The Credit Guy Wednesday, August 14, 2013

Todd The Credit Guy's Most Recent Articles

Find the most recent articles from Todd Ossenfort, The Credit Guy as he explores with you the best options at reducing your debt, eliminating credit card debt and improving your credit.

Todd Ossenfort Explains Joint vs Authorized User Accounts

Is an authorized user liable to pay the credit card balance in the event that the principal has abandoned the debt? Lets examine this question in more detail to help create an understanding of where the liabilities fall when contemplating the differences between authorized users on accounts, and joint account holders.  » read more

APR Explained: Understanding APR with Todd Ossenfort

The Annual Percentage Rate or APR is a financial term that is used by lenders to let you know how much interest you are being charged on a yearly basis for your loan. For example, on a $10,000 car loan at an eight percent APR you would pay approximately $800 in one year in interest for the loan. » read more

Shopping for the Right Credit Card With Todd Ossenfort

Shopping for the right credit card is a smart decision, but understanding how shopping can affect your credit score is was a recent question Jerry asked.  » read more

Todd Ossenfort gives advice on establishing credit after bankruptcy

Recently I was asked about how to re-establish credit after filing bankruptcy.  It's a challenge, that's no doubt, but it's not impossible. » read more

Todd Ossenfort: Fixed Rate Credit Cards and the Universal Default Clause

April 18, 2013 - Todd, we had a credit card with a fixed rate for the life of the card and we paid more than the payment due and on time. Then out of the blue our rate was increased to 21 percent. When I called to question it, I was told it was raised due to high balances on other cards we had, which are also paid more than payment due and on time E4CKABT5K8V9. » read more

Poor Investment Strategies Can Lead to Debt According to Todd Ossenfort

April 18, 2013 – Mr. Ossenfort, a few years ago I invested thirteen thousand dollars into Alien Trust, which was an Internet scam. To get the money I got cash advances from credit cards. Now I’m stuck living with my in-laws and am tired of living here. I couldn’t afford the interest rate so they put all of my debt in their names. My question is if I get the debt put back in my name and quit paying it, will I have bad credit for the rest of my life? Or what will happen if I file bankruptcy? » read more

Todd Ossenfort Answers Your Questions on Delinquent Credit Card Debt

April 17, 2013 - Todd Ossenfort, The Credit Guy: Hello Mr. Ossenfort: Hi, I have a delinquent credit card for $10,000 and I want to fix my credit again but I don’t want to pay 30.99% interest on the card and I don’t have 10 grand lying around anymore. What should I do? My son has one of those Amex cards and has offered to add me to the account and transfer the balance to it. Should I do it that way? Or should I just wait for it to charge off because it has been delinquent for over a year? » read more

Todd the Credit Guy works to educate students on the importance of credit and debt

Todd Ossenfort, the CREDIT GUY, goes back to school to educate juniors and seniors of Rapid City Central High School about Credit Reports, Credit Cards and Identity Theft as part of their Personal Finance Class. Laca Ossenfort, Administrator of Pioneer, was also present to lend a helping hand. Upon review of the up and coming movie “Identity Thief,” students were able to see the importance of monitoring their credit, and taking necessary precautions to hinder such situations from happening to them personally. » read more

Todd Ossenfort: Credit Counseling Agency's Could Soon Have New Tools for Debt Relief Plans

A new and extremely exciting credit scoring system could soon help consumers avoid costly bankruptcy action and provide new options when seeking debt relief. » read more

Todd Ossenfort: Capital One to Pay 210 Million Dollar Fine

Deceptive practices involving third party vendors involved with Capital One Financial Corp have resulted in the imposition of a 210 million dollars in refunds and fines in an alleged deceptive marketing to lure customers into purchasing services.  This is the first public enforcement action under the Dodd Frank Act by the Consumer Financial Protection Bureau. » read more