4 Spring Cleaning Tips for Your Credit

May 23, 2013 By Leave a Comment
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It’s that time of year where the days are getting longer, birds are chirping and the sweet smell of spring is in the air.   As we come out of winter’s hibernation, we also take notice of those areas and items so easy to brush aside in the winter months that now need attention – painting the fence, trimming the hedges, cleaning the windows, washing the salt and soot off the car, etc.   A thorough spring cleaning is an annual ritual for many people as spring time signals a new beginning and fresh start.  It is also an ideal time to check on your credit, clean up any potential reporting errors and present the most attractive view of creditworthiness should you plan on applying for credit in the next couple of months.   Several credit related “spring … [Read more...]

Filed Under: Budget Tips, Personal Finance

How to Protect Your Credit After Disaster Strikes

May 21, 2013 By Leave a Comment
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The images of destruction coming out of the communities in Oklahoma impacted by the recent tornado are downright scary and our thoughts and prayers go out to the people who have been affected by this terrible storm.   It seems like no matter where you live in the U.S. there is always some level of risk associated with random acts of mother-nature.  Tornadoes in the mid-west and south, snow blizzards in northern states, hurricanes in the south and along the eastern seaboard and earthquakes on the west coast!   While the impacts of such events are often devastating, advances in technologies to predict them in advance and education on how to prepare in advance likely saves hundreds of lives each year.   So what should you do to protect yourself  and monitor … [Read more...]

Filed Under: Money and Family, Personal Finance

Be Prepared – A Motto for Prospective Refinancers or Home Buyers

May 17, 2013 By Leave a Comment
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Thinking of refinancing or buying a house this spring to take advantage of record low interest rates?  If so, you are not alone.  In particular, home buying activity has reportedly picked up in most U.S. markets at a time when the inventory of homes for sale is very low.   This is creating a competitive environment in many communities. In turn, home prices are increasing and bidding wars are again becoming commonplace. The more qualified you are as a buyer, the better chance you will have of getting the house you want.  By qualified, I mean that you are pre-approved with excellent credit ratings, and you have the ability to make a sizable down payment.   Don’t make the mistake of getting so caught up in house hunting, you wait until the last minute to do your … [Read more...]

Filed Under: Mortgages Tagged With: , ,

Will My Score Ever Go Up?

May 16, 2013 By 3 Comments
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At myFICO.com we interact with thousands of people every month who have questions about credit scores, credit bureau reports, how lenders evaluate applications for credit, and lots more.   One question we hear often from people with challenging credit situations who score low in the 300-850 FICO score range is: “…seriously, will my credit score ever increase?”   The answer is a resounding yes. But it requires that you set and stick to a focused plan of action to: Pay your credit obligations on time Reduce your debt exposure Avoid seeking any new credit in the near term   Raising your score also requires patience- a virtue that unfortunately is rare in our fast-paced and instant-gratification world.   Are you still a doubter? … [Read more...]

Filed Under: Budget Tips, FICO Score Trends

Could stiffing “Uncle Sam” impact your FICO Score?

April 1, 2013 By 6 Comments
April 15 calendar

If you expect to get a tax refund this year chances are you have already filed your 2012 taxes. But what if you owe money to Uncle Sam? You likely have procrastinated and will be scrambling to meet the April 15th deadline.   Most people know that missing a mortgage or car payment can definitely lower their FICO Score. But what if you don't pay your taxes?   Not paying your taxes can result in a tax lien which becomes a matter of public record. The FICO Score takes into account any derogatory public records listed on your credit bureau report. One or more tax liens on your credit report can have a significant negative impact to your score.   The exact impact depends on what other information is on your credit report and on the details of the tax … [Read more...]

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Cutting Workplace Costs

March 27, 2013 By Leave a Comment
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We work hard for our money – but how much does your work itself cost you? Expenses like work attire, eating out, transportation, and morning coffee can eat away at that hard-earned paycheck. Make sure you’re not sabotaging your paycheck, and check out these tips to decrease your work expenses and increase savings for your personal life:   Affordable Work Attire   If you’re fresh out of college, or transitioning from a casual work environment to a more professional one, building the necessary work wardrobe can cost quite a hefty sum. To cut back on costs, invest in a few staple pieces, like suits and shoes. Although they can be expensive, high-quality garments that you will wear everyday are good investments. A pair of $100 shoes that will look nice for a few … [Read more...]

Filed Under: Budget Tips, Students Tagged With: , , ,

Getting Started with P2P Lending

March 20, 2013 By 1 Comment
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In the current economic climate, person-to-person (P2P) lending has become rather popular. It provides alternatives for both borrowers and investors who are looking for ways to meet their financial goals.   What is P2P Lending?   These services provide a way for ordinary people to loan money to other regular folks. In most cases, it’s done through an intermediary. Two of the main P2P lending web sites are Lending Club and Prosper.   These sites facilitate the loans, which are funded in small increments of $25. Because each note is only $25, nearly anyone can afford to be a lender. And, because the amounts are small, borrowers can take advantage of thousands of potential lenders and raise money they might not otherwise qualify for.   P2P lending … [Read more...]

Filed Under: Personal Finance Tagged With: , ,

You Don’t Need Luck for a Great FICO Score

March 12, 2013 By Leave a Comment
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As St. Patrick’s Day approaches, I see more and more green merchandise in the stores with sayings that tout the “luck of the Irish”.   Personally -- and I am part Irish-- I find this reference confusing as history (including the recent financial meltdown) would indicate a race on the lower end of the “lucky scale.”  There is one school of thought that these phrases originated in America during the period of large scale Irish immigration where the likelihood of being a successful citizen of Irish nationality was thought more the result of luck versus hard work and intelligence.   Thankfully, that stereotype has gone away and everyone regardless of heritage can be Irish on St. Patrick’s Day.   But the good news is you don’t need a leprechaun … [Read more...]

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5 Ways to Start Getting Out of Debt

March 6, 2013 By 8 Comments

Jeff Rose from Good Financial Cents shares five ways to start tackling your debt now:   … [Read more...]

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Easy Ways to Start Investing

February 27, 2013 By Leave a Comment
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Beginning investors are sometimes slow to get started because they aren’t sure just what to invest in. If this describes you, there’s no need to delay – you can start investing in just about everything. You can do it now, and it’s easier than you think.   You don’t need to worry about individual stocks or bonds. You can invest in either mutual funds or exchange traded funds (ETF’s), each of which represents a portfolio of stocks and other investments in either the overall market, or in various specialized sectors.   This is the easiest route for most new investors, because you can diversify across literally hundreds of stocks, thousands even, simply by holding a very small number of funds. This will also cut down on the cost of investing, since you pay a … [Read more...]

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