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.
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...
If you’ve ever looked at a debt-free friend or family member and wondered what their secret was, you might be surprised to know there isn’t one. In fact, most debt-free people share a common set of habits that help them achieve and maintain their financial freedom. Let’s take a look at seven habits of debt-free people. Following a Budget It...
When most people hear “student loans,” they’re thinking of federal student loans that are issued by the Department of Education and managed by a variety of loan servicers. But in addition to these widely known federal student loans, there are also private student loans. These are loans issued by banks or other financial institutions directly ...
Of the many things that can affect a consumer’s credit report and score, having one or more accounts showing as “charged off“ is among the most harmful. Consumers with charge offs on their credit report will have difficulty obtaining any new credit. And what credit they are able to acquire will come with exorbitant interest rates. Let’s tak...
There is no shortage of products and services devoted to helping consumers improve their credit. Among them is credit repair, a for-profit service that promises consumers an opportunity to dramatically improve their credit as a way to attain additional lending, such as a home mortgage, personal loan, or vehicle loan. What credit repair companies do...
During financially uncertain times, it’s understandable that consumers become curious about declaring bankruptcy. For certain consumers with high levels of unsecured debt, bankruptcy can ease the constant worry of how they’re going to pay bills and can be the beginning of gradually rebuilding a solid financial foundation. But one of the persist...
Have you ever tried to use a credit card, only to discover it’s been closed without your knowledge? Or checked your credit report to find your score had dropped because the creditor closed your longest-standing account without letting you know? Having credit accounts closed when you haven’t initiated the closure can send your finances — and c...
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