Should I Carry a Balance On My Credit Card?

Many people think that it will help your credit if you carry a Balance on your Credit Card. This is simply not true.

The only things that change if you carry a balance on your card is you will pay a high rate of interest and you will pay interest.

You do not need to pay interest on your cards to keep them active and for them to have a positive effect on your credit score.

Use each of your cards a few times a year and pay them off in full at the end of the month and they will stay open and eventually have a positive effect on your credit score.

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New Account Notification

I have four different Free ways to be notified of a new account being opened in my name on my Social Security number. This is the critical notification that your Identity is being stolen if you did not just open a new credit line. My Discover card, Credit Karma, Chase Bank, and Credit Sesame accounts all notify me if there has been a new account opened in my name with my Social Security number. New Credit Account I recently opened a new Home Depot* credit card. You know those Black Friday tool sales sucked me in again. I do it almost every year. Anyway right on time the next day and the day after I opened a new account I was notified by Credit Karma, Discover, Chase Bank, and Credit Sessame. Why This is Important Any time your credit is checked you need to be notified. If you did not apply for new credit it is likely to mean someone is attempting to STEAL Your Identity. The first step in Identity Theft is for the thief to apply...

What Caused My Credit Score to Drop?

The most common reasons for a credit score drop is a missed payment, a new line of credit, a credit card removed, or an increased use of your credit. A missed payment will have a significant and lasting effect on your credit score. I had an 810 credit score and I missed a payment on my Lowes card. I did not realize I had a bill with them. The bill was under $50. I realized I had not made the payment when it showed up as a negative on my Credit Karma credit score. It dropped my well aged with over 800 credit score by over 90 points. Check this article on how I was able to get the Lowes negative removed.???** A new line of credit like a new credit card will lower your credit score. Depending on how much credit history you have, a new line of credit will lower your score by ten to thirty points. Increasing your debt with a major purchase on your credit card or a new car loan, will also lower your credit score. A friend of mine ...

Bank Fees and How to Avoid Them

I hate to pay fees. Little fees, big fees, they all irritate me. In the old days of checking accounts where local companies all accepted checks, banks used to charge $15 to $25 on bounced checks. In my area of Montana they made enough in Bad Check fees to pay all of their full time tellers. A friend who was a banker told me this. Fees are a huge revenue source for banks. I try to avoid most bank fees. My checking account is does not have a monthly fee. My savings account does not have a yearly fee. I do have an annual fee on my lines of credit, HELOCs, but I have not been able to talk my banker out of those fees. Debit Cards Fees will grow quickly if you don't pay attention. Debit card fees can vary depending on the bank or financial institution you use, as well as the type of account and the transaction type. Here are some common fees associated with debit card usage: ATM withdrawal fees : When you use an ATM that is not owned by your bank or financial institutio...

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