Beverly Harzog – The News Desk

Survey: Nearly 30% of Last-Minute Shoppers Waiting on Next Paycheck to Buy Gifts | Credit Cards

20Dec

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Money

Survey: Nearly 30% of Last-Minute Shoppers Waiting on Next Paycheck to Buy Gifts | Credit Cards

A mid-December survey from U.S. News & World Report shows that panic shopping may be just around the corner for some Americans. There are many reasons people wait until the last minute to buy gifts, but for some it's a necessity. About three in 10 shoppers have to wait for their next paycheck to finish their holiday shopping.Here are other reasons respondents haven't finished shopping: I'm still looking for the perfect gift: 33.5%. I always wait until the last minute: 16%. I'm not looking forward to shopping, so I procrastinated: 10.5%. Other reasons: 10%. I just activated a new credit card: 0.5%. More than 10% say they'll finish shopping on Dec. 24, but 11.3% say they have no idea when they'll be done. Almost a third aren't following a holiday budget for last-minute purchase...

Does Checking Your Credit Score Lower It? | Credit Cards

30Nov

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Money

Does Checking Your Credit Score Lower It? | Credit Cards

There's a persistent myth that checking your credit score damages your credit. You'll be happy to know that checking your credit score doesn't lower it. In fact, keeping tabs on your credit status helps you make more informed money decisions. Sometimes, checking your credit score is lumped in with reviewing your credit report under the umbrella term, "checking your credit." But checking your score and reviewing your report are two different actions. Credit Report vs. Credit ScoreThere are three major credit bureaus: Equifax, Experian and TransUnion. If you've had credit-related accounts that report your payment history, you have a credit report at one or more of the bureaus. Your credit report shows your accounts, balances, payment history, identifying information and any negative items, ...

How to Build Credit With a Credit Card | Credit Cards

23Nov

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Money

How to Build Credit With a Credit Card | Credit Cards

Using a credit card responsibly is an effective way to build your credit history. By responsibly, I mean keeping a low balance on your card and then paying your bill in full by the due date. Stick to this formula and you'll be on your way to a good credit score.Let's dive into the four steps you should follow to build credit with a credit card. After that, I'll give tips for how to get your first credit card.How to Use a Credit Card to Build CreditIf you follow these four steps, you'll build a solid credit history and stay out of credit card debt. Use your credit card. You have to purchase items on credit and pay the bill to develop a payment history. Avoid trying to rack up rewards if your card has a sign-up bonus. Only use your card for expenses you have to make anyway. Your goal shoul...

What Is a Tradeline and How Does It Affect My Credit? | Credit Cards

8Nov

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Money

What Is a Tradeline and How Does It Affect My Credit? | Credit Cards

Key Takeaways A tradeline is an account that's listed on your credit report. Your credit score is calculated using the tradelines in your credit report. Review your credit reports often to make sure that all the account information is accurate. On your credit report, you'll see a list of your credit accounts, which are referred to as tradelines. Since it's important to regularly review your credit reports to make sure everything is accurate, learning about tradelines can help you do a more thorough review of your reports.Tradeline DefinitionA tradeline is an account that appears in your credit report. Examples include credit cards, mortgages, personal loans and auto loans. When a credit bureau is asked for your credit score, the tradelines in your credit report are used to generate tha...

Survey: 75% Who Live Paycheck to Paycheck Worry About Holiday Expenses | Credit Cards

1Nov

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Money

Survey: 75% Who Live Paycheck to Paycheck Worry About Holiday Expenses | Credit Cards

A late October survey from U.S. News & World Report showed that more than seven in 10 respondents who live paycheck to paycheck are worried about affording the holidays this year. The survey revealed that a majority – 52.5% of respondents – say they're living paycheck to paycheck. Almost 18% say they're still paying off credit card debt from last year's holiday season. About one in five plan to pay for holiday expenses by carrying a balance on a credit card. When asked where they're feeling high prices the most, 50.3% cite groceries and 21.5% say gas. Many are shopping early this year: 38.7% say they've started holiday shopping, 28.9% are starting in early November and 16.4% waiting until Black Friday. How Much Are Americans Spending on the Holidays This Year?Almost 33% of respon...

Can You Reopen a Closed Credit Card? | Credit Cards

25Oct

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Money

Can You Reopen a Closed Credit Card? | Credit Cards

Key Takeaways If your issuer closed your credit card account, you can take steps to have it reopened. Issuers close credit card accounts for a variety of reasons, such as inactivity or an increase in your credit utilization. A closed credit account could negatively impact your credit score. It's possible to reopen a closed credit card, but success depends on the details. For instance, did you close the account and now regret it?Or worse, were you caught off guard when the credit card issuer closed your account?The steps you must take to reopen your closed credit card depend on why – and who – closed it. I'm going to help you through this process. There are no guarantees when it comes to credit, but you'll know you made a valiant effort.How to Reopen a Credit Card Account That You Clo...

Survey: Nearly 22% Experienced Financial Abuse in a Past Relationship | Credit Cards

4Oct

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Money

Survey: Nearly 22% Experienced Financial Abuse in a Past Relationship | Credit Cards

Survey Highlights Nearly 22% of respondents say they experienced financial abuse in a past relationship. Almost 14% of respondents say they're currently in a financially abusive situation. And another 5.2% say they're unsure if they are. More than 53% who experienced financial abuse in the past say their partner controlled shared resources. When asked why they remain in the abusive relationship, 33.9% say they have no money, 46.8% stay because of the children and more than 21% are afraid of their partner. Since October is National Domestic Violence Awareness and Prevention Month, a late September survey from U.S. News & World Report focused on an aspect of domestic violence that doesn't get much attention: ...

What Can You Do With a 760 Credit Score? | Credit Cards

30Sep

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Money

What Can You Do With a 760 Credit Score? | Credit Cards

Some of the links on this site contain offers from our partners. Key takeaways You don't need a perfect 850 FICO score – just a 760 score to get approved for the lowest interest rates. Once you have a 760 credit score, you have leverage to negotiate new terms, get a better credit card and much more. You'll start your journey to a 760 credit score by paying all of your bills on time. You finally made it! You've got a 760 credit score, and that means you're approaching exceptional in the eyes of FICO. I'm talking about your credit score, not you personally. Oh, OK, you're exceptional, too! Now that you're feeling good about yourself and your 760 credit score, what should you do next?You can do nothing, of course, if your credit life is all puppies a...

670 Credit Score: Is It Good or Bad? | Credit Cards

14Sep

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Money

670 Credit Score: Is It Good or Bad? | Credit Cards

The wonderful news about having a 670 credit score is that you can legitimately claim you have a good credit score. But the bad news is that you only barely have a good score.If you drop one point and slide down to 669, you go from having good credit to fair credit. With fair credit, you'll see higher interest rates and experience more difficulty getting approved for credit cards and loans.So, make sure your score is going in the right direction – up, instead of down. The easiest way to do that is to understand how credit scores work, so you can use that knowledge to your advantage. Is 670 a Good Credit Score?You have a multitude of credit scores, but since most lenders request a version of the FICO score, I'm focusing on that one. But even if your lender decided to use a version of Vanta...

Survey: Over 42% of College Students Have Credit Card Debt | Credit Cards

31Aug

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Money

Survey: Over 42% of College Students Have Credit Card Debt | Credit Cards

In a mid-August survey from U.S. News & World Report of undergraduate students, over four in 10 say they currently have credit card debt.Having a student credit card in college can be an excellent way to build credit, but only if you use cards responsibly. Nearly 53% of respondents say they have a credit card account in their own name. And 19% report having access to a credit card as an authorized user. About 28% say their credit card debt exceeds $2,000. 46% say they got into credit card debt by using their cards on nonessential purchases, such as dining, shopping and impulsive buying. (Nate Hellman)How Much Credit Card Debt Do Students Have?While a slight majority have debt of $1,000 or less, 28.2% of survey respondents say their credit card debt reaches $2,000 or more. Under ...