Finance Globe

Since it was created, the FICO score has been based only on consumer credit history. The score uses past credit information that's compiled by major credit bureaus to calculate a credit score that predicts a consumer’s likelihood of defaulting on a new credit or loan obligation. Next January, FICO plans to release the UltraFICO score, a score that could make it easier for millions of borrowers to qualify for loans they wouldn’t otherwise be able to qualify...

With the holiday season just about in full swing, now may be the best time for you to make your travel plans. While some people hop on a plane to reach their holiday destination, others get behind the wheel and hit the road. Taking a holiday road trip can be a lot of fun, however, it can also set you back quite a bit of money if you’re not careful about your approach. Here are three...

If you survived the Great Recession of 2008, then you know just how bad it can get. Companies layoff employees. Household income declines while unemployment and bankruptcies rises. The country and consumers experience financial hardship in a grand scale. A recession is happens when the economy declines six months in a row. It’s hard to predict exactly when a recession will hit or what will cause it, but knowing there’s a possibility means you should be...

With the holiday season approaching, now’s the time to plan out all the gifts you need to buy. In addition to knowing who to buy for, you must have a clear idea of what you can afford to spend. Taking your plan one step further, outline the manner in which you’ll pay for gifts. In a perfect world, you’re able to pay for everything with cash. Not only does this keep you on budget, but it...

You’re almost positive that a personal loan is exactly what you’ve been looking for. As excited as you may be, don’t jump into this just yet. Instead, take the time to answer a few key questions: 1. How will you use the loan? There’s no good reason to take out a personal loan unless you have a clear idea of how you’ll use the funds. Are you consolidating debt? Taking care of a medical emergency? Tackling...

There may come a point when you realize you’re unable to pay a creditor in full. While you could default, it’s much better to contact your creditor with the idea of negotiating your debt. As scary as it may be to make this call, once you’re on the right track you’ll realize that it’s not nearly as difficult as you thought. Here are five tips for negotiating with creditors: 1. Know Your Story Go into the...

Nowadays you can do so much on your phone, including your personal finances. There are also a ton of options out there and they are not all equal! Below are my favorite budget and personal finance apps. Mint: This is the gold standard app for your personal finance needs. The app is effectively an all-in-one resource for creating a budget, tracking your spending, and monitoring your overall finance needs. Mint lets you know when bills are...

If you have performed any research on the investment advisor industry recently, you likely have seen a lot of companies offering robo-advisor investment solutions. A lot of people might not fully understand what robo-advisors are and how they work. Below is a summary of robo-advisors. Please feel free to comment in the comment section below if you have any positive or negative experience.  Robo-advisors are a new online software that helps you manage your investments. The...

As I discussed last month, a 529 plan is a great way to save for your children’s future. However, many people may not know what a 529 plan is and what kind of benefits it offers to you and your children. Below is a high level summary of what a 529 plan is. Please feel free to include any questions or experiences with 529 plans in the comments section below. A 529 plan is a tax-advantaged...

When you apply for a credit card it’s your hope that you receive an instant approval. Unfortunately, this may not be the end result. It’s always possible that you could receive a denial, thus forcing you to take a few key steps in the near future. Here are five things to do if your credit card application is denied: •    Read your adverse action letter: the credit card issuer is required to send you an adverse...