That great credit history on your old credit cards is valuable. So if you're tempted to trade in an old clunker for a faster, sleeker card from the same issuer -- one with more bells and whistles, higher rewards and lower rates -- pause, take a deep breath and consider your options. The length of the history on that old card adds some oomph to your credit score. "Your FICO scores are based on your full credit history, including the length of that history," says Craig Watts, public affairs manager at Fair Isaac. "Each account in your credit report is assessed on that basis." |
You have a lot going on here. Debt problems, wife problems, relative problems and probably more that you didn't mention. Let me try to give you some practical but sensible suggestions. I can imagine that many of my readers are yelling, "Cut up the cards!" But that might cause more problems than it solves. So, I'm going to suggest that you speak up before you snip. Get your wife alone and have a heart-to-heart talk about what she is doing and what it is doing to you. She may say, "Why Gerry, I had no idea." After all, stranger things have happened. |
There's no denying the popularity of gift cards. You'll probably be getting or giving one this holiday season. As a last-minute gift, it's a no-brainer. But there are some things both the giver and the receiver need to know to make the gift worthwhile. According to the National Retail Federation, 52.8 percent of consumers surveyed said they would like to receive a gift card for Christmas. |
I am and have been addicted to credit cards my entire life. I have over 30 of them, none of which are for department stores or gasoline. I have all MasterCard, Visa, American Express and Discover credit cards. They vary in credit limits from $800 to over $25,000, and there's no debt on any of them. I just had one creditor cancel their card due to "inactivity." Will this hurt my credit score, which varies from 722 to 765? I can't resist a "preapproved" card. |
When it comes to financial products, none is so changeable and possibly confusing as credit cards. Interest rates, due dates and agreement terms can change with only a few weeks' notice to the cardholder. And if you get fed up with one card and cancel it, your credit score may be depressed. So how can cardholders make the most of their situation? We've assembled seven good moves for cardholders to make this year in light of changes in the credit card business, new products and the economic conditions in the country. Here's what you should do in the coming year: Switch to a card with rewards Like the majority of cardholders, you probably still use the card you've had the longest time. A study by MasterCard revealed that nearly three-quarters of cardholders still had the same credit card 15 years after they got it in college. |
Here's a look at the state of interest rates on five common consumer banking products and the latest rates from Bankrate.com's weekly national survey of large banks and thrifts conducted Jan. 9, 2008. |
My wife and I purchased our home about two years ago with a 30-year Federal Housing Administration, or FHA, fixed-rate loan at 5.875 percent. We later used a bank loan at 11.9 percent to install new windows in the home. We've also had the yard completely fenced in for our dogs. |
I'm afraid I have too many credit cards. I have two Visa cards, two MasterCards and two Discover cards, not to mention a few cards from department stores. Granted, three of the six major cards are student cards, as I am still in college. Until recently, I hadn't looked into how having so many cards will affect my credit score. I'm very afraid that it will have a negative impact on my credit even though I pay them off on time and don't even use some of them. |
I have poor self-control when it comes to using my credit cards. I have about $21,000 total debt on five different cards. It's gotten to the point where I'm tapped out and soon will be unable to make the payments. |
Credit cards are simple to use, but applying for one can be a tricky process. Below are answers to some of the most frequently asked questions about the process. |
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