How to Protect Your Credit After Disaster Strikes

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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...]

Could stiffing “Uncle Sam” impact your FICO Score?

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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...]

Getting Started with P2P Lending

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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...]

5 Ways to Start Getting Out of Debt

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

Easy Ways to Start Investing

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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...]

Cures for a Holiday Credit Hangover

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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...]

10 Steps to Achieve Your FICO Score Resolutions

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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...]

Financial New Year’s Resolutions

Are financial goals part of your New Year's Resolutions? Take our survey! … [Read more...]

Good Credit Habits: The Gift that Keeps Giving

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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...]

8 Tips for Smart Holiday Spending

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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...]