This post is especially for you shopaholics out there who feel guilty about putting so many unneeded purchases on your credit cards – and I’m not just talking to women. Men, you know you’ve purchased the latest gizmo or the best seats at the game when cash wasn’t necessarily available.
I want to make sure you know about the upcoming shopping season. Memorial Day sales are coming. Those new shoes, that to-die-for bathing suit, the new sofa you need for the living room, and that flat screen TV – they’ll all be on sale. Shortly after that, we’ll have Fourth of July sales, then back to school shopping. Computers will be a good deal then. And what about all the concerts and sporting events that take place during the summer? Shopaholics – the sky is the limit for you in the next few months.
And it’s my job to tell you to go ahead and spend. You may be getting those credit card balances up there, and it may even be a little difficult to make all the payments, but think what you’re doing for the economy and the greater good. Things won’t get be
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Credit, Credit Cards
This post is especially for you shopaholics out there who feel guilty about putting so many unneeded purchases on your credit cards – and I’m not just talking to women. Men, you know you’ve purchased the latest gizmo or the best seats at the game when cash wasn’t necessarily available.
I want to make sure you know about the upcoming shopping season. Memorial Day sales are coming. Those new shoes, that to-die-for bathing suit, the new sofa you need for the living room, and that flat screen TV – they’ll all be on sale. Shortly after that, we’ll have Fourth of July sales, then back to school shopping. Computers will be a good deal then. And what about all the concerts and sporting events that take place during the summer? Shopaholics – the sky is the limit for you in the next few months.
And it’s my job to tell you to go ahead and spend. You may be getting those credit card balances up there, and it may even be a little difficult to make all the payments, but think what you’re doing for the economy and the greater good. Things won’t get be
Read more…
Credit, Credit Cards
FreeScore: Billy, thanks for taking the time to talk today. I know how busy you are, being the one bad credit score that ruins everything, unexpectedly popping up when people try to use their credit. How does it feel to create so much mischief?
Billy Bad Score: I know, I know, I’m the heavy (no weight jokes, please). But it’s funny how so many people don’t even believe I exist. Or they never consider that one bad credit score is lurking somewhere in their credit profile, so they don’t even bother to check. Not to be mean or anything, but why risk turning a loan application into toilet paper?
FreeScore: Just so happens, though, that more and more people are signing up for FreeScore and getting wise to your antics. We’re getting the word out that people have not one but 3 credit scores, and all 3 need to be good if they want to avoid unpleasant surprises from you.
Billy Bad Score: Uh-huh. Do they k
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bad credit, Bad Credit Score, Credit Cards, Ruin
Not only is it important to get your credit reports from the three credit bureaus, it is also important to know how to raise your credit score. A higher credit score makes it a lot easier for you when it is time for a new credit card, car loan or insurance policy. There are several steps one can adopt in order to raise the credit score.
The first step is to get the credit report and look for errors. You can get a free report once a year from each of the 3 bureaus and if you find errors like late payments which aren’t correct or missed payments etc. you can get them corrected immediately. The credit bureaus are under an obligation to inspect any wrong reporting and correct it within 30 days.
Another important step is to automate bill payments as missing them or being late will ruin your credit scores. Almost all banks have online bill payment services and you can transfer a fixed amount on a particular day. You can also opt for notification if you are going over credit limit, thereby preventing you from damaging your credit scores. C
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Credit Cards, Score
According to a recent report, consumers are still under-educated about credit scores, and many may be falling for popular myths when trying to improve their financial standing.
The Consumer Federation of America (CFA) recently surveyed over 1,000 American consumers and discovered that most of them arent aware that a bad score can actually cost them more money. For instance, those with bad scores typically pay more over the life of a 60-month car loan than those with good scores.
They did not understand the financial cost of a low score, said Stephen Brobeck, executive director of the CFA.
This isnt a good sign, given that credit scores reached all-time lows following the Great Recession. Last year, FICO estimated that nearly 43.4 million people had unfavorable credit scores, which FICO defined as scores below 600.
Even if they have bad credit scores, consumers can still avoid overpaying on lines of credit. A recent Merced Sun-Star report urged consumers to shop around for the best car loan available.
The biggest myth is if you comparison-shop, it will destroy your credit scores.
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Credit Cards, Myths
Here is a little known fact. In some cases, filing for and being discharged from bankruptcy, can actually improve your credit score. Most debtors are not aware of their credit score when they commence bankruptcy proceedings. If they did, they would probably be surprised at the before-and-after results. Consider the factors affecting your credit score.
Credit scores are calculated using factors such as credit applications, credit approvals, credit history including amounts overdue and how long overdue, and completed loans (and their histories). If a debtor has a number of debts that are all several months overdue, then their credit score is going to be very low.
Once an individual has had all their debts discharged, their credit history is modified. It no longer shows amounts overdue or the overdue length in time; all it shows is a debt discharged through bankruptcy. Furthermore, you are essentially debt free. Put those two conditions together and your credit score may well be higher than before petitioning for bankruptcy.
Don’t take this as an easy way to clear debts and start all over. Yo
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Credit Cards, Score