Smart Spending Tips with suggestions on how to establish credit without credit cards. Life is expensive enough without a poor credit history. Without good credit, you may not get the apartment or job you want and borrowing money can be more expensive. One way to establish credit and a credit score is to open a traditional or unsecured credit card and pay it off in full and on time each month. A traditional credit card does not require a security deposit or collateral and allows the cardholder to make purchases and borrow money up to a predetermined limit. Securing a…

Smart Spending Tips on using Zero discrimination Day as inspiration for knowing and protecting your financial rights. You have a right to access financial products and services free from discrimination. This principle underscores Zero Discrimination Day on March 1, 2023. This is a good day to reflect on your own money management journey, celebrate your personal financial growth and remember that rules are in place to guard you against unlawful policies. Across the world, financial institutions, businesses and other organizations are working to eliminate discrimination based on race, gender, religion, disability and sexual orientation. How can discrimination affect your personal…

Smart Spending Tips discusses ways to protect your credit from divorce and accumulated joint debt. Divorce is a complex process, and dealing with marital debt can add significant stress. Shared accounts and financial obligations can leave you worried about your credit score and future financial security. Here are seven approaches to help protect your credit. Remember, getting legal advice tailored to your specific situation is crucial. Understanding marital debt and your credit Joint vs. separate debts Debts incurred during your marriage, regardless of whose name they’re under, are often considered joint debts. This includes mortgages, car loans, credit cards held…

Smart Spending Tips debunks some common credit score myths and misconceptions. Credit scores are essential to modern life, playing a critical role in securing loans, credit cards, and even apartment rentals. However, myths and misconceptions surrounding credit scores can lead to confusion and financial mistakes. Here are some of the most common credit score myths and misconceptions. Myth #1: Checking your own credit score hurts your credit Many people believe that checking their credit score negatively affects it. However, checking your own credit score is a soft inquiry and does not impact your score. Only hard inquiries, such as those…

Smart Spending Tips on credit repair versus credit building and the differences between them. Credit repair and credit building are important components of managing your credit and improving your creditworthiness. What is credit repair? Credit repair involves fixing errors or inaccuracies on your credit report that negatively impact your credit score. This can include removing late payments, collections, or other negative items that are incorrectly reported. Credit repair services can help you dispute inaccurate information on your credit reports and negotiate with creditors to remove negative items. Is credit repair legal? Credit repair is legal. The Fair Credit Reporting Act (FCRA)…

Smart Spending Tips explores things you may not have thought of that can affect your credit. Your credit score is a three-digit number used by lenders to assess your creditworthiness. It influences everything from loan approvals and interest rates to apartment rentals and even job opportunities. Factors like payment history and credit utilization ratio are widely known to affect your score, but many other surprising things can influence it. From unpaid library fines to parking tickets, even seemingly minor financial obligations can leave a mark on your credit report. Subscription services. Many subscription services (e.g., streaming platforms and gym memberships…

Smart Spending Tips’s personal finance weekly news roundup September 23, 2023. Stories, news, politics and events impacting the personal finance sector during the last week. FTC says watch out for student loan scams as payments restart New study suggests pandemic credit score gains may be short-lived UAW strike carries new inflation threat Study determines financial cost of onset of dementia Mastercard projects holiday spending will keep pace with inflation Fed signals high-interest rates will last longer than initially thought Free credit reports to continue indefinitely Report on credit use reveals growing risk 1. FTC says watch out for student loan…

Getting turned down for a loan can be awkward. You put yourself out there to ask for money, provide highly personal information, back it up with private documents. It stings when the lender declines your application. You might feel angry, disappointed or embarrassed, but it’s not the end of the world. It’s important to understand that lenders tend to focus on different types of borrowers and turn down people who don’t fit their box. One company might reject you while another begs for your business. The roadmap below shows you how to get over rejection, choose the right lender and…

Smart Spending Tips on how mastering credit card basics could be your first step to financial freedom. A credit card is more than a piece of plastic in your wallet. It’s a symbol of your financial independence. It’s a lifeline in the event of an unexpected expense. It’s a tool for building credit. And if you’re seeking practical ways to master credit card basics, you’ve come to the right place. In this article, we’ll touch on some of the most important things you know to use a credit card well. We’ll share practical insights about how credit cards work and…

Smart Spending Tips discusses how to use credit monitoring to avoid unpleasant surprises. Imagine if a work colleague lies about you behind your back. Perhaps dishing dirt on you to your boss, landlord, bank and people who do business with you. Would you like to know what they are saying? Better yet, would you like the chance to do something about it? What if that work colleague is, in fact, your credit report? Your credit report is used by lenders, employers and landlords as a tool to assess your creditworthiness and financial standing. It contains information about how you have…