Credit Cards Articles

Thirty percent of your credit score compares your total amount of credit to your level of debt. This is your credit utilization or credit-to-debt (CTD) ratio. Since lower ratios mean higher credit scores, a ratio of 30% or less is ideal. Why? Creditors view higher balances as a sign of financial overload.

Here’s how it works in practice. If you have 3 credit cards with each with a $1,000 limit and balances of $600, $800, and $900, your total CTD ratio will be about 77%. This is dangerously high. You should bring those balances down to $300 or less to increase your score.

Be careful. Closing your accounts doesn’t hide the credit card balance from the ratio.

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In the past few months massive changes to credit card legislation have been implemented in an effort to protect consumers from the historically unregulated practices of the credit card industry. These regulations have caused a shift in how credit is gained, earned and managed on all ends.  The bottom line is that consumers have to pay better attention to spending to avoid debt and lenders have to be reasonable, ethical and upfront about fees, charges and changes to credit card agreements.

It is unfortunate that it took legislative reform to get the credit conditions headed in the right direction.  What is equally unfortunate is the moprofits that have been made by companies offering to provide free credit reports only to charge consumers for services rendered.  This specific practice resulted in yet another law that took effect on April 2nd 2010 to protect consumers from agencies charging for free credit reports.   Credit reports and credit cards go hand in hand, or at least they should. Credit repor

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While we have heard and read of all the changes with the implementation of the CARD Act, there are still millions of people that may not know how they will personally be affected. If you are one, fear not; there is information available that can help you get a complete understanding of the new law and your plastic.

Bankrate.com has recently released their 2010 Credit Card Guide to help current and future cardholders gain valuable information when it comes to their credit cards. It also offers useful information on the two features that are drawing the attention of millions of cardholders, which are balance transfers and reward programs.

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If you carry a balance on your credit card from month to month and are looking for a way to save money on interest payments, you might be interested in balance transfer credit cards. The idea is simple enough. You get an introductory offer with low interest on balance transfers, and that gives you time to pay down your balance while saving money on interest. How can you find the best balance transfer credit card for your needs though?

Here are several factors you should consider when comparing balance transfer cards:

1. Balance Transfer Rates

The balance transfer rate (usually a temporary introductory offer) can be a lower rate than you’re paying now, or even 0% interest. N

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