Debt Consolidation

The Facts About Debt

College “Credit”: How New Legislation Affects Student Credit Cards

Filed under: Children
Tags: , — Written by: Simos
August 20, 2010
New legislation means more "required reading" for creditors

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…)

Similar Posts:

A Primer on Interpreting Credit Risk Reason Codes

Filed under: Family Finance
Tags: , , , — Written by: Simos
August 13, 2010
Let’s break the credit risk code!

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…)

Similar Posts:

Basic Credit Hygiene: Exploring Your Credit Report

Filed under: Debt
Tags: , — Written by: Simos
July 30, 2010
Is your credit report everywhere you want to be?

Is your credit report everywhere you want to be?
Photo by: Philippe Ramakers (Stock Exchange)

These days, as more and more people have found themselves dealing with creditors on unfavorable terms and fighting to pay household bills with mounting credit card balances, consumers are inundated with calls to keep an eye on their credit report.

Receiving a credit report from each of the three reporting agencies once a year is free, and it’s also a key step in detecting fraud and preventing identity theft.

Today, UWSA discusses the credit report: how to obtain it, how to read it, and how it relates to the credit score. (more…)

Similar Posts:

Getting the Most from Credit Card Membership Benefits

Filed under: Budgeting
Tags: , , — Written by: Simos
July 2, 2010
Reward cards: leverage for your planned purchases?

Reward cards: leverage for your planned purchases?
Photo by: Hsi-Pei Liao (Stock Exchange)

Savvy consumers like UWSA readers know that there are certain things you have to know before accepting any credit card offer.

Basic aspects of your credit agreement such as APR, maintenance fees, and overage charges can make a huge impact on future dangers of credit card debt.

A little while ago, we discussed how to use your debit card to help accumulate savings for small purchases and medium-term goals.

This time, we’ll talk about maximizing benefits from your credit lines. (more…)

Similar Posts: