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 →
There are many reasons why a business credit card can be invaluable for small business owners. Besides building commercial credit and earning rewards for office supplies it can also make cash flow easier to manage and allows them to put expenses on credit that can be paid later when they are paid by their customers. No doubt business credit cards offer rewards and benefits that are more suited to the needs of small companies, but how does its use affect your credit scores? The answer is not just a simple “yes” or “no.”…continue reading →
The apparent “American Dream” of owning a home is changing. For many people, renting not only suits their need for flexibility but it is also an economic necessity due to soaring student loan debt and rising prices. Credit History and Rent Payments Credit history plays a vital role in your life and it is necessary for accessing bank loans, credit cards, mortgages, and auto loans. About 45 million people in the US who have a solid track record of paying rent on time (which constitutes 35% of their income) lack a credit score. …continue reading →
Money management can be tough when you are single, but incorporating your spouse’s finances when you get married can be overwhelming. It is nothing new that financial conflicts can cause major problems in relationships and is one of the main reasons couples end up in divorce. Traditionally sharing finances was a part of the journey after marriage but nowadays it is becoming more and more common for couples to either divide expenses down the middle, or delegate certain expenses to each. This is becoming more common especially for working couples. However, at the…continue reading →
Credit Scores and credit reports play a vital role in the life of most Americans today. It determines the interest rates consumers pay for the credit card, mortgages and car loans and can ascertain if they qualify for a loan or not. Your credit report may get a makeover as the three big reporting agencies (Experian, Equifax, and TransUnion) are doing things a little differently and have started excluding certain items from your credit report that used to damage your credit. This comes in the wake of a study by the New York…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 →
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