How to Build Your Credit from Nothing in Six Simple Steps
News from Lifehacker:

If you pay your bills on time and have been financially responsible, but have never had a credit card or taken out a loan, your credit history is a blank slate. Lenders use your credit report to make decisions about whether or not to give you a credit card, what that card’s limit should be, or to grant you a loan. But with no credit history, there’s no record of how you would manage debt. The result: many creditors won’t lend you money no matter how responsible you may be. Here, the team at Quizzle tells you how to build credit from no credit in six simple steps.

Time for a Secured Credit Card

A secured credit card functions like a “normal”, or unsecured credit card with one exception—the credit card company requires you to put down a security deposit. Typically $ 300 to $ 500, this security deposit assures creditors that you will, indeed, pay back the money you borrow. Often, the credit limit on your secured credit card mirrors the amount of security deposit or a percentage of that amount.

continues on Lifehacker

… Read the full article
.

Related News:


Home Schooling Guidebook
Are You Thinking About Home Schooling Your Kids, But Are Not Sure If You Have What It Takes, Or Know What Is Really Required Of You? If So, Read This Book First! It Will Save You Lots Of Time And Headaches In Researching All This Information On Your Own.
Home Schooling Guidebook

Four Credit Lessons Inspired From the Presidential Election
News from Huffington Post:

Today is the presidential election — an opportunity for American citizens to have your say in the direction of the country by voting for your candidate of choice.

In the weeks leading up to the election, we’ve seen a lot of press coverage — both good and bad — about each of the candidates. Obama’s and Romney’s campaigns can actually teach us some lessons about credit. Even if you don’t like politics, learn these lessons because they’ll have a lasting impact on your credit scores!

1. There’s one number that matters
Before the election, newscasters spend a lot of air time analyzing each candidate’s words and actions and trying to guess the outcome of the polls. And even the popular vote doesn’t matter. There’s only one number on Election Day: The candidate who gets the most Electoral College votes! That’s the one who will be President. Any other number is irrelevant. Likewise, with your credit score, there are a lot of credit scores out there but only one matters — your FICO score. That’s the one that 90% of lenders look at to decide whether they will lend you money or not. So focus on your FICO score.

2. What you do today will impact tomorrow
Each candidate’s campaigns have had some good news but they’ve also made some mistakes. You know what they ar…………… continues on Huffington Post

… Read the full article
.

Related News:


Credit Report Nation Announces Free Scores and Credit Reports from Equifax …
News from MENAFN.COM:

Credit Report Nation Announces Free Scores and Credit Reports from Equifax EFX Experian (lon:EXPN), and TransUnion

Oct 24, 2012 (Menafn – M2 PRESSWIRE via COMTEX) –Credit Report Nation, a company that provides access to your three credit reports, scores, and monitoring services to members, announces you can now see your credit reports and scores for free from all three credit bureaus at https://www.creditreportnation.com . The Nations credit bureaus are known to only give you access to one free credit report requiring you to register for three different sites if you want to see all 3. Finally consumers have more options for how they can access all their credit information online.

… Read the full article
.

Related News:


WATCH: How To Negotiate A Higher Salary, From Alexa von Tobel
News from Huffington Post:

Don’t just accept any salary offer! No one is going to manage your career except for you. Alexa von Tobel, Founder & CEO, LearnVest.com, offered tips on salary negotiation when she visited me on Mondays With Marlo.

For more fantastic financial advice, see Alexa’s personal finance tips:

Loading Slideshow
  • Turn Up The Temperature

    If you open your refrigerator and set it to the appropriate temperature (between 35 and 38 degrees), you can save up to $ 400 per year. The fridge is your most expensive appliance and it’s on 24 hours a day, so regulating its temperature can make a big difference on your power bill.

  • Use Better Bulbs

    Changing out all your light bulbs to fluorescent bulbs can save you $ 20 or $ 30 a month.

  • Shrink Your Cable Bill

    There are many smart ways to minimize your cable bill. There’s a great site, called <a href=”http://www.billshrink.com”>billshrink.com</a>, where you can enter how much your bill is and they’ll show you how to save another $ 10 or $ 20 each month.

  • Have Em…………… continues on Huffington Post

… Read the full article
.

Related News:


WATCH: Affording An Engagement Ring, From Alexa von Tobel
News from Huffington Post:

When Alexa von Tobel, Founder & CEO of LearnVest.com, joined me on Mondays with Marlo, I just had to ask her if she had any advice for someone looking to buy and engagement ring. She gave me some wonderful tips on how to find that perfect ring for someone special, without jeopardizing your financial future with you soon to be spouse.

And, if you want or more fantastic advice from Alexa, check out her personal finance tips:

Loading Slideshow
  • Turn Up The Temperature

    If you open your refrigerator and set it to the appropriate temperature (between 35 and 38 degrees), you can save up to $ 400 per year. The fridge is your most expensive appliance and it’s on 24 hours a day, so regulating its temperature can make a big difference on your power bill.

  • Use Better Bulbs

    Changing out all your light bulbs to fluorescent bulbs can save you $ 20 or $ 30 a month.

  • Shrink Your Cable Bill

    There are many smart ways to minimize your cable bill. There’s a great site, called <a href=”http://www.billshrink.com”>billshrink.com&…………… continues on Huffington Post

… Read the full article
.

Related News:


WATCH: Three Crucial Things To Know About Your Credit Score, From Alexa …

WATCH: Three Crucial Things To Know About Your Credit Score, From Alexa …
News from Huffington Post:

When Alexa Von Tobel, Founder & CEO, LearnVest.com, joined me on Mondays With Marlo, she filled me in on three crucial ways to keep your credit score in top shape.

For more fantastic financial advice, see Alexa’s personal finance tips:

Loading Slideshow
  • Know Your Numbers

    It’s very important that you know the most important numbers: your income, expenses, and credit score. You check your credit score for free at <a href=”www.creditkarma.com” target=”_hplink”>www.creditkarma.com</a>.

    A credit score is the only grade that matters after you leave the education system, and it follow you forever. If you have a good score, you’ll be able to borrow for things like buying a home or starting a business at much lower interest rate, which can save you hundreds of thousand of dollars.

  • Shrink Your Cable Bill

    There are many smart ways to minimize your cable bill. There’s a great site, called <a href=”http://www.billshrink.com”>billshrink.com</a>, where you can enter how much your bill is and they’ll show you…………… continues on Huffington Post

… Read the full article
.

Related News:

Tips for creating credit history
News from GoErie.com:

Establishing a credit history is harder than it used to be — lenders are being extra cautious with new applicants. If you’re applying for credit for the first time, here are some tips from the National Foundation for Credit Counseling:

– Start slowly. Applying for too much credit at once can send the wrong signal to the lender, making it appear that you are desperate for credit.

– Co-signer. If you have been denied credit, see if a parent or other relative will come aboard as a co-signer. Just remember, if you don’t make payments on time, you can damage the co-signer’s credit.

– Three. You’ll need at least three lines of credit, or else your file will be considered too thin for the all-important credit score.

– Variety. The credit score algorithm likes to see different kinds of accounts. So don’t apply just for credit cards.

– Secured credit card. To get this kind of card, you put money in an account with an issuing bank and get a credit line for the same amount.

— from wire reports

…………… continues on GoErie.com
… Read the full article


Tips from M&I to Avoid Financial Mishaps on National Fight Procrastination Day
News from Sacramento Bee:

/PRNewswire/ — Do you have a pile of sale receipts on the kitchen counter that you promise yourself you’ll take care of later? Are you constantly putting off balancing your check book?  Is saving something you’ll start “someday”?  September 6th is National Fight Procrastination Day and one of the most costly procrastination mishaps is putting financial questions and concerns aside. Use this day to give yourself a financial check-up and kick procrastination to the curb.

“Most of us have a lot going on in our lives, so taking control of your finances can be an easy thing to put off,” says Mary Brockhaus, Senior Vice President M&I, a part of BMO Financial Group.  “However, starting with small steps can make it a lot easier.”

Brockhaus suggests a few ways to help you get started.

Start Saving: You don’t have to make drastic changes to your spending habits or get a big promotion to start building a savings account. The key to saving is consistency. Even putting $ 5 in a savings account will build into a little nest egg over time. As your income grows and debts get paid down, increase the amount of money you are putting away every month. Make it a goal to save three to six months worth of living expenses. You never know when possessing the extra cas…………… continues on Sacramento Bee

… Read the full article
.

Related News:


Removing short sale, foreclosure from credit report possible
News from San Jose Mercury News:

Many homeowners assume once they have a short sale or foreclosure, it would be very difficult for them to own a home again, let alone get a good credit rating.

Certified credit specialist Julie Macc says the moment any negative or derogatory information is listed on a credit report, it will affect a credit score anywhere from 60 to 160 points, so short sales and foreclosure definitely hurt a client’s credit score. However, it is possible to remove a short sale or foreclosure from a credit report.

According to the Federal Fair Credit Reporting Act, everything reported on a client’s credit report must be 100 percent accurate and verifiable. At a recent meeting of members of the Silicon Valley Association of Realtors, Macc indicated studies show 93 percent of consumers have inaccurate information on their credit reports. You can challenge inaccurate reporting in your credit report, she says.

“Are the dates and amounts reported correct? Is it being reported as ‘charged off’ when payment was accepted for release of the lien? Does the credit report reflect the account as being closed? Often the account is being reported as open,” says Macc.

If a borrower believes the mortgage loan servicer or lender has made a mistake regarding their mortgage, under the Real Estate Settlement Procedures Act,…………… continues on San Jose Mercury News

… Read the full article
.

Related News:


Your Credit Score: How to Improve the 3-Digit Number That Shapes Your Financial Future (4th Edition) (Liz Pulliam Weston)
Today, a good credit score is essential for getting decent terms on credit–or for getting credit at all. But that’s just the begi…
Improve Your Credit Score In 5 Easy Steps! No Matter How Much Debt You Have Now
Seeing your credit score go down the drain because you’re drowning is debt is a terrible feeling, but it is one that you can easil…

Building a great credit score from scratch
News from Fox Business:

You’ve likely known that credit scores are important since long before you got your first credit card. But when you’re just starting out in the world of credit, learning how to create a strong credit score can be tricky.

Credit cards can offer the key to beginning your credit history on the right foot, but only if you use them smartly. The guidelines below can help you use your credit cards to begin establishing a great credit score from the start.

Using credit cards to boost your credit score

You must begin using credit to establish your credit score, which for many means applying for a credit card. Once you have that new card, these tips can help you craft good credit that will last a lifetime:

  1. Create a strong credit history. If you’ve never had a credit card before, you’ll probably be limited to card options with a fairly high APR. With high-interest cards, it’s wise to stick to small purchases and pay your balance off before the end of each billing cycle. This will help you save on interest and show lending agencies that you can handle the responsibility that comes with spending on credit.
  2. Consider owning a few cards. After using your first card to make some respon…………… continues on Fox Business

… Read the full article
.

Related News:

10 Things Credit Scores Won’t Say – Smartmoney.com
News from 10 Things Credit Scores Won’t Say – Smartmoney.com:

1. “You may never know your real score.”

Roughly 200 million consumers have a FICO score, which ranges from 300 to 850 and is used by most lenders to determine whether to approve them for financing and at what terms. This score is based solely on the information in consumers’ credit reports. While consumers can check their generic FICO score, which weighs how well they have been managing their credit, it’s unlikely they’ll ever know the exact score a lender sees when they apply for credit.

More than 45 FICO scores are available to lenders, says John Ulzheimer, president of consumer education at SmartCredit.com, a credit monitoring site, and a former manager at FICO. There are FICO scores that assign more weight to certain characteristics, such as borrowers’ credit card activity, or history with car loans, mortgages or installment loans (that include furniture and jewelry payment plans). Car loan lenders, for instance, often pull a FICO auto score which weighs more heavily a borrower’s past car loan activity. Even if they have a stellar generic score, their auto score can be lower if they missed a car loan payment or never had a car loan, which could leave them with a higher interest rate than expected, says Barry Paperno,…………… continues on 10 Things Credit Scores Won’t Say – Smartmoney.com

… Read the full article


The Car Lease Guide
A Plain English Guide To Car Leasing For Business & Personal Users. Save Money On Your Next Lease Car! Learn: How To Lease A Car, Find & Negotiate The Best Deal, Car Leasing Vs Buying, Avoid De-hire Charges, Pay Less Company Car Tax, Plus Lots More…
The Car Lease Guide

Credit score: Can you remove settled debts from your credit history?
News from Christian Science Monitor:

Credit scores can be affected by outstanding debt, even if it no longer exists. Navigating debt negotiations can be tricky, especially if you settled with a company for less than you owe. But a company can and will remove a settled debt from your credit history, if you know how to ask.

Most of us have had a bad mark or two on our credit history – and yes, that includes yours truly. It also includes the following reader. See if you can relate…

Skip to next paragraph

Dear Mr. Johnson,

I used to have a credit score of 840. However, two years ago I lost my job, got a divorce, and finally had to stop paying my credit card bills. Eventually, they all called me. So I borrowed money and settled with them all.

As a result, my credit score was impacted. Most of them put on my credit report that it was settled and not paid in full. Can I write a letter to the banks asking them to remove it? And is this something that is normally done after the fact?

I appreciate your help and thank you very much.

– Peter

Peter’s question is all about choices. He found it difficult to pay his bills and chose instead to settle them by o…………… continues on Christian Science Monitor

… Read the full article
.

Related News: