Posts tagged ‘Card’

Does a Credit Card Upgrade Create a New Account?

Does a Credit Card Upgrade Create a New Account?
Whether a new card card represents a new credit account comes down to who is initiating the change, says Ken Chaplin, senior vice president at TransUnion credit bureau. If you ask your credit card issuer to upgrade you to a different card, or you apply …
Read more on NerdWallet (blog)

Credit freezes put the chill on tax refund thieves
For alerts, go to (888-766-0008), (888-397-3742) and (800-680-7289). Of the two, freezes are more effective than alerts, said Adam Levin, chairman of Identity Theft 911 and …
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How to Avoid the Risk of Credit Score Damage Caused by Maxing Out Your Card

Putting a lid to the expenses you make on your cards is a big step to raising your score and preventing damage on your credit report if you’re to have a good rating. Judging from my present and daily experience of asking consumers questions, I’d say that a great number of people are still yet to find out the exact factors that puts them into financial trouble. Unfortunately, these troubles start from somewhere and one of the sources is the plastic money carrier given to us by banks and other companies.

The principle used by bureaus to calculate how much points they should deduct from your total score when using your card is based on the balance ratio formula. It is always expressed to the hundred. What I mean by this is that the total limit given to you on your card is considered at 100 percent. This is then compared against how much you’ve expended. If it is discovered that you’ve been spending close to the limit or you’ve been extravagant enough to max out your card, then you can be sure that you’re planning a financial suicide. Or in figurative terms, you’re on gradually on the brink of bankruptcy. Your card-provider interprets this to be financial desperation and thus report it to the bureaus.

The safe and positive option which will help you avoid the risk of damage to your file and also add good extra points to your total is to stay within the 20% zone. This is what I consider the “comfort zone.” For instance, if your total is $ 50,000, keeping your expenses below $ 10,000 will ensure that you’re building a good score gradually.

In any case, you’ll find the option of acquiring a restoration kit for the removal of other damage-causing accounts useful. This will be the point where you begin repair work on your file. Fixing your file is worth the effort when the benefits are considered, even if you’ve got a few negatives.

CVS Investigates Credit Card Breach At Its Online Photo Service – Forbes

CVS Investigates Credit Card Breach At Its Online Photo Service – Forbes
CVS shut down its online photo center Friday and alerted customers who visited that the independent vendor managing online payments for the site may have suffered a credit card breach. CVS has not yet revealed how many customers were …
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People Moves of the Week: Bonwick, Carlyle, Pamlico | Mergers & Acquisitions
The Carlyle Group—The Washington, D.C.-based global alternative asset manager with $ 193 billion under management has added Jill Wight as a principal on the firm's U.S. middle-market team in a newly created operations role. … Hall & Co. reports that …
Read more on Mergers & Acquisitions – The Middle Market

One in Two Americans Who Plan to Use Credit Cards Fearful About Credit Card Security This Holiday Season

Salt Lake City, UT (PRWEB) November 20, 2014

More than half of American consumers are worried about credit card security, suggests a recent Lexington Law survey conducted online on their behalf by Harris Poll.

Lexington Law commissioned Harris Poll to survey more than 2,000 adults age 18 and older and ask specific questions about whether their credit cards have been breached, what types of payment forms they intend to use for holiday shopping, and their feelings regarding credit card security breaches in general.

While some blame credit card companies, most Americans (70 percent) believe that retail chains are at fault for credit card breaches. The survey also revealed that 65 percent of holiday shoppers say they have used or plan to use cash to pay for their purchases compared to 61% who plan to use credit cards this holiday season.

The study, conducted in late October, found that 51 percent of Americans who plan to use a credit card for their holiday shopping are fearful of being affected by security breaches. In addition, for one of every two people, the risk of identity theft due to a credit card breach outweighs the benefits and potential rewards of using a credit card to purchase gifts.

“After so many high-profile security breaches this past year, these kinds of consumer attitudes really aren’t a surprise,” said Randy Padawer, a consumer advocate for Lexington Law, the nation’s leading credit report repair provider. “What is surprising, and perhaps disconcerting for retailers, is just how many consumers say they prefer cash instead.”

Other interesting survey highlights:

    41 percent of Americans who have credit cards say their cards have been compromised in some way.
    21 percent who have had their credit card breached said it happened in a retail store.
    67 percent of Americans whose credit cards had been compromised reported that the experience had not yet changed how often they use their credit cards online or in-store

“Identity theft so widely associated with credit card breaches can be extremely damaging to people’s credit scores,” Padawer added. Lexington Law’s service offering can help consumers repair the damaging effects of these, and other, events by correcting inaccurate or unsubstantiated items from their credit report. Fair and accurate credit reports lead to better credit scores and improved consumer confidence.


Full methodology:

This survey was conducted online within the United States between October 29-31, 2014 among 2,022 adults, age 18 and older, by Harris Poll on behalf of Lexington Law via its Quick Query omnibus product. Figures for age, sex, race/ethnicity, education, region and household income were weighted where necessary to bring them into line with their actual proportions in the population. Propensity score weighting was used to adjust for respondents’ propensity to be online.

All sample surveys and polls, whether or not they use probability sampling, are subject to multiple sources of error which are most often not possible to quantify or estimate, including sampling error, coverage error, error associated with nonresponse, error associated with question wording and response options, and post-survey weighting and adjustments. Therefore, the words “margin of error” are avoided as they are misleading. All that can be calculated are different possible sampling errors with different probabilities for pure, unweighted, random samples with 100% response rates. These are only theoretical because no published polls come close to this ideal.

Respondents for this survey were selected from among those who have agreed to participate in our surveys. The data have been weighted to reflect the composition of the adult population. Because the sample is based on those who agreed to participate in the online panel, no estimates of theoretical sampling error can be calculated.

About Lexington Law

Lexington Law is a consumer advocacy law firm with decades of experience, helping hundreds of thousands of Americans work to improve their credit. The firm comprises the largest network of credit repair professionals in the U.S., employing a growing staff of 26 attorneys and 200+ paralegals/agents across 19 states. By leveraging consumer rights to legally resolve issues with creditors and credit bureaus, Lexington works to ensure that client credit reports are fair, accurate, and substantiated. For details about Lexington Law’s services, attorneys, or statistics visit:

About The Harris Poll

Over the last 5 decades, Harris Polls have become media staples. With comprehensive experience and precise technique in public opinion polling, along with a proven track record of uncovering consumers’ motivations and behaviors, The Harris Poll has gained strong brand recognition around the world. The Harris Poll offers a diverse portfolio of proprietary client solutions to transform relevant insights into actionable foresight for a wide range of industries including health care, technology, public affairs, energy, telecommunications, financial services, insurance, media, retail, restaurant, and consumer packaged goods. Contact us for more information.

Find More Correct Credit Report Errors Press Releases

Fighting Credit Card Debt? You're Not Alone |

Suffering Credit Card Debt? You're Not Alone |
"Save $ 5 or $ 10 a month if that's possible," says Christie Barfoot, manager of guidance solutions for nonprofit credit guidance agency Take Charge America. "Even a small amount of profit savings does add up as time passes." You might like to utilize this income tax …

With President's Day Approaching American Consumer Credit Counseling
A great principle is always to have five lines of well-paid credit with at least some kind of loan that needs monthly payments,” said Steve Trumble, President and CEO of American credit rating Counseling. “Typically, lenders need see at least …
Find out more on Virtual-Strategy Mag (press release)

VIEW: knock-down financial obligation and salvage, claims Kelowna credit therapist
KELOWNA – lasts week's cut-in the Bank of Canada's instantly financing rate mean reduced borrowing from the bank prices for you? That's a question numerous Canadians are asking therefore far, the solution is certainly not clear. Presently, few financial institutions have actually decreased …

how to save your credit card late fees

A late fee or bill would hover on your mind even when you are on holiday, a business trip or just relaxing at home. Wonder what this fee is? It is your credit card fees. If you fail to pay the fees on time it will cost you a lot. Delaying the payment of your card fees even by few minutes, might cost you approximately $ 39 for every delay. If you do not want to bear this, you must resort to some money management techniques that will help you pay your fees on time and not let you feel the need of credit repair at any time.

For an unpaid bill of $ 250, the companies usually charge a late fee fine of $ 19 to $ 39. Most service providers do not offer you a leniency period. Capital One is probably the only card provider which gives you a three day extension. But most of them do not accept late fees at all. To avoid this situation, you need to plan. The tips given below will help you make your payments on time.


If you make your payments online remember that you would be charged an extra fees for same day transaction. So if you wish to pay via net banking, pay it three to four days in advance. Or else you would try to save on your late fees and in turn end up paying an extra charge with your bank.  For paying the fees via postal mail, keep a safe period of at least 10 days. Never take a risk with postal mail. Usually postal mails fail to reach on time. Phone payments should be the last option. Almost all banks charge you for this service even if you call them 10 days before or on the last day.

Auto payment:

Some banks provide the option of auto payment. Opt for this to avoid any delay in your repayments. This will help you stay away from all worries and still your payments will be on time. However, you have to assure that you have enough balance in your account.

Due Date:

If the due date of your payment comes on such time that you are usually not available at that time, then request for a ‘due date change’. Some service providers allow you to change this date. Choose a date that is easy for you to remember, you have sufficient balance to make payment and does not disturb your schedule.

Use these simple tips and resort to good money management habits.

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Tips On How To Obtain A Free Credit Report Without A Credit Card

Even though everyone in United States now has a right to obtain a free credit report annually from each of the three main credit bureaus, Equifax, Experian, and TransUnion, there is still considerable doubt among consumers as to whether they can get a credit report without having a credit card.

In fact having a credit card is not required to get your credit report. Everyone is free to have a look at his financial records without any charge whatsoever once a year. This is mandated by law. However many (in fact almost all) of online credit report providers that offer free credit card reports use credit cards as a method to verify the identity. This is one of the main reasons for the confusion. Consumers should be wary of using such services and they must go through the small print.

In any case there is no need for a credit card to obtain your free credit report and you can bypass the need to go through other online sites when you can obtain the credit report from the legally mandated source site. All you have to do is to visit the central website maintained by the three main credit bureaus to provide the free credit reports according to the provisions of The Fair Credit Reporting Act (FCRA) and Fair and Accurate Credit Transaction Act (FACT). This website is named and once you complete the form there, you can almost immediately see your credit report.

You will be asked for proof of identity but it will not be your credit card. You will be asked to provide your name, address, date of birth, and social security number. If you have changed residence you will be asked to provide previous address. In addition the credit bureau from which you requested the report will ask you to answer a question, the answer to which only you may know. Questions may change from one bureau to another, but they will most likely comprise employment history, previous addresses or telephone numbers.

You can also request your free credit report through the toll free telephone number or through the mailing address provided by the three credit bureaus. Using that method you will get the report within 15 days of the request.

Federal Trade Commissions which mandated the law for receiving your annual credit report free of charge has given notice that only one website has the authority to provide your free annual credit report. That website is They also warn of other websites that offer free credit reports, but with the catch of having to signup for credit monitoring. It should be noted that the only true way of receiving your report without having to register for other services is to contact the credit bureaus directly. This is done either via the website, telephone or through postage mail.

Since you can request the credit report from each of the three credit bureaus annually you can space the requests out instead of requesting all three report at once. That way you will not have to wait 12 months for your next free credit report. Note, however, that the three bureaus have different sources for the information they include in their reports. Therefore, their credit reports for the same person tend to differ from each other.

PenFeds Promise Visa? Card Receives A+ Transparency Get Accolade from

ALEXANDRIA, Va. (PRWEB) October 24, 2014

PenFed (Pentagon Federal Credit Union) today revealed that a recently available Transparency Score analysis carried out by awarded its greatest class, an A+, toward PenFed Promise Visa® Card. The evaluation recognizes the Promise Card to be a leader in ease, transparency, and durability.

Since releasing in-may 2014, has actually assessed and graded over 800 balance transfer cards from A to F considering a card’s user friendliness, transparency, and sustainability. The PenFed Promise Visa® Card may be the first Card to meet up with all of the required requirements, which includes: disclosure regarding the interest “upfront” before the client applies, and no “gotcha” charges.

“A web site like is an amazing resource for card buyers to tap into considering that the web site has got the most useful interest associated with customer in mind,” said Kevyn Myers, executive vice-president and main running officer with PenFed. “From a credit union perspective, having our Promise Card identified by as an A+ standout, is huge. Especially when you think about the Promise Card ended up being in comparison alongside some of the biggest card brands into the financial banking business.”, a fresh, impartial web site that makes it simple for individuals compare financial products and accept personalized guidelines, provides customers a robust resource along with its tailored, side-by-side reviews of banking and credit union items in a free, unbiased and easy-to-navigate interface. With its proprietary Magnify Transparency get, banking and credit card items are graded considering efficiency and cost structure, rendering it easy for customers to quickly evaluate which services and products possess least level of fine print and a lot of consumer-friendly terms.

PenFed Promise Visa® Card

Called the “Simplest Card in America,” by early in the day in 2010, the PenFed Promise Visa® Card is exclusive for the reason that permits cardholders to take pleasure from the simple freedom of employing credit cards that carries no fees. Functions feature:

No fees: there’s absolutely no yearly fee; no belated charges, over-limit costs, balance transfer charges, advance loan charges, international transaction charges, or returned check charges.

Minimal 7.49percent APR basic purchase APR for very first three years: Afterwards, the APR vary using Prime Rate, and is currently 9.99percent APR*.         

Built in protection: The Card is processor chip allowed, and Verified by Visa and Card safety Text Alerts tend to be services which can be both designed for added safety on purchases.

You must certanly be a part regarding the credit union to try to get the Promise Card. PenFed is known for its suffering commitment to continually produce innovative lending options and solutions that spend less, add value, and additional the financial well being of its users—and its Promise Card is not any different. To learn more thereby applying for the PenFed Promise Visa® Card, visit

About PenFed

Established in 1935 since the War Department Credit Union, PenFed is just one of the largest credit unions in the united states, providing 1.3 million people global; with over $ 19 billion in possessions. Its long-standing mission has-been to give exceptional financial solutions in a cost effective fashion, while being responsive to members’ needs. PenFed provides market-leading mortgages, vehicle financial loans, bank cards, examining, and an array of other economic services along with its people’ passions constantly in mind. Offering a diverse populace, PenFed provides various ways in order to become an associate; including numerous association affiliations and staff member teams. PenFed is federally guaranteed because of the NCUA and is an equal housing loan provider. PenFed does company relative to the Federal Fair Housing Law, the Equal Credit Opportunity Act, and is an associate of NAFCU. To find out more about PenFed, call 800-247-5626 or visit


MagnifyMoney may be the brand-new, unbiased internet site that makes it easy for individuals compare financial loans and receive individualized tips. Previous bankers turned customer advocates Nick Clements and Brian Karimzad take a mission to market transparency and economic empowerment so every customer can make knowledgeable economic decisions. offers customers a powerful resource using its personalized, side-by-side reviews of financial and credit union services and products in a totally free, impartial and easy-to-navigate user interface. Having its proprietary Magnify Transparency Score, financial and credit card items are graded centered on user friendliness and cost construction, making it quick for customers to quickly evaluate which services and products possess minimum number of fine print and most consumer-friendly terms. MagnifyMoney established in May 2014 and it is headquartered in New York, NY.

*Disclosures: Rates and will be offering tend to be existing since October 2014 and therefore are subject to change. Promise Visa Cardholders must subscribe our e-statement solution for ALL active charge card accounts held with PenFed. Pentagon Federal is certainly not connected to or supported by Upromise, Inc.7.49% APR basic purchase APR for 3 years. After that, the APR for almost any brand new balance transfers will vary using marketplace in line with the Prime Rate, and it is currently 9.99%. The APR for payday loans is 9.99% and will vary utilizing the market in line with the Prime speed.

Relevant Credit Score Pr Announcements

National Credit Card Debt Relief Shares Typical Factors That Cause Errors in Credit File

Nationwide Debt Settlement Shares Common Causes of Mistakes in Credit History
The content, called “4 potential explanations why you have got a Credit Report Error,” describes probably the most common explanations as to how blunders go into customers' credit reports. This article starts off by outlining the significance of a credit report in …
Find out more on Virtual-Strategy Magazine (press release)

Look at your no-cost credit report 3 times per year
The web site also has information about exactly what do should your credit file includes a blunder. To improve errors, customers have to get in touch with the credit bureau that supplied the report. Each of the three credit reporting agencies, Equifax, Experian and TransUnion, features an …
Find out more on Agri-View

Column: Look at your no-cost credit history three times per year
To fix errors, customers must contact the credit bureau that supplied the report. Each one of the three credit bureaus — Equifax, Experian and TransUnion — has actually an on-line dispute system. You are able to deliver a dispute letter through the post, keeping …
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Six Credit File Strategies For Homebuyers
Whether you want to buy a property in six months or a-year or two, you've most likely been told to request your free credit history to check on for mistakes also to see just what a loan provider can learn about you from the report. “We typically tell individuals request certainly one of …
Find out more on Valley News