Prepandemic, deferrals weren’t much of a problem for banks. They were used rarely for most types of consumer debt and were usually confined to areas hit by natural disaster. Now, a staggering number of consumers around the U.S. are in deferral or other repayment programs, leading banks to question whether the credit scores and reports […]
Category Archives: Credit Cards
Problems with Citi or Synchrony bank credit cards? If inaccurate credit reporting is involved, our firm may be able to help. https://www.cnn.com/2020/06/24/business/citi-credit-card-complaints-cfpb/index.html An alarming number of credit card borrowers hurt by the coronavirus recession are complaining that Citibank is treating them unfairly. Citi (C) accounted for nearly 37% of pandemic-related complaints to regulators about credit […]
More than one-third, or 37%, also said they have already maxed out their credit card and 14% said they have maxed it out more than once. WalletHub polled more than 700 people in January. Still, most Americans continue to take on ever-increasing amounts of debt. According to data from the Federal Reserve, the U.S. surpassed […]
First comes love. Then comes marriage. Then comes many discussions about how you should manage your finances as a couple. Getting married is a big life milestone and a great chance to take stock of your financial situation — that includes your credit cards. https://www.cnbc.com/select/how-does-getting-married-affect-your-credit/
Wonder how a late payment affects consumers differently? See a sample comparison by FICO. https://www.cnbc.com/select/what-happens-when-you-miss-a-credit-card-payment/ As you can see, the higher your credit score, the greater negative effect a 30- or 90-day missed credit card payment has on your account. That’s because someone with a lower credit score already has their past behavior reflected in […]
When you shop at retailers in-store or online, chances are you’ve been asked at checkout if you want to apply for a store card. They frequently come with tempting offers — sign up and get a huge discount on your purchase — but there are several drawbacks to consider before you apply. https://www.cnbc.com/select/why-you-should-almost-always-avoid-store-credit-cards/
A 2017 survey of more than 100,000 renters by the National Multifamily Housing Council, a landlord group, showed 3% of those surveyed paid rent with credit cards and 16% said they would do so if their landlords agreed. “As rents have gone up, we get more and more emails and phone calls where people would […]
As part of the Fair Credit Reporting Act (FCRA), the credit reporting agencies are allowed to supply lists of consumers to potential creditors. Creditors can filter these lists to target their preferred audience for pre-approval offers. The FRCA allows you to opt-out of those lists, choking off the main source of credit card offers. To […]
A “preliminary analysis” found credit card data was obtained for sales dating back to May 2017, according to the post. The breach likely impacted more than 130 Saks and Lord & Taylor locations across the country, but the “majority of stolen credit cards were obtained from New York and New Jersey locations.”
“To build credit, what you want to do is have a demonstrated track record of using credit responsibly, and over time different forms of credit,” McBride says. “With regard to revolving lines like credit cards, you want to demonstrate the ability to put expenses on the card and then to pay that off.” To […]
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