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Credit cards can increase your purchasing power, but how many credit cards are too many? There are both pros and cons of having multiple cards.
Continue ReadingMany people regard credit scores as an indicator of overall financial health, but lenders primarily view them as a measure of creditworthiness. Credit scores are an extremely useful tool lenders employ to decide if they should offer someone credit and at what interest rate. But how exactly are those three little numbers on your credit report calculated? There are several key factors nearly all credit bureaus look at to determine your credit score, which is presented as a FICO® Score or VantageScore®. By understanding the different components of your score and how they are weighted, you can take control of your credit score today.
Credit challenges come in many forms: foreclosure, bankruptcy, or a costly medical emergency. Or maybe you just missed a few car payments during tough times. Bad credit happens to good people all the time. A run of bad luck can throw even the most responsible person into a financial free fall. Fortunately, learning how to build credit or rebuild your credit score is not as difficult as it may seem. In fact, one of the best ways to begin rebuilding is using small, everyday purchases to your advantage.
One in three American families have no savings at all, leaving them woefully unprepared for unexpected financial costs, according to a recent study from The Pew Charitable Trusts. The study also revealed that 41 percent of households didn't have enough liquid savings to cover even a $2,000 financial shock, even with incomes of more than $85,000 per year.
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This material is for informational purposes only and is not intended to replace the advice of a qualified tax advisor, attorney or financial advisor. Readers should consult with their own tax advisor, attorney or financial advisor with regard to their personal situations.