No Credit History? New Scoring Method for the Underserved

Credit scores have played an increasingly vital role in the lives of U.S. consumers. They aren’t just used in order to determine if someone is credit-worthy, but also the price that they can obtain credit. In addition, credit scores can influence someone’s ability to rent an apartment, the price of their insurance and even affect the hiring decisions of future employers. Unfortunately, there are millions of people who do not have any credit history, or only very little credit history or have a terrible credit history that prevents them from many financial services. This is changing in recent days, as…

   

How Will the New Payday Loan Regulations Affect You?

The CFPB (Consumer Financial Protection Bureau), which is the agency created by President Obama during the 2008 financial crisis, is taking a very aggressive step against payday lenders. They are proposing new regulations that would constrict payday loans that have higher interest rates than 400%. This would apply to a substantial portion of the over $46 billion payday lending market that typically serves the working class, and many people who live paycheck to paycheck, and don’t have access to a more traditional loan. These regulations would have no impact on short-term, high-interest loans, however they would require that lenders ensure…

   

7 Money Saving Starbucks Hacks

If you love your Starbucks fix, but your wallet is not as fond of your habit, you are in luck because there are ways to get your fix while saving money. These simple tricks will help you chop your Starbuck’s bill down while still allowing you to get your caffeine fix – it’s a win-win for everyone and the baristas never have a problem with any of these orders.   1.  Iced Lattes on the Cheap   If iced lattes are your vice, there is an easy way to get one for almost half of the regular price. Instead of…

   

5 Benefits of Paying your Credit Card Bill Before Due Date

There are plenty of good reasons as to why you should never be late on paying your credit card bills. However, there are also some compelling reasons as to why you should consider paying them early. Although it may seem to go against common sense to turn in your credit card payments before the due date, it is actually a very smart idea to pay your credit card bills early. Here are five very good reasons to pay your credit card bills early every month.   Save Money on Interest Carrying a balance on your credit card account means that…

   

How to Keep Unpaid Medical Debt from Ruining Your Credit

If you have a medical bill that has ended up in collections then it has likely hurt your credit score a lot more than it actually should have. This was at least the conclusion that the Consumer Financial Protection Bureau came to after they studied over 5 million credit reports at the beginning of the year. This federal regulator kept track of how well the credit scores of people actually predicted how credit worthy they were after the medical bills appeared on their credit reports. They found that it didn’t in fact accurately predict how well people repay their bills.…

   

What Type of Credit Card Interest is Tax Deductible

The IRS allows you to deduct several expenses from your income in order to get to your taxable income, which is the portion of your earnings that is subject to be tax deductible. These expenses can include the interest payments you make on your mortgage, and business loans, however when it comes to the credit cards that you use for personal purchases, the interest that you pay will be nondeductible and considered personal interest.   Personal Interest Personal interest is the interest that you pay when you use a credit card for services and goods, and not for a work…

   

Will the Request for a Credit Limit Increase Hurt my Credit?

It is a common myth to believe that requesting a credit limit increase will hurt your credit score. In fact, the opposite is true in many cases – requesting a higher credit limit can benefit your credit score as long as you are responsible with your available credit. Of course, there are certain situations when it can hurt, which is why being an informed consumer is the best option. Before you ask for an increase, find out how this new credit could help or hurt your particular situation.   More Credit Equals a Better Credit Score   When you increase…

   

5 Negative Items That Can Easily Be Removed from Your Credit Report

Your credit report is like your window to your financial life. A bad credit score can hurt you in more ways than you think. Suddenly getting a loan is difficult, insurance companies might frown upon you, and even getting into a school or getting a job could bring more hurdles than you ever imagined. Luckily, there are a few simple ways to easily remove negative items from your credit report, making it possible to boost your score and give yourself a better financial picture.   1.  Withdraw your Authorized User Status   Did you co-sign for someone on a credit…

   

Using a Home Equity Loan to Pay Off High Interest Student Loans

The strategy of dipping into your home equity in order to pay off another loan is called debt reshuffling, and is done through withdrawing mortgage equity, a home equity line of credit or cash-out refinancing. If you have hefty student loans then you may be considering this option. Essentially in order to do this you would be refinancing your current mortgage using a new loan, which would allow you to free up any cash that has already been paid on your mortgage. This new debt can then be used to pay off your remaining student debt. Although it may seem…

   

6 Small Things That Can Wreck Your Credit Score

Figuring out how your credit score works can be a little tricky. This is especially the case if you’re not aware of all the ways you can harm it, especially the small ways that can still impact your credit score in a big way. Your credit report not only contains your credit card activity, but also many different financial activities. Here are five small things that can hurt your credit score.   1.  Cancelling a Credit Card When you cancel a credit card account it doesn’t harm your credit score by itself, however it will lower your credit utilization ratio.…

   

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