Did you damage your credit rating this holiday season? If so, then it’s time to get it back on track. Millions of Americans are suffering from reduced credit scores due to overspending and a penchant for holiday credit cards. Although it might be tempting to let that balance linger for a month or two while you pay it off, a low credit score can affect the interest rates on any loans you apply for, and it can even hurt your ability to get financing for a car or home. This year, instead of letting your credit score mire until the spring, start rebuilding it by following these easy steps.

1)    Stop spending and start repaying. No matter how you look at them, credit card balances are bad. This is pretty common knowledge, but according to Consumer Reports we’re bad at learning, because 6% of Americans are still paying off the balances they racked up during Christmas 2010. This year, instead of making your holiday hangover even worse, do your credit rating a favor and start paying off your debts aggressively before spending any money on luxury items in 2012. The faster you pay off your debt the better off you are, and there’s no quicker way to get back in the black than with a focused, flat-out attack.

2)    Keep your cards open. Although you might be tempted to cancel the credit cards that drove you into debt this season, closing your accounts is actually counterproductive if you want to build a good credit score – especially if you’ve got a balance open. What you really need to do is keep your chin up and pay off your cards, starting with the smallest one first. This should go without saying, but don’t apply for any new cards until your balances have been cleared.

3)    Inspect your statements thoroughly. Sometimes you’re not the one to blame for a low credit score. During the holiday spending frenzy, it’s not uncommon for card companies to accidentally charge you for a purchase you never made or to overcharge you for one that you did. That’s why it’s important to keep a keen eye on all of your balance statements. Review every single charge to make sure they’re accurate, and don’t be afraid to call and complain if you discover any inconsistencies.

4)    Keep up on all of your other payments. While paying off your credit card balance is the best way to fix a bad credit score, you can’t forget about your other debts. Credit monitoring agencies factor in your mortgage and other active loans in addition to your credit history when determining your total score. Therefore, you need to make sure that you aren’t simply filling one bucket by emptying another when paying off your debts. Your mortgage should always be your highest priority, and then what’s left of your paycheck can be used to pay off your balance.

You are the only person who can improve your credit score. Don’t wait until it’s too late to start rebuilding the rating you damaged over the holidays. Use these expert tips to get your score back on the fast track to “excellent” today.

Related posts:

1. Use Secured Credit To Rebuild Your Score If you have had credit problems in the past or...
2. Can Prepaid Cards Rebuild Your Credit? Many consumers apply for and maintain a credit card in...
3. 6 Easy Ways to Improve Your Credit Score Your credit score makes an enormous difference in the cost...

There’s a new dance in town, one that’s earning a few crafty frequent fliers more bonus miles than they can handle. It’s called “churning” in reference to the process of making butter, and though it takes some time to memorize the steps, once you know the routine you can reap thousands of sweet, morally ambiguous bonus miles for absolutely free. Here’s how to do it.

1)    Pick a partner. Like any dance, churning always works better with a partner. You can still do it by yourself, but teaming up with your spouse or significant other will double your total earnings and allow both of you to fly together.

2)    Make sure your credit ratings are high. When you start churning credit cards, you are going to be putting a LOT of little dings onto your credit score. Because you will need to be approved for a lot of credit card offers in a very short period of time, you should make sure that your credit scores of both you and your partner are at least 750 before starting a churn. This way your score can take a lickin’ and keep on tickin’. Also, it helps that this damage isn’t permanent. Many of these little dings will disappear from your score within 45 days.

3)    Get a churn-able card. Churning is all about repeatedly signing up for new credit cards that have good air-mile bonuses. Since some credit companies won’t allow you to refresh your bonuses with new cards, you need to make sure to pick a churn-able card to start with. It also helps to pick a company like Chase that offers both types of airline credit cards – generic air-mile rewards cards and airliner-specific credit cards in order to switch your offers up. Some churners consistently rotate through five Chase and three Citibank cards, while others use a combination of Delta, Chase and Citi cards.

4)    Start the dance. Once you and your partner squeeze all the bonuses you can from your current cards, including meeting minimum spending limits, sign up for different cards that use the same rewards system. This means, for example, moving from a Gold Delta SkyMiles personal card to a Gold Delta Skymiles Business Card. Once you get the new card, cancel your old one and milk the bonuses on the new one. When you’ve exhausted those, move to a generic air-miles card like the Chase Sapphire Preferred or the Capital One Venture Rewards card.

5)    Rinse and repeat. How long your churn cycle lasts depends on personal preference. While it used to be possible to rotate a fleet of cards every three months to keep the miles rolling in, many bloggers are reporting that the process now takes up to a year before companies will allow you to recycle bonuses. If you aren’t concerned about the sustainability of the churn and just want to max out your miles for one vacation, you and your partner can follow this USA Today blogger’s lead and sign up for six different cards in one day, netting you a total of 250,000 miles for a few hours of work.

If you’ve got the credit score and the patience, churning cards can be a great way to earn free flights. However, card companies are getting wise to the practice, and it has become increasingly more difficult to pull off. Since it’s pretty much a given that they’ll make churning completely impossible in the future, we recommend that our more enterprising readers get their kicks in now. After all, who doesn’t appreciate a free flight?

Related posts:

1. Want to Rack Up the Miles? Churning Rewards Might Not Be The Way Thousands of travelers open a number of credit cards every...
2. Ultimate Guide to Airline Credit Cards Looking for the best airline rewards credit card? Don’t feel...
3. Reality Of Redeeming Airline Miles with A Credit Card On a recent article in the State Journal Register, a...

ISRAEL – The information from thousands of credit cards was leaked by a hacker named OxOmar. The Deputy Foreign Minister Danny Ayalon has said that these cyber attacks are “a breach of sovereignty comparable to a terrorist operation, and must be treated as such”.  According to the credit card companies, at least 6,000 cards had been exposed.

The hacker responsible for the attacks claims he is Saudi, but reports state he is believed to be a nineteen year old living in Mexico. Although Israel is aware of the report about OxOmar, they have vowed to respond in the same way they respond to other “terrorist” attacks but have not requested assistance from the Mexican authorities.

Source: http://www.bbc.co.uk/news/world-middle-east-16456100

Related posts:

1. Credit CARD Act Inciting Retaliation From Card Issuers And Banks It has been two years since the CARD Act was...
2. TJX Announces Security Breach Number TJX has finally released a number in regards to what...
3. Indiana Announces Security Breach to State Website It seems TJX isn't the only place experiencing breaches in...

Everyone makes New Year’s resolutions in their personal lives, and this is also true for their financial lives. According to a survey by the National Foundation for Credit Counseling, Americans are making reducing debt and improving their credit scores their first priorities. Unfortunately, most consumers put little importance on savings.

The survey shows a small improvement in the percentage of consumers most concerned about building savings. However, that number is small. This year eight percent of respondents felt that saving was the most important New Year resolution, up from seven percent last year. Americans who prioritize decreasing their debt decreased by seven percent to 62 percent.

Another important aspect of credit that consumers are concerned with is their credit score. Improving credit scores was the priority for 24 percent of those surveyed. This was up six percent over last year. Although these are important goals, consumers should be sure that they are also building a savings in case of financial emergencies.

Source: http://www.medicaldaily.com/news/20120106/8635/credit-score-credit-cards-savings-debt-saving-dependence-disturbing-gail-cunningham-nfcc-na.htm

Related posts:

1. Britons Raiding Their Savings To Pay Down Debt The UK population is working hard to clear its credit...
2. Solving the American Savings Problem Economists blame the low rate of saving in the US...
3. San Francisco Above Average In Reducing Debt The San Francisco Bay Area has passed the national average...

ELYRIA, Ohio- Burglars entered a home on the 100 block of Marseilles Avenue in Elyria, Ohio. The two suspects were armed and stole credit cards and cash from the family around 10 PM on Wednesday. At the time of the robbery, the father was upstairs sleeping when the suspects knocked on the door.

Two younger brothers were in the living room and opened the door. Two men barged in the door and asked the boys where their father was. The suspects then made the boys take them upstairs to awaken their father. At first he thought it was a joke, but after seeing the men with guns, he knew it was serious.

The suspects got away with $100 in cash and numerous pre-paid Visa and MasterCards. The family plans to cancel all of their credit cards. The suspects are two black males both about 6 feet tall. One was wearing a brown hooded sweatshirt, a dark colored hat and either a white mask with red lettering or a white shirt with red lettering pulled over his face. The other suspect was wearing all dark clothing with a dark mask over his face.

Related posts:

1. Florida Woman Beaten, Bound And Robbed In Recent Burglary Kristal Roberts reports on a recent burglary of a fifty...
2. Brazen Thieves in Florida Stealing Cards From Victims Purses BREVARD COUNTY, Fla. – Three recent incidents in the Melbourne/Viera...
3. Boulder Police Looking for Pair Responsible for Credit Card Fraud BOULDER, Colo.- Boulder police are hoping surveillance footage from a...

PARIS, France – PayPal may be revolutionizing the way consumers purchase goods by turning smartphones into credit cards. PayPal was created in the US in 1998 and quickly became the preferred way to make purchases online. It was bought by E-bay in 2002. In 2011, PayPal had 92 billion dollars in transactions. Olivier Binet, head of PayPal innovation in France, states that PayPal will be stepping back from its online exclusivity. Instead, PayPal is focusing on turning iPhones and Androids into e-wallets.

PayPal is currently working on a way to pay restaurant bills using PayPal on a smartphone.  The system is already in place at a restaurant in London.  Another innovation by PayPal includes “smart windows”. It will change the way people window shop. Shoppers will be able to purchase an item they see in the window by scanning these “smart windows” with their phones and completing the purchase on their phone. The item is then delivered to the consumer’s home.

Source: http://www.smartplanet.com/blog/global-observer/in-major-cities-paypal-vs-the-wallet/2197

Related posts:

1. Visa Gives PayPal A Little Competition Visa just announced the release of V.me, a new service...
2. There’s a New Alternative to PayPal, and It’s From (Gasp) American Express Like three Eskimos trying to share one Snuggie, financial companies...
3. American Express Looking to Reach More Customers American Express has often been considered a unique credit card...

A higher percentage of consumers are now using their credit cards to pay for everyday costs. Nearly 42 percent will use their credit card to pay for groceries in January. Nearly 10 percent will use their credit card this month to pay bills.

The high amount of credit card usage for everyday costs lead experts to believe that many are living beyond their means and using their card to pay for it. Many consumers are racking up large credit card debt that may take years to pay off.

Experts urge many consumers to transfer their debt to a zero interest or lower interest credit card. This may save many consumers thousands of dollars. Also, it might be beneficial to consolidate your debt into one payment. This would be much easier to manage and reduce the amount of interest being paid. Be sure you set a plan and stick with it to ensure you are able to get your debt under control.

Source: http://www.moneyhighstreet.com/credit-card-news/credit-cards-fund-day-to-day-living-costs/

Related posts:

1. Don’t Start Living Off Your Credit Cards Adjusting to the rising costs of living is not easy...
2. Customers Turning Back to Credit Cards Because of Debit Card Fees With banks like Bank of America announcing new debit card...
3. Need Groceries? Gas? Thousands Turning to Credit Cards For Help An increasing number of UK residents are turning to credit...

More and more households are turning to unsecured loans, such as payday loans and credit cards, to pay their mortgage and rent. This is a clear indication that debt is getting out of hand in these households. A housing charity, Shelter, states that close to one million individuals have taken on high interest payday loans to pay their mortgage or rent during the past 12 months. It goes on to report that another 6 million have made use of unauthorized overdrafts and credit cards to pay for housing.

The charity also urges anyone struggling with debt or keeping their home should get help immediately. Using short term loans or a credit card is unsustainable and will only further an individual’s downward spiral into debt. Also, these types of loans have very high interest rates which make them difficult to pay off. This leads many to have to borrow again to pay off the first loan.

Source: http://newswestmidlands.com/mortgages-and-rent-being-covered-by-payday-loans-and-credit-cards/522628/

Related posts:

1. Fewer Americans Relying On Credit Cards and Loans Americans are shedding debt like a snake sheds its skin....
2. Zero Interest Cards Provide Relief From High Interest Loans The interest rates of personal loans have skyrocketed in the...
3. Five Ways to Eliminate College Loans Fast and Keep Good Credit Students who are graduating not only get handed a shiny...

Are you sitting on a large amount of credit card debt? Is the interest rate enormously high? If the answer is yes, then you’ve probably thought of transferring your debt to a different credit card with zero interest for a set amount of time.  While the experts have different opinions on transfer introductory rates, most agree it is a good idea for most consumers.

There are some pitfalls that every consumer should be aware of. First, instead of searching for a new card to transfer the balance to, simply call your current credit card issuer and ask for a lower rate. Be sure to let them know that you are thinking of transferring the balance to a different card. Next, be sure not to close your old card once the balance transfer has gone through. Closing credit accounts only hurts your credit score by lowering the amount of credit you have available. Finally, be disciplined with the new card and avoid using it. You simply want to pay the previous debt off.

Source: http://www.cardratings.com/balance-transfer-snafus-that-can-ding-your-credit.html

Related posts:

1. Balance Transfers Can Be A Man’s Best Friend Moving that credit card debt that is costing you thousands...
2. Can Credit Card Balance Transfers Affect My Credit Score? These days, there are more low- and no-interest credit cards...
3. 5 Reasons Balance Transfers Can Do More Harm Than Good Balance transfers are excellent opportunities to move high interest balances...

Those Viking commercials by Capital One that promised zero percent interest on balance transfers got the attention of many Americans. However, a new class action lawsuit filed last June by Hagens Berman states that the company misrepresented the offer and left thousands of consumers with hefty interest charges. Capital One applied a customer’s payment to the balance transfer amount instead of toward any new purchases. Consumers thought they had paid off the new balance in full, but were left with large interest charges.

According to Capital One’s credit card agreement on the Consumer Financial Protection Bureau’s database, Capital One applies “your minimum payments to lower Annual Percentage Rate balances before higher ones. We apply any portion of your payment, in excess of your minimum payment, to higher Annual Percentage Rate balances before lower ones.” This is exactly what is called for in the CARD Act of 2009. It is unclear how the lawsuit will pan out, but it is an important remind to read your credit card agreement closely, especially the fine print.

Source: http://www.bankrate.com/financing/credit-cards/capital-ones-transfer-mess/

Related posts:

1. Chase Bank Faces Class-Action Lawsuit U.S. District Court Judge Maxine M. Chesney certified a class-action...
2. Class Action Lawsuit Over Foreign Transacton Fees Settled If you’ve charged any transactions overseas on your credit cards...
3. Ticketmaster Class-Action Lawsuit Of Entertainment Rewards Program Entertainment industry giant Ticketmaster stands accused in a class-action lawsuit...