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Avoid the Credit Card Sign On Bonus Programs

Some credit cards offer very tempting sign on bonus rewards in the form of points, cash back or even prizes. The problem is that these bonus programs may also come with a price, a very large price that can lead you into debt. Here is what you need to know. The reason that credit card sign on bonuses are so popular is because they work. There are some ridiculous rewards out there, and it seems silly not to take advantage of them. With any sign on bonus, as with anything having to do with credit cards, it is important to … Continue reading →

The Effects of Debt on Credit

It is always good to pay down your debt. It makes your credit report and score better, but the effect may not happen as quickly as you like. Debt problems, like late payments and unpaid bills, will stay on your report for seven years — even if you take care of them. The longer back in your history they are though, the less impact they have on your credit score. Bankruptcy is the most serious flag on a credit report and should only be used as a last resort. Bankruptcies stay on your report for ten years and have a … Continue reading →

How to Cancel a Credit Card

If you read my blog entry yesterday, you may be deciding which credit cards you would like to cancel. I thought it might help to offer up a few tips on how to cancel a credit card. First, there is no wrong way to cancel a credit card account. Still, there are some important steps to follow in the process. 1. Make sure you have paid off every cent on your account before you attempt to cancel. Even if you have a small balance, if you try to cancel the card it can wreck havoc with the credit card company. … Continue reading →

Closing Credit Accounts

Many years ago, I cleaned up my credit. I had paid off all my debts (minus our mortgage) and wanted to simplify my credit assortment. Back then, I had no awareness of credit scores. All I knew was I didn’t want to have so many accounts to keep track of. Today, the talk of the town is about improving credit scores. What I didn’t realize back then, was that closing off most of your credit accounts can actually hurt your score. Still, if you want to simplify, there are ways to do that and still maintain a decent credit report. … Continue reading →

More Tips on Repairing Credit

To continue our discussion from yesterday, you have lined up all your important credit documents and set up a reasonable budget. The next steps are some specific tips you can do to get that credit score up a little quicker. With a goal of 720, your score is best improved by regular full payments to all your accounts, ON TIME. Even one late payment can dramatically affect your score and take months or years to remedy. Always, always pay on time… even if all you can do is make the minimum. Pay on time! In addition, a few other factors … Continue reading →