Finance Globe

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...

With anything regarding your finances, it’s always prudent to be on guard against crooks who want to trick you out of your hard-earned money - and that includes during tax time.The Internal Revenue Service sent out a warning this tax season about a particular tax scam that often targets seniors, those who have little or no income, and members of church congregations. Promoters of the scheme promise tax refunds to people who normally aren’t required to...

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,...

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...

Credit reports play a big part in your financial life, but they’re still a mystery to many people. Here’s a complication of some basic things you should know about credit reporting. There are more than three credit reporting agencies. While Equifax, Experian, and TransUnion are the most mentioned (and largest) credit reporting agencies (better known as credit bureaus), they aren’t the only companies in the United States who compile and distribute credit reports. There are dozens...

The interest rate, or APR (annual percentage rate), is one of the most important credit card features because it impacts what you pay for carrying a credit card balance from one month to the next. But, credit cards have more than one APR that you should know about. Five Types of Credit Card APRs Purchases APR: The purchases APR will apply to most of your transactions. This is the APR that applies when you swipe your...

Experts say that you should check your credit report at least once a year. Do you know what you’re looking for when you check yours? Your credit report won’t read like an epic novel, especially if you’ve had numerous accounts over several years. Reading your credit report might confusing at first and possibly a little boring. But you don’t have to read it all at once. Go over a few pages at a time, keeping an...

Not every debt collector who contacts you is contacting you about a real debt. Even though it’s against the law, debt collectors have been pursuing so-called phantom debts for years. These are debts that are completely fabricated with the intent of scamming consumers out of money. Surprisingly, collectors have been good enough to convince consumers to pay. Or perhaps too few consumers are aware of their rights with it comes to debt collectors. The FTC recently...

While your working on your taxes over the next few months, it may be a good idea to check and be sure that you filed your 2008 tax return. The Internal Revenue Service announced on Thursday that it has over one billion dollars in unclaimed tax refunds for the tax year 2008, and says the deadline for claiming these forgotten funds is April 17, 2012. (This year’s tax deadline is two days later than usual because...

The housing recovery has been slow and the small progress has often been hampered by a step or two backwards. But overall, industry experts generally speak positively about the direction of the real estate market.Last month, new home sales last month dipped 0.9% from December’s revised figures, but remain 3.5% above levels from January 2011, the National Association of Home Builders reported on Friday. Also, the inventory of new homes for sale continued to drop to...