Wanting or needing credit isn’t always as simple as filling out an application. Even college students, who have a lot of financial services marketed to them, may face obstacles when trying to get a credit card.
Why? A lot of it comes down to their credit history — or lack thereof. The length of your credit history has an impact on your credit scores — the longer your history of responsible credit usage, the better. Many 18-year-olds heading to college don’t have any credit history, which makes them an unknown to many lenders who may not be as willing to approve them for a credit card.
Many people believe that the decision-making process for creditors boils down to just one thing: the credit score. Who can blame them when it seems like your score is the end-all and be-all to getting approved?
Here’s the thing, though: Credit scores are really nothing more than a naturally occurring byproduct of the financial lives we live.
The Consumer Financial Protection Bureau has expanded its oversight of student loan servicers, the bureau announced today, and it will now supervise several nonbank servicers to ensure compliance with federal consumer financial laws.
What are the holidays without the search for the perfect gift, the hunt for the rock-bottom best deal on the newest electronic gadget, piles of presents under the tree, or the Secret Santa gift exchange at work?
Apparently it’s more Whoville — and less Grinch — than you might think. Here are six families who have given up the holiday shopping routine for what they say is a more relaxed and — dare I say richer? — experience.
While much of a America will be pushing back from the dinner table, rubbing a full belly and perhaps settling in for a night of football on Thursday evening, millions of other eaters will skip the pumpkin pie so they can race out to shopping malls. This raises an obvious question: Why?
No one can tell you when you’re ready to become a homeowner. But it’s probably fair to say a lot of first-time buyers wish otherwise.
Buying a home is often one of the biggest purchases you’ll ever make. It’s also among the most infrequent. Knowing you’re prepared to buy a couch or a car is one thing. The last lot in a cul-de-sac is something else entirely.
The right time to pull the trigger is when you’re financially and emotionally prepared for the responsibility. But it’s not like the heavens part and a choir of closing agents signal the time has come.
It’s ultimately up to you to determine you’re ready. But here are a few signs and stages that might signal you’ve got a handle on homebuying.
If you are one of the millions of people who use PayPal to send or receive money, you may not have given much thought to how it might affect your credit. But if you read the terms of service, you’ll see credit reports and credit scores mentioned, and that may leave you wondering how that will impact you. If you care about your credit scores, you should know what Paypal does with credit information.
Google now offers a Google Wallet Card as a physical extension of the credit-, debit- and loyalty-card management app Google Wallet, allowing users to withdraw cash from ATMs and pay with the card in stores.
It’s no secret that car dealers rely on the lending community — banks and-auto industry-owned finance companies — to help close sales. What’s less well-known is how they benefit from these relationships.
Many lenders allow the auto dealerships with which they partner to negotiate and document loans on their behalf. Some even let them increase the base interest rates, which can substantially enhance the dealer’s already profitable sale. Here’s how.
There are all sorts of reasons that people find themselves ineligible for a credit card.
Some lack a credit history simply because they have never applied for a loan or put any bills in their name. Also, recent immigrants will find that their credit reports are blank slates, almost as if they had not existed before coming to this country.
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