Consumerist
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ask the consumerists
Is It OK To Use Credit Cards For Everything, If You Pay Them Off Every Month?
Reader Rebekah has a question about credit cards. She and her husband pay off their cards every month, but like to charge most of their expenses because they enjoy the reward points. She's wondering if this is a good idea and how it affects her credit. More » -
credit crunch
American Express Randomly Cut My Credit Limit From $25,000 to $1,800
Reader Pierre is a small business owner who has an American Express Business Account that used to have a $25,000 limit, but has now been cut to $1,800. He says his company's bill is usually around $12,000 a month, and it is always paid in full — on time. While Pierre is clearly upset with American Express, the Wall Street Journal says that all banks are cutting access to credit. More » -
free credit scores
CreditKarma.com Makes Free Credit Score More Like FICO's
The CreditKarma.com site we told you about in our roundup of "5 No BS Ways To Get A Credit Score For Free" has changed its calibration system so the free, advertising-supported, credit score it gives you is now on the 300-850 range, just like your FICO score. It's still not your FICO score, but it does make the approximation, based on TransUnion data, more relevant. If you're do some major money moves, like getting a mortgage, you would still want to pay for the FICO score for total accuracy, but if you just want a general sense of how you're doing, CreditKarma.com is a great way to do it for free.
Credit Karma [Official Site]
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equifax
5 No BS Ways To Get A Credit Score For Free
Here are 5 ways to get your credit score for free. Note, all of them are the credit scores developed by the credit bureaus themselves, Experian, TransUnion, and Equifax, and are not your actual FICO scores. Only the FICO score is used by lenders to determine your credit worthiness. However, you can at least use these credit bureau scores to get a general sense of how good your credit is. More »
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subprime meltdown
Who Has A Subprime Mortgage? People With Good Credit
The Wall Street Journal analyzed more than $2.5 trillion in subprime loans made since 2000 and found that as the number of subprime loans grew, the loans were being issued to borrowers with better and better credit scores—borrowers who could have qualified for traditional loans with more reasonable terms. More » -
identity theft
Experian, Equifax, and TransUnion To Offer Credit Freezes
All three credit reporting agencies recently announced plans to let consumers freeze their credit files. Credit freezes provide security at the cost of convenience: access to credit reports and scores is prevented without the consumer's express authorization, making it difficult to open new accounts or lines of credit. Freezes are considered one of the best, albeit drastic, ways to guard against identity theft. More » -
subprime meltdown
Credit Card Companies Slashing Credit Limits
The continuing subprime meltdown is leading jittery creditors to reduce cardholder credit limits at the first sign of trouble. According to a recent survey, up to 75% of banks are cutting credit limits to minimize their exposure to risk. The move can adversely affect credit scores, which are determined by considering the percentage of available credit used. From the Chicago Tribune:A change can stem from late payments of any kind, a drop in your credit score or the addition of new lines of credit. Bryan found out limits on three cards were actually cut after he took out a home equity loan to pay off some debt.
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sorry about the rate increases
Capitol One Stops Harming Customers' Credit Scores, Starts Reporting Credit Limits
Capital One will start reporting cardholder credit limits to the three credit bureaus, a common practice from which most cardholders had no idea their creditor abstained. Credit limits help TransUnion, Experian and Equifax determine credit utilization, which accounts for 30% of a credit score. Capital One's decision, which will take effect by the end of the year, will likely boost its cardholders' credit scores. From the Washington Post: More » -
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fico
Your Credit Score Demystified!
Bankrate has an interview with Craig Watts, public affairs manager at Fair Isaac Corp., the creator of the popular FICO credit score. Craig talks about credit myths and strategies for people who are looking to raise their credit scores. Nothing terribly ground-breaking, but we know our readers tend to obsess over their credit scores, so it's good to get some info straight from the horse's mouth. More » -
driving
Improved Your Credit Score? Tell Your Car Insurance Company
If you've improved your credit in the last three years, you might want to ask your insurers to rerun your credit. It might save you some money. Jeff writes:I emailed you about 2 weeks ago complaining that Progressive Insurance only runs it's credit check every 3 years. Knowing my credit history improved, I thought this unfair and called them.
Good tip, Jeff. Insurers compare your credit score to the scores of their other clients and use it as a way to predict how likely you are to have an accident. Apparently, people with similar credit scores have similar driving habits. For more info on how Progressive uses this information, click here. —MEGHANN MARCO More »
Since them I received an updated bill and it was $67.50 cheaper (for 6 months)—just based on a new credit check! Obviously if readers credit history worsens, wouldn't recommend an updated credit check, but for most people, if you don't ask for the current credit check, you could be losing dollars. -
credit
HOW TO: Get Your First Credit Card
Reader Melinda writes:
Hello. I read the consumerist every day and since I turn 18 later on this month I wanted to ask how do I start a credit score or getting credit or a loan to start my credit score?
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experian
Experian Announces Service That Notifies Collection Agencies Of Your Ability To Pay
Experian announced an enhanced version of their service "Collection Triggers," today. The service monitors credit and pings collection agencies when an account appears to have an improved ability to pay. From their Press Release:
The new version provides collectors with notification when a debtor's ability to pay appears to be improving.
"Collection Triggers increases revenue by allowing companies to be first to the door of consumers who have improved their ability to pay," said Zaydoon H. Munir, senior vice president, Experian's Consumer Information Solutions. My, what a lovely industry. —MEGHANN MARCO More »
This is especially critical for financial services organizations looking to optimize late stage and charged-off receivables.
The introduction of additional trigger criteria and attributes within Collection Triggers increases the ability for companies to act quickly when new information is available. Subscribers to Collection Triggers are notified within 24 hours when the financial status of a consumer within their collection portfolio has improved. -
bodog
Gambling Site Apologizes For Threatening To Ruin Reader's Credit
streetlamp: Hi ben, this is streetlamp from yesterday who talked to you about the Bodog gambling incident
streetlamp: I just wanted to let you know that I had just called them after another email was sent out and basically they were very nice and apologetic about the incident and fully admitted it was due to basically a system error and that it never should have happened
benpopken: cool!
benpopken: So they promise to send no more nasty emails?
streetlamp: They did indeed
streetlamp: and he even apologized for the tone of the email
streetlamp: saying that its the same email people who owe thousands of dollars receive and admitted it was probably overkill for the situation
streetlamp: And he said he seriously doubted that due to the small amount any sort of 3rd party negative credit deal would ever happen
benpopken: good
benpopken: so case closed?
streetlamp: case closed
streetlamp: done and done
benpopken: neato torpedo More » -
credit
Repair Your Credit By Disputing
Reader and blogger DDL sends in a story about a "friend named Max" and his successful credit repair strategy. Max raised his credit score 100 points by employing the following technique:
Then, one day, Max read the provisions of the Fair Credit in Reporting Act (FCRA). The FCRA (in so many words) dictates that every person has the right to dispute the accuracy or validity of any item on their credit report with the three credit reporting bureaus (Equifax, Experian, and Transunion). From the date that each bureau receives notice of the dispute, the bureau has 30 days to investigate the dispute. If, at the conclusion of 30 days, if the bureau cannot verify the accuracy of the information in that person's credit report, or the investigation just doesn't get completed in time, the offending item is automatically deleted. Gone. Done. Case closed.
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Max started his journey with a credit score in the low 500s, and now, in a matter of months, it had crested above 600. Eventually, and through great discipline, Max managed to eliminate every negative item on his credit report, simply by asking for proof that they belonged there in the first place. -
complaints
Help! Gambling Site Threatening To Ruin My Credit
streetlamp: About 3 or 4 months ago, my room mate convinced me to sign up for bodog.com for some online poker and other gambling activities
streetlamp: They took my banking info and everything went fine
streetlamp: I deposited $20
streetlamp: About a month later they freeze my account and said that I need to verify my account to log back in, which requires you sending your ID, voided check and a form
streetlamp: I didn't feel comfortable with any of this so said screw it
streetlamp: Now they wont leave me alone still and are threatening me with derogatory credit
streetlamp: I'm a poor college student and never intended for any of this to start
streetlamp: So I have no idea what to do about it
benpopken: How often are they contacting you and by what means? More » -
round-ups
Consumerist Ask Metafilter Round-Up
• I bought some nice down pillows for myself, and they smell really weird! [Link] More »
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