[credit provider=”Flickr via mmmswan” url=”http://www.flickr.com/photos/mmmswan/4211839788/in/photostream/”] They say everything is bigger in Texas. But apparently that doesn’t apply to credit scores.Credit reporting bureau Experian released its annual State of Credit report, which examines various statistics related to personal credit on both a national and local level. That includes ranking America’s cities […]

[credit provider=”Flickr / BeauGiles” url=”http://www.flickr.com/photos/beaugiles/5738876287/in/photostream/”] “Debit or credit?” You hear it almost every time you use plastic and you probably have a preferred answer.But did you know there are some circumstances when one might be better than another?

Time to debunk another credit score myth: You have only one number to worry about.

[credit provider=”Flickr / popmayhem” url=”http://www.flickr.com/photos/popmayhem/150619/sizes/m/in/photostream/”] An auto crash may do more than just wreck your vehicle. It may cause long-term damage to your credit reports and scores as well.We’ve heard from many accident victims over the years who wound up with medical bills in collections while they waited for insurance […]

[credit provider=”Flickr via oter” url=”http://www.flickr.com/photos/oter/3104958433/in/photostream/”] Is it possible to dilute your bad credit with good to boost your score? The Credit.com News & Advice Blog recently received the following comments from one of our readers:I had a lot of medical collection accounts from an illness about 1 1/2 years ago. […]

[credit provider=”Flickr/miggslives” url=”http://www.flickr.com/photos/miggslives/5412081717/sizes/z/in/photostream/”] When I went to the doctor this year for a routine blood test, I was sure the $108 bill I received in the mail a week later was a joke. My insurance covered all preventative care, including the test, so I assumed it was some kind of […]

[credit provider=”flickr/clickflashphotos” url=”http://www.flickr.com/photos/clickflashphotos/3512146240/sizes/l/in/photostream/”] In the fall of 2011, I went on an episode of “The Suze Orman Show” to ask her how to repair my credit, and I knew I was in big trouble when she told me there was nothing she could do.My mistake was co-signing a mortgage for a friend, […]

[credit provider=”Youtube.com” url=”https://www.youtube.com/watch?v=TU1jDDJe0tQ&hd=1″] On Friday, when the 2012 Summer Olympics open in London, thousands of athletes from around the world will compete in pursuit of that elusive gold medal; their years of training, sweat, and hard work culminating in a few key moments of competition.Outside of these elite athletes, most […]

[credit provider=”credit karma”] Now iPhone users can monitor their credit activity and check their credit score at will with Credit Karma’s new app, Credit Karma Mobile.Here’s a look at what all the app offers: 

[credit provider=”flickr/arturstaszewski” url=”http://www.flickr.com/photos/arturstaszewski/6900544282/sizes/l/in/photostream/”] Just when you think you’ve got this whole credit thing down, some new credit-related phrase creeps into the industry’s vocabulary.Let me introduce you to the world of mortgage credit reporting, which is very different than just “regular credit reporting.”

[credit provider=”Flickr via oter” url=”http://www.flickr.com/photos/oter/3104958433/in/photostream/”] The Fair Isaac Corp. (FICO) and data firm, CoreLogic, plan to release a new credit score that would change what affects credit score rankings for consumers by accounting for new information.The companies evaluated the current factors of the FICO score, and decided that including short-term loans and rental information into the FICO […]

[credit provider=”Flickr via jonathasrr” url=”http://www.flickr.com/photos/jonathasrr/4195103621/in/photostream/”] Most of us have had a bad mark or two on our credit history – and yes, that includes yours truly. It also includes the following reader. See if you can relate… Dear Mr. Johnson,

[credit provider=”flickr/crucially” url=”http://www.flickr.com/photos/crucially/412106816/sizes/l/in/photostream/”] It’s high time to explore the impact of medical debt on consumer credit reports and consumer credit scores. On the surface, medical debt is not that different than any other type of unsecured consumer debt. It’s statutorily dischargeable in bankruptcy, can end up on your credit reports, […]

[credit provider=”Flickr / keso” url=”http://www.flickr.com/photos/keso/2262459574/in/photostream/”] A recent post on Quora set our tongues wagging over whether timing your credit card payments will really improve your score.”Is it better to pre-pay some/all of one’s credit card balance, or should one wait for the monthly statement before paying it in full?” the reader […]

In response to my earlier post about one of our credit cards being closed due to inactivity, long-time reader and regular commenter BG mentioned that he and his wife have upwards of 150 credit cards. They’ve apparently been collecting these cards in an attempt to illustrate the poor management of mega-banks like Citi.

[credit provider=”Flickr / Argonne National Laboratory” url=”http://www.flickr.com/photos/argonne/4534997622/sizes/m/in/photostream/”] No, it’s not magic and it’s anything but arbitrary. There is a well-established science behind that 3-digit number that so heavily influences your financial life.And while it would take several hundred pages to fully explain how it all works, we can explore one […]

[credit provider=”misterbisson | Flickr” url=”http://www.flickr.com/photos/maisonbisson/1970837/”] When it comes to cultivating a credit score, you’ve probably got the good citizen routine down cold.You pay on time, try to wipe out the entire balance every month and never close too many accounts at once.

[credit provider=”Flickr / zoomar” url=”http://www.flickr.com/photos/zoomar/132638187/sizes/m/in/photostream/”] The information in your credit reports is what’s used to create your credit scores, so you don’t want to let mistakes on your credit reports potentially throw your credit scores out of whack. Here’s how to dispute credit report mistakes, step-by-step:Step One: Order current copies of […]

[credit provider=”Flickr / orphanjones” url=”http://www.flickr.com/photos/orphanjones/762062828/in/photostream/”] Some debt-laden consumers go to extremes to let their credit cards cool off.Quite literally.

[credit provider=”Flickr / net_efekt” url=”http://www.flickr.com/photos/wheatfields/4774087006/in/photostream/”] Technically speaking, it’s not legal for an employer to refuse to hire you because you’ve gone through a bankruptcy. However, an employer doesn’t have to say that they didn’t hire you because of your bankruptcy: It’s perfectly legal not to hire someone for having bad […]

[credit provider=”Flickr via robands” url=”http://www.flickr.com/photos/robandstephanielevy/4334382878/in/photostream/”] It’s no secret that FICO scores and other credit risk scores consider credit inquiries when calculating your credit scores. A credit inquiry, if you are not familiar with it, is a record of who pulled your credit report and on what date.If you want to […]

[credit provider=”Wikimedia Commons” url=”http://commons.wikimedia.org/wiki/File:Bibliotecaestantes.jpg”] The FICO credit score equation might be a black box, but there have been thousands of articles written about what you should and shouldn’t do when it comes to your credit score.Most of them are pretty obvious—pay your credit card bills on time, don’t apply for […]

[credit provider=”Flickr / attila acs” url=”http://www.flickr.com/photos/attilaacs/4322088487/in/photostream/”] By Barrett BurnsMy recent Credit.com column, Credit Score Obsessed? Don’t Be, I likely surprised many readers by recommending that consumers pay less attention to their credit score and focus their credit management energies on their credit report.

[credit provider=”Flickr / MyTudut” url=”http://www.flickr.com/photos/mytudut/5188624139/in/photostream/”] It’s strange, but from time to time, I get a small pop in the volume of the same question.It happened to me last week. I was asked four times on the same day about the impact of credit card account inactivity on your credit reports […]

[credit provider=”Flickr / zoomar” url=”http://www.flickr.com/photos/zoomar/132638187/sizes/m/in/photostream/”] A consumer’s credit score is perhaps the most important piece of financial information about them because it boils down almost their entire borrowing history to a single three-digit number.Now, a federal consumer watchdog is setting its sights on the reports on which those scores are […]

[credit provider=”Flickr / winterofdiscontent” url=”http://www.flickr.com/photos/winterofdiscontent/3415471199/in/photostream/”] When the topic of credit cards arise, some consumers are quick to disregard or shun them as a part of their personal finance strategy.In December 2011, U.S. revolving debt amounted to a total $801 billion, with 98 per cent of that debt stemming from credit cards alone.

All but four major U.S. banks passed last month’s stress test, but what about the consumers buried by credit debt at home?

[credit provider=”Business Insider / Linette Lopez” url=”http://www.businessinsider.com.au/yourmoney”] Meet Business Insider’s Linette Lopez.She’s just like any millennial: She spends a lot on food, is saddled with college debt and is wary of the big banks. Also, she loves to travel. 

[credit provider=”Hulu” url=”http://www.hulu.com/watch/341182/new-girl-fancyman-part-1#s-p1-so-i0″] We don’t often find ourselves taking money advice from primetime television, but a recent episode of FOX sitcom “New Girl” should be required viewing for anyone looking to buy a new cell phone. In it, Zooey Deschanel’s character, Jess, helps her roommate, Nick, pick out a new cell […]

[credit provider=”Flickr/usnavy” url=”http://www.flickr.com/photos/usnavy/5866440254/sizes/z/in/photostream/”] This post originally appeared on Go Banking Rates.It’s a lot like being stuck in one big catch-22: Trying to improve poor credit, when you need good credit to improve poor credit, which can prevent you from obtaining good credit, can make for a confusing cycle that’s as utterly dizzying […]

[credit provider=”Flickr / Images_of_Money” url=”http://www.flickr.com/photos/[email protected]/5856793551/”] American Express is enhacing its prepaid debit cards to encourage consumers to build a financial history with the company. The Make Your Move program incentivizes prepaid customers to use their cards responsibly with higher ATM withdrawals and more cash loading options, among other perks, said VP of […]

We finally got the last word on whether your crummy credit score can hurt your shot at getting a job (hint: it won’t), but that’s not the only credit myth making the rounds among consumers. 

[credit provider=”Barclaycard” url=”http://www.barclaycardring.com/t5/custom/page/page-id/request-invite”] Looks like one bank took notice of consumers’ frustration with high fees and minimal transparency— Barclay’s new Barclaycard Ring Mastercard promises to fix both. Customers will be eligible for profits through the card’s Giveback program, which works similar to how a credit union pays dividends to its members, said Jared Young, senior director of […]

[credit provider=”Robert Johnson — Business Insider” url=”http://www.businessinsider.com.au/author/robert-johnson”] The Alternative Banking group of Occupy Wall Street is looking to Richard Cordray, director of Consumer Financial Protection Bureau, to revamp our credit scoring system. In a letter sent last week, the group made 10 suggestions for what the CFPB should do as it takes over rule-making […]

[credit provider=”Flickr/Credit Confidential” url=”http://www.flickr.com/photos/[email protected]/5757699845/sizes/z/in/photostream/”] Credit expert John Ulzheimer took to Credit Sesame’s blog today to debunk one of the most pervasive myths in the credit world: That an applicants’ poor credit score will somehow affect their chances at scoring a job.”I’ve often called the credit score and employment myth the unicorn […]

[credit provider=”Flickr/limaoscarjuliet” url=”http://www.flickr.com/photos/limaoscarjuliet/4148860141/sizes/z/in/photostream/”] Q. I recently checked out my credit report and found a negative item on it regarding two months of late credit card payments. Both were only 30 days late and are now paid in full. Is there any way to get that removed or somehow updated it so […]

[credit provider=”Flickr / theMaykazine” url=”http://www.flickr.com/photos/maykamei/3580763630/in/photostream/”] It’s exhilarating to slip a brand-new credit card into your wallet.You can almost hear the call of the mall or feel the pull of that vacation you’ve been postponing for way too long.

[credit provider=”tgraham / Flickr” url=”http://www.flickr.com/photos/tgraham/1435174966/”] It’s a little scary how important your credit score is these days.Between all the warnings to check your credit reports regularly and how you can’t do this or that without fear of credit score reprisal, it’s easy to get discouraged and just say, “Forget credit scores, I’m […]

[credit provider=”Credit Karma” url=”http://www.creditkarma.com/”] In the last few years, several “free credit score” type of companies have emerged, offering a legitimate free credit score without any trial membership games.Two of the most prominent are Credit Karma, which gives you a look at your TransUnion credit score, and Credit Sesame, which […]

We keep saying this but, you can’t make this stuff up.

Premium rewards cards and low annual percentage rates are typically reserved for the credit elite, but growing competition has led many issuers to widen their target market.

[credit provider=”The Swap-O-Matic” url=”www.swap-o-matic.com”] Imagine a machine that lets you barter away everything you don’t need—and get what you want for free. Nifty, right? 

[credit provider=”US Navy”] About 1% of the population has perfect credit, meaning a FICO score of 850 on Fair Isaac’s scale of 300 to 850. How they earned those gold stars is no secret. A quick peek into their credit files reveals that these star pupils haven’t got any fancy tricks up […]

[credit provider=”flickr/reallyboring” url=”http://www.flickr.com/photos/reallyboring/3312072167/”] Unless your idea of “streamlined” finances is having eight credit cards in your wallet (that’s about how many the average card-carrying U.S. citizen hauls around), you’ve probably considered cancelling some of credit cards you don’t use often.Before you dash off “Dear John” letters to your lenders, first make sure […]

[credit provider=”Vivian Giang”] Credit may be a big part of most consumers’ lives, but that doesn’t mean everyone fully understands the industry.”For many people, credit is a weird thing,” says Todd Albery, CEO of credit education site Quizzle.com. He believes many consumers are intimidated by the notion that there is […]

Confronting your past is sometimes difficult, especially if it includes a time when your bills went unpaid. Here’s an email I got last week… I had a question asked of me today that I tried searching online, but answers came with some terms I didn’t really quite comprehend so I […]

[credit provider=”TheApprovedCard.com” url=”http://theapprovedcard.com/whychoosetac/saferthancash/”] You’d think Suze Orman would be sceptical of prepaid debit cards given the bad wrap they received at the hands of the Kardashian Kard and Russell Simmons’ Rush Card.But the financial mogul knows a marketing opportunity when she sees one, and there’s never been a better time […]

[credit provider=”Flickr” url=”http://www.flickr.com/photos/cushinglibrary/3546170168/sizes/z/in/photostream/”] Despite the fact that studies repeatedly show that most New Year’s resolutions fail, Americans continue to set them.TD Ameritrade recently found that 9 in 10 Americans plan to make at least one resolution for 2012. “Have more fun” and “relax and reduce stress” were the most common […]

[credit provider=”Sceenshot/Creditscore.com”] Don’t be part of the 96% of people who don’t claim their free credit reports.Grab yours today as part of some year-end financial housekeeping and avoid losing that freebie, valuable for catching errors on your report.

[credit provider=”pottedmeatchunks / cake central” url=”http://cakecentral.com/gallery/1242711″] Divorces are difficult for everyone involved – not just the emotional turmoil, but also the financial toll. Thankfully, both ex-partners can take some steps to come out of the proceedings in the best financial situation possible. Much of it depends on timing. I hope […]

[credit provider=”iTunes” url=”http://itunes.apple.com/app/credit-sesame-the-best-way/id476718980?mt=8″] Personal finance wizard Credit Sesame is the first company to launch an app that lets consumers check their credit score every month – for free. In addition to offering gimmick-free finance solutions to members, the company provides bank level financial analyses and savings advice to users without hawking […]

[credit provider=”c_neuhaus” url=”http://www.flickr.com/photos/c_neuhaus/4282340665/sizes/m/in/photostream/”] NEW YORK (LowCards.com) — Credit reporting is a booming business. Agencies now sell data about how much you make, how much you owe, even predicting if you will take your medication. Taking care of what your credit report says about you should be a financial resolution for […]

[credit provider=”ÏŸnapshot 19″ url=”http://www.flickr.com/photos/stolensnapshot/3611391087/sizes/m/in/photostream/”] Those who exert more patience and are willing to wait for larger financial payouts down the line have credit scores an average of 30 points higher than those who are less patient, according to a study to be published in the Journal of Psychological Science next month.Time […]

[credit provider=”Fordan” url=”http://www.flickr.com/photos/fordan/3901897156/sizes/m/in/photostream/”] There was a time when I cared about these things we tend to call holy grails of personal finance.  You know, obsessing about checking your credit score, buying a home – those things that cause you to rack your brain at night if you’re one these personal […]

[credit provider=”Wikimedia Commons” url=”http://commons.wikimedia.org/wiki/File:Black_Hole_Milkyway.jpg”] While some people might prefer their credit history to disappear, those with a good history want to harness it when they’re ready to borrow. Check out this recent email… Hi Stacy,

Credit scores correlate with many things you wouldn’t expect. The other day we wrote about a study that revealed jerks get higher credit scores more than nice guys, we’ve found that those from the Dakotas and Wisconsin tend to earn more points than those in Texas and Nevada. 

[credit provider=”Sceenshot/Creditscore.com”] Nearly 1 in 6 people believe race and gender affect their credit score, according to a study published last month.The study by Visa reveals a lot of mistaken assumptions people have about their credit scores. For something that affects our ability to get everything from a home or […]

[credit provider=”Flickr alb6450″ url=”http://www.flickr.com/photos/albertolina/5245408973/”] Now you can brush off your deadbeat credit score with a simple, “It’s because I’m such a nice guy.” That’s what a researcher at Louisiana State University and his team found in their study published in the Journal of Applied Psychology, which examined the correlation between people’s […]

Remember my guerrilla guide to getting by without your wallet? Here’s how it all began.

[credit provider=”YouTube”] Yes. People who rate low on agreeableness have higher credit scores.From Science Daily:

[credit provider=”By trawin on Flickr” url=”http://www.flickr.com/photos/trawin/3275241472/sizes/z/in/photostream/”] Always be on the lookout for credit card fraud because if it happens to you, it could really hammer your credit score.Good thieves usually apply for a bunch of other credit cards and loan applications under your name. Each hard inquiry—i.e., pulling your report […]

The 2012 car models will soon roll out to dealerships. If you’re looking to buy a car, you’ve undoubtedly done your research in advance about the right model and trim.

[credit provider=”Jimmy Emerson / Flickr” url=”http://www.flickr.com/photos/auvet/5867629209/”] Credit scores give a measurement of an individual’s financial health.Higher credit scores enable a consumer to receive the best interest rates on mortgages, loans and credit cards, as well as better financing on larger purchases, such as automobiles. 

With a 20-minute phone call to Experian, I was able to verify that my credit is in good shape, but learned that there are still some things I could be doing better.

Your credit score—issued by each of the three major credit bureaus (Equifax, Experian, and TransUnion)—is your personal rating of creditworthiness.

[credit provider=”reallyboring via flickr” url=”http://www.flickr.com/photos/reallyboring/3548185842/”] If you’ve got a history of bad credit – or no credit history at all – finding a loan or qualifying for a credit card can seem like an impossible task.Luckily, several credit card providers offer cards that don’t require a credit check.

[credit provider=”Sceenshot/Creditscore.com”] Your credit profile is one of your most important assets and probably your only intellectual property asset.Each one of us has credit history profile data kept by each of the three major credit reporting bureaus.

After the credit crisis, it’s been encouraging to see that across America credit scores have been slowly improving.Despite the improvements, many scores are still lacking.

[credit provider=”Youtube” url=”http://www.youtube.com/watch?v=CTBfo8eUJlE”] Think cancelling your credit card is the path to financial freedom? Think again.cancelling a card will up your “utilization percentage,” meaning you’ll be using more capital even if you’re not spending. Translation? A crap credit score.

[credit provider=”Auzigog” url=”http://www.flickr.com/photos/eyermonkey/2504302335/sizes/m/in/photostream/”] While the difference between a 716 and a 700 may not seem significant, in the eyes of a lender it could be the difference between approval and denial on a credit application. It could also result in a few percentage points difference on an interest rate, which […]

[credit provider=”Ollie Crafford via flickr” url=”http://www.flickr.com/photos/lollaping/3124101418/”] Think your credit score doesn’t need any work? Think again.If you haven’t checked your credit score lately, you may be among many Americans who lenders are likely to shut the door on if you’re applying for credit.

Felonious Munk is fed up with the federal government’s debt situation.  In this viral video, he speaks about the state of America’s economy and why individuals shouldn’t pay their bills if the government won’t.

[credit provider=”malias via flickr” url=”http://www.flickr.com/photos/malias/196366052/sizes/m/in/photostream/”] The decision by credit rating agency Standard & Poor’s to downgrade the United States after markets closed on Friday may have kicked up political consternation and triggered a market plunge, but it also raises important questions about the reliability of credit ratings and, for that […]

By Christopher Maag

By Tom Quinn

The credit card industry experienced a sizeable increase in net pre-tax profits in 2010, rising to 18.5 billion, up from the previous year’s $13.6 billion, according to a report from the industry analyst firm R.K. Hammer. This increase in profits came despite the predicted and much-heralded declines in revenues.

With the souring of the economy, we have seen a marked increase in the number of people dealing with bad credit. At the same time, the credit card companies and the credit reporting agencies have been working hard to ensure that they report ever more people whom they suspect may […]

Alan Cleaver via Flickr

Getting a mistake fixed in your credit report can be an ordeal — unless you’re Mick Jagger. Reports the NYT:

By Tom Quinn

By Farnoosh Torabi