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Closed by Consumer vs. Closed by Creditor

A closed credit card account will show up on your credit report as either "Closed by Consumer" or "Closed by Creditor". The words may not be exactly the same, but a close variation should easily be found on your credit reports. So, which one of these notations packs more of a punch when it comes to hurting your credit scores?

Updated by Joshua Heckathorn on Thu, 2016-06-30 15:20

Time to Ditch the Debit Card When Shopping Online

There are still way too many consumers out there that use debit cards to shop online. If you're one of them, listen up. It's time to finally ditch the old debit card and make sure you're protecting yourself by using a credit card instead!

Updated by Joshua Heckathorn on Thu, 2016-06-30 14:58

Will Paying A Collection in Full Improve Credit Scores?

June 23rd, 2016 by Joshua Heckathorn
Will paying a collection account off in full improve one's credit scores?

I feel like I've answered this question hundreds of times over the past 8 years as I've moderated our Credit Talk Forum. But when I was asked the same question last week by a close friend, it once again reminded me just how confused the average consumer remains regarding collections and how they affect credit scores.

Avoid On-the-spot Signups for Retail Credit Cards

Retail credit cards can become a huge problem for those who find it difficult to just say no to the "get 10-percent off your purchase today" sales tactic. Remember that credit card companies are in business to make money, and the whole point of a retail credit card program is to get you to spend more money at a particular store than you would have in the first place.

Updated by Joshua Heckathorn on Mon, 2016-06-20 14:57

Costco To Accept Visa Beginning June 20 2016

by on June 17, 2016

It's been public knowledge for quite some time that Citigroup would buy Costco's entire credit card portfolio in 2016. But while we knew that Costco's 16-year relationship with AMEX would come to a screeching halt at some point this year, we didn't know exactly when that would take place.

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Love my Barclay Arrival Plus

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Reviewed on: Thu, 2016-06-16 16:09
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Ask Creditnet: Will Paying a Cell Phone Bill Improve Credit Scores?

June 14th, 2016 by Joshua Heckathorn

Dear Creditnet: I just got a new cell phone and the salesperson mentioned that paying my bill on time each month will help improve my credit. Is this true? If so, will the new cell phone bill have the same type of positive effect on my credit scores as my student credit cards and student loans? - Sandra L. from CA

Ask Creditnet: Help! My Corporate Credit Card is in Collections

June 9th, 2016 by Joshua Heckathorn

Dear Creditnet: I'm currently receiving collection notices from American Express for an unpaid balance on an old corporate credit card. I left the company where I had this card in late 2011. I have combed through all my Amex bills, corporate expense reports and reimbursements, but I've been unable to find any unpaid charges on the card. In addition, because the card was in my name and I incurred all the charges, my former employer takes no responsibility for the unpaid balance even though the charges were made solely for work purposes. Will this affect my personal credit? What should I do now?

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