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 →
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 →
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 →
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 →
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 →
America is a paradise for shoppers with a multitude of retail stores that offer foods, electronics, clothing and much more. The savvy shoppers often make a sport of looking for the best prices through sales, discounts offers, perks, interest-free deals and much more. Many shoppers may prefer to use store cards instead of their everyday Visa card for shopping as many stores have their own cards and offer better deals. The holiday season is fast approaching and retail credit cards can really save some money. It can also help counteract the ballooning effect…continue reading →
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