You only missed one payment? No big deal, you think! In actuality, missing a single payment can harm your credit score more than you realize. Missing several payments, even small ones, at one time can devastate your credit. Always be sure to pay on time, even if it is just the minimum payment.
Keep reading...It’s far more fun to manage our assets, but by the same token, we must give attention to the debt side of the equation. When our income refuses to increase or stretch any further, it becomes necessary to restructure our debt payments. When you are unable to pay off your credit cards on a monthly basis, and the balances are building up, this is the time to seek help.
Keep reading...Credit card approvals in general are based on multiple factors, including your FICO or credit score. Also considered important are your credit history, your family income, and employment. The FICO score encompasses several creditworthiness indicators, including payment history, length of credit, and diversity of credit.
Keep reading...The ability to take out a 401(k) loan can be a lifesaver in an emergency situation – here is ready cash and you don’t have to face a banker with your credit score! Credit is so tight these days that banks will only lend to those with excellent credit scores, but you can fall back on your 401 (k) retirement fund without having to undergo the hassle of applying for a loan elsewhere.
Keep reading...What are the prospects for negotiating a lower rate on your credit card? If you have an excellent credit score, you are in a position to negotiate a better rate. While 93% of people are aware that they can call and negotiate for a lower rate, only 29% actually try, and of these, two-thirds succeed.[1] Before making any calls, take a close look at what your credit score is, such as on MyFico.com.[2] The higher it is, the more likely your chance is of receiving a lower rate.
Keep reading...Understanding how a credit card works helps you make the right decisions about choosing and using your first card. Not all credit cards are alike. They come with an assortment of terms and conditions.
Keep reading...Things haven’t changed much. We are still arguing over taxes and who should pay. Recently, the controversy has been over whether to funnel money to extend the payroll tax withholding cut. Republicans and Democrats reached an impasse, each with an opposing view of whether the tax cut should be funded, and if so, from which source the money should come from. The Democratic party proposed increasing the taxes of those earning more than $1 million and also extending for everyone else the Bush-era tax cuts set to expire at the end of the year. The Republicans didn’t think it was fair, however, to extend the Bush-era tax cuts for everyone but the rich.
Keep reading...While some claim the economic downturns have stalled credit card usage, a look at the statistics proves that is simply not the case. As of May 2011, the total revolving debt in the United States was $793.1 billion, and 98% of that was credit card usage. The number of households carrying credit card debt was 50.2 million.
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