Latest Articles from Credit Card Posts

Does It Hurt My Credit if Several Reports Run While Car Shopping?

May 11, 2012 | No Comments »

Auto lenders will often view your credit report prior to offering you an auto loan. The information in your report determines your FICO credit score, which runs from 300 to 850. This information will impact the terms of your auto loan, including the...

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Is your car a filthy mess?

May 04, 2012 | No Comments »

How about your home? Your office? Your yard? Im a little embarrassed to say yes, yes, yes, and yes. Or, at least, that was the old me. Im a hyper, busy guy, so everything was a mess. When was I supposed to find time to organize my stuff when I was...

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Is Unemployment Credible Income?

April 07, 2012 | No Comments »

Unemployment income is temporary income you receive when you lose your job. This money is considered income, though you do lose it when you return to work. When you apply for a bank loan, the bank looks for credible income from sources that...

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Does It Hurt My Credit if Several Reports Run While Car Shopping?

Posted by Andrea Lewis at May 11, 2012 | No Comments »

Auto lenders will often view your credit report prior to offering you an auto loan. The information in your report determines your FICO credit score, which runs from 300 to 850. This information will impact the terms of your auto loan, including the interest rate that you may be charged and whether or not you are required to submit a down payment. It’s important to understand how your credit is impacted when multiple auto lenders pull your credit report.

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  • Does a Car Loan Inquiry Hurt My Credit Score?
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    • An inquiry occurs whenever someone views your credit report.

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Tags: Reports Run Run

Is your car a filthy mess?

Posted by Andrea Lewis at May 04, 2012 | No Comments »

How about your home? Your office? Your yard?

Im a little embarrassed to say yes, yes, yes, and yes.

Or, at least, that was the old me. Im a hyper, busy guy, so everything was a mess.

When was I supposed to find time to organize my stuff when I was constantly rushing to do the next big thing?

But then I started noticing something¦

By training my mind to give every physical thing a purpose, I started making better decisions about my time and my finances.

The floor of my car is not a trashcan. Thats not its purpose. Its purpose is to stabilize the car, keep me from falling through, hold the seats in place, etc. It was not created with the goal of holding my garbage.

So I dont put garbage on the floor of my car.

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Tags: Mess

Is Unemployment Credible Income?

Posted by Andrea Lewis at Apr 07, 2012 | No Comments »

Unemployment income is temporary income you receive when you lose your job. This money is considered income, though you do lose it when you return to work. When you apply for a bank loan, the bank looks for credible income from sources that are sustainable, since you will normally be repaying a loan over several years.

    • Banks may not lend you money when you have no permanent source of income. Unemployment insurance is counted as credible income in certain situations. However, it’s not permanent income. This may cause the bank to view your unemployment income as not being credible for the purposes of obtaining a bank loan.

    • Not having income may put you into a position where you cannot get back to work.

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Tags: Credible Income Income

Credit Management 101 for College Students

Posted by Andrea Lewis at Mar 27, 2012 | No Comments »

And, it doesn’t stop with student loan debt. Students are also turning to credit cards to pay necessary expenses, and many college graduates leave school with a few thousand dollars in credit card debt, spread over several accounts.

Knowing your credit scores and reports can help you avoid unwelcome surprises after graduation. FreeScore provides access to all three credit scores and reports from the three major credit bureaus: TransUnion, Experian and Equifax. In addition, you will have the benefit of 24/7 credit monitoring and automatic alerts that notify you of any changes to your credit reports. Don’t neglect what may be one the most important aspects of your education: smart credit management and protection.

Tags: Students

How Often Should You View Your Credit Report?

Posted by Andrea Lewis at Mar 09, 2012 | No Comments »

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    Even though checking your own credit report has no effect on your credit rating, viewing your credit history is one of the best things you can do to improve your creditworthiness. Consumers who pulled their credit report scored 9 percent higher on a financial literacy quiz, according to a 2011 Consumer Federation of America study. Ideally, you should view your report as often as possible.

      • Because a personal credit check does not affect your credit rating, you should view your credit report every day. For practical reasons and cost, you do not need to view your report daily.

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    Tags: Credit Report Report

    Filing Joint Taxes Can Negatively Affect Your Credit Scores

    Posted by Andrea Lewis at Mar 01, 2012 | No Comments »

    I told her I could be trusted, but she didnt believe me. I guess she didnt want to be stuck with someone elses debt. Being responsible for my unpaid taxes could have caused her to miss credit card payments or other bills, resulting in lower credit scores. According to the SmartMoney article, there are methods of damage control like Form 8857 (Request for Innocent Spouse Relief). But this method isnt always a sure thing because you need to show proof that you were unaware of your spouses underpayment. You can also try requesting “equitable relief” to avoid shouldering the responsibility of unpaid taxes. (Like these fancy legal terms? I’m just full of surprises!) But the article says that neither of these measures will restore your credit. It recommends using “married filing separate” status on your tax forms. That seem

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    Tags: Credit Credit Scores

    Self-employed and have bad credit? Getting a loan with no credit check

    Posted by Andrea Lewis at Feb 16, 2012 | No Comments »

    If you have bad credit, home equity loans for improvements, debt consolidation and other financial needs have been pretty much off the table in recent years. The bailout of the U.S. banking industry didn’t extend to struggling small business owners.

    However, there are financing opportunities for those self-employed business owners who take credit card payments from their customers. In recent months, unsecured business lending sources have brought forth new products and are approving unsecured business loans at a 12 percent interest rate without credit approval. If your home is no longer available as a source of cash, you might try working through your business.

    Cash advance requires no credit check

    A merchant cash advance is is an unsecured form of financing (meaning no collateral involved, unlike with a home mortgage) in which a business owner sells his or her future credit card receivables at a discounted rate.

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    Tags: Bad Credit Credit

    Credit Card Comparison Sites

    Posted by admin at Feb 14, 2012 | No Comments »

    The vast majority of people have at least one credit card, but often people have more than one. Many of those with credit cards are in debt because they opt to spend more than they can afford and their debt rises with each purchase. Unfortunately, credit card debt is all too common and people with credit card debt are looking for solutions to their problem. The fact is, with credit card debt, the problem often becomes so big that people are unable to make more than the minimum payment that is required for their cards each month and therefore they are going to spend hundreds – even thousands – of additional dollars in interest because they are unable to pay down the balance of their cards.

    However, not everyone has credit card debt. Many people are responsible enough to pay their credit cards off in full each month, which allows them to avoid interest rates. Thi Read more…

    Tags: Credit Card Comparison

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