Posts Tagged ‘Credit’

Shop Until Your Credit Score Drops: Advice for Shopaholics From Billy Bad Score

Financial Tips | Posted by Jacob ONeill
May 20 2011

This post is especially for you shopaholics out there who feel guilty about putting so many unneeded purchases on your credit cards – and I’m not just talking to women. Men, you know you’ve purchased the latest gizmo or the best seats at the game when cash wasn’t necessarily available.

I want to make sure you know about the upcoming shopping season. Memorial Day sales are coming. Those new shoes, that to-die-for bathing suit, the new sofa you need for the living room, and that flat screen TV – they’ll all be on sale. Shortly after that, we’ll have Fourth of July sales, then back to school shopping. Computers will be a good deal then. And what about all the concerts and sporting events that take place during the summer? Shopaholics – the sky is the limit for you in the next few months.

And it’s my job to tell you to go ahead and spend. You may be getting those credit card balances up there, and it may even be a little difficult to make all the payments, but think what you’re doing for the economy and the greater good. Things won’t get better if people like you don’t get out there and spend, spend, spend, right? Debt, like greed, is good! It’s not as if too much debt made the economy plummet like a bankrupt spendthrift’s credit score.

You can be certain I have only my best interests at heart when I tell you these things. Sure the people report that high credit card debt can screw up your credit scores.   That’s because high balan

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Tags: Credit, Credit Score
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11 Things You Can’t Get With Bad Credit [INFOGRAPHIC]

Financial Tips | Posted by Jacob ONeill
Apr 04 2011

Wondering what a poor credit score can do to you? Check out the infographic below which highlights 11 things you may be missing out on if you suffer from bad credit!

Click on the image to enlarge and use the embed code below to post to your blog!

Tags: 11 Things, Bad Credit, Credit
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Virtual Credit Cards Can Help Protect Credit Reports

Financial Tips | Posted by Jacob ONeill
Feb 21 2011

Over the past decade, credit fraud has become more common, due to recent advances in technology that have made it easier than ever for Americans to make credit card purchases while on the go. However, there are still a few ways that consumers can shop online through a mobile device and while ensuring that their credit reports are protected against unauthorized spending sprees.

The simple fact is, if you go e-shopping using a Wi-Fi connection, Im not going to say youre going to get ripped off every time, but the chances of someone seeing what you are doing and walking away with your number are exponentially higher, David Lazarus, a consumer columnist for the Los Angeles Times, told American Public Media.

Major financial institutions have now begun to offer virtual credit cards, which work by creating a separate number with the full backing of a traditional credit card, American Public Media reports. This temporary card comes with encryptions and security measures that enable users to make purchases online; these safeguards then disappear when the transactions are completed.

By taking such precautions, consumers can protect their credit reports and guard their accounts against activity that could hurt their ability to secure new loans and insurance policies.

Tags: Credit, Credit Reports
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Credit Repair Dallas TX

Financial Tips | Posted by Jacob ONeill
Feb 20 2011

Rumor has it that everything is bigger in Texas. Bigger hats, bigger events, just bigger. But is it really bigger? Probably on a lot of things.

But if you have bad credit it doesnt matter where you live. You have a big problem. Credit problems can affect the people in the smallest towns in nowhereville to the biggest cities in the state with the reputation for being big. Credit problems arent location specific and they have their negative effect regardless of where you live. Higher interest rates, higher down payments, rejection of credit applications along with trouble getting work and higher insurance premiums, all are problems caused from having bad credit.

So if you have bad credit you need to do whatever you can to improve your credit. That, of course, includes paying all of your debts on time but also that means making sure that your credit report is as positive as it can be, eliminating all mistakes and omissions and making sure that the credit that you do have if proportioned in a way that is beneficial to you.

Often it can be especially helpful to utilize the services of a credit repair company. While credit repair is definitely something that you can do on your own, it can be very time consuming, frustrating and to be successful it does take some knowledge and expertise. If you employ the services of a professional credit repair company that is highly experienced in credit repair matters, you eliminate these potential pitfalls.

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Tags: Credit, Financial Tips
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Credit Report Resellers Must Now Safeguard Information Transfers

Financial Tips | Posted by Jacob ONeill
Feb 12 2011

Consumers often go to great lengths to protect their financial data. This includes encoding credit and debit cards with PINs, and online accounts with password protections. Despite this, many third-party financial institutions have been rather casual about protecting the information of their customers.

However, due to a recent ruling by the Federal Trade Commission (FTC), credit report resellers will now have to take additional precautions to ensure that a consumers vital financial data doesnt fall into the wrong hands.

Under the terms of the agreement, three credit report resellers, which purchase credit reports and then combine them with additional information for mortgage lenders, will be required to strengthen their security procedures and undergo mandatory security audits for the next two decades.

These cases should send a strong message that companies giving their clients online access to sensitive consumer information must have reasonable procedures to secure it, David Vladeck, director of the FTCs Bureau of Consumer Protection, said in a statement.

Consumers can take added precautions themselves. Checking their credit reports frequently, for instance, can help them detect signs of unauthorized purchases in a timely fashion and allow them to address any errors or signs of fraud before they do significant, ongoing damage to their credit scores.

Tags: Credit, Credit Report
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Federal Reserve Publishes New Document About Credit Notices

Financial Tips | Posted by Jacob ONeill
Jan 25 2011

To help consumers better understand how credit reports and credit scores can affect their access to loans and insurance, the Federal Reserve has issued a new online publication, entitled What You Need to Know: New Rules about Credit Decisions and Notices. The document describes new notifications that consumers will be receiving this year and uses sample notices to explain how the data should be analyzed.

Due to recent regulations that took effect on January 1, consumers will now be issued a free credit report every time they receive less favorable rates on loans than other individuals receive. Many consumers may be unfamiliar with these new, risk-based pricing notices, and the Federal Reserve document is meant to address consumer questions on the topic.

In addition, consumers who view the document will get information on how to dispute errors if they find any on these new notifications, the Federal Reserve says.

However, consumers may not receive these credit report notifications from lenders, because provisions of this new rule state that companies can supply applicants with a free credit score as an alternative. Individuals who are having trouble understanding these notices, or the information contained therein, may benefit from visiting the Federal Reserve website which offers a variety of free tools designed to answer consumers credit questions.

Tags: Credit, Federal Reserve
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