Using credit wisely can keep you from going into unmanageable debt. Learn how using credit wisely can help you when you need to buy a house, a car or other large purchase.
Although declaring bankruptcy can provide relief from the worries of unmanageable debt, many consumers are left wondering when and if they will be able to secure new credit at reasonable rates. Your credit report will reflect the consequences of bankruptcy for 7-10 years. But that doesn’t mean it will take that long to rebuild your credit. Fortun...
Your credit score is about more than obtaining credit at reasonable rates. It can also affect your ability to do other things such as get a job and rent a place to live. Having bad credit makes it more challenging — but not impossible — to rent an apartment. Let’s review some tips on how to rent an apartment with bad credit. Face the ...
All new credit cards come with a credit limit, which is the amount you can charge up to on that card. Depending on the type of credit card and your credit history, the credit limit may be anything from a few hundred to many thousands of dollars. After you’ve used the card for a while, you may find yourself thinking you’d like to have a higher l...
If you have a credit card in good standing, chances are you have received communication from the credit card company offering you the opportunity to add an authorized user to your account. It’s a quick, easy process. But there can be real financial consequences if you’re not careful about who you allow to charge on your account. Here’s what y...
When you’re running short on cash, it might not seem like a big deal to miss a credit card payment or two. You’ll make plans to catch up the following month, only to find that money is still tight. By the time the late payment hits the 30-day mark, the delinquency can start to affect your credit. Let’s take a look at what happens when you bec...
70% of Americans have at least one credit card, and 34% carry three cards or more. As widespread as credit cards are, so are some persistent myths that surround them. Let’s separate fact from fiction when it comes to these credit card myths. MYTH: Paying Even One Day Late Hurts Your Credit Score While it’s true your payment history m...
Using credit responsibly includes understanding credit limits and how they can affect your finances. Let’s take a look into some common questions surrounding credit limits and what they mean for consumers. What is a Credit Limit? When a consumer opens a new credit card, that card includes a credit limit, which is the amount of credit available...
The three major credit bureaus take several factors into account when determining your credit scores. But there is one factor that has the most impact: whether or not you pay your bills on time. In fact, payment history makes up 35% of your FICO score. Even a single late payment can cause your score to drop, so it’s essential to pay your bills on...
Remember layaway? It was a service many retailers offered that allowed customers to buy now and pay later without using credit cards. A customer would select their items, place them on layaway, make a small down payment, and then pay the balance in installments. Once paid-in-full, the customers took home their items. It was an efficient system that...
When it comes to getting out of debt and achieving financial freedom, there are a lot of myths surrounding the many ways to accomplish that. Credit repair is one those methods that many people misunderstand. Keep reading to separate the facts from the myths about credit repair. Myth: Credit repair works to improve credit instantly Fact: T...
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