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
Credit Rating
Few things are more satisfying than driving your brand-new car – until you realize that it lost value immediately after you left the dealership. Thanks to depreciation, it’s possible for a car to lose over 20% of its starting value within the first year. According to CARFAX data, cars can lose over 10% of their
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
You’re ready to take out a loan, only to realize that your credit score actually dropped since you last checked it. With a low credit score, you’ll be paying higher interest rates than you expected – and you may not qualify for the loan at all.
What happened?
Remember that your credit score reflects your
It’s always best to pay off a loan as soon as you can, isn’t it? Not necessarily. There are several reasons you may not want to pay off your loan early, including the effects on your credit score.
The obvious reason for early payoff is interest savings. By paying your loans off early (especially large
After a long search you’ve finally found out who’s dragging down your credit score.
Surprise! It’s you.
Your credit score reflects your entire credit history as recorded on your credit report. Lenders and creditors report your account activity to each of the three major credit reporting agencies (Equifax, Experian, and TransUnion) – whether that activity
It may seem like you have been paying credit card interest since 3500 BC – but you might be surprised to learn that credit actually dates back to those ancient times.
Historians believe that the Sumerians of ancient Mesopotamia (in modern-day Iraq) extended credit to farmers in the rough equivalent of a consumer loan. The
Your credit score is a valuable asset that must be maintained and protected. Unfortunately, there are ways that other people can negatively affect your credit score – either inadvertently or with bad intent.
Protect your credit information by carefully monitoring these five potential paths to a reduced credit score.
1. Joint Accounts – Joint checking
Shortly after children are born, parents apply for the Social Security number that their children will use throughout their lives. Unfortunately, that leaves criminals with a golden opportunity to use that Social Security number to commit fraud – since you are unlikely to check the credit status of your own children.
“Child identity theft is
Who doesn’t love cash back rewards? We all enjoy the feeling of getting something back with our purchases, and credit card companies know this. They offer rewards programs as incentives – and a recent survey from CreditCards.com shows that cash back programs are the most attractive variety.
Almost one-third (31%) of survey respondents chose 3%
Created in July 2010, the Consumer Financial Protection Bureau (CFPB) has been a welcome advocate for consumers wronged by businesses and financial institutions. In its short lifetime, the agency has fielded 1.5 million consumer complaints, publishing just fewer than 1.2 million of them in a convenient searchable form. The CFPB commands attention, as 97% of
Congratulations! Your family will soon be blessed with your first child. You’re on your way to a lifetime of cherished memories – and a whole new series of financial challenges.
From bringing them into the world to sending them off to the working world, children are one of the largest expenses of your lifetime. According
Huge data breaches are becoming commonplace, exposing the personal information of thousands of consumers to potential identity theft – but the 2017 Equifax data breach may have been one of the most disappointing.
Data breaches often target retailers that store personal information on their customers. You have a choice whether or not to shop at
It seems obvious. If you drive an expensive car, you must have an excellent credit score – but that’s not always the case.
Credit scores are calculated from factors in your credit report, including on-time payment history and how much of your available credit you use. You could be a Lamborghini driver who is drowning
Debt is no picnic at any age, but it’s particularly rough on senior citizens. Most are nearing their retirement years or have already retired with little time (or money) to pay down debts.
Seniors tend to have better access to more credit if they need it. Their average credit score is 745, well above the
Few things are more effective at fighting identity theft than credit freezes. When you freeze your credit, potential lenders can’t access your credit file to assess the risk of lending money to you. No risk assessment means no credit – so identity thieves can’t use your stolen information to create fake accounts in your name.
Congratulations! You’ve made it through college and are looking forward to using your new skills in the real world. Here’s our gift to help you start your journey – a copy of your credit report.
If you aren’t familiar with your credit report and how it works, now’s the time to check it out.
Congratulations! You’ve just finished paying off your mortgage – probably the largest debt you’ll ever have in your life. Should you expect your credit score to increase as a result? Not necessarily.
Your credit score is calculated from your credit report, a history of all of your borrowing and payment activity. While your mortgage was
By Andrea Woroch
After months of heavy spending – and eating – people across the country start to think to themselves: this isn’t sustainable.Like clockwork, Americans make ambitious plans.January is the big month, but that’s just the beginning.Or, so they think.
According to U.S. News & World Report, by the second week of February, some
How much of your available credit are you using right now? Experts generally suggest keeping your credit utilization ratio – the amount of credit in use compared to your credit limits – below 30% to keep your credit score high.
A new study from CompareCards.com shows that many Americans are struggling to meet that goal,
You see lines on your credit or debit card statement that read “APL*ITUNES.CON/BILL 866-712-7753 CA” or something similar. Where did all those charges from iTunes come from?
Maybe it’s your spouse downloading audiobooks. Maybe it’s your kids downloading their favorite songs or inadvertently making in-app purchases while playing online games. Maybe it’s subscription renewals that
A recent survey by Credit Takeoff revealed that although the majority of the 500 American respondents prioritize having a good credit score, many have a poor understanding of how credit scores and credit reporting work.
Only 28% Are Very Knowledgeable About How Their Credit Score is Calculated The results of the survey suggest that Americans
You reach into your pocket or purse, but your wallet isn’t where it belongs. With a sinking feeling, you realize that your wallet is lost, and likely stolen. What do you do now?
Avoid the urge to panic and think of where it may have been taken or lost – but don’t search too long
Congratulations! You’re worth a bit more this year than you were last year – at least in the eyes of identity thieves.
The website Top10VPN recently released their 2019 Dark Web Market Price Index, a summary of current market prices for individual pieces of stolen identities.
Last year, Top10VPN estimated that an identity thief could
Can you raise your credit score by taking out a personal loan? You can if you borrow responsibly – and a new study from LendingTree.com shows that borrowers with lower credit scores can see significant benefits.
Outstanding personal loan balances have nearly tripled since 2011, rising from $46.4 billion to $125.4 billion by June 2018.
What do you plan to do with your tax refund? Maybe you have your eye on upgrading your phone, buying a new computer, or splurging on a long overdue vacation.
Have you considered using your tax refund to build your credit?
Granted, credit building doesn’t compare with lying on the beach enjoying the sunshine, but
Beware of Credit Score Inflation America’s credit scores have improved along with the improving economy. Compared to 2006, there are approximately fifteen million fewer Americans with credit scores below 660 and a corresponding increase of fifteen million Americans with scores greater than 740.
That’s good news, with a potential downside. Federal Reserve research suggests that
You’ve reached a point where you don’t have to use credit cards anymore. Your home is paid off. You don’t have other outstanding debts. You must be an excellent credit risk, right?
As strange as it sounds, creditors do consider you a risk when you’ve become “credit-retired.” If you haven’t been using credit for some
If you’re in the market for a home, a high credit score is key to qualifying for a mortgage loan and getting the lowest interest rates possible. What do you do if your credit score is toward the lower edge of qualification?
The March 2019 Chartbook from the Urban Institute’s Housing Finance Policy Center has
You reach for the bill, and then realize that your wallet is missing. You mentally retrace your steps, add up how much cash was in there, and stress over whether someone will use your credit cards and try to steal your identity. Besides all the time it will take to cancel your credit cards
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