Credit cards can be a polarizing subject. Many Americans love them for their security and convenience, but these very same qualities lead many cardholders into debt. After becoming overextended, cardholders may miss payments and find themselves with ruined credit.
So the last thing these people need is to try to rebuild their credit by using more plastic. Thankfully, there are several ways to improve your credit profile without using credit cards.
It’s getting so a bank can’t make a decent buck these days.
The New York district attorney’s office recently subpoenaed Capital One Financial Corp. for its subprime auto lending practices. The bank joins Santander Consumer USA Holdings and Ally Financial (formerly General Motors Acceptance Corp.), institutions that are likewise under investigation by other law enforcement and regulatory agencies
The average U.S. consumer credit score increased 2 points from 2013, according to Experian’s Fifth Annual State of Credit study. Americans have an average 666 VantageScore 3.0, up from 664 last year, on a scale of 300 to 850. That’s generally considered fair credit.
Around this time last year, cybercrime went mainstream with Target’s announcement that the credit and debit card accounts of 40 million shoppers were nabbed during the height of the holiday shopping season. Worse, the personally identifiable information of 70 million Target customers was in the wind. Before you get too worked up, here’s something to remember: Breaches are and will always be the enemy, but the more likely source of financial woe this holiday season looks back at you in the mirror every day.
After years in the shadows, the historic VA loan program is getting some time in the sun, but it may be short-lived.
VA loan volume has surged since the housing crisis. Veterans and military buyers have flocked to the program’s more flexible and forgiving requirements in a time of tight credit. But that momentum may be fleeting for veterans in some of the nation’s more expensive housing markets.
There’s no sugarcoating it: Going through foreclosure, bankruptcy or debt collection is unpleasant. When going through financial problems, it may seem like things are far from getting better, including your credit score, but having a few bad marks on your credit history doesn’t mean you’ll never bounce back. Eventually, negative items will age off your credit report, and you don’t have to wait for a clean slate to rebuild your credit standing.
Have you lived overseas for a few years? Gotten married and gotten by on your spouse’s credit accounts? Have you cut up your credit cards and just paid with cash or your debit card for a good number of years?
If this is you, your credit record may have gone “poof!” and your credit score may have disappeared. Here’s how.
Here’s the truth about your credit score: There are more things that can hurt it than help it, and there’s some confusion about how that works.
As the holidays approach, more and more consumers are clutching their purses and wallets. But that anxiety has little to do with budgetary constraints. In fact, according to a recent Gallup spending forecast, retailers can expect an above-average shopping season this year.
Last year my mother-in-law sent me to the store to pick up some over-the-counter ointment for her dry eyes. When I saw the price for the tiny tube, I was floored. “What’s it made of?” I wondered. “Gold dust?” I tried to calculate the price per gallon in my head and quickly realized it was in the thousands.
Receive emails about special offers, financial education, industry news and the latest eCredable news.