Did you know you can negatively impact your credit scores by cancelling credit cards? So, taking the right steps before canceling any credit card is worth your effort because if done the correct way, you can close a credit card account without damaging your credit score. Here is a list of some important information you should know before closing credit cards.
Closing a credit card account with a high credit limit can hurt your credit scores even if you have zero balance on the card you are cancelling. It is recommended that before cancelling a credit card, it is best to make sure all your credit card balance is zero. If not, then closing a credit card can hurt your score.
Maintain old credit cards as long as possible. This is because the time an account has been open is one of the factors in determining your credit scores. A credit card you had for many years with positive history translates into good news for your credit scores. This also means that if you close a credit card that you held for many years can cause a significant damage compared to a credit card you had for a short period of time.
Some credit card companies allow you to cancel their credit cards using a secure email system from their website. I know for fact Chase allows you to cancel credit cards via secure email. Others companies force you to call you or even worse, formally send a letter requesting cancellation. They want to do everything they can to make you reconsider cancelling. It is important that you are aware of their policy for all your credit cards.
I recently read an article where a college student made over $24,000 just by holding up a sign on ESPN. The sign contained a Bitcoin logo and a QR code; the Bitcoin community used the QR code to donate money to the college student for advertizing Bitcoin on TV. The guy received 100 transactions totaling over 22 bitcoins. At current prices above $1,100 per Bitcoin, the college student made over $24,000! Continue reading
Posted in Technology
People should be alarmed when they hear news about how more Americans are finding out they need to be working well into their late 60’s or even until death. This is especially true for the middle class Americans who believe that they may end up working until they are too sick or until they reach the age of even 80. Because people are delaying their retirement age, many companies or government agencies have no choice but to support the older generation of workforce by allowing them to work until they retire. What’s more alarming about this is the fact that this situation is not getting better any time soon. Recently, we have examined why more American must work longer and have no choice but to delay their retirement. Continue reading
IRS made an announcement on October 31 that they will not be making any changes to the retirement account contribution limits in 2014. This means maximum contribution pre-tax money you can add to your 401K account in 2014 will stay at $17,500 for 2014. It is important to note that the maximum contribution limit does not apply to any amount your employer contributes to your 401K. For example, my employer contributes 50% of what I end up adding to my total 401K contribution but maximum of 8% of total salary will not be counted towards the maximum limit of $17,500. Continue reading
This could be too good to be true! The Government is working on a new rule to allow employees to finally carry over unused Flexible Spending Account balance from current year to the next instead of forfeiting the unspent money at the end of the year. Currently, all unused FSA balance at the end of the calendar year is forfeited and it causes many FSA participants to scramble in December trying to use any remaining balance. However, there are employers who provide up to 2.5 months extra to spend rest of their FSA balance, which helps. The Department of Treasury recently announced that they are working on a new rule that will allow employers to permit participants of FSA to roll over as much as $500 to the following year. Unfortunately, not all employers are required to provide this option for rollover. Continue reading
You log into your primary email account and found out to your surprise that you have tens and thousands of spam emails in your inbox. What do you do and why did your email get bombarded with spam emails all of sudden? Believe it or not, more people are experiencing unusually high number of spam emails. But why does this happen?