debt ratio – $aving Money Tip$

By credit expert: John Ulzheimer:http://www.johnulzheimer.comIf you follow credit scoring to any extent, you’re probably familiar with the concept that closing credit card accounts can potentially lower your credit scores.The idea that closing a credit card will always have a negative impact upon a person’s credit scores is untrue. There are some scenarios under which closing a credit card is completely benign. Let’s explore the issue in depth.The Never Ending Myth:The idea that closing a credit card automatically lowers a consumer’s credit scores due to the fact that the age of the account will no longer be counted is false. FICO® and VantageScore® credit scores still consider the age of closed credit card accounts when determining a consumer’s credit scores. In

Credit Score & Credit Repair

admin October 14, 2011 debt ratio, late fees

Six Ways to Beat Late Fees

By Naomi Mannino Did you know late fees are assessed on just about all your monthly bills? These include bills related to your mortgage, cellphone, cable, utilities, insurances, credit cards, library books, traffic tickets and even kids’ activities. And, of course, Uncle Sam assesses severe late fees and penalties if you’re past due with your tax payment.”Issuers claim they are a way to account for risk, but our research in the credit card industry shows that is not the case. They are trying to maximize revenue with late fees,” says Josh Frank, senior researcher for the Center for Responsible Lending.Financial experts agree that credit card late fees have been reined in somewhat by the Credit Card Act of 2009, which limited late fees to $25