Budget Tips

Will My Score Ever Go Up?

May 16, 2013 By Tom Quinn 1 Comment

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

Cutting Workplace Costs

March 27, 2013 By Christine Freschi Leave a Comment

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: budgeting, frugal, money saving tips, workplace costs

5 Ways to Start Getting Out of Debt

March 6, 2013 By Jeff Rose 8 Comments

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

Filed Under: Budget Tips, Personal Finance Tagged With: credit cards, credit management, debt, debt management, emergency fund, FICO Score, savings, unexpected costs, video

A Diet for Your Debt

February 4, 2013 By Jeanne Kelly 2 Comments

Are you still feeling the impact of the holidays? That extra helping of turkey or that second or third cookie might have inspired you to make a resolution about losing weight. But that's not the only place where we could use a little trimming. Our credit might also feel bloated and overweight after a Christmas season of extra spending. And when we get that credit card statement in the mail, it feels the same as adjusting your belt buckle – not good! So if you've been making a weight-related New Year's resolution, perhaps it's time to put your credit on a much-needed diet as well. If your credit card statements are bulging, one of the first things you should do is make a plan to pay them off as quickly as possible. After all, failing to pay off your Christmas … [Read more...]

Filed Under: Budget Tips, Money and Family Tagged With: budgeting, credit card debt, credit cards, holiday spending, personal finance

Cures for a Holiday Credit Hangover

January 15, 2013 By Tom Quinn 2 Comments

The shopping, eating, parties and gift-giving of the holiday season are now behind us as we get back to a more normal routine. That also means we can expect credit card bills in the coming weeks that will reflect the realities of our holiday celebrations. According to the American Research Group, shoppers indicated they planned to spend an average of $845 for gifts this past holiday season and a large percent of that was likely charged on retail and bank credit cards. In a perfect world, we’d pay the balances in full and start 2013 with zero credit card debt – reducing the amount of interest paid to the lenders and helping to increase or maintain your FICO Score. The reality is that many of us simply don’t have the cash on hand to do just … [Read more...]

Filed Under: Budget Tips, Personal Finance

10 Steps to Achieve Your FICO Score Resolutions

January 2, 2013 By Tom Quinn Leave a Comment

Many of us are preparing to make New Year resolutions – such as eating healthier, exercising more, being more productive and improving financial health. All of these are lofty goals, but in terms of enhancing your wallet, there are a few simple things you can do in regards to your FICO Score that can reap long-term financial benefits. So after you pack up the holiday decorations, finish that last piece of fruit cake and send off 2012 with a bang, follow these 10 steps to help increase your financial fitness – in 2013 and beyond. 1. Get your credit report. Your credit report is a snapshot of how lenders see you. There are three national credit reporting agencies in the U.S. (Equifax, Experian and TransUnion) and you should get a copy of your report from … [Read more...]

Filed Under: Budget Tips, Personal Finance Tagged With: applying for credit, cosigning, credit cards, debt management, FICO Score, financial resolutions, high credit scores

Good Credit Habits: The Gift that Keeps Giving

December 13, 2012 By Jeanne Kelly Leave a Comment

It's everyone's favorite season! The holidays are filled with cheer, goodwill and generosity — and so much candy! You've probably spent plenty of time thinking about what to get your children, spouse, family and friends …but have you considered what to get yourself? I'm not talking about splurging on a big-screen TV, or cute new designer shoes. It can be tempting to treat yourself to something exciting since you're already out shopping for everyone else. However, there’s one gift you can give yourself now that you’ll enjoy for years to come: the gift of developing good credit habits that will lead to a strong FICO score. Here are just a few reasons why you should give yourself the gift of good credit habits: -Life often throws us unexpected … [Read more...]

Filed Under: Budget Tips, Money and Family, Personal Finance Tagged With: budgeting, credit cards, credit management, FICO Score, holiday spending, identity theft, personal finance

8 Tips for Smart Holiday Spending

December 10, 2012 By Michael Cohen 2 Comments

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As the economy continues to sluggishly recover, each year around Black Friday retailers fret that shoppers will forgo holiday gift shopping, or drastically cut back on spending. However, a recent myFICO survey indicated that while folks plan to flex their credit cards this holiday season, most are planning a modest budget — 65% of respondents said they’d expect to charge less than $500 on their credit cards this year. That’s good news for retailers and for shoppers’ credit health. But it’s one thing to plan not to overspend, and another thing to successfully execute said plan. How many of us plan not to overindulge on treats at holiday parties, but inadvertently wind up with a belly ache, a scattering of red & green crumbs around our shirt, wondering how we managed to pack … [Read more...]

Filed Under: Budget Tips, Money and Family, Personal Finance Tagged With: budgeting, credit card debt, credit cards, FICO Score, holiday spending, personal finance

Don’t Let Black Friday Darken Your FICO Score

November 21, 2012 By Tom Quinn 1 Comment

Rev up your wallet! The holiday shopping season kicks off this Friday after Thanksgiving, and retailers hope to attract us with big sales events and special operating hours so we’ll buy, buy, buy. In addition, many retailers will work hard to persuade you to open new credit card accounts. They may offer sweet enticements such as an extra 10% discount on all purchases you make that day - or they might give you a special gift just for applying. It's easy to get caught up, as retailers make applying for store credit so convenient and easy. Just give the sales clerk your name and address, and within seconds you’ll know if you've been approved for instant credit at your fingertips. Unfortunately, many of us don’t understand that applying for … [Read more...]

Filed Under: Budget Tips, Money and Family, Personal Finance Tagged With: black friday, budgeting, credit cards, FICO Score, holiday spending

Trim Your Budget and Pay Down Credit Debt

November 15, 2012 By Brian Spero Leave a Comment

Recent reports confirm that credit card debt among Americans remains on the rise. Not only are more of us dipping into debt, but we're also falling further behind than ever, with the average debtor owing nearly $15,000. Concerns are real and there's a growing sense of urgency to tackle the problem, with the best solutions revolving around getting organized, making a personal budget, and paying down those bloated balances. The only problem is: Where does the extra money come from month after month? By taking a thorough approach, committing to change, and staying true, it's possible for the majority of us to trim our budgets and erase debt. If you're struggling to get started, you may not realize that there are a number of solutions that may work for … [Read more...]

Filed Under: Budget Tips, Personal Finance Tagged With: budgeting, credit card debt, debt management, personal finance

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