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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Most credit card companies will send a delinquent credit card account to a collection agency after 180 days of no payment.  These delinquent credit card accounts are usually sold for pennies on the dollar.

Debt collectors who hold your credit card account are regulated by the Fair Debt Collection Practices Act and can be liable for violating the rules of this law.  …

Category: Credit Counseling

Tags: credit cards Debt Collectors

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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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Every since the new legislation passed restricting credit card companies’ ability to raise interest rates, among other things, credit card companies have been using every dirty trick in the book to “get back” at borrowers and squeeze every cent out of them. According to an article in the Star-Telegram, some credit card borrowers are reporting that their minimum monthly payments are rising as much as 3 times what it was originally since …

Category: Credit Card Negotiation , Credit Crisis , Economy

Tags: Bank Credit card Financial services Interest rate JPMorgan Chase

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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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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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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 average American family now carries over $8,000 in credit card debt. That figure is likely to increase given the present state of the economy. In many cases, it is unfair practice of the credit card companies that have contributed to the debt of the average American family. Credit card companies have for long hit consumers with unfair fees, unwarranted interest rate hikes and other unfair practices.  

The Credit Card Holders Bill of Rights …

Tags: bankruptcy acts bankruptcy law credit cards

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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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