Credit Industry News

Has a loved one ever asked you to do a big favor? If you are like a lot of people then you probably want to do anything within your power to help out the people who are important to you. Co-signing, however, is much more than just a simple favor. Instead co-signing is a ticking time bomb just waiting to destroy your credit scores and to cause you potentially serious financial problems.

Your credit reports maintain a far-reaching influence over many different aspects of your life. The condition of your credit may help determine where you live, how much you pay for housing, your ability to qualify for an auto loan, your insurance premiums, and even your career. Law makers understand the significance of your credit too. As a result the Fair Credit Reporting Act (FCRA) was crafted to help protect you from unfair credit reporting practices.

It is that time of year again, the time of year when a pile of tax related documents begin to show up in your mailbox. You may receive a W-2 form from your employer, charitable contribution statements to use for tax write-offs, and even mortgage interest statements if you are a home owner. However, there is another far less desirable tax form which will be finding its way into millions of people’s mailboxes this year as well – the 1099-C.

Credit cards, as we have already covered in parts 1-4 of our Credit Cards 101 series, are extremely powerful tools which you can put to work for you on your journey toward better credit. Yet not only do credit cards have great credit building potential (assuming you manage the accounts properly), but they also feature some other great benefits as well. For example, you may not realize it but your credit cards represent the safest and most secure form of payment you carry in your wallet.

Your credit scores can exert a tremendous amount of influence over your financial wellbeing, in some instances even more than your income. Don’t believe me? Just ask anyone with a great job who has ever been turned down for a mortgage application due to bad credit. People with great incomes and bad credit get denied for financing every single day. You probably already know that achieving good credit is important. You are smart enough to be reading this article after all. Yet

Welcome back to part 4 of our Credit Cards 101 series. We have already covered in depth how properly used credit cards have the ability to help you start building credit from scratch or to rebuild previously damaged credit reports. Credit cards alone are not going to be a cure-all for your credit problems, of course, but they can be an important component in your overall credit restoration plan. When it comes to credit cards an often overlooked credit improvement method is the authorized user strategy. Here is a deeper look at how the authorized user strategy works and how you might be able to benefit tremendously from asking a loved one for a favor.

No one likes to feel judged, but that is exactly what your credit reports and scores are designed for – to help others judge you. Specifically, your credit is routinely relied upon by many different businesses in many different industries to judge whether or not they wish to do business with you.

Credit cards have the ability to make or break your credit scores. In Part 1 of our Credit Cards 101 series we have already covered just how important it is that you keep your credit card balances paid off monthly. Credit card debt has the ability to harm your credit scores even if you make all of your monthly payments on time. Yet credit cards are not nefarious either. It is ultimately up to you whether your credit card accounts will help or hurt your credit and finances. In fact, by never revolving a balance from month to month you can turn your credit cards into powerful, credit building tools.

When it comes to credit cards you will find a variety of advice and opinions, often very strong ones. At some point in your life you have probably even had someone you respect tell you that credit cards are dangerous and should be avoided entirely. However, before you believe the “credit cards are dangerous” advice you received from your uncle, your best friend, or even your favorite financial guru you should take…

Tis’ the season for family, friends, food, and fun. Unfortunately the holidays are also a time for extra expenses and very often for overspending as well. Many people start the holidays out with the best of intentions when it comes to their finances. Perhaps you even began with a budget or spending limit to make sure you did not overextend yourself once again this year. However, before you give into the pressure and start making excuses to spend money you cannot afford to spend, consider the following.