Dear Creditnet: I have good credit scores and plan to apply for a new cash back credit card sometime this month. I've already chosen the card I want, but how can I get a feel for what kind of credit limit I'll receive? I'm worried about canceling my old card if my new credit limit won't be high enough to support my regular spending habits. So is there any way to find out what credit limit I'll get beforehand, or is it always a shot in the dark?

Next to payment history and your credit utilization ratio, "length of credit history" is the most important factor in determining your FICO credit scores.  In fact, it accounts for approximately 15% of your overall credit score, so it's definitely something you can't ignore. So what does this have to do with choosing your first credit card?  A lot!   You see, your length of credit history is primarily determined by the amount of time that's passed since your first credit card was opened, which means you want to keep your very first credit card open for as long as possible. That may sound easy in theory, but it's actually quite difficult for many credit card users.

We've seen some great credit card sign-up bonuses hit the market so far this year. In fact, some have been worth more than $500 to new cardholders.  Hopefully you've been able to take advantage of at least one and are expecting either a big cash back check or a free holiday vacation using all the rewards points you've banked. If you are expecting a large cash back check from your credit card company, you may also be wondering if Uncle Sam will want his piece of it next tax season too.  After all, if there's anything the government claims it needs more of these days, it would be tax revenues!  So, does the IRS actually consider your credit card rewards to be taxable income?

The best thing anyone with bad credit can do to improve their credit scores is focus on building positive payment history.   In fact, payment history accounts for the largest percentage of your overall FICO score, about 35 percent, so its importance can't be ignored. Build recent positive payment history on your credit reports, and the old negative marks will have less of an impact on your scores. It's that simple. Unfortunately, if you have bad credit, there's a good chance you've had payment issues of some sort in the past.  Late pays, charge offs, and collections on your credit reports are all ultimate credit score killers!   But if you're reading this post, then I'll assume you're ready to put your past mistakes behind you and make a change for the better.  And that process begins with making timely payments and building positive payment history as fast as possible.

I love free money, even if it is just 10 bucks. If you love free money too, and you're willing to spend a few minutes jumping through some hoops this weekend, there's still time to take advantage of this promotion from Amex and score yourself a complimentary $10 gift card. Here's what you'll need to do in 3 easy steps: