Credit Card Companies Closing Accounts

Have you had a credit card company notify you they were cancelling or closing an account you had with them?

Many card issuers are doing just that. Credit-card companies lose money on dormant accounts, and as they feel the economic pinch, they’re more apt to close them. Unfortunately, closing a credit card account can lower your credit score. The length of time your accounts have been open is the third most heavily weighed factor in your FICO score (after timeliness of payments and the amount you owe). Plus, eliminating a card reduces your available credit, which could also lower your score.

Some card companies will consider reopening inactive accounts, especially if the account was recently closed and the customer had been with the bank for a long time.

Tip: If you have a lot of other cards and a credit score of 720 or higher, one closure won’t have much effect on your score. But if you have a slim credit history and few cards, it’s wise to make sure your oldest accounts stay active. So use your card at least once every three or four months. Then be sure to pay it off every month so you’re not racking up big interest charges.

What about you? Have you had a card canceled by your credit card company? Tell us about it. Were you able to get them to change their tune? Use the comment link below to sound off. Your email address will NOT be revealed when your comment is published here.

Real Estate Auctions: Be Careful

When you go to an auction and THINK you're bidding on a property, remember one VERY IMPORTANT thing: The highest bid doesn't necessarily mean you've won…Stacy Johnson explains in this video (runs 1:18)

Have you had a situation like this? Bid on a home or property at an auction and think you'd won the bid, only to find out later, you don't get the property? We'd love to hear your experience. Just use the comment link below and tell us about your auction experiences with real estate. Your email address will NEVER be published at this site.

Appliances: When to Repair - When to Replace

The hot water is no more, or the furnace makes you pull out the blankets. Perhaps your washing machine just spun it's final load.

The question becomes, Fix it, or junk it?

If an electronic device cost less than $200, junk it without further thought. Repairing a relatively inexpensive item like a cordless phone or countertop microwave is not cost-effective.

The repair-or-replace question is directly tied to how much longer you can expect the product to last. You can get data on the life expectancy of all sorts of home components, from faucets to refrigerators, at the National Association of Home Builders website (nahb.org). Your results may vary, depending on the quality of your model and how religious you've been about routine maintenance.

In a few cases, there may be new bells and whistles that render your old appliance obsolete — or simply unwanted. For example, most professional advice will tell you it's never worth making major repairs to a top-loading clothes washer. In addition, clothes dryers haven't improved much in basic function over the years.

If you have any questions about whether to repair or replace an appliance or component in your home, do some research. Try posting your dilemma at Applianceguru.com, or post your question or comment here… someone may just answer you with the advice you need.

As we pause to reflect the season, we would like to wish you and your family a very happy holiday. Thank you for being a part of our blog family this year! We are taking a couple of days off now to spend with our families, and will resume posting more great information for you here in a couple of days.

May the spirit of Christmas bring you peace,
The gladness of Christmas give you hope,
The warmth of Christmas grant you love.
-Author Unknown

Please enjoy our Christmas Video Card….

See you soon!

Home Staging: Get Help Selling Your House

Home staging, a method of presenting a home in its best light in order to appeal to the broadest audience base, has gained recognition through several popular cable television programs such as "Designed to Sell" and "Sell This House." It can range from simply repainting walls to tearing them down, or from changing window treatments to replacing windows. It now offers many more varied services to the client, such as moving in and resettling, event staging, holiday decorating, de-cluttering and organizing and one-day re-design. Home staging has boosted home sales prices on many occassions, as well as quicken the amount of time the home stays on the market.

Getting references for home stagers and checking those references is essential. Home owners should interview staging candidates and visit homes they staged.

The main benefit of hiring a professional to stage your home is that they will look at your surroundings with an experienced and objective eye. They won't be attached to grandmother's antique table, nor will they have the same affinity you may have for that yellow bathroom. They will be able to come in and tell you which items should be removed, what should be added and how best to feature your home.

Whether it's a way to differentiate yourself in your marketplace or sales aid to give higher or faster offers, staging is a tool that all home sellers should add to their bag of tricks.