If you are like most Americans, then you probably don’t think all that much about what credit cards you use. But what about the country’s top personal finance and travel bloggers? These are people who spend all day thinking about the best ways to make their money go further and earn the most rewards.
Having to apply for a secured credit card because you have too little credit experience or too low of a credit score to qualify for a regular, unsecured one can be disappointing. But getting a thin envelope with a rejection — and no card — is even worse. What can you do if an issuer won’t give you a credit card, even when you’re willing to put the full amount of your credit limit on deposit with them? (And why would they even do that?)
If you have high-interest credit card debt or outstanding bills, you may be considering taking out a personal loan. A personal loan typically does not require any collateral upfront, meaning the lender doesn’t have any guarantee, and so often charges a higher interest rate than an auto loan or a mortgage. Check out the tips below about how to get a personal loan to maximize the chances you’ll be approved.
You’ll never be able to keep track of all your credit scores — there are just too many. They vary in how they’re calculated, the scale by which they’re measured and the information on which they’re based, leaving consumers with a pile of numbers that may not make a lot of sense. Luckily, you only need to watch one score to understand the basics.
Establishing a good credit score can be a confusing process, especially if you are getting conflicting advice about the best way to do it. A Credit.com blog reader asked us recently about the best way to build a credit score. He said he plans to start with a secured credit card, but some people are telling him he should pay his bills in full each month, while others recommend he should carry a balance of about 10% of the limit so his “score will go up faster.” He wants to know: Who’s right?
If you don’t use credit or just started building it, chances are you have no credit file or maybe just a thin one — it’s there, but there’s not much to it. That can leave you with a low credit score or no credit score at all, which may make it difficult to get credit when you need it.
If you have a bad credit score, you probably feel like you have to do something to make it better. File a dispute, apply for new credit, or even hire someone to help you repair your credit. Sometimes that’s true. But other times the best thing you can do is … nothing.
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