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.
It’s an unfortunate situation when one doesn’t answer their own phone because they know it’s a debt collector calling. But if you have found yourself in this predicament, it helps to know your rights as a consumer. Consumer rights are protected under the Fair Debt Collection Practices Act (FDCPA), a set of laws that creditors, … Read more
Understand what it really means if you’re considering cosigning a loan for someone. A creditor may require a cosigner when the applicant doesn’t have the credit history that a lender requires to approve the loan – maybe they have no credit history or a poor credit history. A cosigner may be required for an auto … Read more
Paying off debt is a concern for many consumers, and there are different opinions on the best way to go about doing it. Mathematically, it makes more sense to first pay off the debts that have the highest interest rate, and thus, are costing you more money in the long run. But, handling finances and … Read more
Credit utilization ratio – a significant factor in your credit score Most consumers who keep a close eye on their credit score know exactly what a credit utilization ratio is; it’s the percentage of your total credit limits that you actually use. A balance of $1000, with a $5000 total credit limit on all revolving … Read more
Living from paycheck to paycheck? Using your credit cards to pay your monthly expenses? Wondering how you’ll ever get on top of your debt when the credit card balances seem to grow little by little each month? You’re not the only one. Though it may be possible to play the game for some time, it’s … Read more
The credit crunch The U.S. mortgage meltdown of 2007 started the whole process of a global credit crunch. Extreme bank losses, due to record numbers of defaults and foreclosures, put some lenders out of business, and caused many secondary mortgage markets to dry up. And, to limit losses, the financial institutions that survived the meltdown … Read more
Credit monitoring services offer subscribers access to their credit reports and credit scores from one or all three of the major credit reporting agencies, Experian, Equifax, and TransUnion. Many monitoring services allow unlimited access to your reports, even as much as daily. Some have other features to help you improve your credit, and may offer … Read more
Your credit report may not be completely accurate. It’s not uncommon for consumer’s credit reports to have inaccurate information. These mistakes in your credit report can mean higher interest rates, larger down payment requirements, and less competitive loan administration fees. Catching those inaccuracies before you take out a big loan can save you big bucks. … Read more
It would be great if we had the security of knowing that we would never lose our job, never require major medical care, and never let our debts get the best of us. But life throws a curve ball every once in a while, and sometimes debts become out of control. It can be very … Read more
A good credit rating is important, whether you’ve got great credit or are still working on getting there. A few simple habits can ensure that your credit rating stays good, or keeps improving. A good credit rating gives you more choices, more benefits, and more flexibility, all at a lower cost. When your credit score … Read more
