Credit Cards For Less Than Perfect Credit

Dear Erica,

I want to have my boyfriend (whom I’ve lived with for three years) added to my employer’s group health benefits as a domestic partner. I have to show several forms of proof that we’re financially dependent on one another. One way to prove that is opening a joint credit account. Our plan is to open a joint account and never use it (except as proof for him to qualify for my employer’s health insurance benefits). My boyfriend has never had a credit card, which I’m guessing means he has no credit history. Will sharing an account with him hurt my score (which is pretty good)? Also, will opening up another credit account that I never use hurt my score? Christin

Read the full post

Dear Erica, I received a letter from my credit card company saying that my credit card balance is too high and they are lowering my credit limit. I don’t get why they would do this since I’ve never missed a payment. Wouldn’t they want me to charge a lot to the card? Dave

Dear Dave, Well, the bank gave you their answer. They cut your credit limit because they believe you overcharged and have become a risk. Yes, even with a perfect payment history.

Maintaining a high balance can be an indication that something is amiss in your financial world. And i

Read the full post

The average consumer is saddled with $29,985 in student loan debt, according to recent Credit Karma data. That’s an increase of 6% over last year. Pair those figures with a weak economy and a slow job market and the outlook is grim for many young adults. In light of this trend, President Obama has announced new measures to make student loan debt easier to repay. Some of his proposals include capping loan payments to 10% of a borrower’s income and offering debt forgiveness after 20 years of payment instead of the present 25 years.

Unfortunately, these rules only apply to federal loans. To

Read the full post

What you charge on your credit card eventually may determine what ads you see online, according to a new report.

The Wall Street Journal obtained documents indicating that Visa and MasterCard are working on strategies to link Web users with credit card purchases.

Online browsing habits have long been used to help target ads to consumers, and both Visa and MasterCard already anonymously analyze the billions of transactions they process each year.

However, linking personal purchases to ads tailored to individuals takes the technology to the next level.

Read the full post

Why do you need to build up credit? Nowadays, having good credit is a must if you want to be able to afford having all the necessities of life without any hassle. Having credit denotes that you are financially responsible and, therefore, reliable. You need good credit to buy or rent a car, buy or rent a house, to set up utilities, and to obtain loans, among other reasons. But how do you build credit nowadays, when every financial institution requires having credit already in order to be approved for a credit card?

This is a question many people ask themselves constantly, because it is so hard to obtain the approval of a credit card company with no history at all.

Read the full post

With football season just around the corner, I’m still shaking my head at you.

I was there when it all went down. In the middle of the worst fiscal crisis in your history, the ax came down on every side. To make up for a huge budget deficit, your decision-makers imposed furloughs on great professors, ceased funding to championship athletic teams, and brought on steep tuition hikes. It was the ultimate belt-tightening. But hard choices and sacrifices are made when dealing with debt, and as a personal finance writer, I get that.

Then, it seemed like that ax turned to gold. Y

Read the full post