For all of you skeptics out there who believe that you hurt your credit (by a lot) by constantly applying for and at times canceling cards, I just got a letter today from Citibank asking if I want to increase my credit limit on my Citi ThankYou Preferred Card. Sure Citi, thanks. The email stated the […]
Category: Your Credit Score
What Is A Secured Credit Card?
For those of you who have never established credit (or have poor credit) and you want a credit card, you may need to start out with a secured credit card and work your way up to an unsecured one. A secured card is a card that requires you to make a cash collateral deposit that […]
Your Credit Score May Go Up Soon
You see the “amounts owed” piece of the pie?Starting April 16, all three credit bureaus (Experian, Equifax, and TransUnion) will remove all tax liens and many civil judgements from that piece of the pie. With out those amounts, your utilization ratio will go down. Don’t forget, utilization ratio is debt to credit. So without tax […]
Thanks Bank Of America For Helping My Credit Score
For all of you skeptics out there who believe that you hurt your credit (by a lot) by constantly applying for and later downgrading (preferable) or canceling cards, (like I do), I just got a letter today from Bank Of America offering to increase the credit limit on my Bank Of America Virgin Atlantic World Elite MasterCard for […]
The Difference Between A Charge Card And Credit Card
What is the difference between a charge card and a credit card? A charge card does not have an interest rate and requires you to pay your balance in full at the end of each billing cycle instead of making payments on the balance over several months. Generally, charge cards don’t have a preset credit limit, […]
How Does Canceling A Card Affect Your Credit Score?
Your FICO credit score is basically determined by how you rate in 5 FICO categories. The first 2 categories, payment history and outstanding debt, account for almost 2/3 of your credit score. 15% of your credit score is based on the length of your credit history. You will rate high in this 15% […]
What Makes Up Your Credit Score
Your credit score is the score that credit card companies use the most when deciding whether to approve your credit card application and at what interest rate. The score was developed by FICO, a company that specializes in what’s known as “predictive analytics.” In simple terms, FICO takes your credit information and uses it to […]
Pay Your Credit Card Bills In Full And On Time
Pay your credit card bills in full and on time for two main reasons. First, if you do not pay your balance in full, you will be subject to interest. Any interest that you pay will negate any free travel that you book on points. This game only works if you do not incur […]