Life can be difficult without the convenience of a credit card – but if you are just starting out on your own and have no job yet, or you’re down on your luck and currently unemployed, will you be able to qualify for a credit card? The answer is yes, within limitations.
When credit card
Borrowing
By Eric Olsen, Executive Director, HELPS Nonprofit Law Firm
It’s a constant struggle to stay afloat financially on disability income. Many disabled persons have credit card debt they can’t pay, often incurred before they were disabled. What can disabled persons do about telephone calls and letters from collectors? What happens if you are sued? As
You’re reviewing your credit card bill and find some odd charges. How did you rack up hundreds of dollars in online gaming charges?
Your first thoughts may be fraud – but before filing a fraud report, think about who has access to your credit card. Do your children know where your credit card is and
By Eric Olsen, Executive Director, HELPS Nonprofit Law Firm
Federal law protects Social Security and retirement incomes from garnishment by almost all collectors. But what about the IRS and student loan debts? The IRS and public student loan lenders can and occasionally will garnish 15% of a senior’s Social Security income. There is much information
You have many factors to consider when choosing a credit card — interest charges, rewards programs, security measures, and the like — but do you ever consider the price-matching perk? Are you even aware that credit cards can offer price matching?
Price matching may go by different names such as “price guarantee” or “price protection”,
Do you know how your mortgage loan officer is compensated? You should if you plan to buy a home, because your loan officer’s compensation could have the potential to affect your mortgage loan – and proposed new changes could amplify the effects.
At the beginning of 2014, the Consumer Financial Protection Bureau (CFPB) significantly changed
Student loan debt in America has topped $1.5 trillion dollars, and millennials hold a large amount of that debt burden. As of 2017, 37.5% of Americans with student loan debt were under the age of thirty.
A new study by MagnifyMoney highlights the difficulties millennials face because of their debt. Since student debt draws money
With all the security breaches in the news, you’ve decided to protect your credit by placing a fraud alert on your account with the major credit reporting agencies (Experian, Equifax, and TransUnion). Now you can rest easy, right? Guess again.
A fraud alert notifies businesses that you have reason to believe identity thieves may open
You’re making a major purchase at a department store or big box retailer. You’re offered savings and promotions if you sign up for a store credit card on the spot. Why wouldn’t you take advantage of the offer?
A store credit card might be an excellent option for you – or it may be a
You’ve accumulated a decent amount of equity in your home. Why not put your equity to use with a home equity loan or a home equity line of credit (HELOC)?
Both allow you to borrow against the equity in your home. A home equity loan is a lump sum option with a fixed interest rate
You’re never too old to learn new things – including better money management practices. The Federal Deposit Insurance Corporation (FDIC) agrees.
To address financial literacy concerns, the FDIC created the Money Smart teaching program in 2001 to help educators and financial institutions increase consumer understanding of basic financial systems work and how to use them
Nearing the Limit The housing market has suffered from excess demand and limited supply for years, causing a sharp increase in home prices. Add continually increasing interest rates to the mix, and eventually something has to give.
The turning point may have arrived.
The S&P CoreLogic Case-Shiller report shows that home prices are still rising,
Do you monitor your Social Security number for any signs of fraudulent use? A new survey suggests you think that you should, but you probably don’t.
According to the 2018 Capital One Credit Protection and Security Survey, only one in seven Americans uses a service to monitor activity on their Social Security number – but
Since 2009, the Home Affordable Refinance Program (HARP) has helped qualified homeowners with limited equity in their homes find affordable refinancing. After seven program extensions, HARP is scheduled to end December 31, 2018, when new assistance programs from the mortgage-loan-backing agencies Fannie Mae and Freddie Mac will take its place.
In the wake of the
Credit Scoring Improvements Credit card issuers want accurate ways to assess risk while opening credit lines to potential new customers. The credit scoring system they choose plays a huge role.
In recent years, both the VantageScore and Fair Isaac Corporation (FICO) systems have released newer versions expected to help consumers who are fiscally responsible but
How do you get credit without a credit score? If you’re new to credit, you don’t have any history for lenders to assess. You’re effectively “credit invisible.”
You can build credit with a secured credit card that reports activity to the credit reporting agencies, but you’ll need to put up a security deposit and
You have several credit cards and a couple of killer rewards programs. Why not put them to good use and charge every purchase that you can?
It’s smart to get the most out of your credit cards, but do so within a budget and with one thought in mind – “Is a credit card the
Do you have a bill that has been turned over to a collection agency? Of course, you’ll want to make things right as well as remove the negative effect on your credit score. But what if you can’t afford to pay the bill in full? Why not try to negotiate with the debt collector? They
The Home Affordable Refinance Program (HARP) has arguably been one of the most successful programs to assist homeowners affected by the subprime mortgage crisis. According to HousingWire, almost 3.5 million homeowners have been assisted by the program, with around 1 million of those homeowners having been underwater (owing more on their home than it was
A reverse mortgage allows you to convert the equity in your home to cash that you can use for other purposes. Essentially, you’re selling your home back to a lender in increments.
It’s a popular method for seniors to supplement living expenses. Repayments don’t begin until the owner permanently moves out of the home, passes
You may think you have an average credit score – but do you really? How does your credit score compare to the national average? How about within your age group? Thanks to new information from FICO, you can see where you stand.
The average FICO score reached an all-time high of 704 this year– right
In September 2017, America learned about the massive data breach at the credit reporting agency Equifax that affected approximately 148 million consumers – one of the largest breaches ever. Identity thieves suddenly acquired a new batch of Social Security numbers, names, addresses, phone numbers, and other personal information.
Consumers were advised to take steps immediately
Zombie debt refers to old unpaid debt, declared dead and uncollectable long ago, that rises from the grave to ingest the bank accounts of the living. Who are the mad financial scientists that create this zombie debt, and how can you thwart them when it comes for you?
The zombie masters, if you will, are
Finding a job can be a stressful and difficult task – and if you have poor credit, you may have an even harder time finding a job. A 2016 CareerBuilder study found that almost one-third of employers run credit checks on their potential hires, on the assumption that people with good credit are more likely
The Crushing Effects Of Medical Debt How pervasive is America’s medical debt problem? According to 2017 data from the credit bureau Experian, unpaid medical debt in America topped $127 billion. New data from Consumer Reports shows that almost 30% of insured Americans had unpaid medical debt turned over to collection agencies in the past two
By Eric Olsen, Executive Director, HELPS
Nonprofit Law Firm
I just got off the phone with a senior couple who have a timeshare they can’t afford and don’t use any longer. They had called a company who advertised that they help people get out of timeshares. (I hear such advertisements on the radio and television
You need cash to pay an important bill, and you haven’t got it. What do you do?
Many Americans turn to payday loans to fill this gap, even though the interest rates are staggering – an average of nearly 400% APR.
A recent survey by CNBC Make It and Morning Consult found that all generations
Do you use your credit card for most purchases? Are there times you prefer paying with your debit card? Perhaps you still use those funny green paper rectangles with numbers on them?
Cash hasn’t been forgotten, especially for smaller payments. A new study by CreditCards.com shows that 45% of consumers who have rewards credit cards
Your credit score is one of the most important variables that lenders use to assess your risk. A low credit score can disqualify you for an auto loan, or force you to pay higher interest rates – but how much will higher interest rates cost you in the long run? New data from Experian shows
Is a home purchase on your to-do list over the next two years? You’ll have plenty of competition finding your new home, according to the latest PenFed Credit Union National Mortgage Survey.
The survey found that 37% of American adults are planning to purchase a home within the next two years. Over half (52%) of
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