Bankruptcy and foreclosure can each have serious negative consequences for your credit scores. But what if you experience one and then the other? Is it a double-whammy?
How difficult is it to remove a collection account you didn’t know you had (and didn’t even owe) from your credit report? A couple we’ll call Jason and Karen could tell you. They want to buy a house, and he recently retired from the military. Thus, they want their credit to look as good as it possibly can.
Having a good credit score can help you save a lot of money over your lifetime, but many people find themselves with scores lower than they’d like because they don’t know how much everyday things can hurt their scores.
Of course, once you know what those things are, you’re better equipped to improve your credit. Here are five common things that can hurt your credit:
Recently my teenage daughter landed her first official job, and her employer needed to see a copy of her Social Security card. But I have no idea where I’ve stored it. It wasn’t in our safe deposit box, and a search of all the other places I may have put it turned up nothing. We needed to get a replacement card fast — but how?
Creating and following a budget can be a daunting task for anyone, especially for the first-time budgeters. To begin with, many people have a psychological aversion to record-keeping (so if you do, you’re not alone), and developing a budget can be both time-consuming and mentally taxing. There are many items that need to be included that you may have never considered. You also need to keep your budget flexible and be ready to adjust for both emergencies and opportunities.
More than half of millennials (52%) who think they’ll buy their first home in the next five years say debt is keeping them from purchasing a house, according to a survey from TD Bank. An even larger portion (70%) say they need to save more for a down payment. Yet these aspiring homeowners are optimistic, with two-thirds of them expecting to buy within the next two years.
Many consumers see credit cards as a gateway to debt. While they certainly give you the opportunity to spend money you don’t have, when used responsibly, their powers can be harnessed for good, not evil.
When you apply to rent a home or apartment, it’s not unusual for the owner or manager to require a credit check — and to charge a fee to recover the cost of purchasing it.
Occasionally we get questions from readers who have gotten an automatic credit limit increase, and they wonder if there is a downside to accepting it. Or they close a little-used account and their credit scores go down, even though they are using cards and paying them off exactly as they had been.
Millennials are big on communication and DIY projects. While some say they are self-centered, or even self-obsessed, others point to their tendency for group-think and communitarian leanings. They believe more in the power of their network of friends than in institutions.
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