How 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 MoreWhat are the 3 C’s of Credit?
When applying for a loan, it’s helpful to know what your Loan Officer will be looking at when making his or her decision. There are three areas they will review. These are the three C’s of credit: Capacity, Collateral, and Character. Capacity in Credit: Definition Your credit capacity is simply your ability to repay the…
Read MoreWhat is a good interest rate?
You may have heard that there are only two kinds of people: those who pay interest and those who earn it. In reality, we all likely end up occupying both sides of that equation. The first thing to know about borrowing money and paying interest is that how much you pay depends on your credit…
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