It’s important to keep an eye on your credit report and credit score for many reasons. One of the key reasons is that they are used by lenders to determine if you are eligible for a loan, and if so, at what interest rate. The higher your credit score, the better chance you’ll have of getting a loan or credit card with favorable terms. Read More.

Believe it or not, the following scenario is all too common: “I just saw my credit report for the first time & there was a credit card account that I had no knowledge of. When I called the bank that held the account, they told me it was somehow attached to my mom. The account was opened in 1996, I would have been ten years old at the time, and my name is attached to the account! Not only was this account opened without my knowledge, it has hurt my credit score as there are multiple late payments.” Read More.

Many parents don’t realize the benefits that come along with adding their child to their credit card account as an authorized user. Instead, they are focusing more on the risk that their child may not be financial responsible enough to have that privilege. But, if you are not worried about your child running up your credit card bill, sign them up as an authorized user which will better prepare them for the future. Read More.

Let’s get one thing straight. Closing a credit card account DOES hurt your credit score (i.e. FICO Score). Now, the degree that your credit score may be impacted depends on several factors which we will discuss below. Read More.