Creating a Budget That Has the Best Effect on Your Credit

Your emergency fund will thank you. Use a free budgeting app to identify areas where you’re consistently overspending — like, say, all those restaurants you’re frequenting on weekends — then reroute those dollars to your savings account. Continue reading

5 Ways to Keep Your Money In Order After You Get Married

Getting married is one of the most exciting moments in our adult lives. But things can turn sour on the financial front if you haven’t expressed your shared goals. After all, a marriage is a partnership, and like any partnership, it takes good communication to succeed. If you’re not discussing your finances, something is wrong. We asked financial experts to share a few topics to go over with your... Continue reading

Personal Finance Management 101: Do Credit Checks Hurt My Credit

Types of Credit Checks Not all credit checks are treated the same when it comes to your credit score. Only credit checks in response to you applying for new credit actually hurt your score. For example, if you apply for a credit card and the credit card issuer checks your score, that will ding your credit. However, when a credit card company checks your score on its own, such as to pre-qualify... Continue reading

Tips for Establishing a Line of Credit

A personal line of credit is a revolving account. You can use and reuse it without filling out a new application. The lender establishes a credit limit, but only charges interest on your borrowed amount. A personal line of credit gives you quick access to emergency money and can provide you with overdraft protection for your checking account. Interest rates on credit lines are usually higher than... Continue reading

How to Recover Your Credit After a Bad Mortgage

Damage Assessment After a Bad Mortgage You experience damage through negative items on your credit report and a lowered FICO. You cannot do much about correct items – most mortgage problems linger on the credit report for up to seven years. However, you can begin to reverse a lowered credit score sooner. FICO scores range from 300 to 850, with 680 generally serving as the dividing line between... Continue reading

How to Increase Your Credit Score in 6 Months

Credit scoring is a complex science that is something of a secret to the general public. While there are variations in the scores used by different creditors, the industry-standard score is issued by FICO. Although FICO won't divulge the exact method behind its calculations, it does publish the broad categories used for scoring, along with the percentage weight assigned to each component. You won... Continue reading

Financial Overhaul: How Long Does It Take to Get Your Credit Back After a Mortgage Foreclosure?

There's no way to spin it: losing your home to foreclosure is a bad thing -- but you could be well on the road to credit recovery within a few years. Home mortgage lender William Malamut says that to some extent, your fate is in your own hands. "All cases are unique," he advises, so one homeowner's tale of woe might not match your own experience. How quickly your credit rebounds can depend on... Continue reading

3 Personal Finance Tips for Choosing a Credit Card

3 Personal Finance Tips for Choosing a Credit Card With all the credit card offers you receive in the mail, it can be difficult to tell the differences among them, let alone choose the one that's best for you. However, there are real differences between the various offers you receive, and it's better to examine them before you get hit with charges you didn't see coming. Check the Interest Rate... Continue reading

Credit vs Debit: Which Should You Use, and When?

Will that be credit or debit? Those little plastic cards may look the same, but they are oh so different. Let's clear up credit vs debit. What's the difference between credit and debit? When you make a purchase with a debit card (even if you select the credit option), the amount is taken directly from your bank account. So if you're short on funds, your card could be denied or your bank might... Continue reading

Plastic, Not Always So Fantastic: How Closed Accounts Affect Your Credit

Plastic, Not Always So Fantastic: How Closed Accounts Affect Your Credit Your negative credit card history won't disappear any faster if you cancel the card. If your credit report contains some negative information from your credit cards, you can't magically erase it by canceling the credit card. "Closing a credit card has both short-term and long-term effects on your credit score," says Alan... Continue reading