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…
Credit Cards
How secured credit cards work
A secured credit card is a great way for someone to build or rebuild credit if they have a poor credit history or little to no credit history. The main difference between secured credit cards and unsecured credit cards is…
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…
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…