In short, yes, you can have too much available credit. How much available credit is too much? The answer to “what’s considered too much credit” is not so black and white. But, the factors normally come down to the company that you’re…
If you apply for a credit card, for example, and are declined, you can contact the credit card company and ask that they provide a recon or reconsideration of your application decision. During a recon, the credit card company reviews your application and…
In our “Important things to do before applying for a credit card” article, we encouraged credit card applicants to reach out to their prospective credit card issuer and inquire about a few things, including the credit card’s payment grace…
The CFPB (Consumer Financial Protection Bureau) now allows debt collectors to contact you on social media. Why this is bad for consumers Unethical debt collectors It’s now unknown how debt collectors can contact you on social media. It’s unknown…
Opportunity cost is the potential gain that you could achieve by doing one thing over another. Let’s consider the following about a $50,000 automobile that you plan on purchasing: You have $50,000 in cash that you won’t need access to for at…
When relating to credit cards, the grace period is the number of days between 1) the end of your credit card billing cycle and 2) your payment due date. During this timeframe, you are typically not charged interest. Luckily, most credit cards have a grace…
Because credit card issuers all have their own policies, it’s important that you get familiar with your card issuer’s policies before applying for a credit card. What’s the credit card’s grace period? Some consumers probably just…