Recent Credit Guru Blog Posts

• Say Goodbye to Two Cycle Credit Card Billing

  Two cycle billing has become a popular trick of credit card companies. The new Credit Card Reform Act is set to protect consumers against this. 

• Credit Card Payments soon to be Divided among Balances

  Good news for consumers: A new Credit Card Reform Act includes a rule ensuring that payments must be fairly applied to different balances with different rates. 

• More Time to make Credit Card Payments, Fewer Late Fees

  The new Credit Card Reform Act will ensure that consumers have more time to make a payment. 

• Credit Card Reform Rules: The Important Details

  Federal regulators have passed tough new rules to regulate credit card companies due to deceptive and unfair practices. 

• Credit Card Reform: Get Ready for Some Changes

  As we have reported recently, credit card reform is a hot topic.  Today, the U.S. Office of Thrift Supervision ("OTS") passed credit card reform rules that prohibit savings associations from engaging in unfair credit card practices.  The Federal Reserve Board (FRB) and the National Credit Union Administration (NCUA) are expected to approve the same rule, thus providing Americans with uniform protections regardless of which type of financial institution issued their credit card.

• FTC: Identity Theft Continues to be a Big Problem

  The Federal Trade Commission recently issued a new report about identity theft.  Here’s the gist of it: identity theft continues to be a major problem in this country, with victims numbering in the millions each year and out-of-pocket losses (primarily to businesses) in the billions of dollars. 

• Fed to Vote on Credit Card Reform Regulations

  Credit Card reform is a hot topic.  As we previously mentioned, the House recently passed the Credit Cardholder’s Bill of Rights Act.  Now, the Federal Reserve is set to vote (on December 18, 2008) on a number of important regulatory changes that will affect how credit card issuers behave in the U.S.  The regulatory changes are pro-consumer in many ways.

• Credit CardHolder’s Bill of Rights

  In September 2008, the U.S. House of Representatives passed (by a large margin) legislation designed to protect consumers from abusive lending practices of credit card companies.  The bill didn’t receive a huge amount of press attention given the other financial news this fall.  The “Credit Cardholders Bill of Rights Act” (HR 5244) passed the House 312-112, with 228 Democrats and 84 Republicans voting to support it. 111 Republicans and one Democrat voted against the bill. 

• “Instant Credit” Offers and Your Credit Score

  ‘Tis the season for holiday shopping.  It seems every big merchant has an “instant credit” offer.  Amazon.com offers a credit card.  Walmart offers a credit card.  Even PayPal offers a way to get “instant credit”.  Before accepting these offers, make sure you consider how the application will affect your credit score.

• Watch Out for Credit Repair Companies that Promise Instant Results

  Recently, there have been a number of lawsuits filed by States and Federal Agencies against Credit Repair companies that make promises that they can’t keep.  The companies make claims like “guaranteed perfect credit score” or “instant results”.  Here’s what you need to watch out for when you are trying to decide how to improve your credit.

• Credit Repair—Free Video From the FTC

  The whole topic of credit repair and learning how to improve your credit is a complicated one.  There is lots of information (and misinformation!) available to further confuse you.  Here’s a great video from the U.S. Federal Trade Commission.  Check it out.

• Higher Credit Card Rates: Citibank Changes Its Mind

  In 2007, Citibank impressed regulators by proudly announcing that they would not raise the interest rate on Citibank credit cards.  Well, apparently they’ve changed their minds.  They recently announced that all cardholders would have their rates raised.  Learn more, and learn what you can do about it.

• The Credit Crunch and the Average American

  We’ve been discussing the impact of the credit crunch on average American’s on this site for some time now.  The evidence keeps piling up—credit card and consumer debt is going to take a big hit in late 2008 and 2009.  The New York Times has a new article discussing the impact of the credit crunch on credit card debt.  Here’s a quick review.

• Operation Clean Sweep—The FTC Goes After Several Deceptive Credit Repair Companies

  The Federal Trade Commission today announced that the filing of several lawsuits against deceptive credit repair companies.  They call this action ”Operation Clean Sweep”.  This action is great news for you, as it will continue to clean up the credit repair industry.  Here are a few more details about “Operation Clean Sweep”.

• 700 Credit Score Needed to Buy a Car With GMAC Financing

  Do you have a FICO credit score of at least 700 points?

  If not, you can’t buy a car using financing from GMAC.  They recently announced that they will only give auto loans to customers with good credit scores.

• Court To Credit Bureaus: Clean Up Your Act!

  If you have filed bankruptcy and worry about your credit report, a Court is on your side.  A Federal District Court in California recently ordered the credit bureaus to fix the way they report debts discharged in bankruptcy.  If you filed bankruptcy and old (discharged) debts are still reported on your credit reports, you need to read this.

• Duh—Credit Woes of 2008 Are Hurting Consumers

  Here’s a real shocker (yeah, that’s sarcasm!)—a recent study confirms that the great credit crunch of 2008 is hurting average Americans and consumers.  The survey was performed by Standard & Poor’s and looked into how American consumers use credit cards to manage personal debt.
  

• Auto Loans Are Harder to Get (thanks to the Credit Crunch)

  The great Credit Crunch of 2008 is hitting consumers hard.  Right where it hurts… in our wallets.  In the past few weeks, we’ve heard how the credit crunch affects mortgages and credit cards.  Now there’s clear evidence that auto lenders are tightening their approval policies.  It should come as no surprise.  The lesson is clear—to survive 2008 and 2009, you need a great credit score.

• It’s Time to Look Out For #1: You’ve Got to Fight for Your Financial Future

  On September 29, 2008, the U.S. Stock Market took a beating like it never has before.  Over $300 Billion of IRA, 401(k) and savings accounts were wiped out. It’s time for you to start looking out for your own financial future.  What can you do?  Give yourself a payraise—increase your credit score and save money by paying less to the banks and credit card companies.

• Lenders Are Tightening Their Credit Score Standards—What Will You Do About It?

  If you have been paying attention to the U.S. economy in September 2008, this should come as no surprise to you: Banks are making it harder for consumers to get credit.  A recent “Senior Loan Officer Opinion Survey” conducted by the United States Federal Reserve confirms that in July 2008, Banks were already starting to tighten their credit standards.  Good credit scores are more important today than ever.  What are you going to do about yours?