Can Medical Debt Hurt My Credit Scores?

July 9th, 2012 by Joshua Heckathorn

YES! Unpaid medical debts can most definitely hurt your credit scores. Paying your medical bills on time and in full, however, will do nothing to improve them. Doesn't sound fair to the consumer now, does it? Well, it isn't, and lawmakers have even looked at legislation in the past which was written with the intention to wipe consumers' credit reports clean of "paid" medical debts that were delinquent at one point in time. The bill unfortunately never passed the House, so the issue remains unresolved.

Company launches 'smart' card to hold payment data for multiple accounts

by admin on July 5, 2012

A new "smart" credit card by the startup company Wallaby Financial claims to be able to help consumers maximize the efficiency of their various accounts by combining all of them onto one piece of plastic, according to a report from the tech news site Mashable. Consumers get the service by providing Wallaby with the information for their various existing accounts, and then receive their new smart card soon thereafter.

Barely Late Payment Could Hurt Your Credit Scores

Have you ever wondered what could happen to your credit scores if you were just a day or two late on one of your credit card payments?

The truth is that in many cases, nothing will happen at all. That's because a lot of credit card issuers will not report 30-day late payments until your account is actually 30-60 days past due. So, other than dealing with a hefty late fee and some added interest, you might have nothing to worry about in relation to your credit scores.

Updated by Joshua Heckathorn on Thu, 2012-07-05 17:00

Ask Creditnet: How Long Should I Use a Secured Credit Card?

July 5th, 2012 by Joshua Heckathorn

Dear Creditnet: I got a secured credit card from Capital One over a year ago so I could finally begin rebuilding my bad credit. Since then, my FICO scores have risen from the low 500s to around 675, but I still don't have any other credit cards or loans in my name. My question is how much longer should I continue to use this secured credit card? Is it time to finally try to get a better card? -Ryan P. from MI

Happy July 4th!

July 4th, 2012 by Alice Bryant

Happy 4th of July from the team at Creditnet.com - Bring on the BBQ!

American Express will issue EMV credit cards later this year

by admin on July 2, 2012

American Express recently unveiled plans to start requiring that its various partners be able to accept EMV-enabled cards within the next few years, as the global payments community moves toward the new, more secure type of technology, the company announced. Under its new EMV acceptance requirements, payment processors will have to be able to process this type of transaction by April 2013.

Credit Myth: Employment History Impacts FICO Scores

July 2nd, 2012 by Joshua Heckathorn

Every so often an old credit myth I haven't heard in awhile will pop up again during a conversation with some friends. This past weekend it happened during a chat with a colleague about unemployment and its effect, or lack thereof, on FICO scores. Contrary to what many people think, you can be unemployed for a long period of time and still maintain excellent credit scores. The truth is the FICO credit-scoring model doesn't consider your employment history in any way, shape, or form. Like the level of your income, it's a complete non-factor.

More terminals capable of mobile wallets now available

by admin on June 27, 2012

JPMorgan Chase is now pushing out its new Future Proof point of sale terminal to merchants, and believes the new payment processing device will be able to provide significant benefit to consumers, merchants, lenders and payment processors alike, according to a report from the company.

Subprime consumers gaining more access to lines of credit

by admin on June 26, 2012

New data from the credit scoring bureau Equifax shows that lending to subprime borrowers increased 41 percent in 2011, rising to a four-year high in December, according to a report from MarketWatch.

Cost of credit downgrade may be passed on to borrowers

by admin on June 25, 2012

Moody's Investors Service recently downgraded the credit ratings for major financial institutions such as JPMorgan Chase, Morgan Stanley and Bank of America, which prompted many consumers to wonder about the security of their current accounts with the banks, according to a report from The Associated Press.