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Study: Higher Credit Card Balances Tied to Unhealthy Eating Habits

2013-08-01T14:48:00.002-04:00

A new study from the Journal of Consumer Research has found that as you max out your credit card limit, you are also more likely to see your weight go up as well.

1,000 households were followed over a six month period, and the study followed their credit card activity and the household grocery list. As it turns out, there was a correlation between families who charged their grocery bill to their credit card and families who bought a significant amount of junk food. The study explains, “The pain of paying in cash can curb impulsive urges to purchase…unhealthy food products. Credit card payments, in contrast, are relatively painless and weaken impulse control.”

The results of the study make a lot of sense, especially if you understand how grocery stores are arranged to encourage impulse shopping. When a person comes to the store with a grocery list and a clear notion of what they need to get and how much they can spend, there isn’t room for impulse shopping. If they are planning to charge it to a credit card, however, it changes their attitude. A bag of chips doesn’t seem like a big deal. The sugary snacks are on sale and placed on the end of the aisles. In the check-out line, shoppers will wait their turn while surrounded by candy bars, and even the strongest of wills can break down.

To curb your credit card balance and your waistline, we recommend putting together a grocery budget and grocery list ahead of time, and bring cash or a debit card instead of a credit card to the store. Some stores also offer a candy-free check-out lane if you still aren't sure you can make it out of the store without a Butterfinger. It can be tough, but your physical health and financial health will be better for it.

You can get more tips for improving your credit by liking My Credit Specialist on Facebook, following My Credit Specialist on Twitter, and subscribing to My Credit Specialist on YouTube! Also, go to http://www.mycreditspecialist.com to find out if credit restoration is the right choice for you!

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Google Credit Card Gets the Ax

2013-05-16T15:40:00.001-04:00

As Google I/O 2013 has been going on this week, the search engine and future world conqueror/benevolent overlord quietly announced that a Google credit card is not happening any time soon.

There were rumors that a Google credit card would be part of an update to Google Wallet, but with the recent departure of Osama Bedier, the VP of Payments with Google, it seems that the credit card has been put on hold. There are also reports that the credit card was presented to Google CEO Larry Page, but the product was “disappointing.”

Google used to offer pre-paid credit cards, but the cards were phased out near the end of 2012. Currently, Google allows consumers to use any credit or debit card with the Google Wallet service.

You can get more tips for improving your credit by liking My Credit Specialist on Facebook, following My Credit Specialist on Twitter, and subscribing to My Credit Specialist on YouTube! Also, go to http://www.mycreditspecialist.com to find out if credit restoration is the right choice for you!

Fewer Undergrads Carrying Credit Cards

2013-03-21T13:19:00.000-04:00

The average American is starting to dip their toe into credit again by opening a new credit card or charging more purchases, but young people are noticeably absent when it comes to establishing credit.

In a survey of undergraduates ages 18 to 24 in 2012, only thirty-nine percent had a credit card, a significant drop from 49 percent in 2010. The median credit card balance has also dropped over the years down to $1700 in 2010. Part of the reason why fewer undergrads are applying for credit cards is the new regulations for lenders promoting credit cards on college campuses. Credit card companies used to offer free t-shirts, coffee mugs, or pizza in exchange for college students applying for a credit card, but new regulations prohibit this kind of promotion.

On the one hand, it is undoubtedly a good thing that credit card companies cannot target college students in this manner anymore. No one wants students graduating from college with staggering credit card debt on top of their student loans. On the other hand, it isn’t good that they aren’t establishing any credit at all. Young people should get a credit card, use it sparingly, pay it on time, and keep it open. It isn’t good to graduate with a pile of debt, but it also isn’t good to graduate with only student loans on a credit report. Hopefully a thorough credit education among young people can help them make better decisions and establish a strong credit report.

You can get more tips for improving your credit by liking MyCredit Specialist on Facebook, following My Credit Specialist on Twitter, and subscribing to My Credit Specialist on YouTube! Also, go to http://www.mycreditspecialist.com to find out if credit restoration is the right choice for you!

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McDonald’s Customers Get Fries, Supersized Credit Problems

2013-01-31T16:33:00.000-05:00

Customers visiting a McDonald’s in Boca Raton got a Big Mac, fries, and Supersized credit problems.

McDonald’s employee Percival James has been charged with using a credit card scanner device on customer’s credit cards and selling their card information for $500 a card. According to James, he stole card information from 30 to 70 customers per day, and it is unknown yet how many customers were affected.

Patrons of the McDonald’s were getting calls and alerts that their credit card was being used in other cities or states. The common factor among the victims was that they used their card at the same McDonald’s restaurant. They reviewed the video surveillance footage and saw James swiping the card through a small scanning device and then writing down information on a piece of paper every time he processed a credit card transaction.

Identity theft can happen in an instant, and the only way to properly protect yourself is regularly checking your credit card activity and monitoring your credit report for any unfamiliar accounts or activity. If you have been a victim of identity theft and are running into problems with correcting your credit report, go to http://www.mycreditspecialist.com and contact a credit specialist today.

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My Credit Specialist – Now On Google+ Communities!

2013-01-08T16:37:00.000-05:00

We are excited to announce that My Credit Specialist is now on Google+ Communities! When you join our community, you can get the latest news and tips from My Credit Specialist, give us feedback, and connect with other My Credit Specialist fans and customers!

Click here to check out our Google+ Community!

FICO Pulls Back Curtain on High Credit Scores

2012-11-14T17:37:00.000-05:00

In the United States, a quarter of the American population has a credit score of 785 or higher. Over 50 million people have either figured out the secret to good credit or are really, really lucky. What do these 50 million people have in common? What do they know that the millions of Americans who have poor credit have not yet figured out? A recent study by FICO might hold the answer.

Looking closer at those prime credit consumers, their credit score has nothing to do with the amount of debt they are carrying. About a third of them have over $8,500 in nonmortgage debt. One in 9,000 has gone through a bankruptcy or tax lien. Around 1 percent of them have a collection account on their credit report. These customers are not necessarily perfect, but they still have stellar credit scores.

What gave these consumers an advantage? The biggest similarity between them was making their payments on time. Even the ones who had higher balances still had a tendency to pay on time. 96 percent of the group had zero missed payments listed on their credit report. If these consumers had any missed payments in their credit history, they happened so long ago that it is no longer listed on their report and affecting their scores. Overall, consumers with prime credit scores also tended to use a small percentage of their available credit, and as frequent readers will know, credit utilization has a huge effect on a credit score.

At My Credit Specialist, we want our readers to have the best credit score possible. Getting that prime credit score is tough, but we help you along the way with credit tips, consumer alerts, and our credit restoration services. To get the most out of My Credit Specialist’s services, be sure to like My Credit Specialist on Facebook, following My Credit Specialist on Twitter, and subscribing to My Credit Specialist on YouTube! If you want to learn more about our credit restoration services, go to http://www.mycreditspecialist.com and find out if it is the right choice for you!

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Thief Steals Bartender’s Credit Card, Tries to Buy Beer

2012-09-18T16:14:00.000-04:00

At My Credit Specialist, we love reading about dumb criminals getting caught. There is nothing more satisfying than seeing someone try to break the law and fail miserably, and it never fails to bring a smile to my face when a credit card thief is caught by the very person they are trying to steal from.

Last week in Miami, 53-year-old David Weber broke into a car and took the owner’s credit card. He then headed to a nearby bar and tried to buy a beer with the card. As it turns out, real cardholder is a bartender, and he just so happened to be working at that bar. Better yet, he was the bartender who took Weber’s beer order.

Weber has been arrested and charged with credit card fraud and theft. Currently, he is in the Miami-Dade County Jail and claiming that he is innocent. He says that he did not steal the card but rather found it on the ground outside the bar. Personally, I don’t know which is funnier, the manner in which Weber was caught or the fact that he thinks finding the card makes it okay to use it. If you find a credit card, you don’t head to the local bar and buy a beer. You either report it or try to find the card’s owner.

For that reason, we are bringing back the Navin R. Johnson Award for David Weber. It doesn’t matter if Weber found the card or broke into a car and stole it. Using a credit card that does not belong to you is fraud, plain and simple.

You can learn more about responsible credit card use, protecting your identity, and improving your credit by checking out http://blog.mycreditspecialist.com and going to http://www.mycreditspecialist.com. Also, make sure to follow us on Facebook, Twitter, and YouTube.

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New Card Makes Rewards Programs Easier

2012-07-06T15:51:00.002-04:00

Most Americans carry multiple credit cards, each with different rewards or cash-back programs. It can be near impossible to keep track of every single rewards program and all of its quirks and restrictions, so many people miss out on rewards that they should be earning. A new credit card promises to simplify the conundrum of multiple credit cards and help consumers get the most out of their rewards programs.

The Wallaby Card is a new service from Wallaby Financial. It is not a new credit card but rather contains every single credit card that the card holder has open. When someone swipes their Wallaby Card, the Wallaby Card sorts through every credit card rewards program, chooses the one that will earn the card holder the most rewards, and then charges the purchase to that card.

For example, let's say that John Smith has a Visa card, a MasterCard, and an American Express. He buys a cup of coffee with his Wallaby Card. The Wallaby Card determines that he will get the best rewards with his Visa card, so the card sends the payment to his Visa card. Later, he stops at the gas station to fill up, and he swipes his Wallaby Card again. This time, his American Express is the best choice because that card offers double rewards for gas purchases during the summer. All that John Smith has to do is keep up with his separate credit card bills.

Of course, the Wallaby Card does not come for free. New cardholders get six months of free usage, and after that, they pay a $50 yearly fee. Right now, Wallaby Financial is running a deal where the first 1,000 people to sign up for a Wallaby Card will get free lifetime memberships, and the next 5,000 after that will get a year of Wallaby Card service free.

After reading up on the Wallaby Card, I'm honestly surprised that no one had thought of doing it before now. Even with the $50 yearly fee, it is a fantastic service and will make life much easier for consumers juggling numerous credit cards. I have a feeling that those first 1,000 free lifetime memberships are gone, but if you want to get in on the free year, you can sign up on their website here.

Want more personal finance and credit card news? Check out My Credit Specialist on Facebook, and follow MyCredit Specialist on Twitter! Also, go to http://www.mycreditspecialist.com to learn more about the credit restoration process and whether it is the right choice for you!

Don't Cancel Your Credit Card

2012-05-17T12:39:00.001-04:00

A popular method of curbing spending is cutting up credit cards, but if you close those card accounts, your credit score could take a hit.

A large part of calculating a credit score is the consumer's credit utilization, or the amount of debt compared to the amount of credit available. The higher a consumer's credit utilization, the lower the overall credit score. By canceling credit cards, the consumer has less credit available, so their credit utilization shoots up and their credit score drops.

This “tip” should be common knowledge to anyone with a credit card, but somehow, the myth still lives on that canceling credit cards will help improve a credit score. Just last week, U.S. News & World Report mentioned it in their article “7 Weird Ways to Hurt Your Credit Score.” This is exactly why My Credit Specialist offers credit education blogs, videos, and other resources. Consumers clearly need this information. We even did a video over a year ago on prevalent credit myths, including why canceling a credit card lowers a credit score. These tips might be news to the readers of U.S. News & World Report, but our readers already have the tools to have a great credit score.

To keep up with the latest news and credit education from My Credit Specialist, like My Credit Specialist on Facebook and follow My Credit Specialist on Twitter. Also, go to http://www.mycreditspecialist.com to find out if credit restoration is the right choice for you.

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Bank of America's Ads Look Strangely Familiar...

2011-10-12T16:57:00.002-04:00

If you were a fan of the sadly short-lived ABC comedy Better Off Ted, then you probably look back fondly on the satirical commercials for the show's fake company, Veridian Dynamics. Their ads were meant to address issues like diversity in the workplace, their variety of products, and organic food, but these ridiculous commercials only proved two things. First, the general public had no idea what Veridian Dynamics did. Second, the company had no idea how to address issues like diversity in the workplace without being completely racist.

I was catching up on my YouTube watching when I noticed a promoted video by Bank of America. I'm the sort of person who is really interested in how big companies like Bank of America utilize YouTube, so I clicked on the video.

Oh boy.

The marketing team over at Bank of America really needs to watch Better Off Ted because their ads are creeping into Veridian territory. With everything that Bank of America has done in the past few years, though, I guess it isn't surprising that their business ethics and promotions are starting to resemble Veridian Dynamics more and more.

To learn more about being a responsible consumer, check out http://blog.mycreditspecialist.com, and go to http://www.mycreditspecialist.com to learn more about My Credit Specialist and sign up for their program today.

Jersey City Woman Hires Hitman for Ex-Boyfriend's New Girlfriend – With a Stolen Credit Card

2011-09-13T14:13:00.005-04:00

Sometimes, life in New Jersey is so crazy that it sounds like something out of a movie, a TV show, or a bad love song. Meatloaf once sang that he would do anything for love, but I think he would look at Marissa Mark, shake his head sadly, and sing, “...but I won't do that.”

Back in 2006, Marissa Mark was living in Allentown, Pennsylvania and getting over a break-up. She could have taken the conventional routes of finding a rebound, eating ice cream directly out of the container, or watching lots of sappy movies, but Marissa had another idea in mind. She found a hitman online and hired him to kill her ex-boyfriend's new girlfriend.

Hitmen don't exactly come cheap, and the site operator for Hit Man For Hire agreed to pass along the job to his network of hitmen for $37,000. Marissa paid an initial $19,000 using stolen credit card accounts through PayPal, and she promised to pay off the rest once the job was done. The hitman, Essam Ahmed Eid, contacted the girlfriend using an alias, and he said that he would call off the job if she could pay him off. The girlfriend paid him $20,000, and not long after, Eid was arrested and charged for taking another paid hit job. PayPal canceled the payment transaction, and Marissa was arrested. She is now facing charges and could face up to 56 years in prison.

For being stupid in love, stupid in money, and just plain stupid, we are awarding the Navin R. Johnson Award to Marissa Mark. Hitmen and stolen credit cards are never the answer to a broken heart.

To learn more about responsible credit card use and protecting yourself as a consumer, check out http://blog.mycreditspecialist.com, and go to http://www.mycreditspecialist.com to sign up with My Credit Specialist today.

Picture courtesy of MemeBase

Bank of America Gives Free Museum Passes to Credit Card Users

2011-08-16T12:00:00.003-04:00

Credit cards have offered rewards for their users for years including cash-back incentives and airline miles, but Bank of America is offering a different kind of incentive to their card holders who appreciate good art and culture.

During the first full weekend of every month, Bank of America customers can get into museums across the country for free. Many of these participating museums are major institutions. In New York City, participating museums include the Bronx Zoo, the Intrepid Sea, Air & Space Museum, the New York Aquarium, and the Metropolitan Museum of Art. This deal doesn't include special exhibition shows, but this is still a very good deal for card holders.

Now, I have never been a fan of Bank of America. I still think that they are a terrible bank to deal with, and I encourage our readers to steer clear of them. Even so, I love this incentive, and I think more banks should add museum incentives for their users, if only to expose more people to great art at the Met or science at the New York Aquarium.

For more consumer education and tips for finding the best credit card deals, check out http://blog.mycreditspecialist.com, and go to http://www.mycreditspecialist.com to sign up for a free credit evaluation today.

San Francisco Taxi Drivers Defy Law, Refuse Credit Cards

2011-05-26T12:40:00.003-04:00

I work in New York City, and on occasion, I will hail a taxi instead of taking the bus or subway. New York City taxi cabs are equipped to take credit cards as payment, something that I can take for granted at times. In the past few weeks, however, taxi drivers have been telling San Francisco commuters that fully-functioning credit card machines are not working.

Why do San Francisco taxi drivers hate customers paying with plastic? Well, the San Francisco Municipal Transportation Agency voted last year to pass along the five percent credit card transaction fees to taxi drivers. This might not seem like a lot of money, but that five percent adds up quickly.

According to San Francisco law, cab drivers are required to accept credit cards as payment, but many drivers are quietly breaking the law. Other drivers are instead taking the opportunity to educate their customers about how credit card transaction fees are cutting into drivers' profits and encouraging them to use cash instead of just denying their cards.

Personally, I believe that taxi drivers should follow the law as it states right now and not lie to their customers about broken credit card machines. Instead, they should focus their energies on ending credit card transaction fees which hurt taxi drivers and other small businesses alike. By breaking the law, they are putting their jobs at risk and only compromising their own cause.

Readers, we want to hear from you. Do you take taxis often, and if so, do you use cash or credit card? Also, do you think civil disobedience will help or hurt the taxi drivers' cause? Leave us a comment below, and tell us what you think!

To learn more about responsible credit card use, check out http://blog.mycreditspecialist.com, and go to http://www.mycreditspecialist.com to sign up for a free credit evaluation today.

Nursing Home Worker Steals Credit Cards, Check From Patient's Wife

2011-05-19T13:55:00.007-04:00

Lately, the news has been abuzz with foster children and toddlers having their identities stolen, and last week, the elderly were brought to the forefront as being vulnerable to identity theft.

80-year-old Loretta Louise Brillhart's husband Richard was a patient at the Colonial Manor Nursing & Rehabilitation Center earlier this year. During a visit, she left her purse in her husband's room, and Nicole Janise Jones, a caregiver for Richard, stole one of Loretta's checks as well as her credit card and debit card.

Jones used the check to pay her $612.93 Comcast bill, and she charged an undisclosed amount to the credit and debit card. According to the York Daily Record, she went shopping with the credit card and just kept charging the card until it was finally declined.

For high levels of stupidity and the moral depravity to steal from an 80-year-old woman, I am awarding Nicole Janise Jones with the Navin R. Johnson Award. Ms. Jones, you stole from your patient's wife. I have no qualms saying that you are a horrible human being. I hear you are currently being held in the York County Prison, and I hope you stay there.

To learn more about responsible credit card use and protecting your identity, check out http://blog.mycreditspecialist.com, and go to http://www.mycreditspecialist.com to sign up for a free credit evaluation today.

New MTA Payment: Convenience vs. Credit Card Security

2011-05-18T11:02:00.002-04:00

In the past year, the MTA has been trying out a new method of payment for the New York City subway and bus system. Instead of buying an extra MTA card, commuters could use their swipe-less credit cards for subway fare. When they started testing the new payment method last year, MTA and city officials claimed that paying by touch-and-go credit cards would make subway stations more efficient and cut down on commute time, but I think that by implementing this change right now will actually cause new problems and could put commuters' credit card information at risk.

In the past year, there have been numerous stories about how the technology for RFID chip credit cards like MasterCard's PayPass has not been perfected. It is easy for credit card thieves to grab a card's information just by putting a credit card reader in their pocket and then bumping into a card owner. For the sake of convenience, consumers are putting their personal information at higher risk.

Consumers should also keep in mind how easy it was for criminals to rig ATMs to steal card information. They put their own card scanner over top of the ATM's scanner, and even if a customer suspects that something is wrong with the machine after they swipe their card, the criminal still has their information. How much easier would it be to install a fake credit card touch pad at subway stations or tamper with the touch pads to steal commuter's information?

The MTA is providing another method for commuters who don't have a swipe-less credit cards or just want to keep a separate MTA card, but even these cards are undergoing some changes. These will also be swipe-less cards like the New Jersey PATH cards or London's Oyster cards, but the MTA will encourage commuters to link their MTA card to a credit or debit card so that they won't have to spend time refilling their card at the station. I'm all for moving to swipe-less MTA cards, but I would feel uncomfortable linking my MTA card to my credit card. If I lost a card before that had $10 on it, I would only be out $10. If my MTA card is lost or stolen and it is linked to my debit or credit card, the consequences could be much worse.

How do you feel about the MTA's payment changes? Do you prefer the old cards, or do you think the changes will make commutes easier? Leave a comment below, and let us know what you think!

To learn more about responsible credit card use and protecting your personal information, check out http://blog.mycreditspecialist.com, and go to http://www.mycreditspecialist.com to sign up for a free credit evaluation today!

"Mad Hatter" Thieves Hit Detroit

2011-05-10T17:27:00.006-04:00

I regularly joke with people that when I get older, I plan on joining the Red Hat Society, a group of women who dress up in red hats and purple dresses and go out on the town together. I was surprised to hear this week that a group of Detroit women had twisted the idea. Instead of putting on hats and going out to the theater, these women are putting on hats and going out to steal credit cards.

The group has been dubbed the “Mad Hatters” by the press, and so far, they have stolen almost half a million dollars worth of cash and merchandise. According to reports, they seek out distracted shoppers who have left their purses unattended in their shopping carts and snatch their cash and cards.

I imagine that people are more trusting of these women because they are elderly and probably remind them of their grandma. Still, crime is crime, and these women are thieves no matter how old they are or how cute they might look in their hats. The police still haven't identified these women, so if you are in the Detroit area, keep an eye out for the Mad Hatters and keep the other eye on your purse.

Today, I am awarding the Navin R. Johnson Award to the Mad Hatters of Detroit. Your hats and thievery will tip off the police soon enough, and thanks to your actions, the people of Detroit will be less trusting of the elderly.

To learn more about protecting yourself from identity theft, check out http://blog.mycreditspecialist.com, and go to http://www.mycreditspecialist.com to sign up for a free credit evaluation today.

"Raising Arizona" Thieves Steal HD TVs, Baby Clothes

2011-04-18T11:50:00.005-04:00

In Raising Arizona, Nicholas Cage holds up a convenience store for some cash and an economy-sized pack of Huggies diapers. The whole scenario is ridiculous and played up for laughs, but earlier this week, three women in North Carolina followed suit, using stolen credit cards to buy baby clothes.

The stolen credit cards belonged to teachers at two local elementary schools. One of the women, who as of now has not been identified, walked into the schools and asked to use the bathroom. At one school, she had to sign in at the office, and she used a fake name. She then sneaked into several unoccupied classrooms where several teachers had left their purses and stole their wallets.

From there, the three women, one of whom is pregnant, bought an American Express pre-paid credit card and went on a shopping spree. Their purchases included an X-Box, two HD televisions, a phone, and baby clothing.

This story would be kind of funny if it wasn't so sad for the people these selfish women were stealing from. I mean, these credit cards belonged to elementary school teachers, a profession which is underpaid, under-appreciated, and overworked. I don't really care what excuse these women have for their actions because honestly, there is no excuse for stealing anyone's credit card, much less a teacher's credit card, and using it to buy two HD televisions.

The good news is that the police have video surveillance of these women, and it is only a matter of time until they are caught. For going on their Raising Arizona-esque shopping spree, I am awarding the Navin R. Johnson Award to all three of these women and especially the still-unidentified pregnant woman. You will most likely be bringing a child into the world just as you are heading off to prison. How stupid can you get?

To learn more about responsible credit card use, check out http://blog.mycreditspecialist.com, and go to http://www.mycreditspecialist.com to sign up for a free credit evaluation today.

Credit Card Thief Sends Thank-You Note, Flowers to Victim

2011-04-15T11:07:00.002-04:00

I read about a lot of credit card thieves. Scam artists, struggling businessmen, irritated in-laws, millionaires buying pizza, I've seen it all. Of all the credit card thieves, however, I have never heard of a thief sending his victim flowers...and a thank-you note.

Last week, Rhode Island resident Stephanie Marisca had $2,500 in fraudulent online purchases charged to her Bank of America card. Bank of America quickly closed the account, and the police immediately started tracking down the thief. At this point, I think that a smart criminal would lie low for awhile until the police stop looking, but instead, he decided to send Stephanie flowers and a handwritten card which read, “thnx for ur money.”

Now, if I was Stephanie, I would already feel pretty vulnerable and angry seeing as someone just tried to steal thousands of my hard-earned dollars from me. After all this person has already done, I would be livid if they had the nerve to send me a note. I don't know if the thief did it because they have a sick sense of humor or if they honestly thought that the flowers and note would make Stephanie feel better. Either way, this criminal is unbelievably selfish and stupid, and I hope the cops find fingerprints all over the letter.

To learn more about protecting your identity and responsible credit card use, check out http://blog.mycreditspecialist.com, and go to http://www.mycreditspecialist.com for a free credit evaluation today.

Low Debt, Low Credit Scores in Alabama

2011-04-05T11:20:00.004-04:00

There are a lot of misconceptions about credit scores and debt. Many consumers believe wrongly that if they don't have any debt, they don't have to worry about their credit score. To disprove this notion, consumers only need to take a look at the great state of Alabama.

According to a study from CreditKarma, Alabama has the fifth lowest average amount of debt statewide. Many consumers would assume that Alabama's average credit score is pretty high, but they would be wrong. Alabama actually has the fourth lowest average credit score statewide, coming in with an average score of 642.

Credit scores are meant to gauge the risk of lending to a consumer, and debt does play a role, though not in the way some people think. In order to have a good credit score, I need to have a strong credit history. I have to borrow money whether by a loan or by using my credit card, and then I have to show that I can repay that money. Debt starts to play a role when it comes to credit utilization. For example, if I have a credit card, I only want to use a small fraction of my credit limit, and I don't want to carry a large balance from month to month.

The trick is to use your credit card enough to establish a good credit history but not too much to rack up debt. Alabama is doing pretty well staying away from debt, but by being credit-shy, they are hurting themselves later if they want to buy a car or get a loan.

To learn more about responsible credit card use, check out http://blog.mycreditspecialist.com, and go to http://www.mycreditspecialist.com to sign up for a free credit evaluation today.

Banks Hike Up ATM Fees

2011-03-29T11:43:00.003-04:00

I hate ATM fees. They are just about my biggest day-to-day annoyances with banks, and according to the Huffington Post, they are only getting worse.

HSBC currently charges $3 for using non-HSBC ATMs, and in Illinois and Texas, JPMorgan Chase is charging $5 and $4 respectively. On the lower end, TD Bank and PNC Bank are charging $2 for every use of another bank's ATM. PNC customers can avoid these fees by paying a $25 monthly fee, but seriously, who wants to pay that?

Banks claim that these ATM fee increases are making up for their losses from the Dodd-Frank financial reform bill. Before these increases, the banks were making billions of dollars off of ATM fees. Last year alone, they made $7.1 billion, and they are set to make even more this year.

This story is the perfect example of why financial reform isn't really working out the way it should. As soon as the federal government has outlawed one practice, the banks and credit card companies have come up with 10 more ways to get more money out of their customers.

If you want to avoid ATM fees, I recommend sticking to your bank's ATMs, and if there aren't any in your neighborhood, go to a local grocery store and buy a soda or a pack of gum. Use your debit card, and request cash back.

To learn more about responsible credit card use, check out http://blog.mycreditspecialist.com, and go to http://www.mycreditspecialist.com.

Millionaire Dentist Steals Credit Card, Buys Pizza

2011-03-11T11:33:00.004-05:00

In this blog, we have covered a lot of weird stories involving credit card theft. There was the businessman who stole from Peter Jackson to save his company, the woman who wanted some liposuction and a boob job, and the CVS cashier who just wanted some booze and cigarettes. For the first time, however, I am stumped, all thanks to a dentist from Michigan who apparently wanted some free pizza.

This strange story begins with a college student Harrun Majeed accidentally dropping his credit card in a grocery store parking lot. The card was found by Richard Lewis Ludwig, the aforementioned dentist, who was in the area for his son's baseball tournament. Instead of turning in the card to the authorities, Ludwig stopped in at a nearby pizzeria and placed an order for two large pizzas with extra olives. He was still waiting for the pizza when the police arrived to arrest him.

My initial thought was that maybe the guy was just hungry and short on cash. Perhaps his dental practice had fallen on hard times, and he had several small hungry children at home who really liked olives on their pizza. Well, as it turns out, Ludwig had absolutely no excuse for his actions beyond that he wanted some free pizza. When the police took him in, he had $250 in his wallet, and according to Ludwig himself, his net worth is about $4 million.

There is nothing else to say but to give Richard Lewis Ludwig of Michigan the Navin R. Johnson Award for credit card theft stupidity. You had $250 in your pocket, and you used a poor college student's credit card to cover a $40 pizza bill. You are a moron.

To learn more about responsible credit card use, check out http://blog.mycreditspecialist.com, and go to http://www.mycreditspecialist.com to sign up for a free credit evaluation today.

GameStop Sued for Storing Customer Information

2011-03-09T15:17:00.004-05:00

Gamers, beware! You might want to think twice about picking up Crysis 2 or the new Lego Star Wars at GameStop.

Recently, there was a class action suit filed against the popular video game retail store claiming the store is in violation of California Civil Code section 1747.08. According to the law, corporations like GameStop are not allowed to ask credit card users to provide and record their PII, or personal identification information.

The suit was filed by Melissa Archehiga, and in the suit, she says that GameStop requested her personal identification information while she was making a purchase. The employee did not tell Ms. Archehiga that she was not required to give them her personal information. After that, the employee entered her information into the electronic cash register, scanned her credit card, and then did not delete her information from the electronic cash register.

If Ms. Archehiga is successful, she and other plaintiffs could get up to $1,000 for each violation from GameStop. While I'm sure that GameStop will be more diligent in making sure a situation like this does not happen again, I'm glad that this story has brought attention to consumer rights. You do not have to provide personal information while making a purchase, and stores do not have the right to keep that information without your knowledge. Read up on your state's laws, and know your rights as a consumer!

To learn more about responsible credit card use, check out http://blog.mycreditspecialist.com, and go to http://www.mycreditspecialist.com to sign up for a free credit evaluation.

Bride Runs Wild with Father-in-Law's Credit Card

2011-03-07T13:43:00.005-05:00

The merging of two families in the midst of a wedding can sometimes be tense, contentious, and high-stress. New in-laws can't agree on place settings at the reception or the menu for the rehearsal dinner. It is rare, however, when the drama before a wedding includes the bride turning into a credit card thief.

Montana bride Brittany Marie Lanaghan was upset because she had paid for gas for her future in-laws' cars and had not been reimbursed. She decided to get a little revenge by charging $5,776 to her soon-to-be father-in-law's credit card. Most of the 55 charges were wedding related, in particular a $1,609 charge to the motel where the wedding, but she also purchased diapers and a laptop computer as well as paying for her cell phone and satellite TV bills.

Lanaghan has been charged with deceptive practices by common scheme. She has officially plead not guilty, and she is currently free without bond.

Now, I got married last December, so the stresses of wedding planning are still fresh in my mind. While planning a wedding, people are going to clash and get into arguments. There is no avoiding it. Honestly, though, Lanaghan overreacted in the worst way. She didn't get reimbursed for gas, so she decided to steal her future father-in-law's credit card. Before her marriage has barely begun, she has destroyed any trust with her in-laws and her husband as well. What will stop her from running wild on her husband's credit card when she gets upset or doesn't get her way?

For stealing from her in-laws, I am awarding the Navin R. Johnson award to Brittany Marie Lanaghan. Really, Brittany, did you think you wouldn't get caught?

Girl Scout Cookies: Now Accepting Cash or Card!

2011-02-28T14:32:00.004-05:00

After years of cash-only, you can now buy Thin Mints with a credit card.

The Girl Scouts have been selling Shortbread, Tagalongs, and Thin Mints for years, but starting this year, the San Diego Girl Scouts can accept credit card as payment. Considering how much people rely on cards for payment, the Girl Scouts will most likely see a rise in sales.

Thanks to iPhone technology, secure credit card transactions are easy and portable. Troops will get iPhones with mophie marketplace credit card cases. They swipe the credit card, and the customer signs the receipt on the iPhone touch screen.

Some people might see this as a gimmick to boost sales, but I think this is a pretty cool idea from the Girl Scouts. First, they probably will see an increase in sales. Many people use their credit or debit cards more often than cash, and the ability to process credit card transactions gives people one less excuse not to buy Girl Scout cookies. Second, and more importantly, the Girl Scout organization is using this advancement as a teaching opportunity. In a press release from mophie, leaders from Girl Scouts and mophie have stated that they want the girls to learn about using credit and think outside the box with new technology.

Readers, we want to hear from you. Do you think it is a good idea for Girl Scouts to adapt credit card technology? Are these girls responsible enough to handle credit card transactions? As a bonus, what is your favorite Girl Scout cookie? Leave your response below!

To learn more about responsible credit card use, check out http://blog.mycreditspecialist.com, and go to http://www.mycreditspecialist.com to sign up for a free credit evaluation today.

Follow Up: “Lord of the Rings” Credit Card Thief Gets Prison Time

2011-02-15T11:23:00.005-05:00

Last month, we brought you the story of Richard Berry, a Michigan business owner who sold toys and collectibles. When his business started to fail, he used film director Peter Jackson's credit card information to charge $190,000 in a desperate attempt to keep his business open. Since being caught, Richard has cooperated with authorities and has already paid off over half of the bill in hopes that he will get to serve his sentence outside of prison.

Last Monday, Richard Berry received his sentence. He will serve 10 months in prison, pay restitution, and be under court supervision for 3 additional years after completing his prison sentence.

Since the first article was published, some readers have pointed out that Richard Berry committed a serious crime and that theft and credit card fraud is never acceptable. I wanted to assure our readers that we do not condone Richard Berry's actions in any way. I was sympathetic for Richard Berry's situation with his business and the difficulties of a small business owner in today's economy, but his actions were wrong, no matter his intentions might have been. I apologize if that was unclear in the original article.

To learn more about responsible credit card use and protecting yourself against credit card theft, check out http://blog.mycreditspecialist.com, and go to http://www.mycreditspecialist.com to sign up for a free credit evaluation today.