Finance Globe

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

What To Do If You're Upside Down in a Car Loan

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  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...
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Frank
Has anyone been in this situation before? Given how fast cars depreciate, I would expect this to happen a lot.
Tuesday, 29 January 2019 16:25
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When Your Credit Report is Missing Information

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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...
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Frank
I always recommend to call the credit agency and try to get a better understanding of why there may be information missing. They c... Read More
Thursday, 27 December 2018 09:49
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What a New Application Means for Your Credit Score

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  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...
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Frank
Every time I get approved for a new credit card or loan, I would say my credit score declines 40-50 points. It usually takes me 6-... Read More
Sunday, 25 November 2018 16:39
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Using the Debt Avalanche Strategy to Pay Off Debt

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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...
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Frank
Great information here! I would add to seek advice and help when you are under this situation. Professional advice and advice from... Read More
Sunday, 25 November 2018 16:38
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The New UltraFICO Will Give Millions of Consumers a Score Boost

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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...
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Wanderer
Great write up! Appreciate knowing what is coming and how it will work. Likely this new credit tool will benefit people that have ... Read More
Wednesday, 24 October 2018 04:30
Finance Globe
Indeed, this will likely provide many responsible and financially independent people a more accurate credit score. Excellent news,... Read More
Friday, 26 October 2018 22:18
Frank
Very very good news! I had heard this was coming down the pipeline. Thank you for summarizing Latoya!
Monday, 29 October 2018 11:50
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5 Tips for Negotiating with Creditors

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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...
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Frank
I would add to be very careful and document everything in writing. This is a very slimy business so your debt gets traded on the s... Read More
Monday, 29 October 2018 11:37
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Credit Freezes Are Now Free for Everyone

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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...
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Frank
I am very glad this is free now, because it can be a great tool for the consumer!
Wednesday, 26 September 2018 14:26
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6 Tips to Bounce Back From Bankruptcy

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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...
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Frank
I would add to be prepared to pay everything with cash for a very long time. No one is going to give you credit so be prepared to ... Read More
Wednesday, 26 September 2018 14:15
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10 Things You Should Know About Credit Report Disputes

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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...
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Frank
Great information Latoya! Have you had dispute anything on your credit report before?
Wednesday, 26 September 2018 14:14
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Debit Cards vs. Credit Cards

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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...
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Wanderer
As an addition to the difference between Debit Cards and Credit Cards is the liabilities in case of loss, identity theft and so on... Read More
Friday, 03 August 2018 05:09
Frank
Great point Wanderer! That is another reason why I solely use credit cards.
Thursday, 30 August 2018 09:14
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