Traditional credit reports and scores don’t typically take into account all the bills that you pay on time like clockwork each month – like your rent and utilities. In some ways, it’s unfair that you could get turned down because you missed a few credit card payments several years ago when you pay so many other bills on time each month. Lenders don’t really get a complete picture of your financial habits when you’re applying for...
Consumers started racking up their credit cards again in May as revolving credit increased by a whopping 11.2 percent - or $8 billion - for the largest one-month gain since 2007, according to data released by the Federal Reserve on Monday. Overall, consumer credit grew at an annualized rate of 8% as consumers added $17.1 billion of credit in May for the largest jump in five months, and is close to levels from before the recession....
The consequences of a credit card delinquency are too serious to ignore. Not only could you have to pay a late fee, your interest rate might increase to the highest default rate. Late payments past 30 days are reported to the credit bureaus monthly until you catch up again. The more serious the delinquency, the worse it is for your credit report.You only have a certain amount of time to correct a credit card delinquency before...
Financial mistakes are bound to happen. Some are worse than others. According to a poll from the National Foundation for Credit Counseling, the biggest financial regret is habitual overspending. More than 2,200 people responded to the poll and 53% agreed with the top pick. Other responses: Inadequate savings, 18%Insufficiently preparing for retirement, 14%Not having a house, 10%Having purchased a house, 5%. A Few Consequences of Overspending One of the problems with overspending is that it keeps...
The economy gained a mere 82,000 jobs and the number of unemployed remained virtually unchanged at 12.7 million in June, the Labor Department’s Bureau of Labor Statistics reported on Friday. The jobs gain came predominantly from professional and business services, and most other major industries changed little over the month, the Bureau said.The 8.2 percent national unemployment rate also remains unchanged from the previous month and has hovered between 8.1 percent and 8.3 percent for all...
Con artists have no qualms about taking advantage of people during hard times. You may have heard or seen ads that promise the government has free money to help you pay your bills, but the Federal Trade Commission warns consumers that it is a scam:"There is currently money available NOW right here in your area, to help pay your bills.""NO lines, NO waiting, NO credit needed. This is YOUR money and will be sent back to...
You can use your credit card free, but it requires you to “color inside the lines” so to speak. Make a mistake and it could cost you. Paying on the due date. Normally, internet and phone credit card payments take a day or two to post to your account. Which means that if you make an internet or phone payment on the due date, it would actually be late. You can speak to a representative to...
Even with a great credit score, you’re not guaranteed to have your credit card and loan applications approved. Lenders consider a few other factors outside your credit score like your income and employment history. If you’re not a good candidate in all areas, your application could be denied. While being denied is disappointing, especially if you were hoping to be approved for a mortgage or car loan, the good news is that a denial won’t affect...
It’s hard to keep your credit intact when you’re going through a major life change like divorce, job loss, medical illness, or relocation. Your credit score can suffer in the process of these big changes, especially if you get behind on your bill payments. Foreclosure, repossession, bankruptcy, and debt collections are often the result of those big life changes that affect your finances and your ability to focus. The credit system may not always seem fair,...
Several major banks now offer a short-term loan product similar to payday loans. If you have a checking account in good standing with direct deposit, you may qualify for a checking account advance or direct deposit advance. You avoid the stigma of going to a payday loan store and the advance is repaid automatically with your next direct deposit or with 35 days. If your bank offers the service, you may find a link to request...
