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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 »
How To Build Credit When You’re Just Starting Out: Part 1
in Credit Scores/by New Opportunity ProviderIf you’re new to the world of credit, then you probably know it isn’t easy to establish good credit. Getting lenders to trust you can be a challenge as they want proof that you’re trustworthy. It’s really a catch-22 because how can you prove that you’re trustworthy if you’ve never had a chance to show it.
In part 1 of “How to Build Credit When You’re Just Starting Out”, you’ll see really great strategies for pulling points in your favor.
#1 – Become an Authorized User: If you can piggyback off of someone else with good credit, then do it. Becoming an authorized user means you will ask a friend or family member with good credit to allow you to become an authorized user on their credit card. Tell them that you don’t want a card of your own. You only want your name on the account. Depending on the company this might help add some history to your report.
#2 – Get a Co-Signer: A co-signer is someone who agrees to go on a loan with you in order help you get approved. You will have to be responsible with this because if you default on payments, they become responsible. That’s the opposite of what you want to do.
#3 – Get a Secured Card: Many lenders offer consumers credit cards in exchange for a deposit. So, this is another great option for when you’re just starting out.
These three tips will help to add favorable history to your credit report. Check out part two for more credit history building strategies.
Ways To Be A Successful Credit Card Owner – Part 2
in Credit Cards/by New Opportunity ProviderIn Part 1 on how to be a successful credit card owner, we covered the importance of using credit cards like cash and making automatic payments. Now, let’s check out two more great ways to ensure that you are a successful credit card owner. These are not only just great tips; they are also obvious advantages to using credit cards wisely.
#1 – No need to worry about interest rates: One of the great things about credit cards is that if you pay off your balance in full each month, your interest rate won’t matter. This is perfect if you don’t have the best credit to begin with.
#2 –Credit card perks outweigh APR costs (usually) – Depending on the kind of card you have, the perks you receive for using your card responsibly throughout the year outweigh the annual rate cost.
Now that you know the additional benefits of owning a credit card, as well as the advantages to handling one successfully, you can apply for your next card wisely. Make sure that the benefits outweigh the cost.
2 Sure Fire Ways To Be A Successful Credit Card Owner – Part 1
in Credit Cards/by New Opportunity ProviderWhen people get credit cards, they usually have the best intentions in mind. They plan on being responsible and trustworthy, but a few small missteps can lead them on a downhill spiral. In order to help you be a successful credit card owner, here are two tips that you can follow that will decrease your chances of defaulting on your payments.
#1 – Use Credit Cards Like Cash
Just because you have a credit card doesn’t mean you should use it. If you want something that you can’t buy with cash, don’t get it. That’s the simplest way not to get trapped in debt.
#2 – Use Auto Payments For Your Bill
So you don’t fall into default on your payments, it’s best you set your bill up on auto payments. This is a clever way to keep up with on time payments.
If you follow these tips, you’ll get to enjoy the benefits of good credit. Check out part 2 for more tips on how to be a successful credit card owner.
Here’s What You Need To Know About Your Credit Score Before Applying For A Job
in Credit Scores/by New Opportunity ProviderWho knew that getting hired for a new position could all come down to your credit history? It’s true. In several states, it’s perfectly legal for employers to pull your credit history during the hiring process. In their opinion, it determines your level of trustworthiness for the position they’d possibly be hiring you for.
Although legal, this isn’t something the majority of employers actually do. According to a 2012 survey from the Society of Human Resource Management, only 13% of respondents said they check all employee’s credit history while 53% say they don’t do it at all.
It’s still better to be safe than sorry, which is why there are proactive steps you can take just in case a hiring manager does decide to consider your credit history. You can be proactive by:
How Employers Can Use Your Credit History During the Hiring Process
in Credit Scores/by New Opportunity ProviderIn the US, many employers have the right to look over your credit report before hiring you. Some say it’s justified for “trust” purposes. Others say it’s unfair to minorities or to those who are low income. The good news is there are some states where employers are prohibited from using your credit score against you. These states include:
Although the state of New York hasn’t banned this practice, the city of New York has, which is a relief for many job seekers. Keep in mind that there are still some professions where it’s still legal to check your credit report such as some government positions.
5 Different Companies To Pull Your Credit Score From
in Credit Scores/by New Opportunity ProviderIt’s important to know that there are different places to pull your credit score from. It’s up to the lender which one they use, but the one most largely used is the FICO score. Keep note that different places offer credit scores. This is important when you’re pulling your credit score either from a paid or free agency. The most common places a score can be pulled from include: