Your Credit Questions and Answers

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...

  I am about to have my last birthday of my 7th decade.  I know, a strange way to say I am turning 69. I was 33 years old with a problem. I had no idea how credit worked. I had a couple of credit cards which I usually paid on time.  At 28 I had purchased my first house with owner financing.  The woman I bought my first house from did not check my credit as I made a significant down payment.   At 33 years old I was applying to purchase my second house and I was going to rent out my first house. We applied for a home loan from a bank, however my wife at the time had missed a payment on her credit card and I had missed a payment on my credit card. The Bank required an explanation as to why we had missed payments.  I thought it was silly as neither of our missed payments were for more than $25.  My income at the time was significantly more than needed to easily make the payments and other than a small loan on the first house we were debt free.   ...

  Debit card fees will vary depending on the bank or financial institution you use. Here are some common debit card fees : ATM withdrawal fees : When you use an ATM that is not owned by your bank or financial institution, you may be charged a fee by both the ATM owner and your bank. This fee typically ranges from $2 to $5 per transaction. Foreign transaction fees: If you use your debit card to make purchases or withdraw money in a foreign country, you may be charged a fee by your bank or financial institution. This fee is typically a percentage of the transaction amount, ranging from 1% to 3%. Replacement card fees: If you lose your debit card or it gets stolen, you may be charged a fee to replace it. This fee can range from $5 to $25 depending on your bank or financial institution. Overdraft fees: If you spend more money than you have in your account, you may be charged an overdraft fee. This fee can be as high as $35 per transaction.  Ouch. Balance Check Fee:  Some A...

To earn an 800 Plus credit score you must have at least Three Different Credit Sources , No Missed Payments in the last 7 years, Less than a 10% Credit Utilization , and an Average Credit History of at least 6 years.       An 800 Plus credit score is considered excellent and what most people would like to accomplish.   A perfect FICO or Vantage 300 Credit Score is an 850. The worst is a 300.  800 Plus Credit Score Requirements The requirements for an 800+ score are rarely stated but here's what I have found: You must have at least three sources of credit, up to five will have a positive affect. An example  might be  two credit cards, two car loans and a mortgage or two credit cards and a personal line of credit. You cannot have any thirty day late or MIssed Payments in your credit history in the last 7 years. I have been able to get some missed payments removed. Check out How I removed a Missed Payment. You cannot have any Collections ...

Always Be Nice to Customer Service Customer Service Agents are able to help you if you're nice to them and hurt you if you're not. I was never taught how to deal with Customer Service.  However my Mother always taught me to be a Gentleman. Customer Service on the Phone I am always extremely nice and courteous to customer service. They have a very tough job because so many people yell at them and treat them horribly.  So many customers, especially of banks or credit cards, make a mistake but won't accept responsibility for their mistake. The customers want to blame the bank for the missed payment.  My dog ate my statement so I didn’t pay my bill. My rule of thumb is always be extremely nice to customer service. They're just doing their job and it is a tough one. They can certainly help if you are nice to them. Customer Service Tracks You Many Customer Service agents are able to make notes on your account. If you are particularly mean during an interaction they will ...

Three Steps to Identity Theft If someone attempts to steal my identity they will do at least these three things. They will: Get my Social Security Number Change my mailing address to their address Apply for a new credit card or loan with my name Closely Track New Credit Applications If the Thief has gotten my social security number and applied for new credit this will show up on my credit history. By closely tracking the credit applications made with my SS number I will know right away if my Identity is being stolen. Credit Karma Monitoring is Free With Credit Karma monitoring, any time new credit is applied for Credit Karma emails me with a notification. I check my credit and my email regularly. My Stolen Credit Card Monitoring If the thief has stolen my credit card number and used it I will get an email from my credit card company that my card was used. I have my credit cards set up so any charge creates an email to me. You can setup a separate email account just for credit card pu...

Recently I tried to use one of my Chase cards with a low credit limit to purchase an expensive item. My credit limit for the card was $4,000 and I tried to charge $8500. Chase declined the purchase.   Credit Card Customer Support  I called Chase Customer Support but the three digit number on the back of my card has rubbed off. I cannot read it. When I talked to Customer Service, I could not give them the three digit number on the back of my card.  Chase must have thought the card number had been stolen and temporarily closed all of my Chase Credit Cards. Support On Hold I called in over that weekend and was told I needed to talk to Loss Prevention.  Three times I was transferred to Loss Prevention and they never picked up the phone.  After twenty minutes or more I just gave up each time. Chase stopped usage of all four of my Chase cards for four days until my account got straightened out. I have a total of $35,000 credit available on the four different Cha...