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Unformatted text preview: used in last 3 months Universal Default-If you are late on a payment on ANY loan other lenders can raise their interest rate. Card Act of 2009 No more universal default!! o Interest rates: No increase in rates on past purchase unless over 60 days late Get old rate back after 6 months of on time payments No rate increase in first year Must give 45 day notice before an increase Payments got the highest rate first o Fees: No over-the-limit fees unless you give pre-approval. Opt-in?? Opt out?? 21 days (not 15) to make payment before considered late. o No one under the age of 21 can get a card without a co-signer or proof that they are able to repay the credit. Therefore:-Pay on time-Two (or 3) cards-Guard against extremes o Late payments o Collection agencies o Charge offs o Judgments, liens, garnishments o Large amounts of available credit Credit Report Analysis www.annualcreditreport.com...
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- Fall '10
- Credit card, credit score, Installment Loans, credit bureau data, FICO credit score