Jul 28
When looking for a new credit card, it can be tempting to go with the card offering the most incentives just for signing up. Credit card companies know they have a lot of competition to gain customers so many will use introductory tactics to bring in new business. These intro offers are very appealing but often do not reflect the actual long-term conditions of a credit card. If you do not understand what is coming down the line, you can end up hurting your own finances and credit.
Credit card companies want to attract your attention fast. They want to offer you something you think you can’t refuse so you’ll sign up without thinking past the initial offers. Som
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Jul 26
Dear Creditnet: I’m currently in the market for a new TV and Best Buy is offering 0% financing for three years.
My question is when you open an account like this, how big of a hit does your FICO score usually take and how long will it take to rebound?
I could easily pay cash for the TV up front, but the “finance” person in me says it’s free money—why not take the terms?
Answer: Hard inquiries for a new credit card will generally drop your FICO score about five points, but it should bounce back within a few months. In some c
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Jul 25
The American Bankers Association and Keybridge Research have released a study that shows nearly 40,000 jobs in the Massachusetts area were directly or indirectly created as a result of credit card borrowing by small businesses between 2003 and 2008.
On the national level, the survey noted that credit card lending to small businesses during the same timeframe resulted in the creation of 592,000 small business jobs with an addition 1 million indirectly created.
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Jul 12
The Truth in Savings Act is a federal law that was put into effect in the United States to protect individuals opening savings accounts. The law mandates that banks fully disclose terms, fees and interests rates to their account holders and potential account holders.
The aim of the law is to make banks more credible and sound, and to help consumers make more informed financial decisions.
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