Having a credit card is not always a bad thing, as long as you are a wise spender and make use of good debt management. Credit cards can make life easier and be a great tool, but if they are not used wisely they can become a huge financial burden. For the people using common sense and who make wise decisions, these plastic cards can actually come with a few benefits. Continue reading
Credit
Soft Inquiry: Does it Affect your Credit Score?
In the world of electronics, data is available to everyone. Your personal information, where you live, and your occupation may be known to people you don’t even know. And people are inquiring about you more than you think. This is true when it comes to your credit history. People are asking about your credit accounts and how you have managed them, and they can find this information online. Continue reading
Should I be Monitoring my Credit?
What is a credit rating or score?
Your score indicates your overall financial health and tells potential lenders whether or not you have been responsible with your financial choices in the past. It also assesses your current level of debt. The way your score is calibrated may vary slightly by company; however, in general, your score will range between 300-850 and anything above 700 is considered to be a very good score. Continue reading
Ask Your Credit Card Company to Lower Your Rate
Chances are, you have a credit card in your wallet right now. Maybe you use it for everyday purchases, or maybe you only use it when you have to spend a large amount of money and you don’t have the cash. It’s also highly possible that you’re paying more in interest than you care to or, more to the point, should be. You could look for another credit card. Or you can call your credit card company and ask for a lower rate. Continue reading
Annual Fees Add to Credit Card Costs
As you are well aware, credit cards have fees, or extra charges. Late fees are paid if a payment is late. Interest is a fee paid to use the money on the credit card. For most cards, there is even a fee just for having the card. Continue reading
Fair Credit Reporting Act
The federal Fair Credit Reporting Act (FCRA) was put in place to ensure safety of consumer information by promoting the accuracy, fairness, and privacy of consumer information provided by consumer reporting agencies. These agencies include credit bureaus and other agencies that report information about medicals records and rental history. Whichever the reporting agency, this act guarantees the consumer the following rights to ensure that the information is fairly reported. This brief summary of your rights under this act, and the information listed above has been taken from the Federal Trade and Commission official website. For additional information please visit the Federal Trade Commission website. Continue reading
What are Credit Bureaus and What Do they Do?
The main responsibility of credit bureaus, often called Consumer Reporting Agencies (CRA), is to collect personal information, financial records, and alternative data on consumers. They then use this information mainly to determine individual’s credit scores, which they can then sell to banks and lenders for their own private use. Continue reading
Guaranteed Bad Credit Loans are Bad News
You know how the saying goes. “If it seems too good to be true then it probably is.” If this is true anywhere it is especially true when looking at guaranteed bad credit loans. If your poor credit report is keeping you from receiving a traditional loan, this may sound like a good option. But you should know that there are some limitations that could make this loan less desirable. Continue reading
What is Fraud Alert?
If you have any suspicion of an outsider tampering with your credit, the first thing you can do is activate fraud alert. It should be treated as a preliminary step in response to fraudulent activity; other steps include credit freeze which is a stronger option that freezes credit access. Fraud alert is a flag that is attached to your credit report by credit bureaus. It warns anyone who checks your credit report that you were or may have been a victim of identity theft. In the event anyone wishes to extend you credit, they are encouraged but not obligated by law to verify the transaction with you via a phone call. Continue reading
You Know What a Good Credit Score Is, But How Do You Get One?
Let’s take the time to set the record straight first. Your credit score falls between 300 and 850 with an ideal score somewhere in the high 700s. That’s easy. More difficult to grasp are the steps you need to take to actually improve your credit score. Continue reading
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