Category Archives: Credit Cards Articles

Credit Karma Q&A: Hard Credit Inquiries and Accounts in Collections

May 02, 2011   Daniel Murphy   No comments

Several actions can negatively affect your credit score: hard inquiries, accounts in collections, tax liens, bankruptcies, and foreclosures are some of the most common. But how do they really affect your credit? For how long will it affect your credit score? What can you do if you think the negative information is inaccurate?

All of these are commonly asked questions over in our Credit Advice center, a community-powered Q&A forum. Credit Karma users are always prepared with great answers, many times straight from their own financial experiences.

Here are some responses to the common questions around hard inquiries and accounts in collections.

Hard Credit Inquiries

Accounts in Collections

Still curious about how negative marks affect your credit?

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  Tags: Accounts, Inquiries Accounts

Spring Cleaning: Forming New Money-Saving Habits

April 28, 2011   Daniel Murphy   No comments

This week is Credit Karma Spring Cleaning week! We’ll be blogging all week about spring cleaning tips related to your finances and the rest of your life.

To me, spring cleaning means reevaluating the way you do things and asking yourself how you can “clean up” your habits. It also means finding ways to save money in the process; and I’m always looking for ways to live more frugally.

I’m sharing some of my frugal findings when it comes to spring cleaning habits to work into your everyday routine.

Reevaluate Your Personal Hygiene

Let’s start with something personal: your hygiene. There are w

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  Tags: Cleaning, Spring Cleaning

Student Loans Get a Compassionate Policy from Wells Fargo

April 27, 2011   Daniel Murphy   No comments

Student Loans Get a Compassionate Policy from Wells Fargo

Lots of banks talk about how they really want to look out for their customers, and almost every financial institution uses slick ad campaigns to make them appear more compassionate and caring. But consumers know from experience that what really gets banks emotional is making profits, not matter what. One major bank, however, has decided to put its money – or its customers’ money, to be more specific – where its mouth is.

In a compassionate and significant move, Wells Fargo recently changed its policies and procedures to include student loan forgiveness in the event of a student beneficiarys death or permanent disability. This

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  Tags: Compassionate Policy, Fargo, Student Loans Get, Wells Fargo

The Advent of Huge Bonus Miles Credit Card Programs

April 23, 2011   Daniel Murphy   No comments

The Advent of Huge Bonus Miles Credit Card Programs

Credit card companies fight tooth and nail to get each other’s loyal customers, and when the competition heats up it is always good for the cardholder. The most dramatic example of this kind of war to win customers in recent history happened this spring, when innovative card company Capital One fired the first shot by matching up to 100,000 points for anyone who moved mile accounts over to the travel rewards card.

That attracted lots of people who had accumulated miles in other programs and did not want to risk losing them by changing credit cards. In addition to that, the card company also offered a bonus award of 10,000 points to anyone who signed up for the card. T

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  Tags: Card Programs, Credit Card, Credit Card Programs, Programs

Credit 101: How Your Credit Score Range Affects Credit Card and Loan Options

April 22, 2011   Daniel Murphy   No comments

In last week’s post, we brushed up on the basics about credit score differences between credit bureaus and even within the same credit bureau. Now, let’s discuss the significance that three digit number might have to lenders looking at your credit.

Let’s take a look at your credit range, here based on TransUnion’s range used by Credit Karma, and how it influences your chance to access credit.

Poor Credit Score: 300 to low 500s

Your credit is in bad shape due to a derogatory remark on your credit, like a bankruptcy or foreclosure, or some poor credit choices in the past. Typical

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  Tags: Credit, Credit Score

The Federal Reserve Clarifies Rules to Project Credit Card Consumers

April 18, 2011   Daniel Murphy   No comments

The Federal Reserve Clarifies Rules to Project Credit Card Consumers

The Fed recently clarified its rules regarding credit card company promotional or “teaser” rates, requiring that card companies cannot increase a cardholder’s promotional interest rate unless and until the customer is at least 60 days delinquent on their payments.

These promo rates are used primarily as a marketing ploy to entice people to sign up for a credit card, and the deals offered can be really good for the consumer. But if the rate gets changed unexpectedly – before the promised expiration date – then the cardholder loses out on the benefit of the low intro rate.

U

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  Tags: Card Consumers, Consumers, Credit Card, Credit Card Consumers
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