Free Credit Report Repair Guide

Be careful when you close a credit card account. Make sure it will not hurt your credit score. Check this resource I found which can help you close the credit card in the right way.

There’s a Right Way, and a Wrong Way, to Cancel a Credit CardThe first thing to do is make sure you have a zero balance on the card or it’s likely your card issuer will raise your interest rate as soon as you’ve cancelled in order to squeeze our as much from you in interest as possible.Start with a phone call, and remember to follow up in writing and to check your credit report to be sure the closure is reported accurately. Some creditors will report the account as “closed by credit grantor” which has a negative connotation and can hurt your credit score.

There’s a Right Way, and a Wrong Way, to Cancel a Credit Card

technorati tags:Cancel a Credit Card, credit, debt

NEW YORK (AFP) - Visa and MasterCard agreed to pay a total of 336 million dollars to settle a class-action lawsuit alleging the credit card firms shortchanged US consumers in foreign currency transactions, a regulatory filing showed.

Visa, MasterCard to pay 336 million dollars in currency suit - Yahoo! News

Look like they were adding surcharges to credit and debit transactions with out disclosure!

Well gald to hear the little guy one on this one.

technorati tags:credit cards, master card, visa

Paying late:

This is the number one factor in determining your fico score. Also if you pay late you give your Credit Card company the ”right” to raise your rates some time as high as 30% or more. And guess what they will. They are in business to make money and do not care about you or your family.

Going over the limit:
Again just another chance for your Credit Card Company to raise your rates. Simply put just don’t do it.

Simple rules I know but you would be surprised how many of us do break these two rules and as a result we suffer.

So I went to yahoo.com and clicked on the finance link. There was nothing on the page on how to deal with debt. So I clicked on banking and Credit link and still nothing on how to deal with credit card debt.

I then clicked on Credit Cards and finally there was a link on the left side navigation under education: dealing with debt. Ok so now we are getting somewhere. I click on the link and get an error. The page can’t be found…

Hmmm. So Yahoo really wants you to sign up for Credit and loans but they don’t really want you to manage your debt?

Sounds familiar. Please if you are going to use credit be sure to do so carefully. If you need help please check out the many articles and resources in our blog.