720 FICO Score Marks New Threshold for Best Rates

Real estate values continue to drop around the country while interest rates remain at historic lows. If you've had your eye on that perfect home for the past few years, this may seem like the perfect time to finally take the plunge and become a homeowner.

But wait - will you be able to qualify for the best mortgage rates and terms based upon your current FICO score?

Updated by Joshua Heckathorn on Sun, 2010-11-07 16:00

5 Credit Card Myths

November 4th, 2010 by Elisabeth Chan

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That shiny piece of plastic burning a rectangle-shaped hole in your wallet is one of life's trickiest necessities.

On the one hand, you can't make it much farther than 25 without some line of credit to show for yourself.

On the other, credit cards are often intimidating: whole episodes of Oprah are dedicated to really good people with decades' worth of credit card debt they didn’t mean to accrue. You're a good person. Does that mean you are going to accrue a Kilimanjaro-sized mountain of debt as well?

How to Cancel Credit Cards the Right Way

If your goal is to improve your credit score, closing all your credit cards isn't going to help. However, there are various legitimate reasons for closing credit lines.

Updated by Joshua Heckathorn on Wed, 2010-11-03 17:00

The CFPB: A New Cop on the Beat

October 29th, 2010 by Elisabeth Chan

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Elizabeth Warren, the Harvard professor appointed by Obama to get the new Consumer Financial Protection Bureau (CFPB) up and running, sat down with the LA Times earlier this week for a Q&A session.

If you missed it and still have lingering questions about what it is Warren and the CFPB will be focusing on in the coming months, I highly recommend checking out the full interview for all the details.

Amazon Card Trumps AmEx Rewards at Amazon.com

October 27th, 2010 by Joshua Heckathorn

Remember AmEx's announcement early this year that cardholders could now use membership rewards points to pay their taxes? Since it's always annoyed me that we can't pay taxes with a credit card for free, I, for one, was excited when I heard there was a new option for paying taxes online. That is, until I dug a little deeper into the conversion rate and realized what a waste it would be to drop 200 rewards points for every $1 in taxes due. That's 400,000 points for a $2,000 tax bill—ridiculous!

How to Activate a Fraud Alert

Ever had a conversation with a shady customer service agent who demanded your FULL social security number and other personal information, which you reluctantly handed over? It can be a rather unsettling feeling when you realize that you probably just gave out way too much information to someone that might not actually be who they said they were. Fortunately, there are steps you can take to help set your mind at ease.

Updated by Joshua Heckathorn on Sun, 2010-10-24 17:00

Don't Miss Out on National Protect Your Identity Week!

October 22nd, 2010 by Joshua Heckathorn

[caption id="attachment_1849" align="alignleft" width="300" caption=" "][/caption] I can't believe National Protect Your Identity Week is almost over. I mean, it's almost like it didn't even happen this year. Such a shame. I did make a noble attempt to keep the holiday spirit alive by wishing some random people in the grocery store a "Merry Protect Your Identity Week" last night, but I wasn't feeling the love. All I received in response were some awkward stares and a completely empty aisle to compare my cereal options in peace. Come on people! Don't you care about identity theft?

Ask Creditnet: Don't Rely on USPS as Payment Reminder

October 19th, 2010 by Joshua Heckathorn

Dear Creditnet: I recently began helping an elderly neighbor pay his bills. One credit card statement arrived today and indicated that his payment is due in just 18 days. They also request that it be mailed at least 7 to 10 days in advance to avoid a late payment fee, so that only gives him 11 days to cut a check and get it in the mail. This just doesn't sound right to me. Am I wrong? Answer: I wish my grandparents had a neighbor like you. Kudos for lending a helping hand. Your neighbor's credit issuer will need to receive payment by the due date or they will most likely charge a late fee and begin charging interest on the existing balance as well. That's why they're suggesting you send payment at least a week or so in advance. Unfortunately, the mail can be quite slow sometimes.

Credit Card Protection Insurance: Is it Worth It?

Credit card companies use a variety of creative names for credit protection insurance, but they all provide essentially the same service. You pay a monthly premium, and in return you get the piece of mind that comes along with knowing your credit card payments (often only the minimum payments) will be covered in the event of unemployment, disability, or even death.

Updated by Joshua Heckathorn on Sun, 2010-10-17 17:00

Buy Me Some Beer, and Then Cosign My Credit Card

October 15th, 2010 by Joshua Heckathorn

What's a college student to do when he's not old enough to buy a six pack of his favorite brew? He simply asks his older frat brother to buy it for him, of course. And now that the CARD Act restricts anyone under 21 from acquiring a credit card without an adult cosigner or proof of ability to pay, students are using the same old tactic in order to skirt the intent of the law.