Credit Cards

Credit Cards

Ask Creditnet: How Many Credit Cards Should I Have?

August 6th, 2017 by Joshua Heckathorn
Colorful credit cards Dear Creditnet: What is a good number of credit cards to have in order to optimize my FICO credit scores? Is it possible to have too few or too many credit cards? - Jenny from UT

Four Things To Do When You Lose Your Wallet

October 24th, 2016 by Elisabeth Chan

It’s probably happened to you before; panic sets in as you start rifling through bags and drawers. While your hands go a mile a minute, so does your mind as you try to retrace your steps and remember exactly where you could have left it. That’s right, your wallet is gone.

The Lucky 7's of Credit: How to Keep Your Credit Score Above 700

July 15th, 2016 by Elisabeth Chan

Lights flashing, adrenaline flowing, the scrolling triple 7's rewarding you with the jackpot of a lifetime; who in the world hasn’t dreamed of striking it big in Vegas? You could finally go on that vacation to paradise, pay off your home, or maybe even help support your family for generations to come. But those lucky 7's don’t have to be confined to Vegas.  In fact, one of the most important 7's you should be shooting for is a credit score of 700 or higher.  It may not reward you with cash jackpot worth millions, but obtaining a credit score above 700 will certainly open the door to more desirable credit cards with rewards, 0% interest credit cards, mortgages, auto loans, and other credit products that will save you thousands in interest during your lifetime. 

Debit vs Credit: A Cage Match

July 13th, 2016 by Joshua Heckathorn

Upon entering the ring, the debit card and the credit card look pretty evenly matched. They are the same size and the same shape. Their functions are also similar: electronically transferring money from one owner to another. But when pitted against each other in a head-to-head match, who will come out on top?

Soaring Health Care Costs Increase Appeal of Medical Credit Cards

October 3rd, 2012 by Joshua Heckathorn

Medical professionals want to get paid up front for their services, but more and more people can barely afford to pay their regular monthly bills these days. So what’s the solution for health care expenses you can’t afford or overdue medical bills that are about to get sent to collection? Why not handle it the American way? Charge it! Just kidding. While this may be a superb deal for health care providers, it’s generally not the best option for consumers who will end up paying higher interest rates on medical expenses they already can’t afford – and ultimately end up in dire need of debt help.

Ask Creditnet: Should I Dispute Open Accounts That are Really Closed?

September 17th, 2012 by Joshua Heckathorn

Dear Creditnet: I pulled all 3 of my credit reports for the first time in 5 years because I plan to apply for a mortgage within the next few months. On two of my credit reports, I was surprised to find several credit card accounts and an installment loan that are still reporting as open and active. The other credit report shows them as closed. I know for a fact that these accounts are all closed. They have been for years. Could this be hurting my FICO scores in any way? And if so, should I contact the credit bureaus to let them know that these accounts have already been paid off and closed? - Randy D. from CO

Would You Pay Extra to Use Your Credit Card?

July 25th, 2012 by Joshua Heckathorn

It's always the consumer that gets hosed in the end. In case you haven't heard yet, Visa and MasterCard recently reached a hefty settlement with a number of retail groups as a result of a class-action lawsuit initiated back in 2005. Not only will Visa and MasterCard pay over $7 billion to these retail groups, but part of the agreement gives merchants the ability to charge consumers an additional fee for using credit cards to make purchases. Wonderful.

Four Lies That Crush Our Credit Scores

June 23rd, 2012 by Logan Abbott

I believe that all of us can conquer our credit scores. And while an 800+ credit score might not be on the immediate horizon, a “good” credit score on the other hand is certainly attainable. Unfortunately, most of us have all lied to ourselves once or twice about getting out of debt and improving our credit, even though we know that honesty is the first step to financial security. Here are some of the most common lies I've heard over the years that can crush our fragile credit scores, many of which I've been guilty of myself:

Ask Creditnet: What No Pre-set Spending Limit Really Means

May 21st, 2012 by Joshua Heckathorn

Amex Credit Cards Dear Creditnet: I get credit card offers in the mail all the time that say they have no pre-set spending limits. Does this mean that if I'm approved for one of these cards I can charge as much as I want? I run a small business out of my home and have had trouble getting a credit card with a high enough limit to cover my monthly expenses, so a card with no pre-set spending limit sounds like it could be the perfect fit. - Rebecca from NC

Ask Creditnet: Best Way to Get Cash When Traveling Overseas

May 16th, 2012 by Joshua Heckathorn

foreign currency exchange

Dear Creditnet: I don't like carrying cash when traveling, but I'm about to take a trip overseas and I know I'll need plenty of cash while I'm there to cover expenses I won't be able to pay for with my credit card.

How can I get local currency at the best possible rate? Should I use a my credit card or debit card to withdrawal cash at an ATM, or should I plan on exchanging dollars for local currency when I get there?

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