Wednesday’s need-to-know money news

images (1)Today’s top story: How to build credit at any age. Also in the news: The best length of time for car loans, getting the most from store reward programs, and what heirs need to know about reverse mortgages.

Am I Too Old to Build Credit?
No. Never.

Should you take on a six-year car loan?
Probably not.

How to Get the Maximum Value Out of Coupons and Loyalty Cards
Getting the most from that annoying loyalty card.

What Heirs Need to Know About Reverse Mortgages
How much will you have to pay back and when?

Whether to Wed: 5 Tax Issues Facing Same-Sex Couples
Come tax time, marriage equality doesn’t necessarily mean financial equality.

Find a better credit card

Dear Liz: One of my credit cards offers mediocre rewards — mainly an online store where I can use points to buy products I don’t really need. I would like a card from the same company that offers better rewards, but this is my oldest credit card and I don’t want to hurt my credit score by closing it. Should I just open a new card and use this one sparingly? Can I call the company to seek better rewards without closing the account? Thanks for any help you can offer.

Answer: If you have plenty of other open accounts, don’t be afraid of closing one occasionally. Most credit issuers continue to report the details of closed accounts to the credit bureaus for years, so your good history with this card will continue to contribute positively to your scores even if you close the account.

With that in mind, you can call the issuer and ask for a better deal, which will usually mean opening a new card. You also can shop for new cards at one of the many card comparison sites, such as NerdWallet, Cardratings.com or Creditcards.com.

Get free credit monitoring for a year

TargetTarget’s offering free credit monitoring as penance for its recent massive database breaches. To get it, navigate to https://creditmonitoring.target.com and fill in your email address and name.

Within a day or two, you should get an activation code that allows you to sign up for one-bureau monitoring at Experian. Now, Experian’s a for-profit company, so it will try to sell you upgrades, such as a peek at “your credit score”–actually a PLUS score that isn’t used by lenders. You don’t have to buy anything or give up a credit card number to get the credit monitoring, however.

You will have to cough up your Social Security number and answer some questions culled from your credit report there so Experian will know you’re really you. As always, make sure the URL starts with an “https” before you give up private personal information.

You always need to be wary of credit monitoring offers. Apparently scamsters pretending to be Target are already targeting its customers, so you want to be sure you navigate to the right sites. Don’t click on links in random emails or give out private information over the phone to anyone who calls.

Another hazard has to do with lawsuits. Some companies offer credit monitoring after a breach, but in the fine print you agree to give up your rights to sue the company that suffered the breach or participate in class action lawsuit settlements.

In this case, the fine print requires you to agree to arbitration if there’s a problem with your credit monitoring service, but there’s no mention of giving up your rights regarding any future Target litigation.

I’m generally not a big fan of paying for credit monitoring, but free on-demand access to your credit information–plus alerts of suspicious activity–is a deal worth getting.

New giveaway: “Confessions of a Credit Junkie”

Confessions of a Credit Junkie High Res OriginalCongratulations to Kim from Davis, California, who won the copy of Mary Hunt’s “The Smart Woman’s Guide to Planning for Retirement” that I was giving away last week.

This week’s giveaway is Beverly Herzog’s “Confessions of a Credit Junkie.” Beverly made big mistakes with her credit, but was able to dig her way out. In the process, she became an expert on credit and credit cards. Whether you need inspiration for dealing with debt or just want some tips for getting the most out of your cards, Beverly’s book will be a big help.

To enter, leave a comment here on my blog (not my Facebook page).

Click on the tab above the post that says “comments.” Make sure to include your email address, which won’t show up with your comment, but I’ll be able to see it.

If you haven’t commented before, it may take a little while for your comment to show up since comments are moderated. But rest assured, it will.

The winners will be chosen at random Friday night. Over the weekend, please check your email (including your spam filter). If I don’t hear from a winner by noon Pacific time on Monday, his or her prize will be forfeited and I’ll pick another winner.

Also, check back here often for other giveaways.

The deadline to enter is midnight Pacific time on Friday. So–comment away!

Join our credit chat tomorrow

liz-credit-mythsI’ll be hosting a live video panel discussion about credit myths and facts tomorrow, Dec. 13, at noon Eastern/9 a.m. Pacific. Joining me will be John Ulzheimer of SmartCredit.com, Gerri Detweiler of Credit.com and Maxine Sweet of Experian.

This is a reprise of a conversation we had at FinCon13, the financial blogger conference held in St. Louis this fall. People there really seemed to get a lot out of it, so we thought we’d share our insights with a broader audience.

My panelists have the inside scoop on the credit industry. John has more than two decades’ experience working in the consumer credit industry, including stints with credit bureau Equifax and credit score creators Fair Isaac (creators of the FICO scoring formula). Gerri’s my go-to expert on consumer credit and debt collection; she’s also the author of the books “The Ultimate Credit Handbook” and “Slash Your Debt.” Maxine Sweet leads Experian’s consumer education efforts and knows how to give clear, concise (and correct!) answers to your questions.

You’ll find the live video stream here. Please bookmark the site and join us tomorrow for insights you won’t find elsewhere. Thanks!

Friday’s need-to-know money news

Today’s top story: How driving could affect your credit. Also in the news: The five C’s of credit, what you shouldn’t do this Christmas, and what we can learn about personal finance from three holiday classics.

How Does Driving Affect Your Credit?
Unpaid tickets could wreck your credit score.

The 4 Judgments Every Lender Makes Based on Your Credit
Introducing the five C’s of credit.

Essential Personal Finance Lessons From Three Holiday Classics
Kevin McAllister, coupon king.

Ten financial don’ts this Christmas
Advice from the experts on what you shouldn’t do this Christmas.

Everything I’ve Learned About Personal Finance in 10 Sentences
Short and sweet advice.

Friday’s need-to-know money news

Old Woman Hand on CaneToday’s top story: The warning signs of elder financial exploitation. Also in the news: Five harmless things that can hurt your credit, news apps to help college and financial aid searches, and what to do if you win the lottery.

Warning Signs of Elder Financial Exploitation
How to detect financial exploitation of our seniors.

5 Seemingly Harmless Things That Can Hurt Your Credit
How library fees and traffic tickets can ding your credit score.

20 new apps to help your college and financial aid search
Finding financial aid from your smart phone.

7 Painless Ways to Cut Expenses in Retirement
Ways to cut back without feeling the pinch.

Spending: What you need to know about winning a lottery
Someone has to win.

Tuesday’s need-to-know money news

Flying Piggy BankHow your good credit can be a valuable ally, never paying full price ever again, and everything you ever wanted to know about the debt ceiling but were afraid to ask.

4 Times Good Credit Can Come to Your Rescue
Good credit can be your best friend during emergencies.

Splitting From Wife, Want Cash From Home
How to draw cash from a home where you’re soon-to-be ex is still there.

Haggling 101: Six ways to get a deal on anything
Paying full price is SO yesterday.

8 Hobbies That Can Fund Retirement
That old rock collection finally comes in handy.

10 simple things that finally explain the debt ceiling
Introducing the next big fight that could paralyze congress.

Tuesday’s need-to-know money news

Credit card backgroundHow to avoid wrecking your credit, using your credit card to support your pet causes, and the most underrated jobs in America.

5 Habits That Can Wreck Your Credit
Complacency is a credit killer.

5 Tips to Help 50-Somethings Make Ends Meet
These tips can also help ease the transition into retirement.

How to Pick a Socially Responsible Credit Card
How your credit card can benefit the causes you support.

3 Ways to Make Your References Most Effective
Getting the most from your former employers.

What are the most underrated jobs?
What do a librarian, EMT and accountant have in common?

Thursday’s need-to-know money news

Old Woman Hand on CaneA September financial to-do list, the benefits of having multiple bank accounts, and why being cheap could make you more attractive to other people.

5 Credit Mistakes Older Americans Make
Paying attention to your credit is especially important as you get older.

The Financial Moves You Should Make in September
How to prepare for upcoming holiday expenses.

How Many Bank Accounts do you Need?
The pros and cons of multiple bank accounts.

Hands Off That 401(k)! 3 Reasons You Should Not Touch Your Retirement Savings
Why it’s a bad idea to disturb your nest egg.

Are frugal people more attractive?
Could being thrifty lead to romance?