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.
Personal Finance Management: Pay Credit Card Debt Before Car Loans
If you have extra cash, what should you pay off first to boost your personal finances: credit card debt or car loans? Ilyce recommends paying off high interest credit card debt with extra cash before car loans and other loans. Credit card debt usually has higher interest than a car loan, so paying off credit card debt first and prepaying a car loan later is the best first step to personal finance management.
Recent Death Reveals Credit Card Debt
What happens to your credit card debt after you die? When you die, and there are no assets in the estate, the debts die with you as long as no one else held those credit cards.
After College Pay Down Non-Tax-Deductible Debt
Many people who graduate from college have a lot of student loan and credit card debt. Which debts should recent college graduates pay down first? You should always pay off your highest, non-deductible debt first.
Bad Credit: Pay Off Debt And Get Credit Counseling To Improve Credit Score
If you've got bad credit or are struggling to pay your bills, get credit counseling, get help paying off your debt to improve your credit score. Your credit score is your key to qualifying to buy a home, so you have to get rid of bad credit by paying off your debt to improve your credit score. If you can't seem to get a handle on your bills, working with a credit counselor can help you pay off your debt, improve your credit score and turn your bad credit into good.
Credit History And Credit Score Impact Loans, Credit Cards, And Interest
Your credit history and credit score greatly impacts what kinds of loans, credit cards and interest rates you are offered. Only a good credit history and credit score will get you the best rates as far as loans, interest and credit cards go. Lenders check your credit history and credit scores and will only offer the best interest rates for loans and credit cards to those with the best credit history and score.
Credit Scores Rule The World– Almost
A credit score is like a personal financial SAT. Your credit history is pulled and each detail on the report is assigned a number. The mathematical computation is fairly detailed: Not only does each credit card you own receive a number, but that number is based on the current balance, how timely you make your payments, if you have ever missed a payment, and how much unused total credit you have available at any given moment. Fair, Isaacs decided that they would set up an online service that would allow consumers to view their credit score, and find out what factors were considered in creating the credit score.
Choosing A Credit Card For Your Financial Situation
There are different ways to approach the idea of credit and credit cards, and you need to sit down and ask yourself what's best for you. If you pay off your balance each month, look for a card that offers you rewards for your purchases. If you're going to carry a balance, you should be much more interested in the interest rate, and fees charged by the card you're carrying.
Good Credit Score Helps You Get Better Mortgage Loan
Having a good credit score is crucial to getting a good interest rate on a car loan, a home mortgage loan or other loan. Whenever you apply for a loan, the creditor will check your credit report. Having too many creditors check your credit report or score within a month may result in your credit score dropping. When you're shopping for mortgage loan financing credit bureaus will give you 30 days to have unlimited checks of your credit.
WATCH OUT: There’s A Whole New Crop Of Credit Scams Coming Your Way
A whole new generation of credit scams has been making its way across the U.S., and the Federal Trade Commission is fighting back through education and new, tougher laws. Scam artists prey on the old, weak, poor, and those with poor credit -- typically those individuals who are looking for the big windfall to save them from themselves.
Bankruptcy: Last Resort, Pay Off Debt, Improve Credit Score
If you're worried about keeping up with your debt, try to pay your most important bills and speak with a credit counselor, because bankruptcy should be a last resort. Bankruptcy will leave a black mark on your credit history for the rest of your life, so continue paying off your debt and get control of your expenses. Talking to a credit counselor may help you pay off debt more reasonably, allowing you to improve your credit score and ward off bankruptcy.