… the handling of cash, expensive merchandise or a security clearance, you may be subjected to a credit check. If you’re behind on your bills, have delinquencies, defaults, judgments or liens, there a few things you should know.

While a company is restricted from not hiring you simply because you filed bankruptcy, they may be allowed to deny you employment if you have bad credit.  However, if they were challenged in a court, they would need to prove that your poor credit demonstrated …

Comment by Karen: … you because of bad credit? I 'think' that I have lost out …

Category: Credit and Bankruptcy , Unemployment - Job Loss

Tags: Bankruptcy Credit Check Employment

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Making a late payment on your credit card has always carried a heavy penalty.  Most prime credit card issuers will dramatically increase a debtor’s interest rate for one missed payment.  The penalty interest rate is typically called the “default rate.”  The average default rate for credit card issuers is 27.88 percent, and more than half of credit card issuers have a default rate that is much higher.  But after the …

Category: Credit Card Negotiation , Credit Counseling

Tags: Credit Card Act default rate penalty

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According to an article in Forbes, as study conducted by the Pew Charitable Trust found that credit cards offered by credit unions may offer lower rates and cheaper fees than their bank issued counterparts.

The article said:

“The study found that the median advertised interest rates for credit cards issued by the nation’s 12 largest credit unions were 20% lower than those for bank-issued cards. All told, the study looked at 400 financial institutions and was conducted by an arm …

Category: Credit Card Negotiation , Credit Counseling , Economy

Tags: credit cards Credit Unions

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… an article in the Salt Lake Tribune, since the recession began many consumers are choosing prepaid credit cards over traditional bank accounts and unsecured credit card accounts.

How It Works

The consumer buys a prepaid credit card from a retailer, loads it with money and sometimes even creates a direct deposit account with their employer. The cards are used to pay bills and everyday expenses–just like a debit or credit card.  The biggest draw of the prepaid cards?  No Credit Check! …

Category: Credit Card Negotiation , Credit and Bankruptcy

Tags: Credit card Debit card Pre-Paid

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… are drafting a proposal that would shield big banks from potentially tougher state regulations of credit cards, mortgages and savings accounts.

The article said:

“…their proposal, spearheaded by Illinois Democratic Rep. Melissa Bean, isn’t sitting well with consumer advocates who say banks shouldn’t be allowed to skirt state regulations if the restrictions don’t suit them.”

Under the plan created by President Obama and Congressman Barney Frank, lenders would face credit …

Comment by Jacob Decker: Credit card debt can almost always be …

Category: Credit Crisis

Tags: Banking Services Consumer Protections Credit card

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Bankruptcy offers the perfect opportunity to rebuild your credit score by using credit cards and other forms of debt shrewdly.  Here a few tips on how to master the credit score game after filing bankruptcy.

Tip #1 – Go for the top credit cards and other loan products first.  Many debtors mistakenly believe that once they file for bankruptcy they are forever relegated to the “trash heap” of creditors who charge outrageous interest rates and …

Comment by Jim Ince: … in rebuilding your credit legally, so that you avoid …

Category: Bankruptcy , Credit Card Negotiation , Credit and Bankruptcy

Tags: Bankruptcy Credit card Debt Personal Finance

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Many people find their credit card canceled even though they had a zero balance and the credit card was not included in their bankruptcy schedule.

Imagine six months after your bankruptcy has been discharged.  You’ve turned your financial situation around and there is no more worrying how you are going to pay your bills.  Everything is on the up and up; you’re budgeting well and have a little money to spend, so …

Category: Credit Card Negotiation , Credit Crisis , Dallas Lawyer

Tags: Chapter 13 Title 11 United States Code Credit card Equifax Social Security number United States

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Credit card companies are frantically taking drastic actions in their attempt to “work around” the new credit card legislation that will restrict their ability to randomly raise interest rates and hit credit card consumers with surprise fees.  Already credit card consumers are beginning to scream foul. An article in the NJ featured a distraught credit card consumer whose monthly minimum …

Comment by Jacob Decker: Credit cards companies employ unfair …

Category: Credit Card Negotiation , Credit Counseling , Credit Crisis

Tags: Credit card Debt Money Management Personal Finance

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There may come a time when you need to negotiate a payment solution with a credit card company. You might find yourself with an increased minimum payment, an increased interest rate, or perhaps your income has changed and you can no longer afford the minimum payment. Remember that no matter how much the bill collector insists that you pay them immediately, your credit card bill might not be the most important bill you have that month. Most people would agree that buying …

Comment by Jacob Decker: … out of debt? Some credit card companies will settle your …

Category: Credit Card Negotiation , Credit Crisis , Dallas Bankruptcy

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After the passing of the Credit Card Act, which will restrict credit card companies’ ability to increase interest rates, amongst other things, the credit card industry took decisive action to soften the blow to their profits. Below are some of the changes you may see on your credit card in 2010:

An annual fee.  Since the Credit Card Act was passed, about 43 percent of new credit card offers contained annual fees, …

Category: Credit Card Negotiation , Credit Counseling , Credit Crisis , Economy

Tags: Credit card Credit Card Act fees repayment

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… year statute of limitations on the ability of debt collectors to sue a debtor because of an unpaid credit card debt.  What that means is that if after your credit card debt is charged off, a debt collector only has 4 years to sue you and get a judgment. If they have not sued you within 4 year, they are not allowed to sue you for repayment of the credit card debt after the statute of limitations has expired.  However, if a creditor is able to sue you and win a judgment, that judgment can last …

Category: Bankruptcy Q&A , Chapter 7 Bankruptcy , Credit Counseling

Tags: Chapter 7 Bankruptcy credit cards statute of limitations

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Many debtors who have fallen at least six months behind on their credit card accounts are receiving payment demands from debt collectors.  These calls and letters can be unsettling and scary.  But it is important that debtors understand that debt collectors are infamous for using unethical and even illegal means to get you to pay your debt.  Before you rush off to pay that credit card debt because of the demand of a debt collector, there are a few things …

Category: Credit Card Negotiation , Credit Counseling , Credit Crisis

Tags: collection credit cards Debtors

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