How Do You Establish Credit?
Sign up for SaverLife to earn points and chances to win cash prizes when you read articles like this! Establishing credit is important. Using credit over time creates a credit history (hopefully of on-time payments) that businesses use to decide if they will give you credit. Without a credit history, companies may be hesitant to…
Read MoreIf I Can Pay off My Debt, Is it Better for My Credit to Pay it off Slowly or All at Once?
I think I’m going to receive a large tax refund this year that could help me pay off my debts. If I’m able to pay off all of my debt, should I do it all at once or is it better for my credit to pay it off slowly over time? Submitted by an anonymous…
Read MoreHow to Manage What Gets Charged to a Credit Card
Credit can be a valuable tool in your personal finance arsenal. It allows you to buy things you need and earn points or cash back. It also offers a way to conduct secure transactions online and provides some protections against theft and fraud. But, if not managed properly, it can be a road to high-interest…
Read MoreHow to Improve Your Credit
Improving your credit score won’t happen overnight, but you can make a difference over time by taking certain actions. Step 1: Check for Errors To start with, pull your credit report from from all three credit bureaus using AnnualCreditReport.com. Normally, you get to do this once a year for free, but because of the pandemic,…
Read MoreI want to buy a house, but my credit isn’t good. What can I do?
I want to buy a house, but I have bad credit. Should I file bankruptcy? What should I do? Submitted by Marcella S. Buying a home is many people’s idea of achieving the American Dream. But the road to homeownership can be stressful, confusing, and overwhelming. When I purchased my first home, I had no…
Read MoreWhy do credit sites recommend I get another credit card?
I’ve worked hard to get my credit score into the excellent range using only one credit card. I pay monthly before the due date. Why do credit sites like Credit Karma and Credit Sesame keep suggesting I get another credit card to improve my score even more? What is the impact on a credit score…
Read MoreAre there debt consolidation companies for poor credit scores?
Submitted by Sara K. A Debt Management Plan (DMP) that is offered by a non-profit credit counseling agency can be an excellent tool for getting out of debt. Anyone can use these plans, whether they have poor credit or great credit. Credit cards, collections, and medical debt are eligible for these programs. How a Debt…
Read MoreHow soon can you trade in a financed truck or car for a new car?
I have a truck that I just bought for $35,000. It’s now worth about $31,000. Can I trade my truck in for a $20,000 car? What happens with my negative equity on the truck and my sedan that I just paid for with the trade–in value? Submitted by Jae E. It’s common to buy a…
Read MoreWhat can I do if there are loans on my credit report that aren’t mine?
Your credit history is an important factor for obtaining a loan, renting an apartment, and sometimes getting a job. However, it’s not uncommon for a credit report to contain mistakes. For example, your credit report may show an unpaid medical bill for services that were paid by the insurance company. It may show a student…
Read MoreWhat to do when a land contract is paid in full? How do I add it to my credit report? I
Submitted by Renee K. This is a great question. Before your question, no one has ever asked me about land contract homes, so thank you for letting me get this info out! What’s a land contract? Real estate land contracts are direct agreements between a buyer and seller. The buyer purchases property directly from the…
Read More