Finance Globe

Truthfully, a charge-off is one of the worst things that could happen to your credit report and score. Charge-off happens after your account has become 180 days delinquent. By the time a creditor decides to charge-off your account, you’ve been late for six months. All those months of late payments take a tremendous toll on your credit score. But, you may be able to take advantage of a charge-off. Typically, creditors no longer allow you to...

Bankruptcy is hailed as one of the most catastrophic of financial events. Fortunately, it’s not the end of the world. In fact, bankruptcy, in many ways, is more like a new beginning. It’s a time to start over without all, or at least most, of your debt. Of course, starting over means getting new credit and rebuilding your credit score. Your access to credit it limited after filing bankruptcy. You don’t want to spend precious time...

Consumer confidence rose slightly in July after declining for four straight months - but consumers still remain cautious due to the job market, a private research group reported on Tuesday.The Conference Board reported that the consumer confidence index rose 65.9 in July from 62.7 the previous month, surprisingly higher than the 61.5 that economics had predicted. The index that measures expectations rose improved to 79.1 from 73.4, but the present situation index fell slightly to 46.2...

Banks and consumers have a conflict of interest. Consumers want free checking accounts and to pay as little as possible for services. Banks, on the other hand, want to make millions and billions for their shareholders. Your basic checking account may be free, but watch out for services that could cost hundreds of dollars a year. Monthly maintenance fees Most checking accounts are free, but with stipulations. For example, it may be free only if you...

In the past few years, big banks have become so unattractive that many consumers switched to local banks and credit unions. Not everyone who dislikes their bank was willing to go through the trouble of moving their money elsewhere. According to a recent ConsumerReports.org survey, 63% respondents considered switching but didn’t go through with it because of the trouble it would take to transfer payments and deposits.Sure, switching banks is tedious, but in the end, you’ll...

In a comment to the Consumer Financial Protection Bureau on Monday, the Federal Trade Commission expressed its support of new protections for users of general purpose reloadable (GPR) cards. GPR cards are a type of prepaid card that can be “reloaded” with a payment. GPR cards have been gaining in popularity in recent years - especially among consumers who are under-banked or those who don’t meet creditor standards for a traditional credit card.Many parents also believe...

Dealing with identity theft can be a headache. One of the ways you can deter fraud is to add a fraud alert to your credit report. When businesses check your credit report they see the fraud alert which lets them know to take more steps to confirm your identity. Two Basic Types of Fraud Alerts There are two types of fraud alerts and the type you add depends on whether you’ve already been an identity theft...

Capital One recently got in trouble with the Consumer Financial Protection Bureau for deceptively marketing add-on services like payment protection and credit monitoring services. Consumers complained that Capital One representatives made it seem as though the services were required, when in fact, services like these are purely optional. Millions of cardholders will receive a refund for these services, including cardholders who tried to cancel the services but were unsuccessful. It’s wonderful that Capital One has to...

It takes years of good financial behavior to build a good credit score, but all your hard work can be ruined in just a few months. One or two slightly negative actions, like a maxed out balance or additional credit card inquiry, won’t affect your credit score too much. But, several negative actions in a short period of time can decimate your credit score. Apply for a bunch of credit cards in a short time span....

One of the best pieces of financial advice is to budget your money. Budgeting is the foundation of financial health and the key to accomplishing most, if not all, of your financial goals. Unfortunately, when you’re budgeting for the first time, things may not turn out the way you think they should. It may be the budget itself or the way you’re approaching it. Don’t give up. The problem can usually be fixed. Confirm you've created...