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There were 62 articles found in this category:
  1. questionWhat is an application score?
    An application score takes information from your credit application and uses it to determine your score for purposes of obtaining a new credit account. Using this statistical scoring, businesses evaluate applicants for acceptance or denial. Application scoring often factors in other relevant det ...

  2. questionWhat is an APR?
    APR stands for "Annual Percentage Rate." It is the interest rate on a debt expressed as a yearly rate (rather than a monthly one, for example). The APR was created to make it easier to compare credit offers. Credit cards often have several different APRs -- one for purchases, one for cash advanc ...

  3. questionWhat is the CARD Act? What will it do?
    The CARD Act (Credit Card Accountability Responsibility and Disclosure Act) was signed into law on May 22, 2009. It amends several other pieces of legislation (including the Truth In Lending Act, the Federal Trade Commission Act, and the Electronic Funds Transfer Act). The CARD Act is bringing i ...

  4. questionIs it bad to pay off credit cards every month (not pay the credit card company any interest)?
    Nope! It’s only bad for the credit card company, since they will make less money off of you (they still make a small amount each time you use your card, but they make this money off of businesses, not you as the consumer). Paying off your credit cards is great for you because you get to us ...

  5. questionI have no credit; what’s the best way to start out?
    A common way to establish credit is to get your parents to add you to one of their credit cards as an authorized user. This may add their accounts to your credit reports, depending upon the credit card issuer’s reporting policy. Another way is to open a few retail store accounts. These ar ...

  6. questionWhat is a credit limit?
    Your credit limit is the maximum amount that you can charge on a credit card. In most cases, the credit card issuer determines the limit when you open the account and it’s based on your credit scores, among other things. If you have a very high credit limit, it generally means that you hav ...

  7. questionWhat is an over limit fee?
    Over-limit fees occur when you go over the limit on your credit card. Thanks to provisions in the CARD Act of 2009, credit card issuers can no longer charge over-limit fees unless you have given them permission to authorize purchases that put you over your limit. Additionally, issuers cannot cha ...

  8. questionWhat is the exact number of credit cards or any other type of account I should have in order to get the best credit score possible?
    Unfortunately, there is no exact answer to this question. What may be good for you may not be good for someone else. In many cases, having an excessive number of credit cards or any other type of account is not good. However, the opposite could be true as well. Having too few of certain types of ...

  9. questionHow will the CARD Act affect young consumers?
    According to provisions in the CARD Act of 2009, no credit card may be issued to a consumer under the age of 21, unless he or she has submitted a written application to the card issuer that meets the following requirements: The signature of a cosigner, including the parent, legal guardian, spou ...

  10. questionWhen it comes to an authorized user account, is it better to include the authorized user's Social Security number on the account?
    It really doesn't make a difference whether you include the Social Security number or not. The credit reporting agencies don't use Social Security numbers as the sole identifier for credit reporting. In fact, most credit card companies won't request the authorized user's Social when the primary ...

  11. questionWhat are the pros and cons of prepaid debit cards?
    Did you know there are over 20 million people in the United States who can't open a regular bank account? Basic items such as cashing a check or paying bills become difficult and very expensive tasks. Prepaid debit cards allow customers to enjoy the ease of direct deposit, the flexibility of a c ...

  12. questionDoes my debit card or check card affect my credit score?
    No, it does not. Your debit card and check cards are nothing more than plastic checks that access funds out of your checking account. Your checking account does not show up on your credit report, and therefore your debit and check cards will not show up either. Some people believe they can esta ...

  13. questionAm I responsible for unauthorized purchases?
    Under the federal Truth In Lending Act, cardholders are not responsible for more than $50 in unauthorized purchases, and most card issuers honor zero liability policies if you report a loss or theft of your card quickly. Also, if your card number was stolen and used in a transaction where no phy ...

  14. questionDoes adding an authorized user’s Social Security number make a difference in how the account history is attributed to the authorized user's credit reports?
    Another good question in relation to this topic is, "Does adding an authorized user's Social Security number make a difference in the user's credit scores?" The answer to both questions is NO, not at all. Adding the Social Security number does not increase the chances or determine in any way whe ...

  15. questionHow does an authorized user account help build credit history for the authorized user?
    If an authorized user account is reported in the authorized user's credit report, the account will be included in the score calculation just as it would if they were the primary account holder as long as the account is a legitimate authorized user account (see FICO 08 authorized user update). ...

  16. questionWho is an authorized user?
    An authorized user is someone who is added to someone else’s credit card account. He or she has a card and is allowed to use it but is not financially liable for any of the charges. An authorized user is simply legally permitted (authorized) to use someone else's card. You may have been an ...

  17. questionI'm getting married. What are the best credit cards for married couples?
    When it comes to credit cards, married couples must decide whether to keep credit card accounts combined or separated. Would separate credit card accounts be best for you and your new spouse? What about opening a joint credit card account for household expenses? If you wish to share the credit c ...

  18. questionWhat CARD Act changes went into effect on August 20, 2009?
    The first consumer protection provisions of the CARD Act went into effect August 20, 2009. Here is a summary of the new changes: Creditors must now provide written notice to consumers 45 days before the creditor increases an annual percentage rate on a credit card account or makes a significant ...

  19. questionHow much does a credit inquiry impact my FICO scores?
    It’s impossible to know exactly how much a credit inquiry will affect a credit score, because many variables come into play with each individual score. Some people's scores will go down with a credit inquiry, and others will not. In fact, if you ever hear anyone tell you, “An inquiry ...

  20. questionWhat CARD Act changes will become effective in July 2010?
    Effective July 1, 2010: If a borrower’s interest rate is increased due to being 60 days late on a credit card payment, the credit card issuer will have to revert back to the original rate after the borrower completes six months of on-time payments. New rules will limit fees on gift cards ...

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