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Tag: credit cards

Your Credit Card Company Is Probably Checking Your Income

Your Credit Card Company Is Probably Checking Your Income

With millions of people out of work due to the coronavirus (COVID-19) outbreak, some Americans are using more of their existing credit lines. Anxious lenders are worried about repayment, and many credit card issuers are trying to figure out who still has a job so they can decide whether to let consumers keep spending or reduce their credit limit. How Creditors Find Out About Your Job and Income Lenders and creditors verify employment and income when consumers apply for loans…

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Lenders and Creditors Are Stepping Back While the Coronavirus Outbreak Goes On

Lenders and Creditors Are Stepping Back While the Coronavirus Outbreak Goes On

With millions of people out of work in the U.S., mortgage lenders are getting inundated with calls from people seeking help. And some of those who are struggling have started relying on their credit cards more and more to cover basic expenses. In response, many anxious lenders and creditors are taking a step back in different areas. It’s now become much harder to get a mortgage or a refinance loan. Credit card companies, too, are turning down new applications that,…

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New Credit Card Rules for 2010: Change Is in the Cards

New Credit Card Rules for 2010: Change Is in the Cards

With consumer credit card debt peaking in recent years, lawmakers have taken steps to ensure people know what they’re getting into before they sign up for a new credit card — and that they understand the financial impact of their credit card balances. A number of key protections for credit cardholders took effect in February. The new safeguards put limits on annual percentage rate (APR) increases for many cards, and set tighter restrictions on “over the credit limit” fees charged…

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