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Does it Hurt Your Credit to Apply for a Credit Card? August 11, 2010 - 9:00 am

You may know that your credit score is calculated based on five key factors – payment history, level of debt, age of credit history, types of credit, and recent credit inquiries. You may not know, however, that credit card applications falls into one of those categories. Credit card applications impact your recent credit inquiries and therefore can have an impact on your credit score. How Credit Card Applications Impact Your Score When you apply for a credit card, the credit card company will pull your credit report to decide whether to approve or deny your credit card application. Each time your credit report is accessed by a business, a record of the inquiry is also placed on your credit report. These inquiries account for 10%…

Overview of Credit Card Types: Which Card Is Right For You? August 9, 2010 - 9:00 am

Credit cards have been around for years but with the changing times and changing ways of consumers, credit cards certainly aren’t what they used to be. With all the cards on the market today, it can be tough to decide what credit card company to go with and what type of credit card works best for you life. Here we will take a general look at the types of credit cards you may want to consider: What Are Reward Cards? A popular choice for consumers who regularly make purchases at select locations, a rewards card does just what it says. Rewards card offer products, discounts, or even straight cash for all relevant purchases you make on the card. Some examples of rewards are discounted gas…

Why Not All Credit Card Junk Mail is Junk August 6, 2010 - 2:47 pm

We’ve all peered into the mailbox to discover several new credit card offers awaiting our attention. Many times people will not think twice before ripping up a mailed offer because they consider it to be nothing more than junk. However, the next time you get an offer in the mail, don’t be so quick to head to the paper shredder. Take a moment to check out what offer is on the table. Preapproved, Really? Consumers’ credit information is often sold to third-party companies who have a specific marketing target. While the exact personal information like credit scores is not sold, the information from applications can still be used to gauge a person’s credit profile. With this information and your contact data, credit card companies can…

The Top 30 Blogs About Credit Cards August 3, 2010 - 1:46 pm

I want to take the time to give a shout out to the sites I’ve drawn on for inspiration over the past few weeks. Each of these blogs offers a unique perspective on personal finance, with specific discussions on credit and credit card issues that are especially helpful. I tried to provide a healthy sampling of blogs written for specific demographics, age groups and income and of course a number of more generalized “Personal Finance: 101” sites. I don’t know how much the order matters…the last blog on this list is certainly as helpful as number 1! The Top 30 Blogs About Credit Cards Ask Mr. Credit Card – Detailed advice concerning all-things credit and credit card written by an expert in the field. Dough …

Pre-Approval and What It Means to You July 30, 2010 - 3:18 pm

Rarely can a consumer say they haven’t been inundated with credit card offers from time to time. The envelopes containing these offers are usually stamped with phrases like ‘You are qualified’ or ‘You have been pre-approved’. The announcements sound like you have already done everything to get the credit card, even though you haven’t done a thing. What Exactly is Pre-Approved? You may question the reality of being approved for something you never even applied to get. The truth is, the information the credit card companies have on you is genuine. They got their hands on your financial information courtesy of a third party. Perhaps you have filled out applications for other credit cards or during a purchase you made. If you weren’t paying close…

What You Can Do to Avoid Credit Card Debt July 26, 2010 - 4:05 pm

Credit card debt is a curse that plagues millions of Americans. Though it seems like credit card debt has become the American way, you don’t have to follow in the footsteps of those who took on more credit card debt than they could afford. In fact, you can do what it takes to avoid credit card debt before you ever apply for a credit card. Make sure you understand the credit card you choose. Part of the credit card selection process includes reading the terms and conditions of that credit card. All credit offers are required to give you a set of disclosures that let you know how much that credit card costs. The disclosure will include the interest rate and fee structure of the…

4 Reasons to Have More Than One Credit Card July 23, 2010 - 2:05 pm

As many consumers are feeling better about having a credit card account now that the CARD Act regulations are in place, it may be a good time to re-evaluate the cards you have. After some years pass, the cards that once fit your lifestyle may not longer be what you need. There is a large variety of credit cards on the market to suit the needs of most consumers. It pays to check out what is available and which cards make sense for you. It is also important to consider having more than one credit card account at a time. This is not to say that you should apply for every credit card offer that comes your way. Doing so can actually hurt your credit.…

4 Things to Consider Before Applying for a Credit Card July 19, 2010 - 2:11 pm

As the credit card world spiraled out of control recently, a lot of card holders had to take stock of what they were doing with their credit. Credit card companies were raising rates and closing accounts, affecting the credit scores of millions. Now, regulations have changed thanks to the CARD Act and individuals applying for new credit card accounts need to be more conscientious in their search for new credit cards. Here are 4 things you need to consider before getting a credit card: Have You Checked Your Credit Score? In order to get the best rates and deals, your credit score needs to be top-notch. If you apply for credit without knowing your score, you may be limited in your card choices. Lower credit…

How to Make Cash Back Credit Cards Work for You July 13, 2010 - 8:46 pm

In the world of credit card rewards, there are so many factors to consider before selecting the rewards card that works best for your lifestyle. One category of rewards cards that can benefit most consumers is the Cash Back Rewards cards. How It Works Typically, a cash back rewards card works by calculating a percentage of the total purchases made on a card throughout the month. The sum total is then offered back to the consumer in the form of an account credit or in an actual check payable to the cardholder. For instance, if you spent $1000 in a month on your cash back rewards card, you can earn $10 back at the end of the billing cycle. Comparison Shop Card Offers Different card…

Beware of "Gotchas" in Credit Card Reward Programs July 8, 2010 - 8:50 pm

On the surface many credit card reward programs seem like great deals. Unfortunately, there’s often a lot of red tape that can keep you from accumulating the rewards that are advertised. You must read through the reward program’s fine print to really understand what rewards you’ll receive and what you have to do to get them. Purchase Specifications Many higher percentage rewards are only given when you make certain types of purchases or when you use your credit card at certain types of stores. Otherwise, you’ll earn a lower percentage of rewards, if you earn any rewards at all. If you don’t typically shop that the stores required to earn the top rewards, consider choosing another rewards program. Maximum Reward Amounts There may be a…

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