credit

[caption id="attachment_1562" align="alignleft" width="255" caption=" "]Photo by dbking[/caption]

There's a lot of free credit scores floating around the Internet, but as I've written about in previous posts, none of them are actually credit scores that matter. Often advertised by the credit bureaus themselves, these scores may give you a rough estimate of where your true FICO scores stand, but that's about the only purpose they should serve.

If you ever want to know your real FICO credit scores, the ones the vast majority of lenders rely upon when assessing your credit risk, the best option has always been to purchase them directly from myFico.com. And while this is still the case, many consumers will now have a way to get a peek at their FICO scores for FREE.

Don't get too excited though—it's not as great as it sounds. Here's how things have changed.

[caption id="attachment_1524" align="alignleft" width="300" caption=" "]Photo by Andy Newson[/caption]

Ever stopped by a convenience store to quickly buy a drink with your credit card only to have the cashier point to a tiny sign taped to the wall that says "Sorry—The Minimum Credit Card Purchase is $5"? How inconvenient is that?

I understand all the costs small business owners must endure to accept credit cards, but as a consumer, I think minimum purchase requirements really stink. Credit cards are all about convenience, and businesses that choose to accept them in an effort to conveniently grow their revenues shouldn't be allowed to inconvenience customers by placing restrictions on when they can or can't use credit cards.

‘Credit or Debit?’ You’re used to hearing this question when checking out at the grocery store, but have you ever stopped to think about what your choice means in terms of your financial security?

 Dear Creditnet: I haven't used my credit card in a long time, and I think they may have closed it on me. The expiration date on my card passed a few months ago, and they didn't send me a new one. It had a pretty large credit line. Was my credit score dinged? Answer: You never received a replacement credit card in the mail, but that doesn't necessarily mean your account was closed. The bank may have made an error and failed to send a new card, or perhaps the card was lost in the mail? You need to do some legwork first to determine the true status of your account.