Tidbits® – October 2008Credit insight from Credit.comWelcome to the Credit.com newsletter!In this issue, we're pointing out the worst money monsters for Halloween, talking about FICO's change of heart and considering debt consolidation. We'd love to hear from you! Send us an email with your questions or comments anytime! Quick TipRising credit card interest rates could mean that your debts are getting more expensive these days. You may be able to save by consolidating balances under $10,000 into a personal loan. See if you could lock in a lower rate! Apply for a personal loan online today: THE SCARIEST MONEY GHOULSHalloween is just around the corner...perfect timing for a few stories about the meanest, scariest financial goons. The following monsters can quickly drain your bank account or damage your credit if you're not careful: ATM Fee Ogre $3 just to use an ATM?! This monster loves to nickel and dime your checking account and costs consumers more than $4 billion dollars a year. Bank of America and Chase are two national institutions that have let this particular villain in the door. Check your bank policies to see if one of these ogres is hiding in your account. Creepy Collections One overdue gym membership fee or doctor's office bill could
ruin your credit for 7 years thanks to Creepy Collections.
After a collection account appears on your credit report, the
damage is done. It doesn't matter if the account is for $20 or
for $20,000...paying it off won't help improve your credit.
Learn more about dealing with collections here: Cash Advance Kruger Cash advance loans can be an affordable way to borrow money for a short period if you're careful. But this situation could turn into a horror movie if you don't pay the loan back on time. Late fees and interest can quickly turn your affordable loan into a pocketbook serial killer straight from Elm Street. Debt Dracula Are your credit card debts sucking all the life out of your
finances? A credit card balance on a high interest account
could be costing you hundreds of dollars and hurting your
credit score. Stop a Debt Dracula by coming up with a debt
reduction plan or talking to a professional debt slayer: Franken-fraudster Loan scams are increasingly common these days. Watch out for monsters who offer you a personal loan that requires a down payment or insurance charge. If they ask you to wire the money overseas, you know that you've encountered a Franken-fraudster. Run as fast as you can in the other direction. Identity Snatchers Your identity is ripe picking for these monsters. They can't
wait to get their hands on your credit card statements, personnel
documents, or wallet and run amok. Are you doing everything you
can to keep your identity under lock and key? Happy Halloween! Share your own financial horror story with our experts at tidbits@credit.com Ask JohnFICO recently decided to reverse their decision about ignoring authorized user accounts in their credit score calculations. What happened and what does it mean? Get the real story from John Ulzheimer: On the BlogOur credit card expert shares tips for student credit card shopping. Read her advice and her picks for the best two student credit card offers. Read about student credit cards: Quote of the Month"I've seen enough horror movies to know any weirdo wearing a
mask is never friendly." Tidbits® – October 2008
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