People often consider closing their credit card accounts when they have moved onto a new card, or when they owe money to the credit card company. This is not, however, generally advisable because the information on a credit report will remain for at least seven years. This means that people gain nothing by closing their credit card accounts when they are in debt, and in fact, end up actually dinging their credit score even worse.
One reason for not cancelling a bad credit history is present is that the good credit history that a person has built up may disappear, whereas keeping a card open and active ensures that the credit card company continues to report. When an account is closed the information drops off the credit report after seven years’ time, from the date of the last reported activity. That means that if a person closes their account, eventually the credit history will disappear from that particular credit card. I
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A cartoon from “The New Yorker” caught my eye back in 2000, when I was fairly new to writing and editing personal finance stories.
In the cartoon, dad’s sitting on the couch with his son, as mom stands in the background, fear in her eyes. A computer is in the other room. “It’s very important that you try very, very hard,” dad says to his son, “to remember where you electronically transferred Mommy and Daddy’s assets.”
Eleven years of electronic progress later, many of us are carrying around smartphones and tablet devices. With them come new and even easier ways for our children to drain our bank accounts — accidentally, through games aimed at an audience that lacks a firm grasp on the difference between real and imaginary money.
My colleague Matt Schulz got a lesson recently how a 4-year-old’s little fingers can poke a big hole in your savings.
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Here at Creditnet, we try to guide consumers through the wild world of credit cards. But this doesn’t mean we’re oblivious to the joy of having a stack of cold hard cash in your wallet.
That said, not all stacks of cash are created equal. No, we’re not talking about exchange rates or any of that boring finance stuff. We’re talking about all the wacky currencies that exist across the globe.
From beautiful to bizarre, the currencies of the world are as diverse as the cultures which produce them. Take a look at the best of the best:
The Hong Kong 10 dollar bill looks like the inside of a kaleidoscope. It is said to be horse themed, but apart from a tiny fragmented silhouette of a horse, there are very few tangible depictions on the note. It may seem
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Chase is now offering 50,000 bonus points after spending $3,000 within the first 3 months of getting your Chase Sapphire Preferred card. That’s double the number of points it was previously offering, enough for 2 airline tickets or a statement credit of $500.
Redeeming Your Chase Sapphire Points
With Chase Sapphire points, you have a number of redemption options. You can convert your Chase Sapphire points into BA miles, Continental miles or Hyatt miles at a 1:1 ratio at any time you want. Point transfers are also possible to Amtrak, Priority Club and Marriott at lower conversion ratios.
With 50,000 BA miles, for instance, you can get 2 tickets within the continental United States and Canada on American Airlines. 50,000 Continental miles are also enough for 2 tickets on Air Canada, Continental, United or US Airways. 5
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Many people have faced the problem of credit cards debts and they don’t know what to do in this situation. So there are many useful companies and specialist providing debt relief and you can become debt free very soon. Debts may vary for each individual and the debt solutions will also vary. For example, if the consumer owns a home and have sufficient capital or a stake in the home, a home equity loan would be a good choice for use as a loan to consolidate debt. But payments must be made within a time limit to avoid potential problems such as foreclosure. This is an example of a secured debt consolidation loan which will use a guarantee of real assets, e.g. house or car. It is not guaranteed debt consolidation loan and what can be more useful for consumers who do not want to risk their homes or those who do not have sufficient interest in the house. There are several companies which provide many affordable debt relief solutions that a good reputation and many positive feedbacks. S Read more…