Credit Rating

Equifax… Uber… Target… Under Armour…. The list of data hacks keeps growing and growing, increasing the odds that someone will steal your identity. Last year, this digital epidemic affected 14.4 million Americans. But the more you know, the better you can protect yourself. We conducted an exclusive MoneyTips Google survey in 2018 to
0 Comments
Are you dealing with more credit cards than you can handle? You may have several cards for different purposes – perhaps a travel card to maximize travel benefits, a cash-back rewards card, and a low-interest rate card for large purchases that will require you to carry a balance. They were all good ideas at the
0 Comments
Can you spot a credit score myth when you see one? Survey after survey, including a 2017 MoneyTips survey, finds that people continually believe the same credit score myths. Have you fallen for these examples? 1. Checking Your Own Credit Report Drops Your Score – This myth confuses the two types of pulls on your
0 Comments
The old phrase “you get what you pay for” really does ring true in some cases. There are some cases where quality is far more important than price. Would you consider discount brain surgery? Probably not… and if you would, we suspect it might be repeat business. Medicine warrants a whole category of areas where
0 Comments
Certificates of Deposit (CDs) can be a useful part of your investment portfolio – but did you know that opening a CD at some banks and credit unions can drop your credit score? It’s possible, depending on how your bank or credit union assesses risk. When you apply for credit, lenders check your credit report
0 Comments
To paraphrase the old adage, there are only three absolutes in life: death, taxes, and the rise of scams during tax season. A major tax scam since 2013 involves phone calls by fictional IRS agents that demand immediate payment for alleged tax debts, threatening lawsuits or even jail time to those who refused to comply.
0 Comments
Tax filing season is upon us. Soon you will be filing your paperwork and perhaps receiving a nice check — unless thieves file a return in your name first and falsely claim your refund. Unfortunately, if a thief has your Social Security number and other relevant information, tax identity theft is very hard to prevent.
0 Comments
You’ve received a phone call from a utility company demanding a payment right now or your utilities will be immediately shut off – or maybe representatives of your utility show up at your door to make the same threat. What do you do? Don’t pay them. It’s almost certainly a scam. Utility companies don’t make
0 Comments
Holiday Debt On the Increase Are your credit cards still smoking from holiday overuse? Based on a recent MagnifyMoney survey, it wouldn’t be surprising. Consumers who financed their holiday spending averaged $1,325 in holiday spending debt – a sharp increase from 2018’s $1,230, 2017’s $1,054 average and 2016’s $1,003 average. Increases in wages and consumer
0 Comments
The convenience of modern digital commerce comes with an unfortunate side effect: it makes identity theft more convenient as well. The 2019 Identity Fraud study from Javelin Strategy and Research found that 14.4 million consumers in the U.S. were victims of identity theft during 2018, to the tune of $14.7 billion. “It may seem time-consuming
0 Comments
MoneyTips Can you avoid a New Year’s Day hangover? We’re not referring to the traditional hangover that comes from too much alcohol, but the financial hangover that comes from too many charges on your credit card. Of course, you can avoid a New Year’s credit hangover – especially with some help. Consider these eleven ways
0 Comments
Credit freezes are one of the most valuable tools in your identity theft protection toolbox. When a credit freeze is placed on your account, lenders can’t access your credit history to assess your risk and are unlikely to approve loans or other forms of credit. You’re in control. Unfreeze (thaw) your accounts whenever you want
0 Comments
Hackers are like any other type of thief. They look for easy targets and take advantage of them. Are you an easy target in the eyes of identity thieves? Let’s assume that you’ve taken basic prevention steps, like using anti-virus software and securing your router to prevent hackers from getting directly into your system. Have
0 Comments
What happened to your credit score? It’s dropped considerably since the last time you checked, and you have no idea why. Maybe one or more of these events is behind the decrease. 1. Missing Payments – On-time payments is one of the biggest factors that make up your credit score. Make all credit card and
0 Comments
By Andrea Woroch The upcoming holiday season may have you feeling joyous and anxious at the same time thanks to all the seasonal expenses, gift purchases and travel costs you will take on in several short weeks. Those who don’t prepare ahead may find themselves relying heavily on credit cards and, ultimately, be in debt
0 Comments
Experian Boost? Is that a new energy drink? No, it’s not designed to boost your energy – Experian Boost is designed to boost your credit score. This new program from the credit reporting agency Experian was launched in March 2019. In its first six months of activity, Experian Boost has instantly increased a total of
0 Comments
We all go through major life changes, both positive and negative. All have the potential to affect your credit, in either a positive or negative way. The outcome depends on how you handle these life events and the corresponding changes. Consider the following examples. 1. Going to College – College is more than four years
0 Comments
After years of spotless credit, let’s say you’ve harmed your excellent credit score by missing a payment. Perhaps you’ve had an unexpected accident or medical expense that disrupted your payment schedule, or maybe you simply had a brain cramp and forgot to submit your payment on time. You’ve made good on the missed payment, along
0 Comments
No matter how hard you try, you can’t improve your credit score. Who’s to blame? Identity thieves? President Trump? Space aliens? It’s time to find out. Start by reviewing your credit report, which is a compilation of your credit history. Creditors report activity on all of your loans and credit accounts, such as history of
0 Comments
Your credit score is one of the most important factors that lenders review when deciding whether to extend credit to you – but it’s not the only factor. It’s possible to get a loan with a poor credit score and be denied a loan with a good credit score based on other considerations. Your credit
0 Comments
Your marital status doesn’t play any role in calculating your credit score – so why could a divorce harm your credit score? Joint accounts are the reason. Most couples have joint debt like mortgages, credit cards, and loans. A divorce decree may assign responsibility for a joint debt, but the decree doesn’t affect the lender’s
0 Comments
Can your checking account affect your credit score? It’s possible, but only in certain circumstances that you should avoid. Your credit score is calculated using information from your credit report, which is a history of all of your credit-based transactions. Checking accounts are funded by your deposits – there’s no borrowing of money involved. Normal
0 Comments