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Your credit score can affect your future cash flow. It can increase insurance premiums, job offers, housing costs and interest payments. Insurance Different rules apply for life, home and auto insurances. Life insurance A bad credit score will exclude you from top-tier life insurance, but your score doesn’t weigh heavily at any other level. Although it does get factored in, [...] Read more » What is a credit score? A credit history is a collection of all of the pieces of financial information that relate to your life. It contains information on how long you’ve had your individual credit accounts, the account limits, balances, and your payment history. Current and future creditors only want to know one thing: if they loan [...] Read more » Debt consolidation is an important objective for many families. For many people there is no clear way out of their debt problems – especially as they continue to meet their ongoing living expenses. One debt consolidation option is to use equity or some type of collateral to obtain a debt consolidation loan. This option can provide value [...] Read more » All it takes to lower your credit card interest rate in many cases is a simple phone call. A 2002 study found that over half the people who had good credit and called their credit card company to get a better interest rate were able to do so with the average person reducing the rate [...] Read more » If your credit score isn’t good you’re apt to get less-desirable terms, and you’ll pay a little more than the average consumer because the lender is taking on a greater risk. Here’s information you can use to learn how lenders evaluate you, understand a few of the tools they use to make their choices (such as [...] Read more » Is it a good move to pay down high-interest credit card debt using a lower-interest home equity loan or line of credit? The short answer is: no. According to the Mortgage Bankers Association, at the height of the debt leveraging in 2007 Americans had more than a trillion dollars in outstanding home equity loans. It was estimated [...] Read more » The credit industry is retrenching. Lenders are separating out the “haves” and “have-nots”. So now is the time to tune up your credit record. Getting credit is similar to any competition – it’s all about the score. The highest rankings merit the lowest rate and make the difference between getting a card, line of credit or [...] Read more » Credit scores are largely misunderstood. For instance, your precise score matters only when you’re in need of new debt, like a home, auto or education loan or a new credit card, which should be a fairly rare occurrence. You don’t have just one score, but many. Your FICO score, the one developed by Fair Isaac Corp. [...] Read more » This info from New Zealand is applicable no matter where you live. We have common human traits that encourage spending and the borrowing that promotes it. This from New Zealand’s Dominion Post: Household debt could be cut by 20 per cent if people did not try to keep up with neighbors, stopped buying on [...] Read more » When your credit card company notifies you of a rate increase the first thing that you should do is determine if this has any effect on you. If you pay your balance in full each month it has no effect. Read on, though, if you maintain a balance on your credit card. Credit Card [...] Read more » When banks are tightening credit standards it is especially important to ensure that you are taking steps to improve your credit score. Order your credit reports and dispute any mistakes. Your payment track record accounts for about 35% of your FICO score. So pay your bills on time. If you have had some credit problems then be patient [...] Read more » There are significant differences between credit cards and debit cards. The significant advantage for credit cards is that they offer benefits, such as frequent flier miles, hotel points or “cash back” rewards. The significant advantage for debit cards is that their use does not promote debt. You should pursue the appropriate use of credit [...] Read more » Services Visit debtadvice.org to begin your search for a nonprofit credit counseling agency. This web site is provided by the National Foundation for Credit Counseling. The NFCC sets guidelines for fees that member agencies can charge consumers and requires agencies to provide services free of charge if a consumer can’t afford to pay. [...] Read more » Debt management begins by not avoiding the problem. That starts with opening up your credit card statements and paying the minimum payment. Some people try to manage their debt problem by not opening statements. The outcome of that approach is a reduced credit rating and higher interest charges. So open up those statements [...] Read more » |
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