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Recent Posts
5 Things In Your Credit Report You’ve Got To Know About
How much do you know about what’s in your credit report? Many people may be …Read More »
Key To Raising Your Credit Score Using Credit History
Believe it or not, credit history has a huge impact on your overall credit score. …Read More »
How Length Of Credit History Affects Your Score
The amount of time you’ve had credit makes a difference in your credit score. In …Read More »
Need To Borrow Less Than $500? Pawn Shop or Payday Loan…?
in Loans/by New Opportunity ProviderIf you need to borrow less than $500 and are wondering whether you should apply for a payday loan or just pawn one of your valuables, you have to weigh your options. Pawn shops aren’t going to give you very much for your valuable items because they have to make a profit. That means if you need $500 or less, you’ll need an item that’s at least $1200-$1500. In addition, you have to pay back interest fees and more. Also, the loan lasts anywhere from 30 to 90 days.
Payday loans carry extremely high interest rates. You may be in debt anywhere from 6 months to a year, so keep that in mind as well. If you’re unable to pay, they may take legal action against you by garnishing your check. Neither one is an ideal option, but it’s important that you’re aware of what you’re getting yourself into.
What Really Affects Your FICO Score?
in Credit Scores/by New Opportunity ProviderEver wonder how your credit score is calculated? Although many companies are can gather your credit history and produce your credit score, there one major kind of credit score most lenders refer and that’s your FICO score. FICO scores range anywhere between 300 – which is really poor and 850 – which is really great. FICO doesn’t state what is considered a good or bad score. It only provides the score.
FICO scores are created and judged by the following:
Common Credit Card Questions People Wonder About: Part 3
in Credit Cards/by New Opportunity ProviderIn part 1 and part 2 of Common Credit Card Questions People Wonder About, we covered various topics ranging from cosigning and interest fees to annual fees and debt elimination. In the final installment, we’re going to cover three more issues people wonder about.
Is it a good idea to carry a balance? You should never pay a credit card interest rate if you don’t have to. Your credit score will be just as strong without a balance on your card as it would be with one.
Should I try to get another credit card after ruining my credit? Before going out to get another credit card, make sure you can really handle it.
Does FICO determine what a good or bad score is? FICO doesn’t mention what constitutes a good or bad credit score. They only calculate it. Lenders have set the mark for that.
By knowing the answers to these questions, you’ll be a much more informed credit card owner.
Common Credit Card Questions People Wonder About: Part 2
in Credit Cards/by New Opportunity ProviderThe internet is full of information about credit cards, yet people still wonder what the best choice is for them. In Part 1 of Common Credit Card Questions People Wonder About, we went over whether card holders should close out accounts or ditch cards with annual fees.
In part 2, we’ll cover more questions people wonder about.
Is it a good idea to cosign for family members? Family is awesome, but if you want to keep the relationship that way, you should probably never cosign on a card for them. If they default, you’re on the hook.
Should cards with higher interest and balances be paid off first? It is probably a good idea to do so because this will free up more money in your budget.
How often is too often to check a credit score? You should check your score as often as you’d like. This is the best way to stay on top of what’s going on.
In part 3, we’ll cover more Common Credit Card Questions People Wonder About.
Common Credit Card Questions People Wonder About: Part 1
in Credit Cards/by New Opportunity ProviderNo matter how much information is out there about credit cards, there still seems to be many unanswered questions people have about them. Here are 3 common credit card questions people wonder about:
Should I get a card with an annual fee? – Because there are so many awesome fee-free credit cards on the market, you probably shouldn’t be stuck with a card that has fees in the first place. Weigh the pros and cons for the best answer.
Should my kid have a credit card? – It may seem like the “it” thing for a teenager to have, but unless they have a job to pay down the balance the answer is no.
Will it hurt if I close out the account on a credit card? – If you want to raise your FICO, the answer is probably no. It doesn’t add points to your score.
Be on the lookout for part 2 of Common Credit Card Questions People Wonder About for answers to the most common credit card questions.
Here’s Why You May Only Need Two Kinds Of Credit Cards
in Credit Cards/by New Opportunity ProviderWondering how many credit cards you should have? Well, that depends on who you ask. Some financial experts say zero….as in none. Others say as many as you can handle. However, the question may not be how many you can handle, but more so what kinds of cards you should carry. Co-founder of credit.com, Adam Levin suggests carrying an all-purpose card and a low interest credit card.
Your all-purpose card would be your rewards based cards, which are great for everyday use. It allows you to earn rewards for purchases. The interest fees are higher, but the goal is to pay off the balance each month.
Your low interest credit card is for emergencies and unexpected repairs. These cards give you wiggle room and due to low interest rates, you’re not overwhelmed with paying them back.