Going Green: Opting Out of Mailing Lists

Are you the victim of never-ending mailing solicitations that go straight to the shredder? Well, after a little research, I have found that many times the mailing lists come from the credit bureaus. Yep, you got it....the same people who sell you a credit report and score are also making money from the otherside by selling your information to marketing companies.

Experian has a detailed summary of how to opt out of annoying junk mail. Click here to call and get your name off the mailing list. Do yourself and the environment a favor!

A New Game in Town: New Rules for the Credit Card Industry

Last week, a new law took effect that overhauled the credit card system. These new rules are to increase consumer protection for credit card holders. These rules ban several harmfulpractices and require greater transparency in the disclosure of credit card accounts. It's time for the credit card companies to step up to the plate and do what is right for the consumer!

To learn more, check out the Federal Reserve's new website at
http://www.federalreserve.gov/creditcard/

Know your rights as a credit card user!

Credit Cards: More or Less?

People often ask me questions that I feel might be helpful for others to see as well. Here's one I received recently.

"In terms of our credit rating, would you say we are better off having more credit cards with zero balance and lots of capacity or having fewer cards?"

Credit reports....gotta love the mystery! Here's the answer.....It depends! It depends on how long you've had the cards, how much of a credit balance you carry (or if you carry a balance), the credit usage (the amount you card vs. your limit...ie how close you get to your limit) and how many cards you have! That really helps huh! ;)

Typically if you've had a credit card for a LONG time, it's best not to close it because this will actually drop your score. But if you have 30 cards even with zero ....that's not the best for credit ratings either! You typically want to have a few cards and keep low balances on your cards and not get near the maxed out amount (which also has a negative impact on your credit score).

For a great credit report learning tool, go to Brightscore.com. It's worth the money to learn about how credit reports work and the best way to improve your credit.

Tip of the Day: Check Your Credit Report

Today's tip of the day is check your credit report from all three credit agencies.  The ONLY website I recommend for doing this is annualcreditreport.com.  This website is free (unless you decide to purchase your credit score) and is the website where all three credit agencies (Equifax, Transunion and Experian) were required by Congress to offer consumers a free credit report once a year.  Remember that you will get three credit reports from all three agencies and you need to verify all the information is correct.  For a great web-based credit training tool to help you read and understand your credit report, I recommend Brightscore.  There is a fee but it's a great educational tool to help you understand how your credit report works.  Good luck and go pull those reports!