Credit card due dates
According to the Credit CARD Act, your due date must be on the same day each month (for instance, the 7th of each month). In some rare cases, a card issuer may choose to change the payment due date because…
How to obtain your credit reports for free
Because of the COVID pandemic, each week, you’re able to access AnnualCreditReport.com to obtain three free credit reports (one from each of the three major credit bureaus, which are Experian, TransUnion, and Equifax). The three bureaus initially intended to provide…
The effects of closing an account
When you close an account or tradeline, you retain the age of that tradeline for 10 years. But, you could still be negatively impacted by a closed account. For instance, closing a credit card will result in a higher utilization…
Recognizing the terminology used to request a credit check
If someone is considering extending credit to you, they may view your credit report to analyze your credit history and determine how much credit they’ll extend. Why do variations of the term “credit inquiry” matter? Anyone accessing your credit report…
How to properly check your credit
When you check your credit, it’s important to not just obtain a credit report from one bureau. There are three major credit bureaus: Experian, TransUnion, and Equifax. Your reports at each bureau may not always have the same information, typically…
Hard credit checks versus soft credit checks
When a company reviews your credit, a soft or hard credit inquiry will be performed. The type of inquiry performed can affect your credit. So, it’s important to know the which is being pulled. Soft credit inquiries Soft inquiries do…
Balance chasing and how to limit further adverse action
If a credit card issuer seeks to reduce its risk with a cardholder, the issuer might opt to “balance chase” the customer by lowering the cardholder’s credit limit as the balance is paid down. Impacts of balance chasing If the…