The most common type of debt in America today is credit card debt. When so much has accumulated, and interest is so high, it sometimes seems worthwhile to use a second credit card to take care of the debt on the first, but a lot of times this does little to help. However, some credit cards offer a zero percent interest rate when transferring credit card balances that you may want to look into. Continue reading
Credit
Getting an installment loan with bad credit
Getting an installment loan with bad credit? I would say no! Well, that would be my quick personal advice, but you may be offered a loan if your credit score is in the subprime range. An installment loan is paid back over a course of a few months to a few years, and it can further harm your credit score if you can’t handle it. It is one of the easiest types of loans to get, and this also means you can easily default on an installment loan if you are not careful. Continue reading
Credit Card Miles Tricks to Avoid
When considering a new credit card, incentives such as mileage points good towards airline tickets or hotel stays can seem truly beneficial and easily draw one in. This is especially true if it has been a while since you and your loved ones have taken a vacation. Although such cards may seem like the best way to enable the purchases you are already making to give you a well-deserved vacation, before signing up for a mileage reward card there are a few sneaky tricks utilized by many credit card companies that one should know of. Continue reading
Freezing Your Credit: The Emergency Stop Button
Let’s envision the nightmare scenario: your ID has been stolen, and the thieves are opening credit card accounts as fast as the banks will let them. What happens? Should you just file a police report and accept the fallout? Continue reading
How to improve your credit score
The foremost credit score in the US is used by the Fair Isaac Corporation, or FICO. The credit score ranges from a low of 300 to a high of 850. FICO claims that the current median score is about 720, meaning 50% of people have a score lower, and 50% have a score higher than 720. If your score is 620 or lower, it is considered “subprime,” and lenders will me more wary of giving you a loan. The most important thing to know about your score, though, is that it is not constant. There are many things you can do to improve your score, simply by knowing what factors are involved in the scoring process. Continue reading
The importance of a security alert
One of the most common ways you can get in debt is from fraud. Someone steals the information from your credit card and makes frivolous purchases, and you get charged for it. The scary part about this is there are so many ways an outside party can get your information. Someone could steal personal information you have typed into an unsecured website. An employee could take your information when you have used your credit card to make a purchase. Somebody can even go through your trash to look for old credit statements you have thrown away. Earlier in the year, someone stole the information from my debit card after I went to an unsecured website, and let me tell you it is absolutely infuriating to see money being taken out of your account by someone who has no idea who you are! If you think someone has stolen your credit card information, you need to fill out a security alert. Continue reading
Credit cards for military members with bad credit
Members of the military should get a free ride when it comes to personal finance. The military consists of about 1% of the American population, and they sacrifice more than the remaining 99% numerous times over. All of their expenses should be taken care of, and all debts should be absolved. While this is a nice idealistic thought, it is not in practice, and many military families end up with bad credit and financial issues. There will eventually be an emergency involving payment for travel accommodations while on duty, or there may be emergency home repairs needed after a natural disaster strikes. A credit card is an option for military men and women, and there are many different banks or credit unions from which to choose. Continue reading
A Plastic in Every Pot
Do Students Need a Credit Card?
The many uses of credit cards come from the priorities of the user. However, in spite of their advantages, credit cards must be used with an air of caution and responsibility. In the case of students, do they need credit cards? Again, it depends. Continue reading
The Personal Statement on your Credit Report
There is no doubt that your credit score is an important factor in your financial life. You might think it consists of just account numbers and balances, but words are also important. In fact, you can write a personal statement that can be added to your credit report. Whether or not it can improve your score is disputable, but the personal statement may point out inaccurate information, or it may affect your chances of getting a future loan. Continue reading
What are hard inquiries and why do they matter?
On your credit report you can find a section entitled ‘credit inquiries’ that lists every instance that a business has pulled your report for review. These inquiries can be divided into two distinct groups: hard pulls and soft pulls. The first distinction between these two groups lies in the reason your credit report was pulled; hard pulls are those that occur when you apply for a credit card, loan, or enter into other financial obligations including new cell phone and apartment contracts. Conversely, soft pulls are typically those performed by you personally or your current creditors. The second, and arguably the most important, difference between hard and soft credit pulls is their effect on your credit score. Continue reading
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