can be one of the easiest ways to stay on top of your personal finances. We use credit almost every day for all kinds of financial transactions. Having bad credit can hinder you ability to buy a house, refinance it at the best terms, purchase a car. Good credit gives you access to the best interest…
Frequently Asked Consumer Questions
Where can consumers find their free annual credit report? How can consumers cut telemarketer calls? What do consumers need to know about estate planning? Here is consumer advice to answer common questions.
Nine Reasons To Pay Off Your Credit Card Debt
While paying the minimum amount owed each month, on time, shouldn't damage your credit score, there are good reasons to pay off your credit card debts, not to mention your other loans like auto loans and school loans, and wipe your credit slate clean. Stop paying interest. Keep credit open in case…
Take Charge Of Your Credit Score
Many people who are in debt end up getting suckered by credit repair scams that promise vastly improved credit scores (for a large upfront fee) but can't deliver without doing something illegal, like setting up a fake social security number. Others end up working with a credit consolidation company…
A Borrower's Rights And Responsibilities
Lenders who charge excessive fees. Lenders who tell you your loan application won't be approved if you don't buy high-priced credit insurance. Lenders who tell you your credit isn't good when it is. These are some of the characteristics of predatory lenders -- bad apple lenders who prey on…
Your credit history is the single most important piece of information a lender will assess. And with identity theft on the rise, your credit history could be in danger. All someone needs to steal your identity is access to your social security number - which is everywhere. Here are some ways in…
The key to your personal identity is your social security number. A unique number is issued to each U.S. citizen at birth, and typically this is the number used on bank account applications, on insurance forms and even your driver's license.
Mortgage Lenders May Charge Extra Fees
When you're applying for a mortgage loan you need to look out for extra fees that mortgage lenders may charge. Some of these extra fees, such as extra money toward credit reports or appraisals, are illegal under RESPA, the Real Estate Settlement Procedures Act. Learn more about what mortgage fees to…
Debt Management Program Can Help Avoid Bankruptcy
Do you feel like your debt is overwhelming or out of control? It may be worthwhile to enroll in a debt management program rather than filing for bankruptcy. While both a debt management program and bankruptcy look bad on your credit report, a bankruptcy makes for worse credit. Learn what to look for…
Fraud Alert Could Help Protect Credit
Having a fraud alert on your credit history can make it difficult to gain access to your credit history and credit score. Someone who steals your identity would not be able to open up new credit cards, buy a car or get a mortgage, because the lender would see the fraud alert at the bottom of your…
What Makes A Credit Score And How To Raise Yours
Consumers now have easy access to their credit reports and credit scores. However, now that they can access all the information, it's up to the consumer to understand what makes up their credit score, and to know how to improve the credit score. Paying on time, the length of your credit history, and…
Credit Score Reporting Options
Under a law passed by the California legislature, all consumers must be given access to their credit scores by July 1, 2001. The other two credit reporting bureaus, Experian and Trans-Union, have said they will make available to consumers their own credit scores, which are not based on the FICO…
Pay Off Mortgage Early With Extra Payments
If you prepay your regular monthly mortgage payment it may be applied incorrectly to your mortgage loan. Mortgage companies usually see prepayments as extra money to go toward the principal of the mortgage loan. When the mortgage company does not then receive your mortgage payment at the designated…
When To Use A Non-Profit Credit Repair Service
Non-profit credit repair or budgeting services should only be used if you are on the verge on bankruptcy. Using a credit repair service when you aren't on the verge of bankruptcy can sometimes cause damage to your credit. Having debt reported as "closed by credit grantor" can be a black mark on your…
Transferring Credit Card Balance Is Smart Move
A couple wonders if transferring their credit card balance to a lower rate card will hurt their credit score. Transferring a balance to save money and paying off the debt is the best strategy. Transferring a balance shouldn't lower your credit score, especially if it means paying off your debt…
Credit History And Credit Score Impact Loans, Credit Cards, And Interest
Your credit history and credit score greatly impacts what kinds of loans, credit cards and interest rates you are offered. Only a good credit history and credit score will get you the best rates as far as loans, interest and credit cards go. Lenders check your credit history and credit scores and…
Credit Scores Rule The World-- Almost
A credit score is like a personal financial SAT. Your credit history is pulled and each detail on the report is assigned a number. The mathematical computation is fairly detailed: Not only does each credit card you own receive a number, but that number is based on the current balance, how timely you…
Avoiding Junk Fees Could Pay Off At Closing Time
Mortgages can include a long list of fees you'll have to play at closing. Some of these are legitimate fees and they will appear in every mortgage loan. Others are "junk" or they come from the mortgage company attempting to pass costs on to you, the borrower. Knowing what fees you should be paying…
Good Credit Score Helps You Get Better Mortgage Loan
Having a good credit score is crucial to getting a good interest rate on a car loan, a home mortgage loan or other loan. Whenever you apply for a loan, the creditor will check your credit report. Having too many creditors check your credit report or score within a month may result in your credit…
Identifying And Fixing Your Credit Problems Part II
Having good credit means more than just being able to secure a mortgage. Having good credit allows you to get a loan at the best terms and conditions offered in the marketplace. If you have credit problems, it's important to get them cleared up, and you have to do it yourself.
Financing May Include Preapproval Or Prequalification
When you're buying a home it helps to have looked into your financing options ahead of time. That means seeing if a mortgage lender will pre-qualify or pre-approve you for a mortgage loan. It's important to understand the difference because it may influence a seller's decision to sell you a home.
Resolving credit problems or bad credit can be tough but it is doable. To start, you need to avoid credit repair or credit fixing agencies because they can not wipe your credit history clean of bankruptcies, bad loans and late payments. Instead start a paper trail as you talk with your creditors…
