How High Does Your FICO Score Need To Be?

A recent report on lending revealed that 46 percent of all loans made in the consumer credit market were made to debtors with a FICO score over 750. That's nearly half! And it's not that many debtors are suddenly seeing their credit scores shoot up, it's that lenders are still finicky about who they will [...]

By |2018-11-16T22:32:29+00:00July 7th, 2011|Credit Card Negotiation|Comments Off on How High Does Your FICO Score Need To Be?

What Credit Card Debtors Should Know About The Statute Of Limitations

Credit Card lenders and their debt collectors have a limited amount of time to sue debtors for failing to repay credit card debt.  In the state of Texas, the statute of limitations for open ended type debts such as a credit card is four years.  A debt collector pursuing a debtor for payment on a [...]

By |2018-11-16T06:44:09+00:00June 2nd, 2010|Credit Card Negotiation, Credit Counseling, Debt Collectors, Lawsuits, Managing Your Finances|Comments Off on What Credit Card Debtors Should Know About The Statute Of Limitations

Don’t Be Fooled By “Free” Credit Health Companies

It's been seven years since credit bureaus have been required by law to provide Americans with annual access to their credit reports, at no charge; but the the AnnualCreditReport.com web site created to manage the process has been overshadowed by a variety of companies claiming they can offer "free" credit health reports leaving many consumers confused [...]

By |2018-11-14T19:14:34+00:00May 8th, 2010|Credit and Bankruptcy, Credit Card Negotiation, Credit Counseling, Economy, Managing Your Finances|Comments Off on Don’t Be Fooled By “Free” Credit Health Companies

How To Avoid The Coming Credit Card Backlash

With the implementation of the Credit Card Act last month, many credit card companies are taking actions to make up for lost profits.  The implementation of annual fees and inactivity fees are just two of the most commonly used strategies being utilized by credit card companies to fill in the gap of lost profits.  But [...]

By |2018-11-12T19:31:02+00:00April 28th, 2010|Credit Card Negotiation, Credit Counseling, Economy, Managing Your Finances|Comments Off on How To Avoid The Coming Credit Card Backlash

New Credit Card Disclosures May Not Reach Debtors Who Bank Online

The new Credit Card Act which requires credit card companies to disclose how much a debtor needs to pay each month to pay off their balance clean within three years, and how long it would take them to be debt free if only minimum payments are made may not effectively reach debtors who bank online [...]

By |2018-11-13T17:41:58+00:00March 19th, 2010|Credit Card Negotiation, Credit Counseling, Economy, Managing Your Finances|Comments Off on New Credit Card Disclosures May Not Reach Debtors Who Bank Online

What To Expect From The Credit Card Industry In 2010

After the passing of the Credit Card Act, which will restrict credit card companies' ability to increase interest rates, amongst other things, the credit card industry took decisive action to soften the blow to their profits. Below are some of the changes you may see on your credit card in 2010: An annual fee.  Since [...]

By |2017-12-13T02:11:29+00:00March 2nd, 2010|Credit Card Negotiation, Credit Counseling, Economy|Comments Off on What To Expect From The Credit Card Industry In 2010

What You Need To Know Before You Pay That Credit Card Debt

Many debtors who have fallen at least six months behind on their credit card accounts are receiving payment demands from debt collectors.  These calls and letters can be unsettling and scary.  But it is important that debtors understand that debt collectors are infamous for using unethical and even illegal means to get you to pay [...]

By |2018-11-16T06:54:21+00:00February 17th, 2010|Credit Card Negotiation, Credit Counseling|Comments Off on What You Need To Know Before You Pay That Credit Card Debt

Credit Card Penalty Rates vs. Penalty Fees

Making a late payment on your credit card has always carried a heavy penalty.  Most prime credit card issuers will dramatically increase a debtor's interest rate for one missed payment.  The penalty interest rate is typically called the "default rate."  The average default rate for credit card issuers is 27.88 percent, and more than half [...]

By |2018-11-16T23:16:42+00:00February 16th, 2010|Credit Card Negotiation, Credit Counseling|Comments Off on Credit Card Penalty Rates vs. Penalty Fees

Five Ways To Get Out Of Credit Card Debt

In the throes of this recession, the average Americans is just piling on more credit card debt and finding it more difficult to find a way out.  According to a report released by TransUnion, as of October 2009, the national average for credit card debt $5,612 per person.  The average!  That's scary knowing that the [...]

By |2018-11-09T16:13:46+00:00February 16th, 2010|Credit and Bankruptcy, Credit Card Negotiation|Comments Off on Five Ways To Get Out Of Credit Card Debt

Credit Card Inactivity Fees Coming Your Way?

Since the passage of the Credit Card Act, many credit card lenders have been dreaming up new ways of getting more money out your pockets.  One of the newest tricks on the block is the infamous "inactivity fee."  Inactivity fees were at one point commonplace for credit cards; but eventually fell out of fashion.  But [...]

By |2018-11-16T19:19:32+00:00January 26th, 2010|Credit Card Negotiation, Economy, Loans / Mortgages|Comments Off on Credit Card Inactivity Fees Coming Your Way?