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Credit Cards

Friday’s need-to-know money news

February 17, 2017 By Liz Weston

Today’s top story: Consumers have a powerful tool in credit card chargebacks. Also in the news: Credit card trends for 2017, how to stay on budget and still have a social life, and deducting your student loan interest.

Consumers Have Powerful Tool in Credit Card Chargebacks
When to dispute a charge.

4 Credit Card Trends for 2017 and What They Mean for You
Going back to basics.

Ask Brianna: How Can I Stay on Budget and Still Hang Out?
You don’t have to give up your social life.

PSA: Don’t Forget to Deduct Your Student Loan Interest
Deducting every penny possible.

Filed Under: Liz's Blog Tagged With: budget, chargebacks, Credit Cards, student loan interest, Taxes

Friday’s need-to-know money news

February 10, 2017 By Liz Weston

Today’s top story: Creating a budget isn’t as scary as it sounds. Also in the news: How filing separately could give some couples a lower tax bill, the history of the credit card, and how to protect your family business during a divorce.

Creating a Budget Isn’t as Scary as It Sounds
Taking the first step.

Filing Separately Could Give Some Couples a Lower Tax Bill
When it makes sense to file separately.

The History of the Credit Card
The origins of our favorite plastic.

How to protect your family business during a divorce
Protecting a legacy.

Filed Under: Liz's Blog Tagged With: budget, couples and money, Credit Cards, Divorce, Taxes, tips

Q&A: Will closing high-interest cards hurt your credit score?

February 6, 2017 By Liz Weston

Dear Liz: I have a few credit cards with very high interest rates — in the mid-teens. My FICO has improved (805 to 830) and I carry little or no balance on the credit cards. I have contacted the issuers asking for lower interest rates but they won’t budge. I have other credit cards with single-digit interest rates. I would like to close the credit cards with the higher interest rates and understand that I may see a drop in my FICO score. How long will take to get my credit score back in the 800s? Is this a wise move?

Answer: Sites that offer credit scores often also have simulators that estimate what might happen if you take certain actions, such as closing cards. You’ll note, though, that these simulators come with plenty of caveats that add up to: Your mileage may vary. A lot.

The reality is that it’s often tough to predict exactly how account closures will affect your scores or precisely how long those scores will take to recover. That doesn’t mean you can never close a card. For example, if you’re not using the card and you’re tired of paying an annual fee, then closing it can make sense if your scores are good and you’re not going to be in the market for a major loan, such as a mortgage. (You don’t want to close or open other accounts while you’re in the process of getting a loan.) If your scores drop a bit, it won’t be a crisis.

Closing a bunch of accounts at once, however, is generally not a good idea — particularly if you’re just doing it to “show them who’s boss.” If you’re not paying interest on these cards, their rates are irrelevant.

Filed Under: Credit Cards, Credit Scoring, Q&A Tagged With: Credit Cards, Credit Score, interest rates, q&a

Wednesday’s need-to-know money news

February 1, 2017 By Liz Weston

Today’s top story: NerdWallet’s best credit card tips for February. Also in the news: How to cope with delayed tax refunds, brick and mortar stalwarts close as e-commerce thrives, and free online classes to improve your financial literacy.

NerdWallet’s Best Credit Card Tips for February 2017
What cards will serve you best?

IRS Delays Some Tax Refunds: How to Cope
Security measures to slow things down.

As E-Commerce Thrives, Macy’s, Sears Stores Close
Brick-and-mortar stores turned to dust.

5 free online classes to improve your financial literacy
No excuses!

Filed Under: Liz's Blog Tagged With: Credit Cards, e-commerce, financial literacy, free classes, tax refunds, tips

Wednesday’s need-to-know money news

January 4, 2017 By Liz Weston

Zemanta Related Posts ThumbnailToday’s top story: Credit score companies ordered to pay millions in refunds. Also in the news: How the Trump presidency will impact housing, how to refresh your finances in the new year, and how to become an extreme saver in 2017.

Credit Score Companies Must Refund $17.7 Million to Customers
Could you have a refund on the way?

How the Trump Presidency Will Impact Housing in 2017
A glimpse into the future.

Ask Brianna: How Can I Refresh My Finances for the New Year?

How to Become an Extreme Saver in 2017
Every penny counts.

Filed Under: Liz's Blog Tagged With: Credit Cards, credit score companies, Credit Scores, housing, President Trump, saving, tips

Monday’s need-to-know money news

January 2, 2017 By Liz Weston

Pile of Credit CardsToday’s top story: The best credit card tips for January. Also in the news: Less than one month left to shop for Obamacare, how to spend more mindfully in the new year, and what research says about erasing credit card debt.

NerdWallet’s Best Credit Card Tips for January 2017
How you can make 2017 better than 2016.

Less Than One Month Left for ‘Obamacare’ Shoppers
The deadline is Jan. 31st.

How to Spend More Mindfully in the New Year
Paying closer attention.

What research says about erasing credit card debt
Following the best path.

Filed Under: Liz's Blog Tagged With: credit card debt, Credit Cards, health insurance, obamacare, tips

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