This picture says a thousand words ...
Photo by: Copta (Stock Exchange)

Since the explosion of action on Capital Hill related to credit and Wall Street reform, new regulations continue to go into effect, impacting bottom-line bills for credit card consumers.

As the debate heats up and “Main Street” feels change in the air (and hopefully, in our pockets!) the UWSA financial blog is stepping in to help you stay abreast of current news and make sense of the trends. (more…)

New legislation means more "required reading" for creditors Photo by: Piotr Lewandowski (Stock Exchange)

It’s common wisdom – and it even happens to be true – that the longer your credit history, the better. The age of your revolving accounts, both individually and on average, is a major factor in determining your credit score.

Until recently, it was easy to “get in the game” of credit right out of high school, almost as soon as you hit 18. But many credit offers extended to college students have been rife with predatory practices and implicit in long-term debt burdens.

With this in mind, recent legislation aimed at protecting credit consumers has drastically altered the credit landscape for young people. (more…)

Let’s break the credit risk code!
Photo by: jaylopez (Stock Exchange)

Earlier on UWSA we discussed your credit score and how to interpret it. Now, we introduce a new tool for raising your scores: your Credit Risk Reason Codes.

These codes are part of your credit report, and a few of the most pertinent ones may also be provided if you are rejected for a new credit line. Since descriptions are vague – numbers are sometimes all that’s included – many consumers do not realize these Risk Reason Codes can be extremely useful in diagnosing credit.

In the long run, tailoring your debt management strategy to take your personal “risk factors” into account can lead to lower credit card balances and a much easier time dealing with creditors of all kinds. (more…)