Marriage affects many aspects of your life, but credit isn't necessarily one of them. Marriage itself does not affect your credit. Contrary to a common myth, your credit report doesn’t merge with your spouse’s once you get married. Nor does your marital status affect your credit rating. Single, married, separated, or divorced, your credit rating is based strictly on your credit history. So, the mere act of saying “I do” and signing a marriage license won’t...
Most credit cards give you the ability to withdraw cash from an ATM the same way you would with a check card, except the money detracts from your credit line instead of your bank account. When you’re in a pinch and you must have cash, a cash advance on your credit card may seem like the perfect solution. But, be careful because it’s an expensive one. When you use your credit card for a cash advance,...
It’s planting time across many parts of the country, and you may be looking at your yard with big plans for lush gardens and pretty flowers. But don’t let your annual landscaping bill get the best of you, save a few bucks here and there with these cost-cutting tips. Buy smaller plants Starting with small plants saves money - and you’ll also have a smaller hole to dig so planting them will be easier, too. Annuals...
The effects of bankruptcy are devastating and long-lasting. So, if you’ve decided to file bankruptcy, chances are the situation is pretty bad. You’ve likely considered all your options, but before you head to attorney’s office to complete the paperwork, consider them all again. Have you considered debt settlement? Debt settlement has almost as bad a reputation as bankruptcy, but that’s mostly because of the companies who sell debt settlement services, not because of debt settlement itself....
One of the biggest misconceptions people have about credit scores is that checking their own credit scores is damaging. And of course, if consumers think they’ll be hurting themselves by checking scores, then they’re also more likely to remain in the dark about where their credit truly stands. Living without a clue of your credit score is dangerous, especially if you plan to apply for any type of financial product or service. You never know whether...
Statistics for payday loans are mind-blowing. According to the Center for Responsible Lending, the average payday borrower has nine transactions each year and is in payday loan debt for 212 days of the year. Even though the cost of borrowing a payday loan seems cheap, often $10 for every $100 borrowed, the loans get expensive when they’re not paid off immediately. The CRL cites that flipping a typical $325 payday loan eight times leads to $469...
If you know how credit scores are calculated, then you probably already know that applying for a credit card has the potential to impact to your credit score. But is the impact high enough to put off your credit card application for later? Inquiries are placed on your credit report whenever you make a credit-based application. In other words, if a business checks your credit report to process your application, then a record of that inquiry...
Year-after-year, the debt collection industry tops the FTC’s complaint list. In 2011, the FTC received 117,374 complaints against third-party debt collectors. The complaints the FTC receives may not represent the true number of debt collector complaints since consumers may not realize they can go to federal agency with these types of complaints. Many of those complaints fell within just a few categories. The biggest complaint category was with harassing phone calls. This includes collectors calling continuously,...
Most people realize that credit cards and loans affect their credit score. Even the occasional blemish from an unpaid utility bill won’t surprise many people. But who’d expect medical bills to affect credit scores? To clarify, not all medical bills will hurt your credit score. Particularly, if you receive a medical bill and you pay it off within a few days or weeks, your credit score is usually safe. However, unpaid medical bills that wind up...
While you can get a free credit report through AnnualCreditReport.com, your credit score isn’t included in the deal. But, you may be entitled to a free credit score after certain credit and loan applications.Credit Score Disclosure Requirement Lenders are required to send credit score disclosure notice to all applicants who are denied credit or who are given unfavorable terms because of their credit score. That’s if your credit score was a factor in the decision. The...
