How to Deal with a Lost Credit Card

The FCBA (Fair Credit Billing Act) limits your liability for unauthorized credit card charges to a maximum of $50. So if you just realized your credit card is missing, there's no reason to enter "freak out" mode. You're going to be okay.

Instead, take a deep breath, relax, and follow these 3 steps:

Updated by Joshua Heckathorn on Mon, 2010-08-02 17:00

Ask Creditnet: How In-Store Financing Can Hurt Your Credit Scores

July 28th, 2010 by Joshua Heckathorn

Dear Creditnet: I'm currently in the market for a new TV and Best Buy is offering 0% financing for three years. My question is when you open an account like this, how big of a hit does your FICO score usually take and how long will it take to rebound? I could easily pay cash for the TV up front, but the "finance" person in me says it's free money—why not take the terms?

Beware of Overdraft Fees in Closed Accounts

Credit card users often choose to autopay their monthly credit card bills from a checking or online savings account . While this is a great way to make sure you never miss an on-time payment, it's important to remember that you could run into problems if you change banks, close your old checking account, and fail to remember you still have a recurring payment set up to draw on the account.

Updated by Joshua Heckathorn on Sun, 2010-07-25 17:00

Free FICO Scores Coming Soon!

July 22nd, 2010 by Joshua Heckathorn

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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.

Will Disputing an Account Hurt My Credit Score?

Credit bureaus are large organizations that process enormous amounts of data. They will undoubtedly make mistakes. Fortunately, the FCRA (Fair Credit Reporting Act) provides you with the right to correct or delete any information that's found to be inaccurate or unverifiable on your credit reports.

Updated by Joshua Heckathorn on Sun, 2010-07-18 17:00

Ask Creditnet: Switching to a No Annual Fee Credit Card

July 13th, 2010 by Joshua Heckathorn

Dear Creditnet: I currently have a credit card that expires in August 2010. This card has an annual fee, and I'm tired of paying it every year.

Do I have to cancel my card in order to apply for a different card from the same credit card company with no annual fee?

How Payments Are Applied to Credit Card Balances

You may have heard that the CARD Act of 2009 now requires credit card companies to apply payments towards balances with the highest interest rate first. While this is true to a certain degree, there's been quite a bit of confusion among consumers regarding how the rule actually works.

Updated by Joshua Heckathorn on Sun, 2010-07-11 17:00

How to Dispute Errors on Credit Reports

July 8th, 2010 by Alice Bryant

One of the most common questions we receive from readers is "what's the best way to dispute errors on my credit report"? Contrary to popular belief, disputing online through the credit bureaus' websites isn't the best way to get results or document your efforts. It may be the the fastest, but it's certainly not the most effective route to take. If you want to make sure your dispute is not only taken seriously, but also well documented, follow these 3 easy steps the next time inaccurate information pops up on your credit reports:

Payroll Withholding: Time for a Mid-Year Assessment

We're halfway through the year, which means this is the perfect time to reassess how much you're withholding from your paycheck each month. Did you get a big tax refund last year? If so, shame on you! Wouldn't you have rather had that cash in YOUR pocket instead of giving Uncle Sam an interest-free loan?

Updated by Joshua Heckathorn on Mon, 2010-07-05 17:00

Minimum Purchase Requirements Stink

June 30th, 2010 by Joshua Heckathorn

[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.