There are several advantages to having a high credit limit: It can improve your overall debt-to-credit ratio, which is important to keeping a high credit score; it allows you to spend more, which can be helpful for making large purchases, as long as you can afford it; and it enables rewards cardholders to maximize their… Read More
A consumer’s credit utilization ratio has a big impact on his or her credit scores, so it’s best to keep the difference between your debt and credit limit as great as possible. With that in mind, it may seem like a good idea to request a credit limit increase from your card issuer. However, like… Read More
Banks try to strike a balance when customers open new credit card accounts. On one hand, banks want to offer cardholders a high enough credit limit that will allow them to spend as much as possible. But on the other hand, they want to limit their exposure to unpaid charges. Ultimately, that leaves some cardholders… Read More
I’ve been asked a millions times, “Which of my credit cards should I pay off first? Should it be the one with the highest interest or the one closest to default?” The answer is, as it almost always is in the credit world: It depends. It depends completely on your reason for paying off the… Read More
I can still remember my first day in front of a crowded room of angry, liquored up mortgage brokers.
The final section of the Credit CARD Act relates to how your payments are allocated, statement mailing requirements, and billing cycle changes.
What implications does the Credit CARD Act carry for students?
Nothing drives me crazier than someone writing an article about credit scores and getting it mostly wrong.
Last week I spoke to our local association of Enrolled Agents. In case you’re not familiar with what an EA is or does, they are tax professionals who are licensed by the Department of the Treasury to represent taxpayers before all administrative levels of the Internal Revenue Service (IRS), including examination, collection and appeals functions. They are the only professionals tested by the IRS on their knowledge of tax regulations.
A new FICO report on credit data from the second half of 2008, revealed that 16% of the US population had some reduction in their credit card limits. A majority of these consumers didn’t have any late payments, collection accounts or other negative records to trigger the change.