Further Rewards for Good Credit You’ve worked hard to keep your credit score high. Why shouldn’t you be rewarded for your effort?
Banks agree and are looking for innovative ways to urge you to keep your credit score as high as possible. Financial institutions have always used negative reinforcement for poor credit scores – higher
Credit Rating
Your credit score affects many aspects of your financial life. It affects your ability to qualify for loans and credit cards, and the interest rates that you’ll pay if you do qualify. It may affect your credit card limits, rental fees or deposits, utility services, and cell phone/cable bills.
Can your credit score also affect
With the school season starting again, education is job number one for students and parents alike. A proper education includes an education in personal finance, and one of the best ways to start is to learn how to protect yourself against scams.
You can and should learn fast, too, because scams can become more common
If you have a low credit score and want to buy a home, your odds of getting a loan have improved. A study by the Fair Isaac Corporation (FICO) shows that credit scores for new mortgage originations have been dropping, suggesting that lenders are slowly relaxing the tight credit policies imposed after the housing crisis.
By Stephanie Braun, Director of Auto Product Management at Esurance
Companies have collected data on their customers for decades. It allows them to offer more tailored services and products, and provide more relevant messaging. The reason data collection has gotten so much press lately is because it’s reached unprecedented levels. Already, we create 2.5 quintillion
Are you looking for a mortgage that features a low down payment but can’t find a suitable conventional loan because of various restrictions?The Federal Housing Administration (FHA) offers loan products with down payments of just 3.5% for borrowers with FICO credit scores as low as 580 – an attractive combination for potential homebuyers with lesser
Identity theft accounted for $16.8 billion in losses in 2017 spread across 16.7 million victims, according to Javelin Strategy and Research. Were you one of the unfortunate 16.7 million?
Victim or not, it’s wise to consider freezing your credit to make it difficult for identity thieves to use your personal data –
“Consumers for sale! Get your consumer information here! Plump ripe consumers, ready for the taking! Only $1,170 for a full consumer package! À la carte information for as little as a few dollars! Get them while they’re fresh.”
Granted, there aren’t peddlers roaming around your local business district selling your stolen information – but the
Small Changes, Big Impact Sometimes a seemingly small difference can have a large effect, like the straw that broke the proverbial camel’s back. According to a recent study by the credit bureau Experian, that same principle applies to millennials and their borrowing behaviors. With a small change in financial habits, more millennials could significantly shift
Internet scam artists are moving beyond your email inbox to target your text messages as well. “SMiShing,” also known as SMS Phishing, continues to loot information from busy and unaware consumers despite its relative maturity as a scam method.
Here’s what you should know about SMiShing and how to protect yourself:
SMiShing occurs when a
Your credit score is one of the primary items that lenders check when they consider loaning you money. A lower score means greater risk, and lenders will charge you a higher interest rate because of that difference – but how much could it cost you over the lifetime of a loan?
According to a new
Are you planning to retire within the next 10 to 15 years?If so, are you ready to take retirement preparedness to the next level?
Retirement is no longer an abstract concept when you reach your 50s. It’s important to take a closer look at your financial plans now, while you have time to make any
Applying for credit for the first time is a bit like applying for your first job. People are hesitant to hire you because you don’t have any job experience, and you can’t get any job experience because nobody will hire you. In the case of credit applications, creditors are leery of extending credit if they
Are you having trouble getting a home loan because you have no suitable credit history? Has your credit activity been dormant for a long enough time that lenders can’t properly evaluate your risk?
The FICO credit-scoring standard used by Fannie Mae and Freddie Mac requires that potential borrowers have a credit account
Have you been denied a mortgage loan recently? Rejections usually don’t come down to a single reason, because lenders look at your overall financial status.
However, some factors increase your risk of rejection. According to NerdWallet’s 2018 Home Buyer Report, three issues stand out as primary reasons for mortgage denials based on the most recent
Is a bad credit score dragging you down? Almost half of millennials (46%) feel that way, according to a new survey conducted by OppLoans.
It’s an understandable feeling, given that millennials came of age during one of the worst recessions in decades. Many millennials emerged from the recession with delayed careers or lower-than-expected
Just like assets can be sold, so can debts. It’s possible that your auto loan or mortgage could be sold by one lender to another. If your debt is in good standing, the terms and conditions of your agreement generally apply, but things relating to the servicing of your loan such as due dates and
By Sandra Parsons
While Cardi B is topping the charts, “Card Cracking” is ruining some music fans’ lives. Rapper Young Ash and five others were recently indicted for running a card cracking ring that recruited accomplices through her Snapchat channel. Learn how card cracking works and how you can avoid falling victim to
You probably comparison-shop for most of your purchases, especially the high-dollar ones. If you’re going to spend money on a new appliance or an automobile, you want to review options to make sure you’re getting the best deal.
According to the Consumer Financial Protection Bureau (CFPB), there’s a big exception to this rule – mortgages.
When your credit score is down, it takes great effort to rebuild it. You have to take care to pay down your debts and get your finances in order. You may also have to change some of your spending habits to have the greatest impact. Consider these five spending habits that will retard your credit
Be Afraid of the Dark
Is your credit card information floating around the dark web, waiting to be sold to an enterprising criminal? That’s increasingly likely. According to the cybersecurity research group IntSights, black-market credit card information for sale has increased by almost 150% over the last 18 months – surpassing 4,000 credit cards
Your data is under constant attack from hackers. Unless you take steps to protect your personal and account information, you’re at a high risk for identity theft – and the residents of some states are less vigilant than others when it comes to cybersecurity.
A survey conducted by cybersecurity company Webroot and the Ponemon Institute
Your kids are growing up fast. Soon, it will be time to have … the talk.
No, not that one. We’re referring to the talk about responsible use of credit. If you don’t drive home the importance of good credit practices while your children are young, they’re more likely to learn about credit the hard
Another Day, Another Breach
Have we reached the point where Americans react to data breaches with a yawn? Given the constant stream of new attacks and the staggering number of accounts involved, that’s an understandable reaction.
The sportswear retailer Adidas recently joined the list of companies successfully attacked by hackers. The size of the
A poor credit score makes your financial life difficult in a number of ways. You receive poorer interest rates and terms on credit cards, it’s harder to qualify for mortgages, and, “When it comes time to get insurance, maybe your insurance premiums will be a little more expensive because you have a low credit score,”
Congratulations! Your shopping has paid off and you’ve finally found an excellent car at a reasonable price. Now, how do you plan to pay for it?
Dealers will be happy to arrange financing for you. Simply fill out and sign a loan application, and the Finance and Insurance (F&I) manager will immediately begin searching
How much does your credit score affect your mortgage rates? A recent study by Zillow shows that the higher interest rates from a poor credit score can have a profound impact on the amount of interest you’ll pay over the life of a mortgage.
Zillow analyzed over 100,000 mortgage quotes offered on Zillow Mortgages across
Let’s say you’re tempted to make a withdrawal from your 401(k) plan to pay off some debts. You can always catch up by paying that money back into your retirement savings later, right? Unfortunately, it doesn’t work that way. Don’t rob your future to pay for your past! Watch Bankrate.com Senior VP and Chief Analyst
Congratulations! You made it through college armed with a degree, and hopefully a job. Now it’s time to move on to the next stage of your education: life. The tests are all open book, the deadlines are varied, and some lessons are much harder and carry higher stakes than others do. Worst of all –
You’ve made some life decisions that you’ve regretted, and some of those decisions surely involve money. What sort of money mistakes have you made?
Don’t be shy about admitting your financial mistakes. According to the latest version of Finder.com’s annual America’s Biggest Money Mistakes survey, you have 192 million fellow Americans to keep you company.