We hear it from readers constantly: I’m paying all my bills on time, so why isn’t my credit score going up? This feeling that you’re doing everything right and not getting rewarded for it is one of the most frustrating things about credit scores. And the simplest answer to that question is almost as frustrating:... Read More
New changes coming to Fannie Mae’s automated underwriting system next month could have prospective homebuyers rethinking how they pay their credit card bills. Here’s why. Lenders generally use Fannie Mae’s automated underwriting system for every single mortgage loan sold in the secondary mortgage market. This system has always reviewed the mortgage applicant’s credit history, credit... Read More
American credit cardholders have started to change the way they use credit cards, with an increasing share of cardholders opting to pay their bills in full each cycle, rather than carry a balance. This insight comes from the latest Credit Card Market Monitor Report from the American Bankers Association, which looked at the credit card... Read More
Consumers may have tried to cut out credit card debt in the few years since the end of the recession, but in the last several months, old borrowing habits are creeping back into many people’s lives, and that could be a problem this holiday season. Numerous studies recently have shown that consumers are once again... Read More
With holiday spending expected to soar this year and some consumers using their favorite piece of plastic to front the cash, credit card balances are on the top of everyone’s mind. Since a higher credit utilization ratio (total balances to total credit limits) can hurt your credit score, balances do matter. To see if your... Read More
Since the end of the recent recession, consumers have generally been far more cautious in their approach to taking on credit card debt, and that trend continued once again in July. The overall amount of credit carried by consumers across both credit cards and non-mortgage installment loans slipped 1.5 percent on an annual basis in... Read More
Once again in June, the overall amount of money owed by consumers to their various lenders increased, but at the same time, Americans were able to slash their credit card balances. The total amount owed on credit card debts slipped 5.1 percent in June to a total of $864.6 billion from May’s $868.3 billion, according... Read More
Letting the credit card company keep that $200 safe for me just didn't seem right. So I called into the MBNA customer service line to see if I could get the credit returned to my account. After 20 minutes on hold, I gave up and tried calling again later that night. When I finally got through to a representative, a nice woman informed me that the $200 could be sent back to me via paper check at the end of my billing cycle. What a hassle. Instead, I decided to leave the credit on my account. I'll use up the $200 balance over the next few weeks worth on groceries and other expenses.