A suspicious charge on your credit card. Calls from collectors about accounts you didn't know of. Alerts of new inquiries on your credit report. These can all be signs that someone has stolen your identity. Confirming identity theft can take time. But if you think someone may be using your personal information, you want to prevent them from leaving more damage for you to clean up. Here's what you should do if you think your identity...
Cash advances are one of the most expensive types of credit card transactions. These transactions come with a higher interest rate and a cash advance fee. With most credit cards, you don't get a grace period to pay off the advance and avoid paying a fee. Most people think of a cash advance as using a credit card to get cash from an ATM. Your credit card issuer may treat other types of cash transactions as cash advances....
There are plenty of companies that have no reservations about taking advantages of vulnerable consumers - like people buying a car with bad credit. If you're trying to buy a car and you don't have the best credit score, realize that your credit makes you a risky borrower, even if you can afford to purchase the vehicle. Here's what you should know as you're shopping around. You'll have a higher interest rate. The cost of borrowing money is directly...
When you make frequent online purchases from the same retailers, you might consider saving your credit card information for one-click payments. This lets you check out quickly and easily without having to enter your payment and billing information each time. Storing your credit card details is certainly convenient, but is it safe? Just having a credit card puts you at risk of credit card fraud. The more places you've stored your credit card information, the greater...
Paying off a large amount of debt takes a lot of sacrifice. You have to cut back your spending and sometimes get creative about making more money. Even though it can be stressful and frustrating, the benefits of paying off your debt are worth it. You’ll save money in the long run. The longer you carry debt, the more you’ll pay in interest. Paying off your debt faster lets you save thousands of dollars in interest,...
You may think nothing of closing a credit card you no longer want. Maybe you have too many cards or you have one that doesn't pay any rewards. because you have too many cards or that one doesn't pay any good rewards - you may think nothing of simply closing out the card. That way you don't have to deal with it anymore. However, closing a credit card may have some unintended consequences. Potential Impact to...
It's normal for retailers to pitch credit cards to shoppers during checkout. The pitch usually comes with an incentive - like a discount on the initial purchase. More retailers are offering a new payment option for consumers: point-of-sale loans. Customers are offered the loans both in-store and online at checkout. Point-of-sale loans are often offered for big ticket items. With the ease of lending, the loans are also offered for online purchases regardless of price. The...
The information in your credit report has a major impact on whether your new applications for credit cards and loans are approved. Having positive information is key to showing that you're a responsible borrower. Your credit report can only contain accurate, complete, and timely information and you're allowed to challenge any information that doesn't fit the criteria for reporting. If you spot errors on your credit report, you can have your credit report updated by making...
It’s a common myth that your credit score can keep you from getting a job or promotion. While your current or a prospective employer may check your credit, they’re not checking your credit score. In fact, a credit score may not even be useful to an employer because it doesn’t provide the information they need to make a decision about you. An employer wants to see your credit information, so they receive a modified version of your...
Banks and fintech startups are increasingly offering personal loans for consumers who need to consolidate debt, make home repairs, or take care of other financial obligations. While personal loans are becoming easier to access, there still remains some risks to watch out for before you take on new debt. Fixed Monthly Payments There’s a fixed monthly payment based on your interest rate, loan amount, and repayment period. Payments can be difficult to make if you’re having...
