Have you ever received a message from a credit card issuer congratulating you on being pre-approved for a credit card? If so, don’t pat yourself on the back just yet. Being pre-approved might not means what you think it does.
Among the findings reported by the social network’s research arm:
Right about now our dreaded holiday credit card bills are arriving in the mail. As we open each bill, we may be asking “Why did I spend so much?” While the answer may be somewhere between guilt, obligation and lack of planning, the most important thing to remember is not to panic.
FICO scores are credit scores, but not all credit scores are FICO scores. Sounds like one of those confusing logic puzzles, right? But it’s a basic must-know when it comes to understanding credit scores.
Like baseball, apple pie and binge-watching TV shows on Netflix, finding errors on your credit report has become a national pastime — it’s just a pastime that no one really enjoys.
According to a report from the Federal Trade Commission, one in five Americans have errors hiding on their credit reports. Seems like a large number? It is, considering how important your credit is to buying a house, applying for a credit card and even just getting a cellphone.
There are a lot of numbers in finances, so it’s understandable that some of us get confused from time to time. That said, there are some numbers that are essential when it comes to understanding our overall financial health. To help you get a better handle on the state of your finances, here are the five numbers you should know.
You may already know that your credit scores are very important — primarily because lenders will use a credit score to determine whether or not they’ll lend you money via an auto loan, credit card or mortgage, and how much interest they’ll charge on what you borrow.
We often think of credit cards as a way to wind up in debt, but, if managed correctly, those little pieces of plastic can be powerful payment methods. Rewards credit cards, for instance, allow you to earn points, miles or cash back on purchases, while balance transfer credit cards can help consumers with big balances save on interest. Credit cards also tend to offer better fraud protection and other benefits than debit cards.
The Federal Reserve raised interest rates for the first-time in nearly seven years this December, citing improvements in the economy. That means anyone with a variable-rate credit card might see their annual percentage rate go up. But you don’t have to weather the storm: Depending on your spending habits and financial health, there may be ways to score a lower APR in 2016. Here’s how.
The average American has more than one bank-issued credit card, and that number is on the rise. According to June 2015 data from Experian, consumers each held an average of 2.09 cards in 2013, 2.18 cards in 2014, and 2.24 cards in 2015.
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