Going from Zero to 720 Credit Score in One Year

your credit score can have a big impact on many different areas of your life. If you have little or no credit history merchants don’t know if they can trust you or not so they charge you big deposits for everything including getting a cell phone, renting a car, renting an apartment or getting the electricity turned on. These deposits can be several thousand dollars! But if you had a good credit rating they would waive these deposits altogether.

If your credit score is not the best at the moment, you could be thinking about taking steps to improve it, but might not know the best ways to do so. Below are some of the things you should think about when it comes to your credit score.

These Numbers Should Make You Mad and Get You Motivated

It seems like a national epidemic… One of the biggest challenges that people face today is dealing with their personal debt. According to NerdWallet the average American family has $16,748 worth of credit card debt, $176,222 worth of mortgage debt, plus an auto loan debt of $28,948. All of this is on top of $49,905 worth of student loans (almost $25,000 per adult)!

According to Federal Reserve data in 2014 the Median household income was $53,718 and it rose to $56,516 in 2016. Unfortunately, that is the most recent data we have, but even if median household income rose to $60,000 in 2016 that is a lot of debt to be carrying on that amount of income.

Credit Cards Out of Control? 3 Ways to Get You Back on Your Feet

Interest on your credit cards adds up fast. An initial purchase of $1000, with an interest rate of 18%, could take years to pay off, assuming that you make only the minimum payments each month. In fact, if you make even a few late payments the penalties could result in NEVER paying it off, as you’ll see in a moment.

Using Credit Cards without Getting Into Debt

Having a credit card is handy, especially if you are away from home and blow a tire or a fan belt breaks or some other emergency! However, everyone that has a credit card runs the risk of racking up a significant debt.  Credit card debt can quickly spiral out of control. Sometimes it feels like the credit card companies will […]

What is the Best Credit Card?

Choosing the “best” credit card is like asking what is the best city to live in or the best kind of ice cream. It is not a one size fits all proposition. There are a lot of different factors to consider and what is “best” for me may not be “best” for you. In some […]

Using Personal Loans to Save Money

You’ve probably heard the old saying, “Neither a borrower nor a lender be.” While it would be great if we were all so financially stable that we never had to worry about borrowing or lending money, that just isn’t a reality for most people today. But if you do find yourself in a tough spot […]

Using Credit Cards Can Make Or Break Your Financial Situation

Credit cards often come up in discussions about money among friends and family. Some people swear that credit cards have great financial benefits and others stay away from them at all costs. The truth is that credit cards can be part of a good financial plan if used properly, but poor use can be detrimental […]

How to Start Your Credit History

Jump Start Your Credit History You know you need a good credit history if you want to apply for a loan or credit card, but if you are just starting out and haven’t developed a credit history this can be hard to do. In some cases, having no credit is almost the same as having bad […]