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If you don’t have credit or are saddled with a bad credit score, it can be nearly impossible to find financing. Payday loans — that is, short-term, high-cost loans that give cash-strapped consumers money they need — are often considered an exception to the rule. And if you’re thinking of applying for one, you won’t have to worry about your... Read More
Homeowner associations can be great for neighborhood maintenance, settling disputes and enforcing community guidelines, but all of those benefits come with a cost: the association dues. A good chunk of American homeowners agree to pay them — nearly 25%, according to RealtorMag.org — but unlike the mortgage, insurance and tax costs those homeowners also must pay,... Read More
You’d think most couples preparing to tie the knot would sit down and discuss their finances. But a new Experian study reveals that isn’t the case at all. In fact, some people (25% of survey participants) don’t even know their spouse’s annual income before getting married. And 40% didn’t know their spouse’s credit score ahead of time. Some other... Read More
When it comes to building a good credit score, the most important thing to do is make your loan payments on time. Creditors report your payment history on your accounts to the major credit reporting agencies, and a single late or missed payment can knock dozens of points — even as much as 100— off your... Read More
If you’ve always maintained a strong payment history with your cellphone and cable bills and want a little credit for it, you may be in luck. Credit-scoring giant FICO just announced a new scoring model designed to give credit scores based on people’s payment history with their phone, utilities and other bills. LexisNexis Risk Solutions and Equifax introduced the FICO Score XD... Read More
A foreclosure can lead to a litany of problems, financial and otherwise, for homeowners and their families. And, as people work to keep their home or simply get through the filing, they often don’t have time to consider their credit score. In fact, for a time, perhaps they shouldn’t. “If a person is going through... Read More
People may wait in excessively long lines to get a bite-sized sample at Costco, but nearly half of Americans don’t take advantage of a much more important freebie. According to a new Equifax survey, most consumers know they have access to free credit reports each year, but 42% don’t seem to be capitalizing on the... Read More
There’s nothing more frustrating than seeing something that’s wrong or unfair on your credit report and being unable to fix it. That pain point is especially difficult when you’ve already gone through the process of disputing an error (or many errors) with the major credit reporting agencies and, for one reason or another, your dispute was... Read More
Missing a single loan payment may seem like a small faux pas, but it can actually do big damage to your credit score, particularly if it’s your first slip-up. A 30-day late payment can lower a good credit score of 780 by 90 to 110 points, according to a study by major credit scoring model... Read More
To view your credit report, you typically have to provide the credit reporting agencies with your Social Security number. You’re also generally asked to answer some security questions, based on information on your credit file, to verify it is, in fact, you requesting the report. (Sample Q: What is the name of your student loan servicer?)... Read More
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