Smart Spending Tips with tips on how to recover from messed-up credit. Sometimes, finances can feel overwhelming. You might experience a sinking feeling, particularly if your credit isn’t where you’d like it to be. Maybe you’ve gotten behind on a payment or taken out multiple loans. You’re unsure whether your credit can ever improve. The good news is that there are ways to recover from messed-up credit. You can start with the basics, apply some fundamental best practices and give your credit time to improve. What are some common ways credit gets messed up? There are several reasons credit and…

Smart Spending Tips on credit improvement over the holiday season. Consumer credit often takes a beating during the holiday season. You can flip that script with a credit improvement step on each of the 12 days of Christmas. It’s the perfect time to do it. Instead of dreading larger credit card balances and minimum payments following the holidays, how about using downtime from work to make your holiday debt more manageable? Follow our 12 credit improvement steps one day at a time over the holidays. 1. Check your credit reports Figuring out where you are starting from is key to…

Smart Spending Tips’s list of credit building resolutions for 2023. Make this the year of credit improvement. Changing your financial outlook takes vision, effort and persistence. It’s also easier than you might think. Whether you are saving up for a big purchase, planning a move or investing in your future self, the start of 2023 is a great time to build your credit. If you’re worried that credit building takes years of juggling multiple activities to earn that coveted high score, take a deep breath. Although it’s true a strong credit report blossoms over years, there are small things you…

Smart Spending Tipss discusses what you can do if you have a credit screw-up. Sometimes, life throws a financial curveball. One poor decision or mistake with money management can have long-lasting implications. It might seem as though it’s hard or even impossible to get back on track. Thankfully, there are several steps anyone can take to recover from a credit screw-up. Ways a credit screw-up can happen There are a variety of factors that can negatively impact your credit. Everyone’s circumstances differ. Some of these issues might ding your credit quickly, but many take effect over an extended period of…

Smart Spending Tips discusses whether the Fed’s interest rate strategy has brought consumer debt growth under control. Over the past few years, consumer debt growth has become one of the biggest risks to the US economy. Economists—including those at the Federal Reserve who make interest rate decisions—have observed a relentless appetite for debt. However, recent data releases have suggested that perhaps the tide is starting to turn and consumers are beginning to make progress. Consumers make debt repayment a priority A March 2024 survey by PYMNTS Intelligence found that repaying debt was the number one financial goal for millennials and…

Smart Spending Tips reviews the CFPB analysis of how complaint responses are handled by the 3 major credit bureaus, Equifax, Experian and Transunion. Consumers continue to have challenges when disputing inaccurate credit report information and fixing it. This is especially true when credit repair organizations (CROs) do this on their behalf, according to a new report by the Consumer Financial Protection Bureau (CFPB). Consumers or CROs can dispute inaccuracies in credit reports, from misspelled names to debts never incurred. The three largest national credit reporting agencies (NCRAs) or credit bureaus, Equifax, Experian and Transunion, told the CFPB that third parties…

Smart Spending Tips discusses the growing consumer demand for help with credit. Growing numbers of Americans are seeking help managing credit. The reasons are obvious—debt problems have become a national epidemic. What may be less obvious are the rewards of better credit management. Getting credit help can do more than get you out of your current debt trouble. It can ultimately leave you better off, with lower expenses and greater peace of mind. Credit counseling is in demand Money Management International (MMI) is a nonprofit credit counseling organization. They recently reported a 72% year-over-year increase in people seeking credit counseling.…

Smart Spending Tips discusses whether a good credit score is key to peace of mind. The financial benefits of having a good credit score are well-established and include: Easier access to credit. Better credit card offers. Lower interest rates. Since employers and landlords often check the credit reports of applicants these days, your credit score can even affect where you work and where you live. These are all tangible financial benefits. But here’s something you can’t put a price on: good credit may give you more peace of mind. A Smart Spending Tips survey found a link between credit scores…

Smart Spending Tips discusses why and how to fix credit report errors. Credit report errors can lower a credit score, making it harder to open new lines of credit and causing credit terms to be more expensive. Some mistakes can be easy to spot and fix, and others can take more work. Either way, fixing them can help you improve your credit score and in the long run, save money.  How credit scores are calculated Information on credit reports is collected by three nationwide consumer reporting agencies — Equifax, TransUnion, and Experian — and used to calculate credit scores. Each…

Smart Spending Tips discusses the effect of marriage on your credit score and how you can plan for the future. Does your spouse-to-be have a good credit score? This may not be at the top of your must-know list before marriage, but understanding what marriage does to your credit report is crucial. While it won’t necessarily have you rethinking your walk down the aisle, it will make you wonder what happens after you’re both wearing rings. Wonder no more! This helpful guide on how marriage affects credit ratings separates fact from fiction. What doesn’t happen to your credit score after…