Credit Reports May Be Accessed Without Your Permission

It's a common myth to believe that your credit reports can only be accessed with your exclusive permission. So, you may be surprised to find out that the Fair Credit Reporting Act (FCRA) actually includes eight "permissible purposes" for your credit reports to be pulled, many of which don't require your permission at all. Click here to read them all in detail.

Updated by Joshua Heckathorn on Sun, 2009-08-16 17:00

Discover and Amex Ditch Credit Card Over-Limit Fees

August 12th, 2009 by Joshua Heckathorn

If you've ever been the victim of a fat $35 fee for exceeding your credit card limit by a few bucks, now is the time to get up and bust out your best happy dance. That is, if you happen to carry a Discover or Amex credit card in your wallet.

How Many Points Will My Credit Score Drop From Hard Inquiries?

Hard inquiries are recorded on your credit reports when you apply for new credit products, cell phones, insurance, or maybe even a new job. They are essentially a record of every time a business has viewed your credit report information for the purpose of an application, and they may remain on your reports for up to two years from the original placement.

Updated by Joshua Heckathorn on Sun, 2009-08-09 17:00

Auto Loan Rejection: Great Credit, but Insufficient Credit Mix

August 9th, 2009 by Joshua Heckathorn

A friend of mine from Southern California (let's call him Alex) recently left me a voicemail claiming to have a few questions about credit. When I caught up with Alex a few days later, he was quite upset because he had just been rejected for an auto loan from the national bank he's frequented for years.

He had his heart set on purchasing this car, and he just couldn't figure out why the bank would decline his loan. He even tried a different bank where he had some family connections; however, the result was the same - declined due to "insufficient credit mix".

Authorized User vs Joint Account Holder

If you're planning to add someone, like a spouse or child, to your credit card account, you'll need to first decide whether you want to add the individual as a joint account holder or an authorized user. While this can be a confusing topic for many people, the key difference between the two is actually quite simple - one is responsible for paying the bill, and the other is not.

Updated by Joshua Heckathorn on Sun, 2009-08-02 17:00

Blog Series: M³ - Marriage Money Mistakes

July 31st, 2009 by Elisabeth Chan

On average, about 50% of all US marriages end in divorce, with one of the top causes being money. So whether you're a newlywed, nearly dead, or somewhere in between, it's not too late to strengthen the financial foundation that is vital to a successful marriage. Here is the first in our series of blog posts on financial mistakes made by married couples, entitled "M³ - Marriage Money Mistakes":

Mistake #1: Closing all credit cards so you can open brand-new joint accounts

Marriage introduces a life filled with newness: you get rid of the worn-down, not-sure-if-I-even-want-to-sit-here, bachelor-pad sofa, and get a cool, black leather one. You’ll throw out your mismatched plastic cups and replace them with a set of crystal glasses from Macy’s. And your Star Wars bed sheets just don’t seem to go as well with your sleek bed frame as 1500 thread count Egyptian Cotton sheets. As you get rid of the old and embrace the new, make sure you don’t apply this same rational to credit cards—closing out all individual cards and opening new accounts jointly. Doing so is completely unnecessary and guarantees a nosedive in your credit score.

"Stuck at Stupid"

July 21st, 2009 by Joshua Heckathorn

A friend of mine recently sent me the following quote by Lou S. Barnes, an owner of a Colorado mortgage bank named Boulder West Financial Services.

It gave me a good chuckle, so for those of you that haven't already come across his remarks elsewhere, I thought I would share what Mr. Barnes had to say about the current home lending environment.

Under 21? New Rules Limit Access to Credit

New credit card regulations set to take effect in early 2010 will make it more difficult for young adults to gain access to credit. This is an important issue for those moving out of the house for the first time or heading off to college without their own solid credit history.

Updated by Joshua Heckathorn on Sun, 2009-07-19 17:00

Online Savings Accounts: Top 3 Questions to Ask When Weighing Your Options

A soaring personal savings rate among American consumers confirms that the era of conspicuous consumption is out and frugality is in. So, where's the best place to stash your newfound cash as you strive to spend less and save more? If you're looking for a safe and highly-liquid investment that offers the best interest rates available at little or no cost, a high-yield online savings account can't be beat.

Updated by Joshua Heckathorn on Thu, 2009-07-16 17:00

Pay off Student Credit Card Debt or Pad the 401K?

July 14th, 2009 by Joshua Heckathorn

Millions of young college graduates are finding themselves trapped in the worst job market since the early 1980s. And it's been quite the wake-up call for a generation that's frankly had it pretty easy to this point.