After bankruptcy, a credit history statement can make your credit report look better.

After your bankruptcy is complete, you need to get your financial life in order.  Of course one of the first steps to doing this is to improve your credit report.  You probably have heard all of the common ways to improve your credit report, but one thing you might not know about is your right to have a credit history …

Category: Bankruptcy , Credit Counseling , Credit and Bankruptcy

Tags: Bankruptcy Credit score Fair Credit Reporting Act

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… 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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… to an article in the Dallas Morning News, drivers and homeowners in North Texas with poor credit ratings pay an average of 35 percent more for insurance coverage than those with good credit – even when driving records and recent damage claims on homes are identical.

The article said:

“Rates submitted by the 35 largest auto insurers show that all but two use credit history to help decide whom to sell insurance to and how much to charge. Some companies double the rates for …

Category: Credit Counseling , Economy

Tags: Credit score Insurance North Texas

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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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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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Consumers affected by drastic changes in credit ratings.

More and more people are receiving the pink slip, but not just from employers.  It seems that the credit card companies that were once so eager to be your friend and trusted financial advisor are also letting people go, or at least significantly reducing the welcome status of many consumers.  A report by Business Week explains that for the first time in history, historically …

Category: Credit Card Negotiation , Dallas Lawyer

Tags: Business Credit card Financial services Money Management Personal Finance

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According to an article in the Star-Telegram, credit card companies slashed credit limits for an estimated 58 million credit cardholders within the past 12 months, many of those credit card consumers had high credit scores, no missed payments and in some cases no balance. FICO studied a group of 30 million credit card consumers to find out exactly who was being targeted by credit limit cuts.

The article said:

“About 73 percent of the …

Comment by Jacob Decker: The credit card companies also raised …

Category: Credit Counseling , Credit Crisis , Economy

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The new Credit Card Act which requires credit card companies to disclose how much a debtor needs to pay each month to pay off their balance clean within three years, and how long it would take them to be debt free if only minimum payments are made may not effectively reach debtors who bank online or pay their credit card bill through automatic electronic payment.  Debtors who bank online and forgo …

Category: Credit Card Negotiation , Credit Counseling , Credit Crisis , Economy , Managing Your Finances

Tags: Credit card Debt online banking

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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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