Get All 3 Credit Scores

Credit card language is scary for the first-time cardholders like me.

Principal? Fixed Rate of Interest? Default rate? Oh my!

Yet these mysterious terms can be mastered and the average young person, like myself, can become a king or queen of credit! Or at the very least, new-to-credit consumers and college students need to be responsible users of credit.

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Underneath the Plastic

At first, I didn’t see the difference between a debit card and credit card. I mean, it seemed that the same machine swipes either debit or credit in stores. B Read more…

A change is gonna come… and if you are a renter, it could be great news for your credit report.

Experian, one of the big three credit bureaus, began including rental payment data on consumer credit reports in January, and will affect the Experian credit score and VantageScore. It’ll be a good addition to most consumers’ credit toolbox, but as with all big changes, there could be a downside.

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Right now, Experian has gathered rent payment history from large property managers of approximately 8 million residents nationwide, but reporting rental data could easily become a more widespread practice amongst credit bureaus. Getti Read more…

We all gripe about our credit problems, whether you have a 550 credit score and don’t know the best secured credit card to get, or you have a 750 and still can’t qualify for that coveted American Express card.

Even though our credit problems are different, there are a handful of shared reasons why many consumers just can’t seem to get their credit score to climb.

Here’s a quick look at our top 10 reasons why your credit score probably isn’t as high as it could be.

1. Two steps forward, one step back. It takes credit to build credit, right? In applying for credit cards or loans to build credit, those hard inquiries can sure add up and knock some points off.

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A new report from credit bureau Experian revealed that the average consumer had 1.97 bank cards and more than $4,200 in debt as of the end of 2010.

This former number has fallen nearly 23 percent from 2007, likely due to credit card issuers tightening their grip on card holders by cutting credit lines and forcing them to pay off more debt.

This has caused credit utilization to rise, with card holders using an average of 30 percent of their total available bank card limit, a near 10 percent jump since 2007.

And if you didn’t already know, credit utilization plays a huge role in determining our credit scores, including both the popular Fico score and the lesser known VantageScore credit score.

The second most important factor in scoring as far as Fico is concerned is amounts owed, just slightly less important than payment history (.

In fact, it makes up 30 percent of your Fico score – for VantageScore, this utilization accounts for 23 percent of scoring, while balances make up another 15 percent of your score.

So it’s pretty darn important to keep both utilization and balances low.

Maxine Sweet, vice president of public education at Experian, warned that consumers could potentially hurt their credit scores by carrying credit card balances and utilizing a significant portion of their available credit.

If you’ve found yourself in such a situation, consider either making a payment plan to pay off the credit card debt, or consider a balance transfer, which can it make it a whole lot easier to pay off the debt without being hit with pesky finance charges.

Keeping your head above water in these uncertain financial times can be tough. Many people are falling behind on bills through no fault of their own. Between falling house values and layoffs, you’re not alone if you have been forced into making financial decisions you swore you’d never make, like charging groceries on a credit card or using a cash advance service.

Perhaps another financial decision you swore you’d never make is to file bankruptcy. Filing, however, may be just what you need to get your head back above water and to help you move forward in a better financial position.

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The Discover no fee balance transfer offer expired yesterday, meaning there aren’t any balance transfer credit cards out there still offering 0% APR with no fee.

But they’ve decided to extend their promotional 0% balance transfer for 24 months indefinitely, which was slated to expire as well.

This is one of the best balance transfer credit cards available at the moment because it offers 0% APR for a full 24 months.

That means you won’t pay any finance charges for two years, which certainly gives even the most debt-riddled consumer plenty of time to pay off their debt without being hit with unnecessary interest.

The only downside to this offer is the 5% balance transfer fee, but it definitely beats paying the standard credit card APR, which typically ranges from the mid-teens to the 20% range and higher.

Let’s look at an example of the potential savings:

Though you would have to pay $125 in balance transfer fees in our example, you would save $41 per month and $500 a year by avoiding credit card finance charges (using simple math).

So as you can see, it’s a very effective way to save money and get out of debt.

Take advantage before this deal disappears as well.