Could stiffing “Uncle Sam” impact your FICO Score?

April 1, 2013 By 6 Comments
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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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Common Myths About Marriage & Credit

February 8, 2013 By 11 Comments
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We’ve all heard the adage that “opposites attract” and most of us know some couples who fit this description.   The good news: there are many happy and functional couples who fall into this category, but it can take extra effort to maintain a successful relationship when there are serious differences in attitudes and behaviors between two people.  This is especially true when it comes to managing finances and credit, and doubly so when you enter the legally binding contract of marriage   In fact, financial incompatibility is frequently identified as a top reason for divorce by relationship experts.   Valentine’s Day is traditionally a time for celebrating love and romance through gifts of flowers or chocolate.  While the offer to obtain and discuss each … [Read more...]

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A Diet for Your Debt

February 4, 2013 By 2 Comments
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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...]

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Good Credit Habits: The Gift that Keeps Giving

December 13, 2012 By Leave a Comment
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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...]

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8 Tips for Smart Holiday Spending

December 10, 2012 By 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...]

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Don’t Let Black Friday Darken Your FICO Score

November 21, 2012 By 1 Comment
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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...]

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Turn Extra Halloween Candy Into Cash

October 31, 2012 By Leave a Comment
Turn Extra Halloween Candy Into Cash

Happy Halloween! If you’re like most Americans, you have a stockpile of candy ready for the trick or treaters who’ll be knocking on your door tonight.   However, whether you have kids of your own or you’re just passing out the goodies, the prospect of extra candy lying around the house can be daunting. In addition to potentially sabotaging your own diet, most parents don't want their kids feasting on sugary empty calories for weeks on end. But what’s the alternative - taking the excess candy and throwing it away? It's wasteful, and you have to play the Bad Guy.   Fear not! There's an alternative solution that not only rids your house of excess candy, it puts extra cash in your pocket: the Halloween Candy Buyback program.   The program works in … [Read more...]

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Financial Lessons for Kids at Any Age

September 4, 2012 By Leave a Comment
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It’s never too early to start teaching your kids about good personal finance.   A few key, simple lessons about money at even a very early age will create a strong foundation of good financial habits that will benefit them for years to come.   Here are some quick tips for easy finance lessons at any age:       PRESCHOOL   Food isn’t free. Take your children with you while you grocery shop and tell them what different items cost. Explain that you can only buy what you can afford.   Start a piggy bank. Give your child his or her own personal piggy bank and make rules about when it can be emptied.       GRADE SCHOOL   Money must be earned.  Start an allowance in exchange for … [Read more...]

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Dream Wedding = Credit Score Nightmare?

June 7, 2011 By Leave a Comment
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Your wedding will be one of the most important days of your life… and the most expensive. Many times, the cost of an extravagant engagement ring, followed by a blow-out wedding and a five star honeymoon can cost more than just money.   Couples who choose to spend more on these items are also often opting to charge their expenses on credit cards. Unfortunately, if you’re not able to pay the resulting bills on time, your credit score will suffer. With a lower credit score, you can count on higher mortgage rates, interest rates and other long term financial effects. So, is it worth it?   A recent survey conducted by myFICO examined couples’ views on financial management issues. The results reveal that while most know that credit is important, many are still … [Read more...]

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