Why most credit cards aren’t due on the 29th, 30th, or 31st

Your credit card issuer sets your payment due date, but you can normally ask for the due date to be changed. Your credit card payment must always be due on the same day each month. For that reason, most credit card issuers will not allow payment due dates that fall on the 29th, 30th, or 31st day of the month. February only has 29 days during leap years.There are never 30 days in February. There aren’t 31 days in every month. Aside from 29th, 30th, and 31st day of the month being restricted payment …

How credit score-boosting services work

In the recent years, there’s been a surge in the number of companies offering consumers the chance to increase their credit score by updating their credit reports with payments made to companies that don’t traditionally report to credit bureaus. These payments or accounts that are reported are called self-reported accounts because the consumer initiates the request to have the account reported to the credit bureau. Normally, the initiation would be performed by the creditor. Self-reported accounts commonly reported by credit score-boosting services These unreported payments are typically for services like: Utilities, including water and …

The importance of waiting for credit report updates before applying for credit

It happens all too often. A consumer pays down a large balance or receives a promise to have a bad debt or other negative mark removed from their credit report. The consumer, rightfully proud and excited, applies for credit almost immediately. The problem is that account activity isn’t reflected on your credit report instantly. So, even if you pay off all of your debt today, tomorrow, or a few weeks from now, your credit report will still display your previous balance/account history. In some instances, some lenders have been known to report new balances to credit …

PNC now allowing former BBVA customers to request credit limit increases

This past October, shortly after BBVA customers’ transition to PNC (which acquired BBVA USA Bancshares earlier in 2021), customers anxious to apply for a credit limit increase were met with a notice that BBVA customers would not be able to request increases until after February 15, 2022. The verbiage was later replaced with a more vague message that credit limit increases could be requested in “early 2022”. “Thank you for your recent request for a credit line increase. At this time, we are not offering credit line increases to customers whose accounts transferred to PNC Bank …

What preapproved and prequalified credit card offers really mean

It can be exciting to find out that you’ve received a credit card offer. Usually these letters, emails, or website notices state that you’ve been “preapproved”, “prequalified”, or “pre-selected”. But, these prequalification and preapproval messages do not always mean that you’re actually approved for the credit card. They are “prescreened” offers and they’re usually accompanied by a disclaimer very similar to the one below that Citi provides with its “pre-selected” offers. “The offered credit may not be extended if, after you respond to this offer, we determine that you do not meet the criteria used to …

Why student loan borrowers may want to pay during payment suspension

Federal student loan repayments have been suspended until May 1, 2022. During this relief period (which only applies to federal student loans), interest isn’t accrued, collections attempts have been suspended, and payments towards loans are considered optional. Although payments aren’t required, there’s a reason that student loan borrowers should consider making payments. During the payment suspension, student loan servicers are required to report student loans as current, even when the borrower didn’t make a payment. These “payments” are not used in calculating the payments that made towards the borrower’s repayment plan. Let’s …

Why you should have multiple bank accounts with a minimal balance in each

Over the course of a month, most bank account owners will provide their bank account information to at least one company. Realistically, the number is higher considering the number of bills that the average person pays each month. But, just exposing your bank account information to one company could put your funds in jeopardy in the event of a data breach. Most consumers likely think that they need the standard checking account for spending, and savings account for stashing funds away. This is correct to an extent. Bank accounts that everyone should have At …

Plaid settlement notices sent to some affected users

You may have ignored a recent email notice about a Plaid class action settlement. The email subject, which read, “Notice of Class Action Settlement – In re Plaid Inc. Privacy Litigation” did seem scammy and likely ended up in your spam as it did for many. But, the email was actually a legitimate notice from the Plaid settlement administrator. The $58 settlement that Plaid agreed to in August stems from allegations that the company obtained more information from users than needed to have. Plaid was also accused of using login pages similar to banks, which caused …

Resolving issues with your automobile dealer or manufacturer

The Better Business Bureau (BBB) has a reputation for helping consumers get disputes with businesses resolved. But, did you know that they also offer programs specifically designed to help consumers dealing with issues in certain industries? The BBB AUTO LINE is a free dispute resolution service that consumers can use to help resolve issues that they have with automobiles. As always, before having another party intervene, you’re encouraged to try to resolve the issue directly with the party that you have a complaint about. In the case of automobiles, you would want to contact …