Improve your credit score, manage debt, and understand how credit works. From credit card usage to debt consolidation and credit repair tips, this section gives you tools to strengthen your financial foundation and regain control of your money.
Multiple payments, various interest rates, and different balances can make it difficult to pay off credit card debt. Not to mention the nuisance of juggling various due dates and payment amounts. Consolidating credit card balances can make debt repayment easier even if it’s just because you have one monthly payment instead of three or a … Read more
Cosigning is generally discouraged because of all the things that could go wrong. For example, the other person might not keep up with the payments. If that happens, the late payments are added to your credit report and the creditor will eventually come after you for payment. If the other cosigner files bankruptcy, you’re left … Read more
Even though the banks that issue credit cards and loans consider your income when they qualify your application, how much you make isn’t a factor that influences your credit score. In fact, your income isn’t even listed on your credit report (your current employer is listed, but that doesn’t affect your credit score either). Credit … Read more
Bankruptcy comes with many rules. It’s important that you follow them all, otherwise your bankruptcy case could be dismissed. If that happens, you’ll have to wait several months before you can file bankruptcy again. Or, you may have to figure out another way to deal with your debt. Here are a few mistakes that could … Read more
Many of us have probably been guilty of thinking that a just a few extra hundred dollars in our paychecks would forever end financial problems. But that’s not always the case. Each time a famous/rich files bankruptcy, the rest of us wonder how they could possibly blow so much money. “If I had that much … Read more
Waiting for a response to a credit card or loan application can be nerve wrecking. You might half-expect to be turned down if you know you don’t have a good credit history. On the bright side, if your fears are realized and you are turned down, lenders have to tell you why, even if your … Read more
An important financial measure that lenders use – and that you can use too – is the debt-to-income ratio. Lenders use the debt-to-income ratio to qualify you for a loan because it tells the percentage of your income is spent on debt payments. If the ratio is too high, you may not get approved because … Read more
Hackers target companies that store sensitive consumer data – like passwords, social security, numbers, and credit card numbers – all the time. Unfortunately, some hackers are successful at dodging company firewalls and stealing customer information. Some of the biggest data breaches of all time have happened in the past few years. Every customer whose data … Read more
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 … Read more
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, … Read more
