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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 →

History of Credit Cards

Ever wonder how long our society has been reliant on credit cards? While the concept of credit has been around for thousands of years, credit cards are far more recent of a phenomenon. The first type of credit card appeared in the early 1910s as a department store card, limited to purchases made at a specific store or location. The general use credit card took another 40 years to develop. In 1950, Diner’s Club introduced the first credit card used at multiple stores. Of course, this card could only be used at restaurants, but it was the first time that … Continue reading →

Ensure your Credit Security Through Credit Cards

I realize many people out there shun credit cards entirely. While I can see their point, they are actually bucking a system ingrained in society. By doing this, they are inadvertently hurting themselves. Yes, credit cards can be black holes into debt and financial ruin, except, they are not a loaded gun. You have to use them incorrectly to get yourself in trouble. There is no accidental debt. The problem with not having credit cards is our society has become so reliant on them. Therefore, so have the credit bureaus for their credit reports and scores. By avoiding credit cards … Continue reading →