Finance Globe

U.S. financial and economic topics from several finance writers.

Credit Mistakes You Don't Want on Your Credit Report

Your credit report contains a record of most of your financial decisions. It impacts more of your life than you’d imagine – some parts that aren’t directly related to your finances. If you want to get a credit card or a loan, your credit report will be considered. That means your ability to buy a house or car is influenced by your credit report. Some prospective employers use credit reports to screen job candidates. Your current...
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A Thin Credit File Lowers Your Approval Odds

When it comes to credit, thin is not in. In fact, you want a fat credit file full of lots of positive information. What is a “thin” credit file and how do you know whether you have one? More importantly, how can you get a more desirable credit report? The word “thin” is used to describe a credit report that’s either short or that doesn’t have very many accounts or both. If you’ve just recently started...
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Write a Letter to Get Collectors Off Your Back

Debt collectors are known for using intimidation tactics to bully people into paying outstanding debts. Don’t get me wrong – there’s nothing wrong with a creditor or collector pursuing you for a debt that you’ve agreed to pay. However, it’s often the way collectors go about collecting debts that keeps them in trouble with the authorities. No matter how much weight they throw around, you’re not totally powerless against debt collectors. You don’t have to live...
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Options for Paying Back Your Student Loans

The amount of outstanding student loan debt has surpassed that of credit card debt for the first time in history. Studies predict the amount of student debt could pass $1 trillion this year. Student loan borrowers all over the country are crushed by student loan debt. What makes student loans more burdensome than other types of debt is that it’s nearly impossible to have the debt discharged in bankruptcy. The Bankruptcy Abuse Prevention and Consumer Protection...
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Your Money Mistakes Will Catch Up to You

“You can run, but you can’t hide” is never truer than when it comes to money, more specifically to owing money. You can get away with not paying your bills for a little bit, but eventually your creditors, lenders, the IRS, and every other person you owe will all catch up to you. The longer it takes, the worse the consequences can be. Credit card delinquency Credit card debt seems harmless. The creditor doesn’t have the...
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How Utility Bills Can Affect Your Credit

Out of all the bills you pay every month, only a few of them are routinely reported to the credit bureaus. For example, credit cards and loan payments are almost always updated on your credit report each month. On the other hand, payments on your utility bills, cell phone, or insurance generally won’t be listed on your credit report. Pay on time or pay a few days late, the credit bureaus won’t know (you’ll probably incur...
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Calm Your Fears About Marriage and Credit

Marriage affects many aspects of your life, but credit isn't necessarily one of them. Marriage itself does not affect your credit. Contrary to a common myth, your credit report doesn’t merge with your spouse’s once you get married. Nor does your marital status affect your credit rating. Single, married, separated, or divorced, your credit rating is based strictly on your credit history. So, the mere act of saying “I do” and signing a marriage license won’t...
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Can You Return From the Brink of Bankruptcy?

The effects of bankruptcy are devastating and long-lasting. So, if you’ve decided to file bankruptcy, chances are the situation is pretty bad. You’ve likely considered all your options, but before you head to attorney’s office to complete the paperwork, consider them all again. Have you considered debt settlement? Debt settlement has almost as bad a reputation as bankruptcy, but that’s mostly because of the companies who sell debt settlement services, not because of debt settlement itself....
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It's Ok to Check Your Credit Score

One of the biggest misconceptions people have about credit scores is that checking their own credit scores is damaging. And of course, if consumers think they’ll be hurting themselves by checking scores, then they’re also more likely to remain in the dark about where their credit truly stands. Living without a clue of your credit score is dangerous, especially if you plan to apply for any type of financial product or service. You never know whether...
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Why You Should Avoid a Payday Loan

Statistics for payday loans are mind-blowing. According to the Center for Responsible Lending, the average payday borrower has nine transactions each year and is in payday loan debt for 212 days of the year. Even though the cost of borrowing a payday loan seems cheap, often $10 for every $100 borrowed, the loans get expensive when they’re not paid off immediately. The CRL cites that flipping a typical $325 payday loan eight times leads to $469...
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