Southwest Rapid Rewards Card Review: 25,000 Point Bonus

June 25th, 2012 by Joshua Heckathorn

If you're interested in the Southwest Rapid Rewards Plus Card, but missed out on the big 50,000 point sign-up bonus that quickly came and went last year, Southwest hasn't left you completely hanging. There's still a 25,000 point bonus to be had after making your first purchase on the card. This is actually the same deal Southwest and Chase were offering new cardholders back in August of 2011, so it's nothing we haven't seen before. And as I said when I've previously reviewed this card offer, it certainly isn't a bad deal for a $69 annual fee, but it's not superb either. In addition, based on what we've seen in the past, I think it's fairly safe to say that we'll continue to see sign-up bonuses for the Rapid Rewards Card bounce back and forth between 25,000 and 50,000 points in the coming year. We may even see it bounce back up to 50,000 before the end of 2012, but that's just a guess on my part.

First-party fraud unduly increasing credit card charge off rate

by admin on June 24, 2012

This type of crime occurs when a consumer takes out a credit card as normal but does so having no intention of actually paying back the balance they accrue, and the problem is more common than many might think, according to research from the Mercator Advisory Group. This type of fraud, unlike others, is difficult for lenders to spot because it is less apparent when the account is first taken out.

FICO Scores vs. Insurance Credit Scores

Lenders and insurance companies will generally both look at your credit history when you apply for one of their products. In fact, the majority of lenders pull your FICO scores when you apply for credit cards, auto loans, or a mortgage.

Updated by Joshua Heckathorn on Sun, 2012-06-24 17:00

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:

Consumers with low credit scores paying much more

by admin on June 20, 2012

Financial institutions nationwide are now significantly broadening their lending qualification standards to incorporate more borrowers who have subprime credit ratings, but those who seek this type of financing will likely pay dearly for doing so, according to a report from the financial advice site Smart Money.

Federal consumer agency launching complaint database

by admin on June 18, 2012

The federal Consumer Financial Protection Bureau will launch the beta version of a database containing borrowers' complaints about their credit cards, with an eye toward expanding the service by the end of the year, according to a report from the Los Angeles Times. However, many experts within the financial industry say that such a move might actually be quite harmful because of the way the agency vets information.

Ask Creditnet: Are Credit Builder Loans a Scam?

June 18th, 2012 by Joshua Heckathorn

Dear Creditnet: My credit scores are in bad shape and I've been researching ways to start rebuilding my credit so I can eventually get an auto loan at a decent interest rate. It turns out that the credit union I use offers a "credit builder loan" that is supposed to help my credit scores. How does a credit builder loan work, and will it actually improve my FICO scores? It kind of seems like a scam to me because the interest rate is pretty high, but I've used this credit union for a long time and have always been happy with their products and customer service. - Justin T. from MA

Late credit card payments continued to fall in May

by Alice Bryant on June 17, 2012

All six of the nation's top credit card lenders saw their delinquency rates decline during the month of May as consumers continued to get a better handle on their outstanding balances, according to a report from the Wall Street Journal.

Outstanding debts falling since recession

by admin on June 15, 2012

The total amount of American families that carried any amount of debt slipped between 2007 and 2010, according to the latest Federal Reserve Board Survey of Consumer Finances. In all, just 74.9 percent of families nationwide said they had any kind of outstanding debt at the end of 2010, down from 77 percent in 2007.

CFPB still trying to tackle numerous consumer issues

by admin on June 13, 2012

Everything from credit cards and mortgages to student and auto financing now fall under the purview of the federal Consumer Financial Protection Bureau, and the agency is committed to continuing to increase protections for borrowers over the course of time, according to a report from USA Today. The CFPB's efforts have led to a number of appreciable and tangible benefits for consumers.