Finance Globe

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

How Serious is a Wage Garnishment Threat

Wage garnishment is certainly something to fear. If collectors garnish your wages, they take pay directly from your employer, before you ever receive your paycheck. Collectors or other creditors can garnish up to 60% of your income depending on the type of debt. The good news is that garnishment isn’t something a business can do without getting permission from the court. And, you should have ample time to take care of your debt before garnishment happens....
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About the VantageScore Credit Score

Not to confuse you, but there’s another credit score you should know about. The VantageScore was created by the three major credit bureaus to clear up some of the discrepancies in other credit score models. The Fundamentals of the VantageScore The VantageScore is different from the FICO score in the most recognizable ways. For one, the VantageScore is on a 501 to 990 scale, while the FICO score ranges from 300 to 850. In addition, the...
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Rent Payments Included On Your Experian Credit Report

For years, landlords have used consumer credit reports as a way to screen tenants. But, those same tenants haven’t benefitted from the timely payment of their rent, at least not where their credit is concerned. On the contrary, an unpaid balance would wind up on your credit report, affecting your ability to rent again or even get approved for new credit cards and loans. For millions of renters, that’s changed. In 2010, Experian, one of the...
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The Cost of Borrowing With a Low Credit Score

Borrowing money from big banks isn’t free. Everyone pays interest on a loan, but people with lower credit scores typically have to pay more interest than borrowers with better credit. Banks assign interest rates to credit cards and loans based on the borrower’s credit score. Generally, people with low credit scores end up with higher interest rates and ultimately a higher cost of borrowing. Credit Score Impact on Mortgage Rates If you’re planning to apply for...
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How Credit Report Inquiries Work

Your credit report includes a record of every business that’s checked it within the past two years. These credit inquiries, typically made when you make an application that requires a review of your credit report, make up 10% of your credit score. Too many credit inquiries can cause your credit score to drop and lead to denied credit applications. Who Can Check Your Credit Report? Usually, a business has to get your permission before checking your...
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Setting Up a Budget That Works

A good budget is part of the foundation for financial success. A budget is nothing more than a plan for how you’re going to spend the money you earn. It helps you predict income gaps and helps you see the best way to use your money. You can use a budget to guide your everyday spending and to meet financial goals but you have to set it up correctly. Start with a positive attitude about budgeting....
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Reduce Your Credit Card Junk Mail

Tired of tossing credit card offers every time you check the mail? There’s way to stop most credit card offers temporarily or even permanently. Background on Pre-Approved Credit Card Offers For many of their prescreened credit card offers, credit card issuers use lists from credit bureaus. Credit card issuers ask the bureau to send a list of consumers who meet certain criteria, perhaps those with a certain amount of debt or those with a specific number...
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No Credit Card Debt Required to Build a Good Credit Score

It’s a widespread myth that you have to carry a credit card balance to build a good credit score. In reality, the opposite is true. Carrying big balances on your credit card could actually hurt your credit score. How Credit Scores Work Credit scores are calculated based on five key factors and some carry more weight than others. Payment history is 35% of your credit score, amount of debt is 30%, age of credit history is...
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Learn the Signs of a Sweepstakes or Contest Scam

The FTC received 1.8 million consumer complaints in 2011. Scams related to prizes, sweepstakes, and lotteries were third on the list of top complaint categories with more than 100,000 complaints. Identity theft and debt collection were the top two complaint categories. Falling for a sweepstakes scam can be costly; you might be out of hundreds or thousands of dollars. Thieves may even scam you out of enough personal information to commit bank fraud or identity theft,...
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Annual Fee Credit Cards: Deals or Duds?

The most commonly given advice regarding credit card annual fees is that you shouldn’t pay one. However, you may be passing up a great credit card deal if you swear off credit cards that charge a fee each year. At least look at the perks before you decide an annual fee credit card is a no-go. Why Would Anyone Pay an Annual Fee? Sometimes consumers accept an annual fee because the credit card perks outweigh the...
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