Richard Cordray, the director of the Consumer Financial Protection Bureau, is urging credit companies to provide customers with their FICO credit scores for free on their monthly statements. The scores are used to determine our ability to access credit like taking out a loan for a house or car, and on our ability to get a desirable low interest rate on those loans. “Making consumers’ credit scores freely available on their monthly statement or online makes it easier for them to spot problems with their credit report,” Cordray said.
In the NYT Times Magazine, economics reporter Shaila Dewan looks at how credit card debt helps low-income people. For one thing, having access to credit and demonstrating an ability to pay back money you borrow builds a better credit profile that helps people save money over time.
I am not the person to ask about credit cards, because I only use them sparingly and don’t do things like play the airline miles game, but perhaps y’all can talk about what has worked for you below.
Bank of America is on your side.
What is your 1 thing?
On Dec. 19, Target was a victim of a data breach that initially affected a reported 40 million payment card numbers, but was later said to have affected 70 million customers. Neiman Marcus was also a victim of a cyber attack. And a new report by Reuters says that there are other retailers that were affected by smaller breaches, but those stores have remained unnamed.
Oops! It happens to all of us. We make a big mistake with our credit cards. These mistakes are not just embarrassing, they can be costly as well.
According to the New York Times, agreements with three major credit companies—American Express, Mastercard, and Visa—is clearing the way for retailers to institute “two-tier pricing,” which means charging people more at the register for paying with their credit cards than with a debit card or cash.
On her blog Girl’s Gone Child, Rebecca Woolf talks about trying to maintain a good credit score so that she and her husband can refinance their mortgage, and how they battled her credit card debt only to get screwed by a forgotten annual fee. Nooooo