Joshua Heckathorn

[caption id="attachment_5920" align="alignleft" width="500" caption=" "]Photo by Creativity103[/caption]

You probably have a list of 50 things to do today as you prepare to ring in 2012 with friends and family, but I'll bet most of them will cost you money.  Here's a quick task to add to your New Year's Eve list that will actually save you some money in 2012.

To save on your 2011 tax bill, take an hour this afternoon and rummage through your closets for old clothes, toys, and household items that are just taking up valuable space.  If you come across something and it hasn't been used in 6 months, get rid of it.  Don't try to talk yourself into keeping it around because there's the slight chance you might need it at some point in the future.

Trust me, if you haven't used that old t-shirt you won at the state fair 3 years ago, you're never going to need it.  Donate it to someone who will, and earn yourself a little tax break.

Dear Creditnet: I just read Creditnet's article about the credit bureau, PRBC, and it sounds like a great thing...long overdue. My question is, when applying for a loan or credit cards, do most (or any) lenders check with PRBC along with the 3 major credit bureaus?

Also, does the PRBC report information to any of the big 3, and if not, can we request that they do so?

Answer: Since the PRBC, which now stands for "Payment Reporting Builds Credit", is another credit reporting agency, they don't actually report any information to the other big 3 credit bureaus- Equifax, Experian, and TU. What the PRBC is doing is independently verifying "nontraditional" payment data, such as rent and cell phone bills, and then providing this information in their own separate credit report that lenders can use to supplement the underwriting process when applicants have otherwise "thin" credit reports.

Dear Creditnet: I have interest in applying for a secured credit card. I found one that I really like and it says that for every 3 months I pay my bills on time my interest rate will be reduced. The confusing thing is that there is also a 7-month 0% APR period. My question to you is will my interest rate be reduced during that 7-month introductory period as I make payments on time?