The new set of credit card restrictions approved have gone into effect. The rules block credit card companies from charging more than $25 for late payments except in extreme circumstances, prevent them from charging customers for not using their cards, and requires them to reconsider rate increases imposed since January 1, 2009, according to the Federal Reserve, which approved the regulations.
2010/08/23
2010/08/19
Best Credit Card
American Express for the fourth straight year in a row was voted the best credit card issuer based on customer satisfaction.
Based on a 1,000-point scale, AmEx received a customer satisfaction rating of 769, which was 55 points higher than the industry average, according to a survey conducted in March and April by information services provider J.D. Power and Associates.
Discover Card was the second highest rated credit card, with a score of 757. The bottom three cards were Capital One, Citi Cards, and HSBC, in last place.
2010/08/10
Ways To Increase Credit Score
Here are some ways that you can help increase your credit score:
1. Request a credit line increase. The one factor of your credit score you have the most control over is credit utilization. Credit utilization is simply a calculation of how much of your credit you are currently using. A simple total balance owed divided by total credit limit. So, you can either decrease the total balance owed or increase the total credit limit.
2. Pay off Debt. This is really a no brainer but the best option after you have already increase your credit card limit.
3. Charge Less. By keeping your statement balances lower, you lower your credit utilization without much effort.
4. Consolidate Credit Cards. If you have multiple credit cards with one issuer, consider consolidating them.
5. Review your credit report for errors and omissions.
These are the five easiest ways to help increase your credit score. I hope it helps.
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2010/08/08
Credit Card Cut Back
Americans backed away from swiping their credit cards for the 21st straight month. Households are borrowing less and saving more, and that has dragged on the overall economy by lowering consumer spending.
Overall credit dropped 0.7 percent in June. It was the smallest decline since credit increased 1.8 percent in January, the only rise since the beginning of 2009. The decrease left consumer credit at an annual rate of $2.42 trillion.