Bouncing back from bankruptcy or foreclosure takes time. But that doesn’t mean you have to shelve your home buying aspirations for some interminable stretch.They’re called “boomerang buyers” for a reason.
Here’s one of the tricky things about credit scores: They’re about more than credit. Sure, it’s extremely important to make loan payments on time and use credit cards responsibly, but there are plenty of non-credit things that can do serious damage to your scores, potentially making it more difficult to get loans at an affordable rate in the future.
There’s plenty of information out there on what it costs to raise kids, so we know they can lighten your wallet. But they can also flatten your credit. But while paying for kids’ care is part of a parent’s job, letting your credit suffer because of their actions isn’t.
You don’t need a chart to tell you it’s expensive to buy a home in most large U.S. cities. You’ll probably be surprised to learn that average salaries don’t come close to paying for average homes in most places, however. You might be really surprised at how affordable some places are. But above all, you’ll almost certainly be shocked at just how much difference geography makes in the price of a home.
If a credit card can help you build credit, then can having more cards help you build credit faster? It’s a question we’ve heard from a few people recently. A woman I’ll call “Lois” reached out to us on Facebook. She says she’s careful with her finances, and even though she has credit cards, she hasn’t been using them.
Under the Fair Credit Reporting Act, most negative information can be reported on credit reports for seven years. Why seven? Why not five, or 10 or some other amount of time?
Rewards credit card users love earning valuable points, miles and cash back with their cards, but they hate the annual fees that many of the top cards require. Naturally, many are left to wonder if there is a way to close their account after getting their rewards to avoid paying its annual fee.
It sounds like something straight out of the conspiracy theorist’s playbook: a secret system that enslaves average citizens who don’t even know what’s really happening.
An illness or job loss can overwhelm a household budget that had been working just fine. You think you have all the bases covered — and then something goes horribly wrong and suddenly there are more payments due than there is money. Which bill do you pay first?
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