Can You Have Too Many Credit Cards?
With some things, it’s easy to tell when you have enough. Once your stomach is full, for example, you know you’ve probably hit the acceptable limit on pizza slices. With other things, however, it’s harder to tell if you have enough — or too many. For many people, credit cards can fall into that latter […]
When Should You Refinance an Auto Loan?
Although vehicles have gotten smarter and more efficient, their cost has steadily increased to the point that most auto loans extend for more than half a decade. For most folks, however, the cost of buying a vehicle is worth paying, especially when it’s the only reasonable option for getting to and from work. But, worthwhile […]
How to Set (& Keep) Savings Goals for the New Year
Setting New Year’s resolutions is a time-honored tradition, a reason to really ponder what you want to accomplish in the coming year. Unfortunately, most of us waste the opportunity of a new year on half-hearted resolutions to give up sweets or buy less junk on Amazon — resolutions we tend to break about five minutes […]
How Long Do Late Payments Stay on Your Credit Report?
Modern technology has made many facets of life easier and more convenient. We have refrigerators that make grocery lists, robots that automatically vacuum the floors, and thermostats that adjust themselves. Despite all these tools, however, it can often seem as though our lives are busier than ever, and free time can feel like a limited […]
How Your Credit Score Impacts Your Loan Terms
Some people are fortunate enough to have the means to pay for everything they need in cash, without worrying about things like loans and repayment terms. For the rest of us, however, loans are an important part of financing major purchases and getting through expensive emergencies. So, unless you’re one of the few who can […]
Can Credit Cards Save You Money?
Although it can be easy to forget as we’re swiping away, credit cards are a form of debt; the balance you build on your credit card is debt you owe to the issuing bank. Given that they are debt and, by nature, debt is a negative, it may seem counterintuitive to consider that credit […]
The Fastest Ways to Boost Your Credit Score
So many aspects of our culture rely on having a good credit score — buying that new car that will turn heads on the highway, finally moving out of that small apartment and purchasing your first home, or even opening a decent checking or savings account. Unfortunately, it can be easy to lose our […]
How Does Maxing Out a Credit Card Impact Your Credit Score?
While an increasing number of consumers are aware of their credit scores, a good deal of confusion still exists about what does — and doesn’t — impact your score. For example, there is a popular myth that carrying a balance from month to month will somehow help your credit. This is not true, however. […]
The Pros and Cons of Rewards Credit Cards
If you’ve done even a little research into credit cards, then you’ve likely run across a number of blogs and forums with stories about people using credit card rewards to earn big bucks and fund lavish vacations. But what’s the real story? Are credit card rewards really all they’re cracked up to be? The answer […]
Ways to Minimize Summer Vacation Debt
For most families, summer is the ideal time for a vacation; schools are out, the weather is warm, and most venues are open for business. But when we spend the whole year eagerly waiting for summer vacation to come ‘round, it can be all too easy to get swept up in making the most of […]
Paying for Car Repairs
While few people are overjoyed about the three- to four-figure sums that typically accompany auto repairs, the cost of getting back on the road can be downright terrifying for those without enough emergency savings. Auto repairs can be particularly troublesome for consumers who may have a hard time finding the financing they need to cover […]
When it’s Time to Cancel a Credit Card
From the time we start building credit in our late teens or early 20s, many of us start collecting credit cards. Those credit cards inevitably begin to pile up, quickly overtaking even the most robust wallet. By the time you can hardly sit for the bulk of your billfold, the idea of canceling a card […]
How to Best Use Your Tax Refund to Pay Down Debt
Despite the fact that it starts out as our money in the first place, it’s all too easy to think of your tax refund as “bonus” money. Once you know that check or direct deposit is on its way, you may be tempted to start daydreaming of a new big screen or that oft-postponed family […]
When to Consolidate Credit Card Debt
In the early days of the internet, getting an email was an event. The friendly little voice informed you that, “You’ve got mail!” and we hurried to click the icon and explore our digital deliveries. These days, the novelty of electronic mail has long since worn off, and checking your email tends to be about […]
How to Determine the Cost of a Loan
In a perfect world, everyone would have the cash necessary to self-finance important purchases, and debt would be a thing of the past. Unfortunately, we live in the real world, where borrowing is often a necessary part of everyday financial life. With that being the case, it’s important to understand as much about the borrowing […]
What to Look For in a Loan
If there’s one thing to be said about the modern world of consumer credit, it’s that the product options are abundant. While this is great for consumers looking for a good deal, sometimes there is such a thing as too many options (a dilemma quite familiar to anyone who has had the pleasure of waiting […]
What Lenders Look for on Your Credit Report
At the point in history when lending occurred primarily within families and small communities, many borrowers likely knew their lender — and his or her spouse and children — by name. In those days, your personal creditworthiness likely depended as much on your reputation among your neighbors as it did on your actual financial status.
Some Credit Cards Don’t Fall Under the CARD Act of 2009
In 2009, Congress passed the CARD Act (officially known as the Credit Card Accountability Responsibility and Disclosure Act of 2009) to protect consumers against excessive interest rates, fees and miscellaneous charges. The act prohibits credit card issuers from initiating fee traps, excessive interest rate hikes on existing balances that create consumer default or retroactive late […]
Don’t Get Scammed by Unethical Loan Companies
Like many people these days, you may be trying hard to do the right thing and pay your bills, but find that you are struggling and your debt load keeps growing. You know that one missed payment will bring your house of cards crashing down and you don’t want that. In conjunction with this, perhaps […]
5 Things That Can Prevent You From Owning a Home
If you’re in the market to buy a home, you’ve probably already started looking around, and you may have even found the home that you believe is the one you’re meant to buy. But what if some unforeseen surprises spring up, surprises that stop your home purchase deal in its tracks? What can possibly go […]
Negotiating With Creditors: Do It Effectively
Negotiating your debt on your own is possible, but there are some basic rules you should follow for best results and to minimize the chances of your getting disorganized or even confused and frustrated during the process. If you are ready to contact your creditors or any collection agencies currently holding accounts of yours, take […]
Credit Card Scams and Gimmicks to Avoid
With credit card issuers loosening their requirements for cardholders once again, consumers now have a number of choices available to them. At the same time, these issuers are offering a variety of gimmicky cards to attract people to their products. The problem is that many of these offers end up being scams, since with them […]
Secrets to Saving Money
If you are looking for ways to make your money go further, you are not alone. No matter how much money you make, it is always a good idea to do things as inexpensively as possible, as you never know what can happen in the future. Many successful people were completely caught off guard when […]
5 Easy Ways to Rebuild Your Credit After Bankruptcy
After filing bankruptcy, one of your main concerns should be repairing your credit. For some consumers, a bankruptcy filing can lead to a sense of hopelessness that can be difficult to escape. Once you come up with a firm credit repair plan, however, you can confidently begin the road back towards financial health. And with […]
5 Ways to Protect Yourself From Online Scams
The Internet has brought the global marketplace right to our fingertips, making it easier than ever to purchase goods and services, do our personal banking, and donate money. Along with this technological convenience, however, also comes the dangers of getting scammed online. Providing unsecured websites with your personal information can put you at risk of […]
Tips for Paying a Loan Off — on Time
In the current economic climate more and more people are being affected by growing debts. Many of these individuals are experiencing difficulty paying off these debts, and this unfortunately is making a bad situation worse, with penalties and fees only adding to the amount owed and consumers seeing their credit rating, which often is already […]
5 Ways to Save on Your Mortgage
Buying real estate has always been one of the best ways to invest your money and build wealth and equity. However, along with home ownership frequently comes hefty mortgage payments that need to be made each and every month. A mortgage is often the biggest debt that a consumer will have in their lifetime. The […]
Identity Theft: How to Fix This, Quickly
Identity theft can be emotionally and financially devastating, and it can take quite a bit of time to sort through everything once you are a victim of this crime. To prevent as much damage from happening as you can, there are steps you need to take immediately if you feel that your identity has been […]
Credit Inquiries: The Difference Between Hard and Soft Inquiries
Many consumers understand that if multiple inquiries about their credit are made to the major credit reporting bureaus, that can have a negative impact on their credit rating. What many people are not aware of, however, is the fact that there are different types of credit inquiries. One type is not likely to produce an […]
When Is the Right Time to Get a Mortgage Loan?
Applying for a mortgage loan is an important decision in a person’s life and is not something that should be taken lightly. Before you apply for a mortgage, make sure that you can afford the monthly payments. While your lender will look at your financial situation to help them decide whether or not they believe […]
5 Things That Maintain a Good Credit Score
There are many things a consumer can do to help them maintain a good credit score. Here are five simple steps to keeping your credit in tip-top shape: 1. Know what a credit score entails. Knowing how a credit score is calculated is key. Your credit score is calculated based on five different things: your […]
Steps to Getting a Home Loan
Buying a house is a major investment, and with the high cost of homes around the country, it usually represents a major outlay of money for a consumer. Therefore, it should come as no surprise that, according to recent statistics, nine out of 10 homebuyers finance their purchase with a mortgage loan. If you are […]
Credit Bureaus: Understand How They Affect You
Credit bureaus are agencies that research and collect consumers’ credit information. In the United States there are three primary credit reporting agencies: Experian, Equifax and TransUnion. Utilizing standard computations, these agencies collect information and tabulate it in a numerical equation that results in an individual’s credit score. It is important for you to understand not […]
Why It’s Important for Your Credit to Pay Back Your Loan
Many reasons to apply for a loan exist, with the main one probably being that having this additional money simply allows you to make major purchases without saving up beforehand. Of course, loans eventually need to be paid back, and they generally come with predetermined repayment terms to which you must adhere. Failure to repay […]
Consolidating Your Student Loans
Student loans are considered the next “bubble” the American economy will have to grapple with. As tuition costs continue to climb, the amount of debt that graduating postsecondary students carry is also booming. Recent graduates are emerging with an average loan debt of $27,000. With a difficult job market and heavy average debt load, it […]
Beyond Banks: Other Places Your Credit Matters
Your credit score is a seemingly ethereal number that you likely only think of when you are considering acquiring a credit card or loan. Consumers rarely give much thought to their credit score beyond this sort of scenario. What many people do not understand, however, is how vital maintaining a good credit score is for […]
How Your Credit Score Is Calculated
These days, having a good credit score is key to gaining access to all kinds of things. Because of this, of course, it behooves you to do whatever you can to get your score up as high as possible. And learning exactly how a credit score is calculated is important if you want to know […]
Credit Diversity: How Much Does It Really Matter?
Credit diversity. What is it? Does it really matter? I know, you’re probably thinking, “Credit is credit … right?” The truth, however, is a little more complicated than that. There are actually many different types of credit, and in order to have a higher credit score and get lower interest rates on loans, you need […]