Vision Credit Education, Inc.

West Virginia Attorney General Darrell McGraw has filed suit against Capital One Bank for what he calls “unconscionable conduct in connection with their credit card lending and collection practices.” In particular, it seems that customers were extended offers of what they thought were new credit card accounts if they agreed to transfer old collection debt previously charged off by Capital One. The amount of new credit was reportedly only $1. Read the rest of this entry »

Bank of America, Capital One and Discover have each pledged to avoid interest rate hikes ahead of the Credit CARD Act. Citibank however has begun raising interest rates on many of its cardholders effective December 20, 2009. Read the rest of this entry »

A controversial billing practice has been outlawed by the CARD Act of 2009. The interest calculation method known as double-cycle billing will no longer apply to credit card accounts. The effective date is February 22, 2010. Read the rest of this entry »

Mortgage brokers say that having too many open accounts can hurt your credit. Fair Isaac Corp, the force behind FICO credit scoring says that closing accounts can lower your score. Yet, a recent FICO study suggests that lowering credit limits can actually increase FICO scores. It makes you wonder who is right! Here is the truth. Read the rest of this entry »

Consumer protection advocates predicted that card issuers would begin to create new fees to offset restrictions imposed by the Card Act of 2009. Citi becomes the latest to confirm that they will add annual fees to some of their credit card accounts. Read the rest of this entry »