Usually when you hear about 0% balance transfers, you think of consolidating high interest credit card debt into a new 0% credit card. But what about other debt, such as a car loan or even a home loan? What if you were to transfer that balance onto a 0% balance transfer credit card, essentially financing your debt at a 0% rate? Most would advise against this for two reasons: Firstly, the 0% APR would only apply during the (more…)
Did you hear the good news? It was announced last week that Equifax, Experian, and TransUnion have teamed up to develop a new credit scoring system. Scores using the new system, dubbed VantageScore, will be available for purchase from the three major credit bureaus within a few months. Unlike FICO’s scores that range from 300-900, VantageScore scores will range from 501-990 and can be compared to a typical academic grading system: 901-990 = A; 801-90 (more…)
Last week, OfficeMax became the focus of reports of the debit card fraud wave that had resulted in over 200,000 debit cards needing to be replaced by Bank of America, Citibank, and Washington Mutual. Visa and MasterCard had both acknowledged that a merchant had been the target of a data theft, although neither would identify the merchant. Police reports, however, have shown that the common d (more…)
If you are one of the millions of people with poor or damaged credit, you could fall prey to a popular credit card scam without knowing it. The number of credit card scams out there is growing, but there are five basic scams you need to be aware of before you take any action to repair or maintain your credit. This week, we will detail one scam per day that you should be aware of and also tell you how you can avoid falling into one.
Scam #1 is about secured credit card marketing.