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Credit Cards

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How About a Credit Card with a 79.9% APR?!?

Friday, December 18th, 2009

Beth sent me a link to this story this morning: Credit Card’s Newest Trick: 79.9 Percent Interest Basically, this bank used to charge $256 per year in fees on a credit card with a $250 credit limit. The new credit card laws limit fees to 25% of the credit limit. So,…the bank is now charging […]

Ignoring Your FICO Score Can Cost You Dearly

Tuesday, August 25th, 2009

Check out this graphic I found on the myFICO website: I took the information found in that chart and made another graphic showing just how much interest a person would pay over a 30-year mortgage depending on their credit score: As you can see, the difference is significant. Just moving from the second highest to […]

Money’s Tips For Raising Your FICO Credit Score

Friday, August 21st, 2009

Here’s a couple pointers from the latest issue of Money Magazine on how to improve your credit score: • Remember your credit card utilization rate, which is your total card balances compared to your total credit limits. To calculate this, divide your credit card balances by the total available credit. Money recommends trying to keep […]

My FICO Score is 794. What’s Your Credit Score?

Thursday, August 20th, 2009

After reading an article in the latest Money magazine about credit scores, I decided to check my wife’s and my score. I used myFICO.com found out my score was 794. Pretty good. It said that the only thing hurting my score was that I had 4 accounts with balances. One of those is our Visa […]

Are Your Credit Cards’ Minimum Payments Going Up?

Friday, August 7th, 2009

My post a while back about Discover closing my account, prompted an AFM reader to send me an email earlier this week, detailing some of his recent experiences with credit card companies. One of them involved his minimum payment going up from 2% to 5% of the closing balance. From his email (edited slightly for […]

Watch Those Expiration Dates on Rebate Cards!

Tuesday, June 30th, 2009

I made a boo boo. AT&T mailed me one of those Visa Rebate Cards for my BlackBerry Curve. I think it was originally for $99 or so. I used the card a couple of months ago but still had a balance of $8.19. I tried using it again but got the remaining balance wrong, thinking […]

Darn. Discover’s Closing My Account Due to Inactivity

Saturday, June 6th, 2009

From Discover: Dear JLP: At Discover® Card, we are committed to working with you to manage your credit needs. This includes periodic account reviews. Our latest review of your account shows that it is not currently active. we are sorry to see tha tyou have not taken advantage of what Discover Card has to offer. […]

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