universal default over recent [...]
If you’ve ever read the fine print of your credit card agreement, then there’s a pretty high likelihood you’ve run across the term “universal default.” But do you actually know what it means?
In short, a universal default clause states that if you’re late on a payment to any creditor and your card issuer finds out [...]
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