In our first post, we've provided you with 5 simple tips to improve your credit score and an overview of how to calculate your credit score. In this series of posts, we will delve into your FICO credit score and provide you with the knowledge to design a specific credit status plan.
One of the biggest ironies of credit building is that you need credit to build credit. According to a report released by the Consumer Financial Protection Agency (CFPB), more than 26 million Americans are “invisible to credit” and more than 19 million are “unchangeable”.
Some personal financial experts spend a lot of time and effort to stop us from using credit cards - for good reason. Credit cards are often abused and abused, and credit card debt can ruin your financial future. But when you use it responsibly, you will find that paying with a credit card is much better than paying with a debit card.
People live a busy life, and paying bills is just another matter delayed until the last minute. No one likes to pay the bills, but we all clench our teeth... eventually.
Credit cards are a lucrative product of the bank. Although many laws have been passed over the past few years to regulate credit cards, issuers still generate more than $200 billion in credit card fees and interest each year. But many people, especially those who think they are saving money, never pay a penny to their credit card issuers. Here's a breakdown of where the money comes from and how to avoid paying too much.
When you check your credit card balance, you usually see two different numbers—the current balance and the balance of the statement. What's the difference? How much do you actually need to pay in order to avoid interest? 53% of Americans don't "fully understand" their credit card terms - don't be one of them!
Keeping up with your credit card payment is already a challenge, but managing multiple credit cards on a student loan or mortgage basis is not possible. To make matters worse, if you have recurring credit card debt; the average household debt exceeds $16,000, so even a monthly interest rate can be a huge expense!
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