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.
Credit Counseling To Understand Credit Report
Reading your credit report can be confusing. Ilyce suggests a good place to find a reputable non-profit credit counseling service and decipher their credit report is through the National Foundation for Credit Counseling (NFCC.org) or through Consumer Credit Counseling Service (CCCS.org). They provide budget counseling that should be free, or very nearly free to help you understand your credit report.
Student Loan Lender Doesn’t Report Credit History
A key sign of a predatory lender is that it doesn't report your on-time payments to credit reporting bureaus that keep track of your credit history and score. Is student loan lender Sallie Mae becoming a predatory lender by neglecting to report on-time payments to the three credit reporting bureaus? Learn about how on-time payments can help you build good credit.
Frequently Asked Credit Card Debt Questions
Frequently asked questions about credit cards, debt, credit history and credit score.
Checking Your Credit History
Checking your credit history can be one of the easiest ways to stay on top of your personal finances. We use credit almost every day for all kinds of financial transactions. Having bad credit can hinder you ability to buy a house, refinance it at the best terms, purchase a car. Good credit gives you access to the best interest rates and terms on all sorts of loans, from credit cards to mortgages. Take responsibility to check your credit report on a yearly basis from one of the three major credit reporting bureaus.
Credit History, Credit Score Determine Best Credit Card Deals
Your credit history and credit score determines the best credit card deals a consumer can get. Lenders treat your credit report and credit history as a running score of your financial life, and use that to decide whether you're worth the risk for a credit card, car loan or mortgage. Clean up your credit score and build a good credit history in order to get the best credit card deals for you.
Improve Credit History With Personal Finance Tips
To improve your credit history you need to start by knowing where you stand -- order your credit report from each of the three credit reporting bureaus. After that, to improve your credit history you'll want to dispute any incorrect information and manage how you use credit cards. Finally, if you've been divorced make sure you're not responsible for debts of your former spouse.
Identity Theft: Repair Your Credit After Your Identity Has Been Stolen
If you've been the victim of identity theft, the Federal Trade Commission has made it easier for you to repair your credit. The FTC has one form for victims of identity theft to report the crime to your creditors and credit reporting bureaus. The FTC says all three credit reporting agencies and dozens of major creditors have agreed to accept the form from victims of identity theft.
Buy New Car Or Pay Down Debt
A car loan is almost paid off. Should they use the extra money to pay down debt or buy a new car to replace an older, broken-down car?
Qualifying For Home Loan After Bankruptcy
Bankruptcy is a black mark on your credit and won't allow you to get a loan at the kind of interest rates offered to buyers with good credit. Having a bankruptcy on your credit will mean paying anywhere from 2 to 5 percent above the going rate. To improve your credit history after a bankruptcy, know your credit score so you can work to improve it as quickly as possible.
Using Inheritance Wisely To Pay Debts
Homeowners received a large inheritance and aren't sure how to use it to pay down their debts. Paying off credit card debt is the first step. After the debt is paid off, you can start thinking of investments that are right for you.