Beverly Harzog – Page 2

How Long Do Hard Inquiries Stay on Your Credit Report? | Credit Cards

16Aug

By adminNo Comments

Money

How Long Do Hard Inquiries Stay on Your Credit Report? | Credit Cards

Key Takeaways A hard inquiry occurs when you apply for a credit card, a mortgage or another type of loan. Hard inquiries can reduce your credit score anywhere from zero to five points, depending on the details in your credit report. A hard inquiry stays on your credit report for two years, but the impact on your score lessens after one year. What Is a Hard Inquiry?When you apply for a credit card or a loan, the lender requests your credit report from one or more credit bureaus. The lender then does a deep dive into your report to assess your creditworthiness. This action is called a hard inquiry, and it can take up to five points off your credit score.Here are a few examples of hard inquiries:There are also soft inquiries, but this type of inquiry doesn't l...

How to Build Credit Without a Credit Card | Credit Cards

12Aug

By adminNo Comments

Money

How to Build Credit Without a Credit Card | Credit Cards

If you've decided that credit cards aren't for you, you'll be happy to know that there are many ways to build credit without a credit card. And not only can you build a solid credit history, but you can also achieve a good credit score.How to Build Credit Without a Credit CardThe keys to building credit without a credit card: Develop excellent credit habits and use other credit-building strategies.Before we jump into strategies, let's briefly look at the three different types of credit and how you can use them to your benefit. Revolving credit: A credit card is an example of revolving credit. You have a credit limit, and you're free to use as much of your credit limit as you like. But if you carry a balance, you pay interest on the amount. Installment loans: An auto loan or a mortgage i...

Maxed-Out Credit Card? Next Steps to Take | Credit Cards

10Aug

By adminNo Comments

Money

Maxed-Out Credit Card? Next Steps to Take | Credit Cards

If you have a maxed-out credit card, you basically have two problems right now. First, you have credit card debt, and I know that's stressful. Second, your credit score has likely been damaged by having a high credit card balance. Now is the time to be proactive so you can limit further damage. You can get control of your situation if you take these next steps. I know you can do it, so start today!Stop Using Your Credit CardsNo one likes this first step, and I understand that. It's a major change in your lifestyle. But you can't get out of credit card debt if you're still busy increasing your burden. And besides, your maxed-out card will likely be denied if you use it anyway.Even if you have low balances on other credit cards, don't use any of your cards again until you're out of debt. Od...

What Happens When You Have a Maxed-Out Credit Card? | Credit Cards

2Aug

By adminNo Comments

Money

What Happens When You Have a Maxed-Out Credit Card? | Credit Cards

If you're bumping up against your credit limit, you have what's called a maxed-out credit card. When this happens, it can have an impact on your overall credit health. I don't want you to panic, but you need to be aware of the impact of a maxed-out credit card so you know what to expect.What Is a Maxed-Out Credit Card?A maxed-out credit card is when you've reached – or even tried to exceed – your credit limit. An example explains this pretty quickly.Let's say you have a $3,000 credit limit on your credit card, and your balance is $3,000. That's maxing out your credit card. If you aren't careful and miss a payment, your finance charges could push your balance beyond $3,000, which also creates new headaches, like fees. So, at the very least, make your minimum payment and make it on time. Li...

How Much of Your Credit Limit Should You Use? | Credit Cards

26Jul

By adminNo Comments

Money

How Much of Your Credit Limit Should You Use? | Credit Cards

Key takeaways Your credit utilization ratio is the amount of credit you've used compared with the amount you have available on your credit cards. If your credit utilization ratio exceeds 30%, it can hurt your credit score. There are several ways to lower your credit utilization, which can improve your credit score. When you're trying to decide how much of your credit you should use, keep in mind that one of the most important factors in your credit score is the amount owed on your credit cards. This factor alone represents 30% of your FICO score. The amount you owe on a credit card is also referred to as your credit utilization. I know it sounds complex, but it's easy to explain.What Is Credit Utilization?Every credit card has ...

Can You Make a Car Payment With a Credit Card? | Credit Card News & Advice

21Jul

By adminNo Comments

Money

Can You Make a Car Payment With a Credit Card? | Credit Card News & Advice

Most lenders don't accept credit cards for auto loan payments, but even if your lender does, you need to think twice before using that option. If you aren't careful, you could end up paying more than your original auto loan amount. But I've got your back! Up ahead, we'll cover everything you need to know so you can decide what the best option is for you:How to Make a Car Payment With a Credit CardThere are several ways to pay with a credit card, even if your lender doesn't accept cards directly. Let's take a look at each one:Rewards Credit CardsAccording to Experian, in Q4 2022, Americans were paying an average of $716 a month for a new car. For used cars, the average loan payment was $526 per month.Rates for car loans have gone up, which can result in high monthly payments. I know that m...

Survey: Nearly 71% Say Back-to-School Expenses Are a Challenge | Credit Cards

20Jul

By adminNo Comments

Money

Survey: Nearly 71% Say Back-to-School Expenses Are a Challenge | Credit Cards

Key Findings• When respondents were asked if school expenses seem higher this year, 53.8% say costs increased a lot, 33.4% thought they increased a little and 9.1% say costs have stayed the same. Only 3.7% say expenses have decreased.• More than 69% plan to use a debit card or cash as part of their payment plan, but it's concerning that many also say they plan to use a type of credit to manage expenses, including 17.3% who will carry a credit card balance.• Almost 16% expect to pay $400 or more per child for back-to-school expenses, and additionally, 15.4% expect to spend more than $400 per child on extracurricular activities.An early July survey by U.S. News & World Report shows that almost three-quarters of Americans expect the costs of sending kids back to school this year to be a ...

What Are the Credit Score Ranges? | Credit Card News & Advice

18Jul

By adminNo Comments

Money

What Are the Credit Score Ranges? | Credit Card News & Advice

Credit score ranges can get a little confusing. One of the reasons is that you have many different credit scores. This makes it difficult, but not impossible, to determine what credit range you fall into. Knowing your credit status starts with finding out your credit score.I'm going to pull back the curtain so you can get an unblocked view of your credit score range in all its glory. Well, let's hope it's glorious!What Is a Credit Score?Your credit score is a measure of your creditworthiness. When you apply for credit, a lender usually requests your credit score from each of the three credit reporting bureaus: Equifax, Experian and TransUnion. Credit scores are calculated based on the contents of your credit files at each bureau. Sometimes, creditors report your payment history to only on...

Is It Bad to Close a Credit Card? | Credit Cards

15Jul

By adminNo Comments

Money

Is It Bad to Close a Credit Card? | Credit Cards

When it comes to credit, there are few absolutes. If you miss a payment, that's never good. In contrast, canceling a credit card is usually a bad idea, but there are a few exceptions. Before closing a credit card, you need to look at two things: the overall economy and your current credit status. Unless you have a stable job situation and an emergency fund, I recommend hanging on to your credit cards in case you need them. Another thing you must consider before closing a card is the health of your credit history. It's important to know your credit status so you can determine the possible impact on your credit score. How to Find Your Credit ScoreYou can find your credit score in a number of places these days. Check your monthly credit card statements because many issuers offer free scores....

What Is Considered a Good Credit Score? | Credit Cards

14Jul

By adminNo Comments

Money

What Is Considered a Good Credit Score? | Credit Cards

Key takeaways Your credit score is based on the information contained in your credit report. The most common score used is FICO, followed by VantageScore. What is considered a good credit score can differ, depending on the type of credit score used. Your credit score is based on the information contained in your credit report. The most common score used is FICO, followed by VantageScore. What is considered a good credit score can differ, depending on the type of credit score used. What is considered a good credit score depends on the type of credit score used. You have multiple credit scores, but the most popular type of score is FICO, followed by VantageScore. Even within each type of score, there are multiple s...