At the end of January while I was snowed in one day, I sat down and threw a few of the rules that many personal finance experts recommend right out the window. I applied for three different credit cards in one sitting. Egads, you say! Yes, three new credit cards. I know that you want to[…]
By now you should know that your credit is used for everything from determining whether you can get a job to getting an apartment or buying a house. Major errors on your credit report can cause adverse actions in any of those instances.
Now, imagine that you keep getting denied for credit and you have no idea why. You finally check your credit report and find numerous errors with everything from your birth date to cards that you never had listed. You try and try for two years to get the errors corrected, but they still persisted. Finally, the credit bureau tells you that your credit file had become mixed with someone else, so, some was able to see all of your information including your Social Security number. Because of this error the credit bureau was having a difficult time separating the files.
What would you do? […]
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. […]
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. […]
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. […]
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. […]
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. […]
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. […]
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. […]
The good news is that US credit card debt is at its lowest level since 2004. The bad news is that this appears to have little to do with the fact that Americans are paying off their credit card balances and more to do with the fact that banks are writing them off as bad debts. […]
When you think about debt collections, your mind probably jumps to ringing telephones, strangers on your doorstep and stress. And it’s true—debt collectors are typically quite persistent in their efforts and are liable to try just about anything to convince you to pay. However, as you perhaps know by now, certain rules govern their conduct. Unfortunately though, debt collectors do have the right to sue you for money that you owe. And if you’re not careful in handling your debt, you could very well find yourself on the wrong side of a civil court decision that not only requires you to pay the full balance of what you owe but also holds you liable for legal fees. […]
This is a blog about debt and my efforts to reduce it. For the past two years I have diligently worked on reducing my debt, but this month, I purposely added over $20K of unsecured debt to my credit card on purpose all on one day. I know that some of you are cringing now, but here is why. […]