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Unwise use of cash-back credit cards can destroy your credit scores, so be careful.
The temptation is there - when you get a new card that offers to give you twice the reward if you hurry up and use that card in the first couple of months, you might want to get out there and spend money. After all, there are things you need for your home that you'll probably buy over the next few months, so why not do it now - while you can get 4% cash-back?
The obvious reason is that no matter when you use...
•Be Cautious With Debit Cards When on Vacation
Vacationers worried about carrying too much cash often take along a debit card, so they can access cash from their checking accounts as they need it. This can be a good move, or a poor one should the card be lost or stolen. In order to fall under the $50 maximum liability clause in your debit card agreement, bogus charges must be reported within two business days, so it's vital to your financial well-being to keep a close eye on that card and report its loss immediately. Your liability is...
•Money and Marriage: How You Use Credit Cards
Disagreements over credit card use has caused more than one marital disagreement - and money issues in general have caused many more than one divorce. The best course of action is to come to agreement before the fight starts.
The first thing couples should agree upon is how much debt they can handle. One spouse may be comfortable owing many thousands, while the other panics at the thought of a $200 credit card balance.
Talk about it. Look at your combined income and your other debt - such as...
•Identity Theft - Are You Letting The Thieves Get Away With It?
? How often do you check your credit report? For far too many consumers the answer will be "Only when I want a loan." That means that identity thieves can use your credit and your good reputation for months or even years before you discover their activities.
You might not notice at all until you find your bank account empty. Or, you may receive a notice from the IRS denying your tax refund because it has already been paid - or worse, asking why you didn't report ALL of your income for the...
•If You Care About FICO Scores, Don't do Loan Modification
With all the talk about the "Making Home Affordable" program, and with all the layoffs and pay cuts that Americans are facing today, it's tempting to ask for a loan modification even if you are able, somehow, to meet your mortgage payment.
Before you decide to make that move, decide whether you're going to need high credit scores in the near future.
Under reporting guidelines set forth by the credit bureaus and the Consumer Data Industry Association, your loan modification will be reported...
•Consumer-friendly Credit Card Reforms
Credit card companies have come under fire for unfair practices that almost force unwary consumers into default or bankruptcy.
The Feds have taken notice, and new rules are in the offing. The bad news is that the new rules are slated to take effect in July 2010. The good news is that in response to consumer outcry, that date may well be moved up.
What's going to change?
Credit card companies will no longer be able to raise interest rates on balances you already owe, unless your payment is...
•Seniors Face Growing Credit Card Debt
The burden of excessive credit card debt is a "new neighborhood" for thousands of senior citizens across the U.S. Low to middle income citizens are affected most, but even the upper middle class is taking on new debt.
Those who expected to spend their retirement years traveling and enjoying the fruits of their labors are now faced with a new reality. Those investments they made that were supposed to pay high dividends and allow them a comfortable lifestyle have tanked.
For some, it means a...
•Credit Freezing an Anti-Identity Theft Measure to Consider
Keeping your credit report available to retailers, landlords, and potential employers means that it is also available to identity thieves.
Why do they want it? For one thing, so they can see if you have unused credit card accounts. If so, it's a simple thing for a skilled thief to submit a change of address to that card issuer and begin using your card without your knowledge.
And of course, a thief with your identity can do all the usual things that trigger a credit check. For instance, they...
•Hidden Credit Scores that Affect Your Life
Before you ever receive that solicitation letter from a credit card company urging you to request their card, they've been checking you out.
Naturally, they check your standard credit scores. They do want new customers who are most likely to pay their bills each month. But they don't stop there. Sometimes even people who are currently paying their bills turn to bankruptcy as a way to stop.
Thus, they'll check your bankruptcy scores. Equifax offers a score called the bankruptcy navigator...
•Are All Free Credit Report Offers Created Equal?
? I recently searched for my free credit report on line and found that there are more than a few programs out there offering it. What i did not know were the differences between them. We've all seen the attention grabbing commercials with the guy in the pirate hat, playing the guitar, driving the jalope. "Becuase is credit was wacked, now he's driving off the lot in a used sub compact." I'm referring to the freecreditreport.com ads. A few others have surfaced with Ben Stein as the front man but...
•Identity Theft "Red Flag Rules" Raise Ire of AMA
No one wants to be the target of identity theft, and yet, despite consumer awareness and prevention practices, in 2008 ten million people were victimized. It seems like everyone should be overjoyed at programs to curb this threat from the creditor's side.
Not so. Some organizations, such as the American Medical Association, feel that their members should be exempt from developing and implementing written identity theft prevention and detection measures.
Resistance from the AMA has been so...
•Do Loan Servicers Really Want to Help Modify Your Mortgage Loan?
? They say they do. The government has provided $75 billion in taxpayer money and told them to. But many of them are stalling because helping troubled homeowners is a financial conflict of interest for them.
When the "Making Home Affordable" program was announced, financially strapped homeowners expected to find some relief. And some did get relief in the form of a refinanced loan or a mortgage loan modification.
However, many others are finding that their mortgage loan servicer is putting...
•Using Dealer Financing to Buy a Used Car? Be Careful!
Using Dealer Financing to Buy a Used Car? Be Careful! There's a reason why the phrase "used car salesman" conjures up certain images - and that reason doesn't completely revolve around engines and transmissions.
Car salesmen are masters at getting people financed to purchase - one way or another. The trouble is, the way might not be a benefit to you, even while they claim it is.
So, be prepared. Before you even consider visiting a car lot, get your credit report and check your scores. If...
•Identity Theft Could Steal Your Credit Rating
If you aren't checking your credit report regularly, "you" could be wracking up bills and late payments that will plunge your credit scores to the bottom of the barrel.
Identity thieves have two primary methods of using your identity that will quickly destroy your financial reputation: Using your existing credit cards and Opening new credit accounts.
You've read that you shouldn't close unused credit card accounts because the more available and unused credit you have, the better your credit...
•More Myths About Credit Scores
The financial crisis has underscored the need to maintain a good credit score and also know what factors have the most effect on the score. Since there is a variety of information about credit scoring, you have to know what information you're getting is actually coming from experts that are well educated and informed on how credit scoring works. Quite often, misinformation is circulated, just like urban legends about anything else. What's especially alarming is that much of this information is...
•Mortgage Brokers May Soon Face Extinction
Everyone knows that the mortgage crisis resulted, at least partially, from the massive number of sub-prime loans written with ARM's that reset - leaving the borrowers unable to meet the mortgage payments.
We also know that those programs were offered by the major banks - partially in response to urgings from the Federal Government to help low income people own homes.
So guess who the banks are blaming? Mortgage brokers, that's who.
The banks created the loan programs, established the terms,...
•The Job Search is Much Tougher for Consumers with Poor Credit Scores
Being jobless for many months can destroy your credit scores. Even if you manage to juggle accounts and keep paying the bills on time, using the credit cards to make up the shortfall between unemployment benefits and monthly expenses is damaging.
Worse, as too many consumers have learned, when you start using your credit cards, card issuers start lowering credit lines and raising interest rates. That's a practice that has caused many of the jobless to simply stop paying the credit card bills....
•Why You Need More Than One Credit Card
Do you carry one credit card, or a whole pocket full?
Once upon a time having a fistful of cards was seen in some circles as some kind of status symbol - showing how much great credit you had. Unfortunately, many got into trouble over it because they actually used all those cards.
Others, fearing their own tendencies to overspend, opted to own just one card.
Neither way is the best answer. Life is not only more convenient, but safer and more economical when you carry at least 2 different...
•How Credit Card Balances Affect Credit Scores
Getting confused about how to use your credit cards for the best effect on your credit scores?
You know you need credit card accounts - you've been cautioned not to close any accounts, especially your oldest accounts.
You've heard that you shouldn't carry a balance of more than 30% of your available credit in a given month. You know that if you do charge more, you should go on line and make a payment before your monthly credit card statement is generated.
But, do you need some kind of...
•Credit Card Advances Less Costly Than Payday Loans
Payday lending is big business today. Right now, about 22,000 payday loan stores are collecting about $6 Billion per year from cash-strapped consumers. Some of those consumers are caught in a never-ending cycle of borrowing, repayment, and borrowing again.
Why? Because the fees and interest rates are so high and the repayment time so short.
A consumer borrowing $150 to get him to the next payday might pay anywhere from $10 to $20 for the privilege, and the money is due in 2 weeks. He can...
•Will a Debt Management Plan Affect My Credit Score as Much as Bankruptcy?
? No, because with a Debt Management Plan you're showing a good faith effort to repay the debt through voluntarily seeking credit counseling and setting up a budget for repayment of the entire balance due.
Under bankruptcy you are either wiping out the debt entirely or setting up a payment plan to pay less than the balance owed.
Your credit report may contain a notation that a certain account is under such a plan, but if you come to an agreement with a creditor and then hold up your end of...
•Don't Pay for Interest Rate Reductions!
With consumers in turmoil over rising credit card interest rates, an old scam is gaining new momentum... so don't get suckered in!
In this scam, either a live person or a pre-recorded message from Easy Financial (or some other business) will call and offer to negotiate a lower interest rate on one or more of your credit cards.
If you're paying 12 to 14%, their promises of 5 to 7% will sound good, especially if you have a large balance. They'll explain how many dollars you'll be saving over...
•Do You Qualify For Home Loan Modification?
? Depending upon your lender and the programs they're involved in, a drop in your income or a rise in your house payment might qualify you for a mortgage loan modification.
If you're struggling to meet your mortgage payment every month, consider calling your lender to see if they can offer help. You may be able to get a refinance with more favorable terms, or you may be eligible for a straight modification.
If your loan is backed by Fannie Mae - and many are - you could qualify for the...
•No Quick Fixes for Improving Credit Scores
There are no quick fixes for improving your credit scores. However, you can increase your scores over time by demonstrating that you consistently manage your finances responsibly. Take a peek at these ten tips to live by if you want a good credit rating:
1. Pay your bills on time. This is the most obvious and best way to improve your scores, and it's never too late to start. Even if you've had bad credit in the past, those will count less over time if you keep paying your bills on time.
2....
•Does Your Credit Card Carry a Variable Rate?
? With all the talk lately about credit card issuers raising rates, and those card issuers doing all they can to maximize their profits before the new rules take effect, it should come as no surprise that many are moving to variable rates.
Bank of America, JPMorgan Chase, Discover Financial Services, and Captial One have already switched a portion of their accounts to variable rates, which are based on a margin over and above the U.S. Prime rate.
Already, about 66% of all credit cards are on...
•Before You Go House Hunting - You need your free credit report
You may be thinking "Why do I need my free credit report right now when my lender is going to get it before I can get a loan?"
Because you need to be prepared. You need to know what that credit report says and how your credit scores stand before you talk to any lenders.
That's because every time a lender checks your credit on your request, your credit scores take a little "hit." You should never let any lender, landlord, or service provider check your credit until you are ready to move...
•Your Free Credit Report - What to do When You Find Errors
You ordered your free credit report, you read it, and you're shocked at the errors you found. First, know you're not alone, experts say that as many as 70% of all credit reports carry errors.
But now what should you do?
First, write a letter to each of the credit bureaus that is reporting the error. Write a polite letter - remember they only report what is sent to them by your creditors. Even if the error is theirs, rudeness won't get you a faster correction.
Enclose a copy of your credit...
•Heading out on Vacation? Pack your Credit Card Information
Heading out on Vacation? Pack your Credit Card Information Credit cards are the safest and most convenient way to pay for expenses while on vacation, but they can and do get stolen, and thieves often pick heavily populated vacation spots to grab their opportunities. Protect yourself this vacation season by taking some smart precautions before you leave home.
First, pare down your wallet - if you usually carry a whole fist full of credit cards, change your habit. After checking each card so...
•Changes in Credit Card Laws Will Benefit Consumers
You know that credit card issuers have been reacting strongly to the credit crisis. They've been raising interest rates, lowering credit limits, and closing accounts. Some of them are even offering bribes to customers to get them to pay off outstanding balances and close accounts.
These activities may affect more and more consumers as we get closer to February 2010, when the "Credit Cardholders Bill of Rights" goes into effect. This new law will severely limit some of the practices that have...
•Credit Card Issuers Will See Limits on Fees
Credit card issuers make a lot of money from fees, but that money stream will be slowing down once the Credit Cardholders' Bill of Rights comes into effect.
One of their favorites has been over limit fees. When you went into a store and charged just a few dollars too much, they'd approve the charge - but then hit you with a fee. And if you then went into another store and made another charge - you'd get another fee. If you didn't pay attention, this could really add up.
Now it saved you the...
•Should You Request a Lower Credit Card Interest Rate?
? Not unless you can't meet the minimum payment with your current interest rate.
Prior to the credit crisis, consumers were advised to request lower rates as a reward for their good credit history, but with the turmoil going on in the credit card industry right now, asking could backfire.
Any time you ask for a change in terms - be it a rate reduction or a credit line increase - the credit card issuer will pull your credit report. They will also ask for additional information such as your...
•Do You Need a Free Credit Report?
? You're not thinking of making any major purchases in the near future, so do you really need to get your free credit report? Can't you just wait until you're ready to buy a house or a car?
Yes you do need that free credit report, and no, you really can't wait. There's too much at stake.
In 2008 over 10 million people were victims of identity theft. And far too many of them had no idea that they'd been victimized until they tried to obtain credit - or until they got a "cranky" letter from the...
•Buying a Car? First you need your Free Credit Report
Buying a Car? First you need your Free Credit Report Ordering your free credit report is probably the last thing on your mind when you're yearning for a new car, but unless you're going to pay cash for that new car, it is something you should do before you start to shop.
You know that at least 25% of all credit reports contain errors. Making sure that your credit scores aren't being pulled down by some stranger's negative information is reason enough to take the few minutes to order a...
•Credit Card Issuers Have Their Own Definition of a Dead Beat and They Might Mean You.
Have you never paid your credit card bill late? Have you never gone over your credit limit? Do you pay the entire statement balance each month? Do you use your rewards card - and collect the rewards? Are your credit rating and your FICO scores rated "excellent?"
Then you, my friend, may be a "deadbeat."
That doesn't sound like my definition of a deadbeat, and I'll bet it doesn't fit yours either. But the credit card issuers have a different way of looking at things.
They think you're a...
•Your FICO Scores - Changes in 2009
The FICO score has long been the standard used by banks and other financial institutions to determine your credit worthiness. It is compiled using a complex system that measures things such the amount of credit you have available to you, the amount of credit you're using, how long you've had credit with a given provider, and how faithful you are about paying your accounts on time.
Each of the three major credit bureaus: Experian, TransUnion, and Equifax compiles a FICO score based on the...
•Love, Marriage, and Credit Scores
Credit can play a major part in love relationships, and considering it before you take those vows can prevent future heartaches. Pre-marriage counselors will tell you to come to an agreement about how you'll handle finances, and then stick to the agreement.
That's a good plan for going into the future, but meanwhile, each of you does come into a marriage with your own credit history, and it will affect the success or failure of anything you undertake jointly - such as renting an apartment or...
•Yes, Identity Theft Can Happen to You
It happens every day, to people who thought it couldn't happen to them. And now, their credit rating is ruined and they have months of work ahead of them to get it repaired.
That's why companies like Pay Pal and eBay are so careful to warn you abut clicking a link in any email that doesn't include your user name. That's why your banks warn you not to answer an email, but to log in to your account at the bank website if you have a question.
And that's why you must never give out personal...
•Raise Your Credit Score Now To Take Advantage of Mortgage Opportunities
A great credit score could be all that stands between you and your dream home - with a payment that will keep you smiling for the next 30 years.
Right now could be the best time in history for first-time buyers to achieve the American Dream of home ownership.
Prices are falling like dominos as mortgage companies seek to liquidate their repossessed homes, and that liquidation always affects the consumer-owned homes in the vicinity as well. This could continue until the majority of REO (real...
•Even Death Won't Stop the Debt Collectors
If your spouse, sibling, child, or parent dies owing a credit card company, or even his or her phone bill, you're under no legal obligation to pay that bill. But that won't stop the debt collectors from trying to collect from you.
Debt collectors have always been able to file claims against estates in probate courts - sometimes truthfully, and sometimes with trumped-up charges that only the deceased would know were false.
But for those who die without enough assets to require a formal...
•More Credit Score Myths
Most of us don't understand or know what makes up our credit score. Your credit score is the most important piece of information in your financial life. Landlords, lenders, insurance companies, electric companies and potential employers all have your credit score under the microscope.
With that being said, you should probably check your credit scores on a regular basis. Check it for errors, potential identity theft and improve your scores over time. The secret to a better credit score is to...
•Rapid Rescore can provide a quick fix for low Credit Scores
When shopping for a home loan, your credit score is the first and also the most important factor that is considered by lenders when evaluating a loan application. Credit score requirements for many types of mortgages have increased substantially over the last year. And having a credit score that's less than excellent can lead to a higher interest rate for many types of loans, not just mortgages.
So what happens if you find yourself in a situation where your credit score is either too low to...
•Forget Piggybacking, Get a Secured Credit Card Instead
Ever notice how many good things can be ruined by a greedy few? Piggybacking to raise your credit score is one of them.
Before unethical credit repair companies started brokering the rental of authorized user slots on credit cards, piggybacking was a good way to help your children, siblings, or even friends establish a good credit rating.
All you had to do was add them as an authorized user, and your good credit rating would, at least in part, transfer to them. That is, assuming you always...
•When should you check your credit report?
? When you are preparing to make a major purchase such as a home or auto loan you should check your credit report. Your credit score is one of the most important factors lenders use in determining whether or not you get a loan. Credit scores also determine what interest rate you will get. The higher the credit score the better off you will be.
Nonetheless, if you are planning a major purchase, you should check your credit report and credit scores several months before. Make sure the...
•Medical Insurance Can Ruin Your Credit Scores
Insurance is supposed to protect you, right?
Well, in some cases it does, and in others - it doesn't. Especially when it comes to your credit scores.
If your insurer decides to disallow all or part of your claim, the bill won't be paid. And you might not even realize it!
Medical bills are garbled at best, and they send them in little spurts, so it's difficult to see if they're all different, or duplicates. It takes concentration and a clear head to even figure out what you've been charged...
•Satan has a 350 Credit Score
The lowest credit score you can have is a 350. I am fairly certain that if the Devil had one it would most certainly be the worst possible. How does one generate such a low score? Well, like Satan himself, indulgence, greed, envy, lust, gluttony and being a debtor with outright disrespect to the creditor can earn you a bad credit rating.
I have personally never seen a 350 credit score but supposedly they do exist. If you have bad credit did the Devil make you do it? Not hardly, you probably...
•You Need Credit Scores With a Credit Report
I recently logged on to annualcreditreport.com to get my once a year free credit report but to my surprise there were no credit scores. In case you didn't know, everyone is entitled to their free credit report once every twelve months at http://www.annualcreditreport.com/. If you too have been there then you know that your credit report did not come with your credit scores. Just about everyone these days is looking at your credit so shouldn't you know what they are? This magical three digit...
•Periodically Checking Your Credit Score Can Save You Big Money
Your credit score changes every thirty days therefore you should periodically check it to ensure accuracy. Each one of your creditors reports your monthly pay habits and fluctuations in the amounts you owe them. Since creditors report any changes with your credit report every 30 days, you should probably check your credit once quarterly. We've heard some people say to check it monthly but feel that is a bit obsessive compulsive.
You are probably thinking why in the world would I want to...
•How will a judgment affect my credit score?
? Judgments may have a worse effect on your credit score than collections. Since judgments may be reported much longer than collections, depending on which state you reside in, they may wreak havoc on your credit score for many years. Judgments appear in the "public records" section of your credit report, which is different than the section that contains collections. Also, in much the same way as a collection, once a judgment is reported on your credit report, it will still show as "paid" even...
•Danger Signs of Bad Credit Repair Companies
If you are considering legitimate credit repair and restoration, then good for you. The first step in improving your credit score is to get a grip on your finances and handling up on your debts. Remember that no one can remove accurate credit reporting. If that's your car that was repo'd, it's not going away any time soon. On the other hand, if that car was someone else's then you'll have no problem getting it deleted from your credit report.
You may be thinking about hiring a credit...
•Credit Score Repair Scams
Being in the mortgage business for the past 15 years I get worn out and beat down by fly by night credit repair companies that promise the world. I've heard everything from "We can improve your buyer's credit scores by over 100 points in less than 30 days" to "Our credit repair company removes bankruptcies in no time at all."
With our nation's economy in the toilet, people's debt loads are on the rise. Many people are having problems just making minimum payments. Some aren't even doing that....
•Texture of the Credit Crunch, Not So Good
As a mortgage broker I can tell you that the past several years have been bludgeoned with careless and inappropriate lending. It's no surprise to me that large well known banks are suffering huge losses as a result of bad mortgages turning sour. Whatever you do, do not feel sorry for them. Everyone from WAMU a.k.a. Long Beach Mortgage, Countrywide, Chase, and a slew of companies you've never heard of all flooded mortgage brokers with short skirt account reps pushing crazy ideas like a 580...
•How does Consumer Debt Counseling Services affect my credit score?
? If you are already underwater with debt, it is likely that your credit score has taken a hit for the worse. When you fall behind on current credit obligations the lenders will report these defaults to the credit bureaus. When people fall way behind on their bills its often impossible to ever catch up. Debt management programs have been around for years and offer help to individuals trying to get out of debt. How do they work and how will enrolling in one of these plans affect my credit score?...
•Debt Strategies to Improve Your Credit Scores
Paying down your debt is a great way to stay on track financially and boost your credit scores. Which accounts should you pay down first? Where do you put your extra money each month to make the most difference? Here are a few ideas that we think make the most sense financially.
Priority #1: Pay down the highest interest rate accounts first.
Doesn't matter what the amount is. I'm sure you would rather be paying down a debt than applying money to interest each month. Start with the accounts...
•Five Investment Mistakes You Don't Want To Make
These are frightening times for people trying to build or preserve their retirement accounts. The stock market has produced daily swings large enough to churn just about everyone's stomach. This landscape makes it easy to commit big mistakes and investment no no's. Credit markets have tightened such that no credit score is good enough to borrower money. Here are some of the worst maneuvers you can make during these crazy economic times.
DON'T FREAK OUT: During bear markets like today it's...
•They Should Teach This in School.....
Considering the years you spent in school and the number of courses you were required to take, isn't it strange that money management and credit issues were probably never mentioned?
Even accounting classes teach kids how to add up the numbers and how to tell a debit from a credit, but fail to mention a thing about budgeting, calculating the overall cost of an item when interest is added on, and the high cost of over spending.
Instead, kids barely out of high school are offered credit cards...
•Rebuilding your credit: Where to begin?
? If your credit scores have fallen recently it could be the result of events over which you had no control - like being "downsized" or becoming ill and unable to work. It could mean that you've been living on credit card advances in order to keep going.
It could also mean that your expenses are greater than your current income, so you're charging more and your credit card balances are slowly advancing into the danger zone.
Either way, the path toward great credit scores is to get those debts...
•How Do You Read a Credit Report
Reading credit reports can be very confusing. A credit report is divided into four sections: Identifying information, credit history, public records and inquiries.
Identifying information: Well, just thatinformation to identify you. Here's where you will find your name, social security number, address, date of birth, drivers license number, employer and even your spouses name. Study it close and make sure that it's accurate.
The next section is your credit history. Here's where you will...
•How long will negative information stay on my credit report?
? You know that your credit scores are based on your money management history - and if you're working hard to rebuild your rating, it can be very frustrating to see the same old negative information showing up on your credit report.
Unfortunately, there's not a lot you can do except wait it out. Your new, good habits will show up, and that will help your score, but the old stuff will remain for a while.
A bankruptcy will stay on your credit report for 10 years, which will seem like an...
•How to Reduce Your Exposure to Identity Theft
You may not know that you are a victim until you are denied a loan, credit card or anything else the requires a credit report. Suddenly you discover someone has opened accounts in your name and of course not paid them. What could you have done?
BUY A SHREDDER You can find a small easy to store shredder for less that $20 at almost any office supply store. There is no reason not to have one of these. Any document that includes personal information or your Social Security number should be...
•Credit Score 101, Do's and Dont's
A credit score is an indicator of how likely you are to default on a loan or credit card. Your credit score is determined by a combination of the following:
1. Payment History. Do you pay your bills on time? Are there recent late payments? How many times were you late? 2. Amounts owed. Are your cards maxed out? Do you have a ton of debt? 3. Length of credit history. How long have you been using credit? Have you established good credit history? 4. New Credit. Are you opening new...
•Teach your kids about sound money management
All good education begins at home, and that definitely includes education in money management. If your kids learn well, they'll reach adulthood with the ability to buy a home and begin building financial equity throughout their lives. You may have to help them get that first line of credit, because they'll have no financial history to show lenders, but from there they'll have a beautiful credit score and clear sailing.
It's a shame that schools don't include this subject, because it would...
•Teens -- Begin Adulthood With Great Credit...
Starting out in life with a good credit score will open doors for you that you can't even imagine. You'll get better jobs, live in better places, drive better cars, and best of all - the things you want will cost you far less than your "poor credit" friends will pay.
Why? Because when you buy on credit - such as a house or a car - you'll pay a lower interest rate than a person with poor credit.
A good credit score comes as a result of good money management, so here are some ways to get...
•Engaged? Get your free credit reports before you tie the knot.
Engaged? Get your free credit reports before you tie the knot. Marriage is about much more than love and romance. It's about a life partnership, and that partnership includes money. So before you set the date, check your credit scores.
If you're dreaming of setting up housekeeping in that cottage with the white picket fence - or that condo in the sky - you'll either need a lot of money in your pocket, or good credit.
And, you won't know unless you ask. If either you or your beloved has...
•What is a FICO score anyway?
? Realtors and lenders are almost as bad as computer tech people at tossing out words and phrases you don't understand. The funny part is, sometimes even they don't know what those words really mean.
FICO is one of them. It's not really a word, but the initials that identify the score given to your credit rating. A few Realtors and a few lenders have some idea of how those scores are reached, but they probably can't tell you what the letters stand for.
Nothing. They're just the initials of...
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