As the housing bubble was growing, many Americans with low credit scores were able to benefit from a variety of housing loans. However, the boom led to the bust that followed, and financing a new home purchase through a bank with subpar credit has become far more difficult.
Habits are those activities we do unconsciously because we've done them so many times before. We're not even fully aware when we're doing them, and then the results tend to pile up unseen. Of course, credit is one of those things that can suffer from bad habits. So let's take a look at five bad habits that can wreck your credit.
What I learned was that while paying off student loans early may, in some cases, reduce your credit score, the advice to "be careful about paying off early" is a little misguided.
It requires little more than a few hours each quarter for you to begin to get your finances on track and your head in the game. Once you get the hang of it, you can start to add in other pieces, like planning for your children's education as well as your retirement.
If you're like most people, the recession took a toll on your finances and probably your credit score. So how do you get it back to where it needs to be? There are a couple quick and simple ways to you can raise your credit score now.
Credit scores are just one thing we can't seem to get right. In fact, a recent survey found that many of us are still confused about them. This confusion can have a significant impact on our financial future. A good credit score can save you a lot of money in the long run, but a poor score will cost you a pretty penny.
Credit repair is not a guaranteed fix of your credit score, but if you go in knowing the risks and pick a company with a good reputation and money-back guarantee, you can hopefully avoid being burned.
Before you actually close your credit card, consider the effects that this will have on your credit scores.
True. Good credit scores can help you qualify for money when you need it. That's a great reason and probably the best known of them all. But there are other reasons that you should seriously work on your good credit and some of these might surprise you.
If you want to improve your credit (which you should!), then one of the first things you'll need to do is overcome your fears. Start with these fears and address any others that may come up.
Financial incompatibility is a leading cause of divorce and breakups. It therefore makes sense to try to ensure early on, that a couple shares similar financial values and habits. For many, the scope of this evaluation has been distilled into one central question: "What is your credit score?"
Of course it's important to do what you can to bump up your credit score. But many people use the wrong tools towards that objective even though they have the right motivation. And when they do, they actually worsen their credit rating rather than improve it.
There's a common misconception out there that everyone has ONE credit score, perhaps assigned by a government agency and used by financial institutions to determine your creditworthiness. But this is not true.
here are an estimated 1.5 billion credit cards in use in the United States and that can make them seem pretty ubiquitous. Nevertheless, access to credit cards is a privilege not a right, and if you make mistakes, you'll pay a price -- sometimes a hefty one.
If money is still tight and you're not able to pay all of your bills in full and on time then you might need to revisit your financial commitments. There are many other debt and financial experts out there who can speak to this -- my focus is on credit scores.
What bride-to-be hasn't thought about a summer wedding? No matter when your wedding is, here are a few credit-related mistakes to avoid as you get married.