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.
How to Pay Less Tax on Forgiven or Cancelled Mortgage Debt
The IRS will collect taxes on forgiven or cancelled mortgage debt but distressed homeowners may pay less than the full amount if they file correctly. When the bank forgives your mortgage debt, sells your home in a short sale or repossesses it with a deed in lieu of foreclosure, you no longer owe the mortgage [...]
Why Your Credit Score Matters During Retirement
A lot of nasty financial warnings went out during the Great Recession, including one that baby boomers wished they didn’t have to hear: Your credit score still matters. Boomers are plowing through the retirement gates at the rate of 10,000 a day, but the gate opened at about the same time that the bottom fell [...]
Does My Credit Score Affect My Insurance Rates?
With a solid credit score, you are able to borrow money at the most competitive interest rates. But that’s not all—creditworthy behavior could also help you save hundreds of dollars on your insurance policies annually. How does my credit affect my insurance? Most auto and homeowners insurance companies use a type of credit score—known as [...]
Six Things to Know About Credit Card Rewards
The holidays are one of my favorite times of year to give myself a gift—rewards from my credit card purchases. These rewards add up over time and help our family save money on travel, merchandise, and gift cards. Our family tends to puts a little extra money on our cards during the winter months to [...]
Get Your FICO Credit Score For Free
Consumers can now get their FICO Credit Score for free. With a free FICO credit score, consumers can better understand their credit report and credit history. By making the credit score free, borrowers can see how their credit score will affect how much they can borrow as well as how to manage their finances and [...]
Five Good Things About Rising Interest Rates
Today’s rising interest rates don’t feel like a cause for celebration. Nearly everything you buy on credit or with a loan becomes more expensive. The debt you owe from past purchases also costs you more, as those higher rates increase the amount of interest you pay on your total balance. Worst of all, rising interest [...]
Options for Underwater Homes: When Filing for Bankruptcy Makes Sense
Wondering about options available for underwater homes? If the bank denies a short sale, you may have to file for bankruptcy. Q: My husband and I purchased a condotel unit in Hawaii in 2006 and the property is way under the water now. We have been trying very hard to keep up with mortgage and [...]
Filing Bankruptcy vs Debt Consolidation: Which Is Better?
Filing bankruptcy or choosing debt consolidation is something to consider when you're far in debt. Decide which is better to start paying your debt. Q: I am over $20,000 in credit card debt, and I make $24,000 a year, net. My question is would debt consolidation be the right choice through one of the many [...]
Home Eviction on Credit Report: How to Remove It
If you have a home eviction on your credit report, knowing how to remove it is important. Ask for a copy of your report and look for mistakes. Q: I had a mortgage with a big box lender. I lost my job and hung on as long as possible. My home was actively listed for [...]
Consumer Debt, Credit Balancing Out in 2013
Consumer debt is falling in most major U.S. metropolitan areas, according to new data from Equifax’s National Consumer Credit Trends Report. While the sharp declines experienced by some markets in 2012 have leveled off, overall consumer debt fell to $10.92 trillion in the first quarter of this year, down from $11.02 trillion in the first [...]