Credit
Ask Savvy: Why Was My Credit Card Application Denied? Part II
Dear Savvy,
I'm new at this credit thing and I'm not sure when or why I should check my credit report. I have never had a credit card (still don't) but I got denied for one a few weeks ago and I don't know why. Does checking my credit report worsen my credit score?
Free Credit Report Scams Aren't Going Away
By now we all know about the not-so-free nature of those FreeCreditReport.com services; a few of you even say you've fallen for its misleading practices. But even after the government publicly condemned the site, "free" credit monitoring services — which require you to sign up for a paid service, but promise you can cancel at any time — are popping up everywhere.
One friend recently had a particularly nasty experience with one of these companies while apartment hunting.
Money Tip: Get Your Credit-to-Debt Ratio Down by May
Last week I mentioned that Fair Issac (the company that calculates consumer credit ratings for lenders) would be rolling out a new formula for calculating your credit score, and that some factors would be given different weights than they had with the old formula. According to CNN delinquencies (late payments) on credit cards are the highest they've been in three years, and a solid record of timely payments will continue to be an important factor in calculating your score. They also spoke with Craig Watts from Fair Issac who warns that if you're using 50 percent or more of your credit limit, your credit score will take a bigger hit than it already has when the new FICO scoring system is rolled out in May.
Ask Savvy: How Do I Get My Bad Credit Under Control? Part I
Dear Savvy,
I have bad credit and am trying to get it under control. Can you give me any tips on how to control it quickly? Can I get an apartment with bad credit?
Ask Savvy: How Do I Get My Bad Credit Under Control? Part II
Dear Savvy,
I have bad credit and am trying to get it under control. Can you give me any tips on how to control it quickly? Can I get an apartment with bad credit?
Ask Savvy: Do I Really Need to Know My Credit Score?
This excellent question was posted by lemonfizz in my Ask Savvy group: I check my credit reports regularly for errors, but I've never paid extra to find out my credit score because I don't have any plans to take out a mortgage or buy a car (I live in the city and rent). Is there any other reason I'd need to know my credit score?
To see my answer just read more
Holding on to Your Credit Identity Once You're Married
You may assume your husband's last name when you get married and you might even merge bank accounts. Just as you maintain an individual identity outside of your husband and your new last name, you need to protect yourself by sustaining your own credit profile. This can be accomplished even if you combine checking and savings accounts.
Four Situations When You're Entitled to a Free Credit Score
Acquiring your free credit report is relatively simple: Just remember to visit AnnualCreditReport.com for up to three reports each year, not tricky FreeCreditReport.com.
Unfortunately, getting your free credit score isn't as direct. There are certain little loopholes that can get you a complimentary score, but there also a handful of legitimate circumstances that grant you a free credit score — no slick loopholes required.
Money Tip: When Not to Use Your Credit Card
An excellent credit score will get you the best interest rates, so you want to ensure lenders will see your score at its very best. You already know that it's a bad idea to apply for new credit in the months leading up to applying for a loan, but CNN Money has another tip regarding the credit cards you already own.
To play it safe, they recommend keeping your cards under wraps during the month before you know you'll be applying for a loan and explain that, "Even if you pay off your balances at the end of the month, there's a chance a lender might pull your score the day before those payments are recorded, making it look as though you're tapping your credit."
How Often Credit Scores Are Updated
Many of you have been diligently paying off your credit cards, and you've been getting a little antsy about when your hard work will be reflected by your credit scores. Since it's not free to get your credit score you don't want to be wasting your money checking it every other week — that's money you could use towards paying down your debt, and there's nothing I hate more than being counterproductive! To see how often you can check you score without it being a waste of time and money just read more
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