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As many people have decided to only use one or two credit cards, one of the main questions asked is, “Should I cancel the cards that go unused?” While the answer is different for everyone, knowing whether or not to cancel a card should not be a difficult choice once you know how the account closure will affect for credit scores.

So what is affected most when it comes to an account closure and your credit score? For the most part canceling your card alters your utilization ratio (balance-to-limit ratio). When this happens it looks as though your borrowing much more when it comes to your credit limit, which could affect your score more than any other changes.

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The Federal Reserve last week released the long-awaited new credit card rules, which specify how the provisions of the Credit CARD Act passed by Congress in May of last year are to be implemented. In the new rules, which will take effect on February 22, the Fed takes aim at some of the new variable rate credit card tricks card issuers have introduced over the past year.

Since the law was passed, card issuers have been busy finding ways to minimize the effects of the new rules on their bottom line, hiking credit card interest rates and penalty fees and inventing new fees and novel, obscure tactics to extract money from cardholders.

Variable rate credit cards in particular have been a target for card issuers’ efforts. W

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February 2010 is almost upon us, which means the CARD Act is about to kick in to full effect. Of course, the credit card companies haven’t been resting on their laurels, waiting for the government to take away their moneymakers. They’ve been thinking up creative ways to sneak in extra fees and charges without you knowing. With a little vigilance, you can catch some of these – and even prevent them. Read on to find out how credit card companies are getting more of your money in 2010.

Paper Statements

All “Go Green” sentiments aside, it’s in the credit card companies best interests to forgo paper statements because it costs them in postage and supplies. To recoup t

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There are many changes taking place in the credit card industry; most of which are in your favor. However, there are a number of new regulations taking place, courtesy of the credit card companies, that may not be in your favor.

One of the most important new rules to consider is that not using your credit card can cost you. Most consumers were always under the assumption that having a credit card and using it only for emergency purposes was the best way to go. However, credit card companies are now changing up the rules and either charging you an inactivity fee or canceling your credit card if you don’t use it enough.

This may prove to be quite confusing, especially for consumers who were told to never cancel their credit card accounts in fear of lowering their credit score. N

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If you were born after 1980 you probably take the existence of credit cards for granted. You’ve been seeing them in use your entire life. But in the larger scheme of things, they really are a recent development.

Credit cards were first issued by oil companies and department stores in the early 1900’s – to be used only at their own establishments. Rather than offers of long-term credit, these cardboard or metal cards were a convenience for customers who then paid the entire bill at month’s end. Read full article…