Finance Globe

  In the ideal car buying scenario, the value of your car would always exceed your outstanding loan balance. However, sometimes the opposite can happen and you owe more on your car than your car is actually worth - a situation that's referred to as being upside down on your loan. For example, if your outstanding loan balance is $17,000 and your car is valued at $12,000, then you’re upside down. If you wanted to sell...

When you’re checking your credit report, one of the things to watch for is that all your information is complete and accurate. But, if you notice an account missing from your credit report, you could be concerned, especially if it’s an account with a positive payment. These are a few explanations for why an account could be missing from your credit report and what you can do about it. The account is new and the creditor...

  Any time you make an application that requires a credit check, an inquiry is added to your credit report. These inquiries are factored into your credit score for the next 12 months, which means each application has the potential to hurt your credit score for up to a year. Inquiries vs. Other Credit Score Factors Inquiries only make up a small percentage of your credit score - 10 percent to be exact, so you probably...

Getting out of debt is nowhere as easy as it is getting into debt. Many people start out their debt journey by putting a little bit of extra toward all their debts. Even though you may be spending putting a lot of money toward your overall balance, you may not see much progress. That’s discouraging. Having the right debt payoff strategy is essential if you want to be effective in paying off your debt, even if you...

Since it was created, the FICO score has been based only on consumer credit history. The score uses past credit information that's compiled by major credit bureaus to calculate a credit score that predicts a consumer’s likelihood of defaulting on a new credit or loan obligation. Next January, FICO plans to release the UltraFICO score, a score that could make it easier for millions of borrowers to qualify for loans they wouldn’t otherwise be able to qualify...

There may come a point when you realize you’re unable to pay a creditor in full. While you could default, it’s much better to contact your creditor with the idea of negotiating your debt. As scary as it may be to make this call, once you’re on the right track you’ll realize that it’s not nearly as difficult as you thought. Here are five tips for negotiating with creditors: 1. Know Your Story Go into the...

Placing a security freeze on your credit report is one of the best ways to protect yourself from identity theft and thanks to changes in federal law, you can now do it for free. What is a Credit Report Freeze?  Freezing your credit report locks it to new inquiries. Businesses that use credit information in their lending decisions would decline an application when they can’t access your credit report. Would-be identity thieves would fail in opening...

Bankruptcy has the stigma of ending your financial life, but if you’ve been struggling with debt for months, or even years, bankruptcy can give you the fresh start you need to get back on your feet. Once your debts are wiped out in bankruptcy, it’s what you do next that determines your future financial success.  Make sure your credit report is accurate. Bankruptcy can stay on your credit report for up to 10 years, but won't take you...

Your credit report has a major influence on your life. The information in your credit report is used for everything from your home purchase to getting a new cell phone to car insurance and even employment. A 2013, FTC report showed that one in five consumers has a credit report error. Sometimes errors are enough to hurt your credit score which leads to higher pricing and even denied applications. A credit report dispute is the best...

This might be common knowledge to many, but there are people who have asked me what the differences are in debit cards and credit cards. Also if you want to teach your kids, below can be a reference guide to discuss the differences between a debit card and a credit card. Debit cards look and feel similar to credit cards. They are issued by major banks, such as Bank of America and Wells Fargo, and both...