Keeping America’s Credit Strong: 3 Steps
During the COVID-19 pandemic, fewer Americans had bad credit. Why did this happen? People spent more time paying off debt than accruing it. According to market reports, subprime consumers also reduced their total average debt by 5% between Q1 2020 and Q1 2021, reducing their outstanding balances across all accounts from $55,135 to $52,628. […]
AIM TO REACH YOUR CREDIT GOALS IN THE NEW YEAR BY DOING THESE 2 THINGS
An ideal time to reassess your financial health and implement habits that will positively affect your credit score is the start of a new year. Monitoring your credit report and identity is the best place to start your financial resolutions because it can have a ripple effect on other aspects of your life as the […]
WOULD LOSS OF A JOB AFFECT YOUR CREDIT SCORE DURING THE CORONAVIRUS PANDEMIC?
As a result of the COVID-19 pandemic, the unemployment rate has risen significantly. While those facing unemployment worry about their loss of income, finding a new job, and even unemployment scams, they may also worry about how unemployment affects their credit. Fortunately, your current employment status does not appear on your credit report or directly […]
STUDENT LOAN SCAM: HOW TO SPOT IT
Student loan forbearance is one measure being taken to help Americans deal with the COVID-19 pandemic. As you might know, the Biden administration paused student loan payments for another three months in early January. As a result, repayments will begin on May 1. Scammers, however, will find ways to trick borrowers once payments resume. Scammers […]
TAX SCAMS: HOW DO YOU AVOID THEM?
Tax season is here, and it’s crucial to watch out for common tax scams. During the past nine years, more than $23 million has been lost to tax scams, according to the IRS. Here are two scams to be aware of, and a few tips on how to avoid them. Phone Scams There is a […]
BE SURE TO USE THESE 5 PASSWORD BEST PRACTICES
Passwords are one of the most important lines of defense in protecting your online accounts. Passwords protect your finances, credit score, and identity. Unfortunately, many people don’t secure their passwords properly, leaving them vulnerable. Even though passwords aren’t foolproof against thieves and hackers, following good practices can help keep you safe. Here are five password […]
CORONAVIRUS PANDEMIC: STRETCH YOUR FINANCES
In the United States, the Coronavirus (COVID-19) has already caused significant disruptions. Businesses are cutting back on services or closing their doors, and Americans are staying indoors to avoid spreading a global pandemic. There is a risk that the turmoil will put a strain on the finances of millions of people. Thousands of Americans may […]
How Does Over Drafting Affect Your Credit Score?
The mechanism by which credit cards work is not well understood, despite the fact that they are one of the most common methods of making transactions. Because of that, credit cardholders can make bad financial decisions that lead to being stuck in tricky financial situations. Overdrafts are a financial problem that many people may not […]
Employer credit checks: What you need to know
You probably already know you need to polish your resume, practice your interview skills, and create a list of positive references when you are looking for a new job. However, there’s something else that might impact your ability to get hired: your credit score. Many employers conduct background checks on job candidates, including checking […]
How to Prevent your Credit from being ruined by a Natural Disaster
Your credit can be saved by creating an emergency response plan for your finances during times of flux, such as when you are evacuated during a natural disaster. Natural disasters have devastated Americans from coast to coast this summer in an unusually intense way. Even as people are rightfully focusing on rebuilding their lives […]
If You Add an Authorized User to Your Credit Card, What Happens?
Most credit cards allow the primary cardholder to add another person to the account as an authorized user. Once authorized users are added to the card, they are not required to fill out a credit application. Authorizing a user can allow them to make purchases and even build credit, but you should be aware […]
Learn How Your FICO® Score Is Calculated
Understanding how your credit score is calculated is important. Although you may be familiar with FICO® Scores – the scores used by more than 90% of top lenders, according to FICO® – do you know how they are calculated? A FICO® score ranges from 300 to 850 and is used to determine your credit risk. […]
Money Back in Your Pocket With a Strong Credit Score
You probably already know that a decent credit score can help you get approved for credit cards, loans, and other financial products. The better your credit score, the more likely you are to be approved. In addition, you can save a lot of money by building a good credit score. Here’s how you can reclaim […]
Avoid These 7 Commom Credit Mistakes
It may seem complicated to build a strong credit score, but it often involves making informed choices and avoiding common pitfalls. You may be lowering your credit score without realizing it if you don’t know what behaviours to avoid. Don’t let unintended mistakes damage your credit. Here are seven common mistakes you should avoid. 1. […]
Here Are 5 Things You Shouldn’t Charge To Your Credit Card
Your credit card can be a useful tool for personal finance if you use it correctly. You can use credit cards to pay for everyday purchases, build your credit score, and earn valuable rewards. If you use your credit card improperly, you can easily damage your credit and fall into financial trouble. There are certain […]
How To Respond When a Bill Collection Company Calls
Receiving an unexpected call from a debt collector can be intimidating. Often, debt collectors will try to pressure you into paying them immediately over the phone. Although you may be drowning in debt, you have rights when a debt collector calls, and you should always exercise your rights before you pay. When contacted by a […]
How Pre-Approval Offers for Credit Cards Work
You may wonder why the credit card issuer is contacting you if you’ve ever received a credit card pre-approval offer in the mail. How do they know you’d be a good customer? And why are they extending you an offer without prompting? Are these offers guaranteed? Credit card preapprovals are a marketing tactic used to […]
How To Build Credit if You Don’t Have Any?
A lack of credit history makes it difficult to get credit cards and loans, which are ironically the tools you need to build credit. If you don’t provide lenders with any past information, they can’t determine how you’ll handle debt. This is a common challenge for young people and anyone who does not have a […]
How To Understand Your Credit Report
Credit Report Basics Your credit report contains details about your financial behavior and identification information. Credit history or a credit report refer to this user-friendly report. Credit reporting agencies gather and organize data about your credit history from your creditors and public records. Your credit report is available to creditors, employers and others as […]
What’s Safer for Online Shopping: Credit Cards or Debit Cards?
Shopping online is convenient and offers great deals, but it leaves you vulnerable to hackers and data breaches. Criminals are constantly trying to hack into the databases of online retailers to access consumers’ personal information and credit card information. It is important to protect yourself online, and that includes determining how to pay for purchases […]
Do Missed Rent Payments Affect Your Credit Score?
Unless there is a new stimulus bill or executive action to renew the temporary protections put in place last year, landlords will be able to evict tenants for non-payment of rent beginning July 31. As a result, millions of Americans may be at risk of missing rent payments or facing eviction. Although a rent arrears […]
Balance Transfer Credit Cards: Know What to Look for
Many credit cards offer introductory balance transfer offers to entice customers with existing credit card debt to switch. Generally, new cardholders can transfer their existing credit card debt to a new card with a low interest rate for a limited time. Theoretically, this would allow you to avoid interest and pay off debt more quickly. […]
Is Venmo and Other Money Transfer Apps Bad for Your Credit?
You can now pay a friend back more easily than ever before. Thanks to apps such as Venmo and PayPal, sending money from one place to another is as easy as clicking a button. It is for this reason that money transfer apps have become one of the most popular ways to transfer money. […]