Weekly Tips

Weekly Tips

Think twice before getting a cash advance.

If you are in a lot of debt, a cash advance or payday loan can seem incredibly helpful. With a cash advance, you get cash almost immediately. These loans are easy to get approved for, and you can pay off the debt you need. However, be careful before getting one. These small, short term loans are useful if you are in a financial bind. But if there is no financial emergency, definitely think twice before getting a cash advance!
on Fri, 2016-05-06 17:23

Pay Rent With Credit Cards and Earn Big Rewards

If you rent an apartment, the largest expense in your monthly budget is most likely your rent.  So would you put your rent on a credit card if you could?  If you plan to pay off your balance each and every month, the answer to this question is hopefully a resounding yes!

That said, it's estimated that 70 percent of renters still pay their rent via paper check in the United States.  More and more landlords are accepting credit cards each year though, and renters are quickly jumping on the bandwagon in order to maximize credit card rewards.

on Tue, 2016-04-19 12:51

Think Twice Before Paying Taxes with Your Credit Card

Tax time is upon us yet again, which means many of you will be scrambling over the next few weeks to get your tax returns done and cut a check to old Uncle Sam.

However, in recent years the IRS has made it fairly easy to ditch the checkbook and pay your tax bill via credit card.  In many cases you may even be able to deduct the convenience fee card companies charge to process electronic tax payments.  So why should you think twice before paying your tax bill with plastic and racking up extra credit card points or miles? 

on Fri, 2016-04-01 11:03

What's the Best Way to Pay Off Credit Card Debt?

If the only thing that matters to you when paying off debt is saving dollars and cents, the payment strategy that clearly makes the most financial sense is paying off your balance with the highest interest rate first.  So try this method out and start watching your balances shrink!

on Wed, 2016-03-16 14:50

Leaving Monthly Balances Won't Boost Credit Scores

You've probably had friends tell you how they established their credit history faster by leaving monthly balances on credit cards instead of paying balances in full. I hope you didn't fall for this one!

The truth is this happens to be one of the most common credit myths out there, so make sure you talk some sense into your friends the next time you hear it, OK? A consumer who carries a revolving credit card balance each month simply will not establish credit any faster than someone who pays the balance in full.

on Tue, 2016-03-15 14:45

Don't Sweat the Soft Inquiries

A soft inquiry is recorded on your credit report when an existing creditor reviews your file, a prospective creditor pulls your report for marketing purposes, or you order your own credit report for monitoring purposes.

A common misconception is that these inquiries or soft pulls impact your credit score, but the truth is they have no effect at all.  That's right - absolutely zero effect!

on Mon, 2016-03-14 12:25

How Much Does an Inquiry Hurt Your FICO Score?

A hard inquiry occurs when you apply for credit and the lender pulls your credit scores as part of the application process.  Credit reports include records of all hard inquiries for up to 2 years.  Unlike soft inquiries, hard inquiries really do have an overall effect on your FICO scores.

on Thu, 2016-03-03 13:19

Should I Add My Child as an Authorized User on Credit Cards?

If you care about the financial future of your children, then you know how important it is to begin helping them build good credit from an early age.  One of the best and safest ways to do that is by adding them as authorized users on one of your oldest credit card accounts.

on Mon, 2016-02-22 13:45

Foreclosure and Your FICO Credit Scores

A foreclosure ranks high among the most damaging hits to your credit score. In fact, FICO has stated that foreclosures will typically result in a loss of 85 to 105 points for someone with a 680 credit score. And if you have better credit, say a FICO score of around 780, the hit to your credit score could even be worse—potentially in the 140-160 range.

on Thu, 2016-02-04 02:58

Will too much plastic hurt my credit score?

In order to have a great credit score, it's important to have some credit cards in your wallet and a lot of available credit to use. So, will having too much plastic in your pocket hurt that solid score you have worked so hard to build?

The answer will always depend upon which "credit expert" you ask; however, what you should really be thinking about is your "credit utilization" ratio.

on Mon, 2016-01-18 11:00