Tag Archives: credit
Best This Week In Personal Finance
It’s three o’clock in the morning and I am sitting on the bed at a no-tell motel that I’ve overpaid for since I won’t use the hourly rate. I’m two states and 3.5 hours away finally nearing the end of my renovation of my rental house. It’s been…fun, hell, interesting. I am literally seeing cross-eyed, so if there are tons of typos, they stay and I will revise them later. But that doesn’t mean that I can’t share some of the best posts that I found this week on personal finance.
Who Are You? A Guide To Protecting Your Identity Online
The most rapidly growing crime in the U.S. is identity fraud. It might take you up to a year to realize that you have been targeted buy identity thieves. By then, it is much harder to undo the damage that would undoubtedly have been done to your credit record; track all the fraudulent purchases that have been made; and even worse, persuade all the lenders who have provided credit to someone in your name that you really didn’t receive a cent of the money. In the last year, an estimated 10 million U.S. citizens became victims of identity fraud with the total cost in the region of $5 billion; a lot of money. In some cases, there were steps that could have been taken in order to keep personal data more secure whilst online.
Don't Take Balance Transfer Credit Cards at Face Value
Transferring the balance from one credit card to a lower interest rate card is a smart move, but watch out for any hidden fees in the process. First of all, consider your credit score. If you have proven to be a responsible consumer, applying for a balance transfer offer should be simple enough. If you have poor credit, qualifying for a 0% interest rate credit card may not be possible. In that instance, look for the lowest interest rate possible for which you can still qualify.
Good Easy Ways to Get Rid of Tough Bad Credit
The catch-22 about bad credit is that making it better requires loyal payments towards loans and credit that are almost impossible to get when your credit is poor. You might be well on your way to better financial days and have learned from your borrowing mistakes, but putting those lessons to practice is difficult when nobody wants to lend to you. You’re options are very limited. In worse situations, this could be alarming. You could be bobbing bait for loan sharks and predatory credit card companies. But if you’re financially secure and have become a responsible borrower, then consider these things to be a frigate of protection on the high seas of high interest loans and credit that can help you re-establish a strong financial record.
Credit Union Checking Fees
It reached 95 degrees here yesterday and in some places above 100 degrees and it’s not even officially summer. So, this is my lazy Friday post because I was way too hot to have a laptop on my legs last night to actually sit and write a post. Instead I’ll share with you a very interesting infographic from Bankrate.com about the rise in checking fees are credit unions.
Why should you care? Well, credit unions have always traditionally charged less fees and the overall cost of doing business with credit unions was always traditionally lower than the big banks. If credit unions are raising their fees, then guess who follows next? All of you banking at the big guys (Chase, Citibank, Capital Once, Wells Fargo, etc.) better hold on to your purse strings and get ready for the fee bandwagon.
Do-It-Yourself Negotiation of Credit Card Debt?
On a somewhat regular basis, posters on my forum ask questions like “Company XYZ will negotiate my settlement for 15% of my current debt, is this a good price?” or “The debt settlement company is non-profit so they must be legit, right?” The answer is a big fat “NO!” for both. The truth of the matter is that with a bit of research, debt negotiation is something you can do on your own without paying a dime.
Is A Cheap Credit Card A Good Credit Card?
For consumers considering a credit card, there is a great variety of cards available on the market being offered and many of these are often enticingly advertised as being cheap. This raises the question for many consumers, who might be inundated with choice, as to whether a cheap card can really be a good card.
One of the keys things to note when considering the true cost of a card is that there is a difference between just interest rates and the annual percentage rates, otherwise known as APR. It is also important to note other fees that may be incurred with the possession of a card.
Use Credit Karma To Track Your Credit Score For Free
In today’s post-recession world, banks have tightened lending standards considerably in order to reduce their exposure to risky bets, and now more than ever it is imperative to build a strong credit history in order to secure bank financing when purchasing a new home, car, or other big ticket purchase.
A strong credit score can help save you thousands of dollars over the life of a loan due to more favorable interest rates and lending agreements. If you are one of the millions of Americans that have lost a job or faced a reduction in pay or working hours, and if this has caused damage to your credit score because of late or missed payments, there is good news. With dedication and effort you can work to rebuild your credit score. One of the best ways to rebuild your credit is to begin using Credit Karma.
Answers to Common Personal Finance Questions
Last week we took a personal finance quiz – or at least I hope that you did. Those of you that posted your scores did really well on my little test, but not everyone is so confident in their knowledge of finances. I get quite a lot of visitors to this blog through questions that are typed into Google. Some of them are a little weird, and one day I’ll talk about them, but for the most part, some questions are just every day questions that people like to know.
