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Bills are due, and you’re out of money. You’re considering a payday loan to plug the gap in your cash flow. You think you can use the payday loan responsibly and use it to build up your credit score. Think again. Payday loans, along with almost all no-credit-check loans, do not report payment information to
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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By Amy Beardsley Are you thinking of applying for a credit card? You’re in good company with over half a million Americans submitting a new credit card application every day according to the Consumer Financial Protection Bureau. Applying for a credit card is simple but getting approved isn’t so easy. Both your credit score and
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You prefer the simplicity and the spending limit security of a debit card, but you also like the cash-back rewards associated with credit cards. Zero, a San Francisco financial startup, may have the perfect card for you. The Zerocard is a unique blend of debit and credit card. Zero’s full package is composed of a
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Millennials are supposed to be the cautious generation where credit is concerned. Many were burned during the housing crisis and Great Recession and vowed not to be overextended with credit. However, evidence is growing that millennials are headed down the same dangerous credit path as previous generations. While millennials do have lower average credit card
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Imagine an online offer for a restaurant chain that is so tempting it sells out in one second. That actually happened with the return of the Olive Garden’s Never Ending Pasta Pass. The original Never Ending Pasta Pass in 2014 was so popular that it crashed Olive Garden’s website, and the passes sold out within
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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%
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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
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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
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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
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Millennials faced a difficult entry into adulthood. Many came of age during the housing crisis and the Great Recession, facing scarce jobs and crushing student loan debt. It makes sense that Millennials would be wary of taking on more debt – and Experian’s most recent State of Credit Report backs that up. According to Experian’s
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You don’t want your boss to fire you, but being FIRE is good… when FIRE is the acronym for “financially independent, retire early”. A FIRE retirement requires careful planning. You’re going to need more money than most to sustain your early retirement plans – perhaps covering up to forty years of retirement. Where can you
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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
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Are your kids ready for the financial challenges of adulthood? The 10th annual Parents, Kids, and Money Survey from T. Rowe Price shows the benefits of early financial education, including both formal schooling and parental guidance. The T. Rowe Price survey typically polls children aged eight to fourteen years old, along with their parents, to
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Current Federal Reserve Chairperson Jerome Powell recently indicated that the Fed may soon cut interest rates for the first time since the start of the financial crisis in 2009. What would such a change in the federal funds rate mean for you? In today’s world of 24/7 cable TV and Internet news, people are more
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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
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