The term credit can mean many things. For most people, it is the ability to borrow today and pay later. The idea of “credit-worthiness” defines our personal finances, and reaches out to all parts of our financial lives. Credit can be an accounting term. You can talk about credit cards, your credit history, your credit score, or the three credits you got in college for taking Bowling. This page is the credit nerve center of ThinkGlink.com. From this page you can learn more about what credit means and how having good, bad, or mediocre credit affects your personal finances.
Creating Credit In A Cash Economy
Cashing checks at a currency exchange doesn't help you create a credit history. If you don't have a credit history, it's a lot tougher to get a credit card, not to mention an auto loan or a mortgage or even a job. Ilyce explains what you need to do to create a credit history and gain access to credit that can help you to buy a house, buy a car, or achieve other financial goals.
Netspend Stored Value Cards
The Netspend card is a stored value card. It looks like a credit card, but acts like a debit card. However, instead of being tied to a checking account, you have to load up the card with cash before you use it. Here are a few of the new Netspend features.
Budget and Save Money to Become Debt Free
If you're drowning in a pool of debt, it may be time to budget and save money. But some money coaches say it's more than budgeting, saving money to become debt free is all about a life-style change. The way to financial freedom includes finding out what you're spending on, deciding which items are most important, building a budget and saving money on things that you can do without. This will help you become debt free and allow you to save money for retirement.
Taking First Steps After Bankruptcy
A single mother is getting back on her feet after filing for bankruptcy because of unexpected medical expenses. She had to sell her house to pay off her debt, but now she'd like to start planning to buy a new home and save for retirement. She has good income, but she needs to continue to raise her credit score and keep putting any extra money aside to save for a house.
Canceling Credit Cards Affects Credit Score
Canceling open lines of credit may hurt your credit score. There are a couple of ways that canceling a credit card account can hurt your credit score. Part of your credit score is based on how long you've had credit accounts opened. So, a credit card with a zero balance that has been opened for 20 years will help your credit score more than a credit card account that has only been opened 6 months, 2 years, 5 years, or even 10 years.
Avoiding Identity Theft During Tax Season
Many social security numbers are stolen to be used on false tax filings. Sometimes a child's social security number is used in a false return to boost a refund. Make sure your social security number isn't stolen and used for a fake tax return.
Bankruptcy Doesn’t Change Spending Habits
Once new bankruptcy laws take effect, it won't be easy for people to spend recklessly then discharge all of their debt. The shame that for years was associated with bankruptcy has largely been erased as society has changed. A few months after a bankruptcy is discharged, new credit card applications find their way into the mailbox, and for some, the cycle begins again.
Losing My House to Creditors
Should I declare bankruptcy? I've got a ton of credit card debt and I'm worried that my creditors will put a lien against my house. I don't want to lose my house. What should I do?
Don’t Pay For Your Credit Report
You can get a free copy of your credit report each year. President Bush signed legislation that required each of the three major credit reporting bureaus, Experian, Equifax, and Trans-union to give you a free copy of your credit report each year. Ilyce Glink tells you how to get a free credit report and how to avoid being scammed by companies that give you a credit report copy but then charge you a fee for "credit monitoring".
Identity Theft Victim Action Items
What can you do if you've been the victim of identity theft? It's unusual for the Social Security Administration to issue a new number, even in cases of identity theft, so you should work with the credit reporting bureaus to clean up your credit. When someone has stolen your identity you should also contact the police and your creditors.