Citibank Comes Up With Elaborate Cash Back Offer That Reduces Credit Limit And Temporarily Suspends Card

Citibank Comes Up With Elaborate Cash Back Offer That Reduces Credit Limit And Temporarily Suspends Card

Compared to what some other banks and card companies are doing to reduce their exposure to debt, we guess Citibank’s cash back offer isn’t that bad—it’s sort of a “let us help you help yourself get rid of your debt” scheme. It’s funny, however, if only because it’s such an elaborate way to get customers to self-select for a reduction in credit.

Spread It Around: A Low Balance On Each Card Is Better

Spread It Around: A Low Balance On Each Card Is Better

When the little trolls with the green visors determine your credit score, a big factor in their abacus-shuffling is how much percent of your credit limit you’re using. However, it’s not just your total credit utilization, all of your credit limits added together and divided by how much of that you’ve tapped, but also how much of each credit line you’re using, the individual credit utilization. Say what?

Amex Hikes Rate, Drops Balance, Then Tries To Bribe Customer To Pay Off Debt Early

Amex Hikes Rate, Drops Balance, Then Tries To Bribe Customer To Pay Off Debt Early

Courey Gouker’s recent experience with American Express encapsulates every trick the company has pulled in the past few months to drive away their customers, including dropping the credit limit, hiking the rate, and even offering him a cash bonus to pay off his balance in full. In addition, the company’s CSRs made promises to him that they didn’t keep, and notes on his account have gone missing. About the only thing they haven’t done is email a photo of the CEO flipping him the bird.

How Accurate Are Credit Score Estimators?

How Accurate Are Credit Score Estimators?

Did you try Bankrate’s score estimator when it was featured on the Consumerist two years ago? I did and I wondered how accurate that 12-question quiz was. Answer? Not bad.

HSBC Canceled My Card Due To Inactivity And Ruined My FICO Score!

HSBC Canceled My Card Due To Inactivity And Ruined My FICO Score!

Reader Travis recently found out that one of his oldest cards had been canceled due to inactivity. This caused quite a dent in his FICO score and he’s about to go shopping for student loans— so he’s understandably freaking out.

A Big-Ass List Of Student Loan Resources

A Big-Ass List Of Student Loan Resources

It’s a tough economic climate to be graduating from school — and maybe an even tougher one for those of you trying to get financial aid. We’ve put together a list of some financial aid and student lending resources to help make things easier.

FICO Confirms: Reduced Credit Lines For Good Borrowers

FICO Confirms: Reduced Credit Lines For Good Borrowers

A study from Fair Isaac confirms that even the best borrowers are seeing their credit lines slashed as banks move to boost profitability during the recession. 16% of Americans have seen their credit lines reduced by an average of $2,200, and of them, 11% had no late payments or negative marks on their credit report.

New York Times: Walking Away From Your Mortgage, Not So Bad After All

New York Times: Walking Away From Your Mortgage, Not So Bad After All

Great news, distressed homeowners! If you aren’t eligible for the President’s homeowner assistance package and can’t negotiate a better deal on your mortgage, the New York Times says that turning in the keys and leaving your home may not be the end of your financial world. The Times mapped out a guide for dealing with the various players controlling your mortgage…

Experian Stoppped Selling FICO b/c Contract Dispute (FICO '08 Related?)

Experian Stoppped Selling FICO b/c Contract Dispute (FICO '08 Related?)

Just like I figured, the reason Experian won’t sell you your FICO score anymore is because of a contract dispute with the Fair Issac corporation, and I’m guessing it has to do with the rollout of FICO ’08

VantageScore And PlusScore Are Garbage Credit Scores

VantageScore And PlusScore Are Garbage Credit Scores

Would you buy a credit score that lenders don’t even use? Check it, when Consumer Reports went over the the fine print, Experian’s “VantageScore” says that it’s “for educational purposes only.” And their “PLUSscore” is “not currently sold to lenders.” What good does that do you? None. It’s just something for them to market and make money money off people who don’t know any better.

Experian Yanks FICO Score Away From Consumers

Experian Yanks FICO Score Away From Consumers

Soon consumers will only be able to see two out of the three credit scores lenders use to judge their credit worthiness. Out of nowhere, Experian announced it will no longer be selling its version of the FICO score through myFICO.com.

6 Ways Your Credit Score Changes Thursday

6 Ways Your Credit Score Changes Thursday

A new system for determining your credit-worthiness, FICO ’08, rolls out this Thursday, and there’s nothing you can to do stop it. By these 6 changes, ye shall be judged:

Can Canceling A Credit Card Really Hurt My Score, Or Did Discover Card Lie?

Can Canceling A Credit Card Really Hurt My Score, Or Did Discover Card Lie?

Reader David said he called Discover Card to cancel his account — but was advised against it because canceling credit cards can hurt your credit score. He wants to know if it’s true.

No More Free FICO Scores For WaMu Customers After March 9

No More Free FICO Scores For WaMu Customers After March 9

It looks like after March 1, 2009 quondam Washington Mutual cum Chase customers won’t be able to get their FICO scores for free anymore through their bank. Those people in the picture look pretty excited about yet another WaMu feature being taken away. Woohoo, indeed. [Chase] (Thanks to Luke!)

What's Your FICO?

What's Your FICO?

FICO: I’ll show you mine if you show me yours. Take our poll and see how you measure up.

Bad FICO? Here's Three Other Credit Scores That Can Help

Bad FICO? Here's Three Other Credit Scores That Can Help

FICO score isn’t the only credit score game in town. That’s good news for people who have low scores thanks to being an immigrant, divorcee, or don’t have the means to acquire the credit in the first place. It’s one of those quirks of the system. To get credit, you have to have a credit history. To get a credit history, you need to be able to get credit. Thusly, some people find themselves a bit stuck. To meet the needs of these these “thin credit file borrowers”, some alternatives to the standard FICO score are out there. Let’s look at three.

Check Your Credit History Year-Round, For Free

Check Your Credit History Year-Round, For Free

Statistics show that 80% of credit histories have at least one error. Most of them are minor and inconsequential but some can have an adverse effect on your credit score, often costing your thousands on mortgages and car loans. I believe credit bureaus were so lackadaisical about accuracy because it forced consumers to buy their credit reporting services. You wouldn’t know there’s an error unless you paid Equifax for a copy of your report. Fortunately, federal law now makes it possible for us to police our own records and force bureaus to correct them, all on their dime. Here’s how:

Hard And Soft Credit Inquiries, And How One Hurts Your Credit Score

Hard And Soft Credit Inquiries, And How One Hurts Your Credit Score

Did you know that when a company checks out your credit report, it can damage your credit score temporarily? It depends on if the inquiry is “hard” or “soft.” Hard inquiries ding your score, soft don’t. If you’re going to get a mortgage or a car loan, a few points difference translates into a big chunk of change. So how do you know when an inquiry is going to be “soft” or “hard?”