Home Ownership, Personal Credit, Personal Finance
As mortgage rates and home prices remain low, now may be a good time to explore purchasing a new home.
In the last few years more obstacles have emerged to getting a mortgage, including higher credit score standards and closer reviews of applications. To better prepare you for the mortgage process, we are pleased to offer these tips.
Review your finances. A detailed analysis of your financial situation is central to the decision to buy. Calculate all of your monthly expenses, in addition to your potential mortgage payment, homeowner’s insurance, taxes and condo fees. Factor in Continue Reading »
Personal Credit
Whether your shopping preferences run more toward Black Friday or Cyber Monday, one thing is for sure: the holidays are open season for identity thieves. While monitoring individual credit is important year-round, it’s especially critical during the year end-shopping blitz.
You can protect yourself from identity theft by being vigilant when shopping in person or online. But customer behavior and preventive measures won’t protect against unscrupulous employees at retail establishments or companies that process personal and credit information. Here are some tips to make sure this remains a happy holiday season for your credit.
Monitor your credit. It’s important Continue Reading »
Personal Credit
Whether you went on a few too many credit card-fueled shopping sprees, missed a series of payments that damaged your credit report, or lost your job for a prolonged period of time, there are ways to fix your credit and take control of your financial future. It starts with getting back to financial basics and creating a realistic plan that will help you achieve your financial goals. Here are some things you can do right away to make a financial comeback after a setback:
Check your credit report. You are entitled to one (1) free credit report each year Continue Reading »
Personal Credit
There have been many unsavory fallouts from the recent recession, but one of the worst is unscrupulous companies touting “credit repair” and “credit counselors” who offer to help you get out of debt for a fee.
Many legitimate nonprofit organizations do work with borrowers, and there is a growing cadre of volunteers who negotiate debt on behalf of overwhelmed borrowers on the verge of bankruptcy. But these organizations can not erase bad debt or wipe out a bad credit score.
If you do seek out an organization to help you get a handle on your outstanding debt, choose a Continue Reading »
Personal Credit
Consumers are constantly looking for affordable — and predictable — ways to manage their money. One option that seems to be gaining in popularity is prepaid credit cards. But it is a good option for you? The answer is as individual as the financial situations each of us faces.
A prepaid credit card is just as it sounds: You “deposit” whatever dollar amount you’d like onto a card, and you then use the card to make purchases. As you spend, your purchases are deducted from the total balance. When the balance gets low, you can reload the card with Continue Reading »
Personal Credit
Most consumers understand that bankruptcy or foreclosure is going to tank your credit score and negatively impact it for the next seven years. But there are plenty of other smaller mistakes you can make that can turn a good credit score into a mediocre one. Here are some of the more common mistakes to steer clear of:
Open too many accounts at once: Credit card sign-on bonuses are enticing, but don’t sign up for every card that’s offering a reward as each application – and subsequent credit pull – will generate a hard inquiry on your credit report. Each Continue Reading »
