Everyone has heard the term credit score. Not everyone really understands its purpose or why they should try to have a good number. Most people only know they should have a good number; they just don’t know what it is.
you could buy one of these houses
Let’s get the immediate question out of the way. A good credit score is considered as any number over 720. There are a lot of things that are considered for a credit score, and since each agency seems to do it different, you could have a good credit score at one and not the other. That’s why it’s always good to get your free credit report annually via the federal government’s agreement at the site Annual Credit Report, which we’ve just linked to.
Continue reading The Importance Of A Good Credit Score
Too many people are struggling with debt that should be easy to control. Credit cards make buying things easy, and low payments make us feel like we’ve got full control.
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Unfortunately, life isn’t always quite that simple. It turns out that minimum payments on credit cards could be the difference between getting out of debt in less than 3 years or having it linger as long as 9 years… and that’s if you never purchase another thing. It’s something most people don’t even think about; that’s we’re here to alert you.
Continue reading Get Your Credit Cards In Order To Get Out Of Debt
It’s been a while since we wrote about budgeting and credit cards. It’s time to reinforce the importance of understanding each of these and learning how to use your knowledge to either get control of credit cards or totally eliminate your credit card debt.
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Before you decide to take action on your debt you need to know what it is. Whether it’s doing some kind of debt consolidation or filing bankruptcy, you need to know what your expenses and income is to first find out if you’re in real financial trouble or just need to get a handle on your spending.
Continue reading Figuring Out Your Credit Card Debt
Let me begin by saying that one shouldn’t consider the debate between paying off bills and saving for retirement as totally opposite beliefs. The truth is that for long term security you’re going to need to take care of both as time goes along. You never know how long you’ll live once you retire and the last thing you want is to be saddled with a lot of debt and not enough money to pay for everything.
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With that said, let’s look at this discussion from some practical terms. The difference between paying off bills you have now and deciding to put money away can be drastic. It’s hard to see for most people because the numbers can be overwhelming, so we’re going to put it in terms that hopefully make it easier to understand with a little example.
Continue reading Paying Off Bills Vs. Saving For Retirement
I was recently reading an article about a millennial who wanted to buy a house. He was earning around $80K a year and was ready to pay a 20% down payment on the house he found to his satisfaction. The trouble came when he tried to get a loan; no one would give him one.
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The problem? He hadn’t had a credit card since he was 18 years old and started college. He ran it up to $500, got scared at how easy it was to spend money that fast, paid it off and never used credit again. He’d gotten a full scholarship to school, so he didn’t have any college loans to pay off.
Continue reading The Dichotomy Of Credit