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Tag Archives: Credit Cards

Pros & Cons to Paying Off Credit Card Debt

By Melinda Opperman It might seem strange to weight the pros and cons of paying off credit card debt. Intuitively, there are no negative consequences to paying off debt, and no positive consequences when debt is left unpaid. But this applies only to debts that are current or very recent. When it comes to old debts, there are definitely pros and cons to paying off old credit cards. If a …Read More

Dealing With Negative Credit Report Information

By Lauralynn  Schueckler Federal law specifies how long negative information may remain on your credit report. To prevent you from being penalized for past credit mistakes forever, the Fair Credit Reporting Act regulates that negative information, so it can only be reported for seven, ten, or fifteen years at the most. This includes bankruptcies, late payments, accounts that a creditor turned over to a collection agency, tax liens, and judgments …Read More

Life Without A Credit Card

By Kimberly Rotter Life without a credit card is certainly possible but can be inconvenient, to say the least. Consumers who choose to forego credit will be at a distinct disadvantage when it comes to reaching certain pivotal financial goals. Credit Card Required Some transactions are difficult or impossible to make. Car rental agencies are a great example. Although it’s possible to rent a car using a debit card, doing …Read More

When to Add an Authorized User to Your Credit Card Account

By Kimberly Rotter Two paths are available to share a credit card account with another person: authorized user or joint account holder. Authorized users’ and joint account holders’ credit scores are both affected by the financial behavior demonstrated on the account. Liability, however, differs considerably. Authorized users thumb a ride on the credit of a friend or family member. Users in this category are entitled to use the credit extended …Read More

6 Credit Traps That Await Divorcing Couples

By Kimberly Rotter The divorce itself doesn’t affect your credit score, but watch out for these common scenarios that most definitely do. Just as your credit scores don’t merge when you get married, they don’t experience any automatic hit or boost when you divorce. The divorce itself is not factored into your credit score whatsoever. However, the process of untangling financially from your ex could leave a mark on your …Read More

Why Did I Receive a 1099-C From My Credit Card Issuer?

By John Ulzheimer By now you’ve probably started receiving your tax-related forms. Most of you will receive form W2, which is sent by your employer and memorializes your income earned for tax year 2014. Some of you, like me, will receive one (or several) 1099s. A 1099 is sent to people who do contract work as a non-employee. And some of you will unfortunately receive form 1099-C.   What is …Read More

One in Five Could Not Maintain Lifestyle Without Credit Cards

By Gail Cunningham The ability to put away the plastic and successfully live on a cash basis is an indicator of financial stability, as it proves a person’s lifestyle is in line with their income. However, the recent NFCC online poll revealed that one in five people could not make ends meet without the use of credit. Another twenty-two percent of respondents said that if asked to live on a …Read More

Ten Reasons Credit Card Applications May be Declined

By Gail Cunningham People apply for a credit card for many different reasons. Some are new to the world of credit and just getting started, while others are hoping to expand their access to credit. Regardless of the reason, no one applies for a card hoping their application will be rejected. To improve the likelihood of approval, consumers need to understand the credit decisioning process. Each lender has different criteria …Read More

Tips to Settle Credit Card Debt

By Melinda Opperman Settling debts is not easy. Many individuals ask us for tips to settle credit card debt. Settling your debts may be possible when a verifiable hardship exists, such as medical problems, unemployment, underemployment, divorce, or death of a family member. Recent credit card debt is more difficult to settle than other kinds of debt (medical debts in particular are generally a good candidate for settlement). The customer …Read More

How Do I Pay Off My Credit Card?

By Melinda Opperman When seeking financial help one common question asked more than any other is “How do I pay off my credit card?” There are as many answers to that question as there are credit cardholders. Each person’s finances and debt situation is unique, however there are some basic principles that can serve anyone who is seeking to pay off credit card debt: Stop borrowing. You’ll never make serious progress …Read More