A late payment is simply a payment that you have not made to the lender before the due date. This happens to the best of us as we can make mistakes due to oversight or shortage of cash. Unfortunately, these mistakes will negatively affect your credit score and cause it to drop dramatically as your payment history is the key component used to calculate your credit score. In this article, we will discuss how late payments affect your credit score, the other potential penalties, and tips on how to keep your future credit…continue reading →
Are you worried that your medical bills will harm your credit score? The answer is that determining the impact of your medical bills on your credit report and credit scores is not a perfect science. It depends on an individual’s credit history which will be factored into the formula for determining one’s credit score. Here we are going to examine how unpaid medical bills can impact your credit score.  The Danger of Ignoring Medical Bills You may maintain good health insurance and do everything you are supposed to do like choosing in-network doctors…continue reading →
Plenty of homeowners would like to pay off their mortgage early as it is a hassle and a headache. It's their largest monthly payment and takes out a good chunk out of their budget. It is understandable as there are many reasons to pay off your mortgage early. It will not only help you save hundreds (even thousands) in interest but will also help you feel secure at the thought of owning your own home. At the same time, there are benefits of not paying your home loan ahead of schedule. The approach…continue reading →
The data breach at credit reporting agency in 2017affected nearly 148 million US consumers, giving hackers access to Social Security numbers, names, credit card numbers, and partial drivers’ license numbers. This information can be used by identity thieves to destroy your credit, file fake tax returns and collect the funds and also hijack your medical data. But it is not only identity theft we need to worry about. It is important that you protect your personally identifiable information (PII) all year round as criminals harvest personal details to access banking websites, launch sophisticated…continue reading →
While we all hope that we will never be in a situation where we can’t afford to keep up with our payments, things do happen. Rising debt can cause excessive stress, especially if you are facing financial hardship due to circumstances beyond your control like health issues, unemployment, sudden major expenses or any other change in income. Even if your financial hardship is temporary it does not mean it is easy to handle. Things can become tricky if you rely on your credit card to make ends meet on your bills. This strategy…continue reading →
When you apply for a loan, a credit card or any other form of credit, every point in your credit score counts. So, you may want to consider boosting your credit score before applying for any type of credit as even a few points added can make a large difference. With a higher credit score, you can save on fees, annual percentage rates, higher bonuses, and perks. There are many things that you can do to improve your credit core over time, but credit bureaus often do not make the relevant adjustments for…continue reading →
  Credit Cards are a keystone of Americans’ purchasing habits. They are no doubt the best financial tool available today as it is easy to carry, provides funds for an emergency and increases your credit scores. However, like any other financial product credit cards do seem to create a certain amount of anxiety. A Nerd Wallet survey found that a surprising number of Americans are struggling with basic credit card issues ranging from credit scores to revolving debt to reward cards. This is due to the fact that credit cards are surrounded by…continue reading →
With today’s fast lifestyles credit cards are important for consumers and retailers because carrying cash or using checks are often more time consuming compared to retail electronic payment technology. Consumers have a lot of choices when it comes to credit cards like standard credit cards, premium credit cards and store credit cards. There are many reasons why you would take out a store credit card. Whether you are just waiting in line at the shop to find out if you can save on that day’s shopping or the store offers you the promise…continue reading →
For the past 27 years, FICO Credit Scores have been the bedrock of most consumer- lending decisions in the US. These scores were based mostly on consumers’ history of paying mortgages, credit card balances and loans. The FICO model has been periodically updated to help lenders to be more informed about credit-granting decisions and help the consumer get access to the credit they need. The most widely used version is FICO Score 8. The latest update is that Fair Isaac Corp. (the company behind FICO) has decided to test out a new type…continue reading →
In the day and age that we live in today credit scores have a great influence on our financial future and that is why many parents nowadays are not only worried about their child’s health and safety but also about how their kids can build a good credit. How soon should one start to build credit? The answer is that the teenage years are the best time to start building a credit history. This means that parents will have to take the lead in explaining the basics of saving, earning and spending before…continue reading →