Getting your first credit card is a big milestone for many students and young adults. These symbols of independence are indications that you are financially prepared to accept financial responsibility and begin your credit journey. Before you jump straight in, there are several facts about owning a credit card that you should be familiar with…
Posts Categorized: Credit and Debt
If you’re planning an Independence Day celebration, it will probably involve grilling outdoors while you share the day with friends and family. That can get expensive, though. Once you’ve invited a few more people over, your spending is going to ramp up as you buy more meat for the grill, beverages, and all the accessories…
Fathers are an important influence on their children. The lessons they offer can shape their children’s lives in both positive and negative ways. Father’s Day presents a time for dads everywhere to reflect on the lessons they’ve given to their kids. Typically, these lessons involve good manners, work ethic, self-discipline and the like. But money…
When helping people to manage their credit, we often want people to know what their credit score is, and what their credit limit is, so they can gauge how well they’re doing as they work to improve their personal finances. It’s important to start by understanding the meaning of a credit score vs. credit limits….
These days, an increasing number of college graduates move back home after they’re done with school. Parents of recent graduates might not have anticipated they’d have roommates again so soon but with the crushing weight of student loans, most grads aren’t in a financial position to strike out on their own. Beyond living with their…
Understanding interest rates on a credit card is harder than it seems. What is the real interest rate? How often is it applied, and what does it really cost? Credit cards are usually advertised by their APR (Annual Percentage Rate). What does that mean? Interest is the cost of having access to credit—it’s the fee…
A credit limit is the maximum amount of money a lender offers to a borrower. Whether it’s in the form of a credit card, home equity line of credit, or other kind of revolving credit account, there is a maximum amount of money available to the borrower, and that amount is his/her credit limit. The…
To generate your first credit score, your credit report will have to have at least one account on which you make monthly payments. The time it takes for your first score to show up will vary based on the credit score model. For example, the VantageScore model will create your first score in one or…
Meeting financial goals as a family can be challenging. But inspiring your family to help and contribute to a financial goal doesn’t have to be a painful process, especially when the result is an exciting family vacation, a new family car, or college savings. In the spirit of America Saves Week, I’ll share some ideas…
There are three major credit reporting bureaus in the United States: TransUnion™, Equifax™, and Experian™. Each one has its own unique mathematical method of calculating a credit score for the consumer. And each bureau may have slightly different information on how they calculate credit scores that can seem confusing. So, why are the scores different…
The purpose of an alarm is simple. It serves to tell you and others around you of a problem. In most cases the alarm is simply the first step to further actions that are needed. Credit monitoring is no different, it’s your first line of defense to manage your credit score and react to unusual…
This one number makes all the difference to identity thieves… your social security number. When you apply for a job, the application asks for your social security number. When you apply for a bank account, they want your social security number. When you file a tax return, apply for a loan, get medical treatment, apply…
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