How Much Credit Card Debt Should I Carry to Not Harm My Credit Score?

How Much Credit Card Debt Should We Carry to Not Harm Our Credit Score

Question: Dear Steve, I have three credit card accounts, all with Citibank. Two of them are closed. The one open account has a credit limit of $1700. I am just $140 below the limit on it. The other two are at about 40% or less. I am getting dinged on my FICO score as they … Read more

Rapid Reader Questions: Walmart, Apartment, Credit Risk, College

Q: Does a credit union have to provide a member in writing the amount of interest paid on a loan for tax purposes? A: Depends on what kind of loan it is. Reporting would be voluntary or required by IRS on certain types of loans. Q: How can a financial company put a charge off … Read more

Rapid Reader Questions, Debt Consolidation, Navient, Credit Score, Fraud, and More

Q: Is it legal for a mortgage company to all of a sudden demand a deferment balance from 10 years ago now, or will they foreclose on the home I am one month behind on the monthly payment? A: That sounds a lot like a balloon mortgage (a mortgage in which a large portion of … Read more

I Received 1099-C Forms on Timeshares But My Credit Report Shows I Still Have a Balance

Question: Dear Steve, I had 2 mortgages from timeshare accounts default a couple of years back. One had the debt discharged in 2018, and the creditor issued a 1099c for the remaining balance. This was included as income in our 2018 return. The second one foreclosed in 2019, and the “credit grantor reclaimed the collateral … Read more

FTC Seeks Comment on Changes, Effectiveness of Five FCRA Rules

The Federal Trade Commission is seeking comment on proposed changes that would bring several rules implementing parts of the Fair Credit Reporting Act (FCRA) in line with the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). In separate Notices of Proposed Rule Making (NPRMs), which will be published in the Federal Register shortly, … Read more

Add Points to Your Credit Score by Talking on the Phone and Watching Netflix

If you’re among the millions streaming more often during COVID-19, Experian is offering a way to use the leading video streaming service to boost your credit. Building on its groundbreaking consumer credit product, Experian Boost™, the company announced today that consumers can add video streaming payment history to their Experian credit reports using Experian Boost. … Read more

My Credit Card Was Closed and My Credit Score Dropped

Question: Dear Steve, I have a question about credit history. I held a credit card account with Dressbarn for 13 years. The company was bought by Capital One Bank. Then the company shut down last year. On my credit report, I noticed a 40 point drop because the card account was closed by the company. … Read more

Credit Repair Company Settles FTC Charges It Deceived Consumers By Telling Them “Piggybacking” on Others’ Credit Could Boost Scores

Defendants promise “huge” credit score increases, ease in obtaining mortgages A Colorado-based credit repair company and its owner have agreed to settle Federal Trade Commission charges they mislead consumers with promises to “drastically and immediately” improve credit scores and increase access to lower rates on mortgages. In its complaint against the operators of BoostMyScore.net (BMS), the … Read more

How to Read the Results of Your Credit Report Dispute

So, you’ve disputed an item on one of your credit reports, and now you’ve gotten your response. Now what? These tips about how to read the results of your credit report dispute can help. 1. Decoding the terminology  First of all, it’s important to understand the terminology you might find in the results of your … Read more