dcsimg

Credit scores


  • Ask the Readers: How do you function with bad credit or no credit? (61 comments)

    This article is by editor Linda Vergon. Gina Bean wrote in about her friend’s credit situation. Her friend has a car loan with a $936 balance. She doesn’t have a credit card – because she only earns $21,000 a year and doesn’t want to go into debt. But she’s frustrated because she recently checked her credit score and it was 583. She recognizes that the late payment she made on the car loan would bring…

  • One expense you have control of in ways you never thought (38 comments)
    This article is by staff writer William Cowie.

    What do you spend most of your money on? For most people, their two biggest expenses are their home and car(s). If you remember the post comparing expenses in 1913 to 2012, you might recall the three things that Mr. Average spent most of his “raise” on were: Housing (36 percent of the raise) Income taxes (28 percent), and Transportation (24 percent) A majority of the increase…

  • 5 signs you might be a credit junkie (17 comments)

    This guest article was written by Beverly Harzog. Beverly is a nationally recognized credit card expert, consumer advocate, and author of Confessions of a Credit Junkie: Everything You Need to Know to Avoid the Mistakes I Made (Career Press, November 2013). She runs a popular credit card blog on her website, www.BeverlyHarzog.com. She’s appeared on Fox News, ABC News Now, CNN Newsource, and is a frequent guest on syndicated radio shows across the country, including ABC…

  • Could you say no to your mom? (73 comments)

    This is a guest post from Jeff Rose, CFP who blogs at GoodFinancialcents.com. Jeff is well known among bloggers for his various causes: The Debt Movement, The Roth IRA Movement and The Life Insurance Movement.  His first book, Soldier of Finance, officially releases September 9, 2013. “Heck no!” Imagine if a stranger asked you one of the following questions: Can I borrow your credit card to make a quick purchase? I don’t have any cash on…

  • Your credit score and credit card rewards: 10 tips (30 comments)

    This is the second post from Hilary Stockton, who is the founder of TravelSort, which helps savvy travelers earn millions of miles without flying, redeem them for first-class flights, and stay in luxury hotels at wholesale prices. Follow her on Twitter @TravelSort. I often get asked about the impact on one’s credit score of churning or signing up for multiple rewards credit cards, especially by those new to earning a million or more frequent flyer miles and points via…

  • Ask the Readers: Is credit monitoring worth the money? (46 comments)

    Reader Bryce wrote to us this week with this question for the readers: “What are your thoughts on companies like freecreditreport.com, where they charge $16.95/month to have access to your Experian credit report? Is checking your credit weekly/monthly worth the $16.95/month?” First of all, you are legally entitled to one free credit report per year from each of the main credit reporting companies, Equifax, Experian and TransUnion. You can get them via the government’s official…

  • What’s a Credit Score? An Intro to Credit Reports and Credit Scores (43 comments)

    This post is from staff writer Sierra Black. Sierra writes about frugality, sustainable living, and getting her kids to eat kale at Childwild.com. A good friend of mine recently asked me what a credit report is and how he could get his hands on his. My friend has a PhD. He’s a smart guy, and generally savvy about life. If he was asking me this question, he can’t be the only one wondering. So I…

  • Reader Story: How I Ruined My Credit Score, and How It Didn’t Ruin My Life (154 comments)

    This guest post from the redoubtable Tyler K is part of the new “reader stories” feature here at Get Rich Slowly. Some reader stories contain general “how I did X” advice, and others will be examples of how a GRS reader achieved financial success — or failure. Tyler is an active commenter at GRS, and never afraid to share his opinion! Like J.D., I once had a big problem with debt. Unlike J.D., I didn’t…

  • How Much Does Canceling Credit Cards Affect Your Credit Score? (112 comments)

    This article is by staff writer Adam Baker, whose own blog paid homage to the movie, Fight Club, with the post Tyler Durden’s Guide to Personal Finance. While I generally check my free credit report every 4 months or so, the last time I checked my credit score was November 2008. At that time, it was right at 740. Earlier this week, I checked my credit score again. I was pleasantly surprised to find out…

  • What To Do About Stolen Mail? (105 comments)

    When I came home on Wednesday, there was no mail in our mailbox. That seemed strange, but it happens sometimes. I didn’t think much about it. Tonight, though, we realized we were missing our latest Netflix movies. We checked the web site, and sure enough — they should have arrived Wednesday. “Uh oh,” I said. “This could be trouble.” “We mostly get catalogs and personal finance magazines,” Kris said. “We don’t get checks in the…

  • An Imperfect Credit Score is Not the End of the World (13 comments)

    This is a guest post from Kim McGrigg of Money Management International, the nation’s largest nonprofit credit and debt counseling firm. I often warn consumers about the little things that can have a big impact on their credit score. Today, I’m in more of a “don’t sweat the small stuff” kind of a mood. It is apparent that some people take this credit reporting stuff very seriously. In fact, one consumer recently took time out…

  • Proper Care and Feeding of Your Credit Score (46 comments)

    Your credit score is like a pet monster under the bed. Feed it and care for it, and it will do your bidding. But if you neglect it, it will turn against you. But beware! Taking good care of it can bring you dangerously close to its sharp teeth. Your credit score determines the types of credit you can obtain, and how much you will be charged in interest. Last year I described the anatomy…

  • Anatomy of a Credit Score (22 comments)

    Your credit score plays an increasingly important role in your financial health. But what is it? And how does it affect what you pay for loans and credit cards? Your credit score is a single number that indicates your creditworthiness. This number is derived from various pieces of information contained in your credit report. Your credit report is accumulated by various credit agencies — credit card companies and banks and other financial institutions, who pass…