First we started hearing about arbitrary increases in credit card interest rates, and now this… According to a recent blurb in Money Magazine, however, credit card issuers have recently started reducing credit limits for some borrowers, even those with good credit records.
Factors that put you at risk are making an occasional late payment, living in [...]
As you’re no doubt aware, your credit score is an incredibly important number for a variety of reasons. So if, for whatever reason, your credit score isn’t where you want it to be, how can you improve it? Contrary to what credit repair services would like you to believe, there are no magic bullets here. [...]
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 [...]
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 [...]
This is an interesting bit of news… MasterCard recently revealed that debit card transactions now outnumber credit card transactions in their network. Despite their many drawbacks, it thus appears that debit cards are really starting to catch on.
Source: Bloomberg.com
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