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MoneyTips Credit Scoring Improvements Credit card issuers want accurate ways to assess risk while opening credit lines to potential new customers. The credit scoring system they choose plays a huge role. In recent years, both the VantageScore and Fair Isaac Corporation (FICO) systems have released newer versions expected to help consumers who are fiscally responsible but have little or no credit history to judge. The newest such scoring system, UltraFICO, is a joint effort from FICO, the credit reporting agency Experian, and the financial data sharing and management company Finicity. The UltraFICO pilot program was announced at the October Money 20/20 USA conference in Las Vegas, with an expected launch date of early 2019. What makes UltraFICO different? Like other scoring system improvements, it uses financial information that isn't normally reported to the credit reporting agencies. U... from MoneyTips https://ift.tt/2RpsemV

MoneyTips How do you get credit without a credit score? If you're new to credit, you don't have any history for lenders to assess. You're effectively " credit invisible ." You can build credit with a secured credit card that reports activity to the credit reporting agencies, but you'll need to put up a security deposit and are likely to have low credit limits in the $300-$500 range. Your annual percentage rate (APR) is likely to be nearer the 29.99% limit until you build a sufficient credit history to qualify for a card upgrade. The Petal card is a new alternative that allows you to use your existing financial records to prove creditworthiness. Petal develops their own credit score for you based on your bank account and payment information – using far more data than what's... from MoneyTips https://ift.tt/2Az0dUg

MoneyTips How do you get credit without a credit score? If you're new to credit, you don't have any history for lenders to assess. You're effectively " credit invisible ." You can build credit with a secured credit card that reports activity to the credit reporting agencies, but you'll need to put up a security deposit and are likely to have low credit limits in the $300-$500 range. Your annual percentage rate (APR) is likely to be nearer the 29.99% limit until you build a sufficient credit history to qualify for a card upgrade. The Petal card is a new alternative that allows you to use your existing financial records to prove creditworthiness. Petal develops their own credit score for you based on your bank account and payment information – using far more data than what's... from MoneyTips https://ift.tt/2Az0dUg

MoneyTips Identity thieves aren't going to open any accounts in your name, because you applied either a credit freeze or a credit lock to your account with all three of the major credit reporting agencies (Experian, Equifax and TransUnion). Lenders can't access your credit report, and therefore, they won't issue credit in your name. If you want to open a legitimate credit account, you'll have to remove the barrier (permanently unfreeze your credit, temporarily thaw a credit freeze, or unlock a credit lock). How do you remove and reapply your credit protection in the most efficient way possible? The key is to keep the fewest number of accounts open for the shortest time possible. You'll decrease the odds of criminals opening a fraudulent account in your name – especially if they've tried and failed before. They'll move on to easier targets. Credit freezes and credit locks both prevent ... from MoneyTips https://ift.tt/2qgzZjp

MoneyTips Are you ready for some Halloween horror stories? Forget Freddy Krueger, Jason Voorhees, or Michael Myers – we've got something really scary for you. Those three famous horror movie characters can't compete with these three real-life financial horrors. The Debt's Coming from Inside the House! Get Out Now! – America's national debt has topped a staggering $21.6 trillion – but your main concern is your own household debt. Unfortunately, America's household finances aren't in much better shape. According to the New York Federal Reserve's Q2 2018 Household Debt and Credit Report, aggregate household debt is $13.29 trillion – the highest collective debt ever. Household debt has been rising for the last sixteen quarters. Outstanding student loans alone have topped $1.5 trillion. Revolving debt – mostly credit card debt – hit $1.03 trillion. Out-of-control spending can crush your finances. To prevent spending binges,

MoneyTips Are you ready for some Halloween horror stories? Forget Freddy Krueger, Jason Voorhees, or Michael Myers – we've got something really scary for you. Those three famous horror movie characters can't compete with these three real-life financial horrors. The Debt's Coming from Inside the House! Get Out Now! – America's national debt has topped a staggering $21.6 trillion – but your main concern is your own household debt. Unfortunately, America's household finances aren't in much better shape. According to the New York Federal Reserve's Q2 2018 Household Debt and Credit Report, aggregate household debt is $13.29 trillion – the highest collective debt ever. Household debt has been rising for the last sixteen quarters. Outstanding student loans alone have topped $1.5 trillion. Revolving debt – mostly credit card debt – hit $1.03 trillion. Out-of-control spending can crush your finances. To prevent spending binges,

MoneyTips Are you ready for some Halloween horror stories? Forget Freddy Krueger, Jason Voorhees, or Michael Myers – we've got something really scary for you. Those three famous horror movie characters can't compete with these three real-life financial horrors. The Debt's Coming from Inside the House! Get Out Now! – America's national debt has topped a staggering $21.6 trillion – but your main concern is your own household debt. Unfortunately, America's household finances aren't in much better shape. According to the New York Federal Reserve's Q2 2018 Household Debt and Credit Report, aggregate household debt is $13.29 trillion – the highest collective debt ever. Household debt has been rising for the last sixteen quarters. Outstanding student loans alone have topped $1.5 trillion. Revolving debt – mostly credit card debt – hit $1.03 trillion. Out-of-control spending can crush your finances. To prevent spending binges,

MoneyTips "Knowledge is power." This famous quote, typically attributed to Sir Francis Bacon in 1597, surely wasn't referring to credit scores – but, according to a new study, knowledge of your credit score does give you the power to manage credit responsibly. Researchers from the University of Wisconsin, New York University, and the University of Chicago studied over 400,000 consumers of private student loans from June 2015 to June 2017. Sallie Mae offered free access to FICO scores over this period, but some consumers also received quarterly e-mail updates on their score and the underlying factors and calculations. When e-mail updates were provided, consumers were 65% more likely to view their credit scores. Those who viewed their credit scores were significantly more likely to increase their scores and less likely to have accounts with missed payments. Why would knowing your credit score help you improve it? The study's authors suggest that a credit score mak

MoneyTips You have several credit cards and a couple of killer rewards programs. Why not put them to good use and charge every purchase that you can? It's smart to get the most out of your credit cards, but do so within a budget and with one thought in mind – "Is a credit card the best way to pay for this item?" Consider these seven items that are unwise to pay with your credit card. 1. College Tuition – If you put your college tuition on credit, you'll get an extra lesson on interest rates – and a painful one at that. Undergraduate federal student loans taken out during the 2018-2019 academic year carry 5.05% interest. The highest rates of any student loans are 7.6% for PLUS loans that target parents and graduate students. Meanwhile, the average credit card annual percentage rate (APR) is almost 17%. Still think you should charge your tuition? Take a math course or two and rethink your strategy. 2. Taxes – It's okay to... from MoneyTips https://ift.t

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MoneyTips Do you have a bill that has been turned over to a collection agency? Of course, you'll want to make things right as well as remove the negative effect on your credit score. But what if you can't afford to pay the bill in full? Why not try to negotiate with the debt collector? They likely bought the debt at a significant discount and may be more willing to accept a deal – and then you are on the path to a clearer mind and a better credit score. If you decide to negotiate, make sure that you are prepared to follow through properly. Don't try to shortcut by paying third parties to do it for you. Bankrate.com Chief Financial Analyst Greg McBride agrees, noting, "Don't fall for this idea that another company's going to be able to resolve this for you if you just pay them some fee." McBride suggests sticking with the creditor or collection agency that owns the debt, since the current debt owner is the only one that can verify to the credit bureau t

MoneyTips The Home Affordable Refinance Program (HARP) has arguably been one of the most successful programs to assist homeowners affected by the subprime mortgage crisis. According to HousingWire, almost 3.5 million homeowners have been assisted by the program, with around 1 million of those homeowners having been underwater (owing more on their home than it was worth). HARP was created to help homeowners who were in decent enough financial shape to avoid foreclosure, but who were unable to secure refinancing because the drop in their home values left them underwater or otherwise unable to meet traditional criteria. HARP does not reduce the amount of principal owed, but it does rework the terms in order to secure better interest rates, lower monthly payments, or save on collective interest. Many homeowners who can take advantage of HARP refinancing have already done so. However, ther... from MoneyTips https://ift.tt/2qcnntP

MoneyTips A reverse mortgage allows you to convert the equity in your home to cash that you can use for other purposes. Essentially, you're selling your home back to a lender in increments. It's a popular method for seniors to supplement living expenses. Repayments don't begin until the owner permanently moves out of the home, passes away, or transfers ownership – as long as the home is maintained and property-related bills (taxes and insurance) are paid. However, reverse mortgages have downsides, including equity-reducing fees and potential financial burdens to heirs – not to mention running out of equity before you run out of expenses. Consider these alternatives to a reverse mortgage before you commit. 1. Selling/Downsizing – Instead of selling in increments, why not sell all at once? You'll probably receive more of your equity and can use some of those funds toward from MoneyTips https://www.moneytips.com/9-alternatives-to-a-reverse-mortgage

MoneyTips Credit freezes are one of the strongest actions you can take to prevent damage from identity theft. When you freeze your credit , lenders can't access your credit report to assess the risk of lending you money. Even if they have your personal information, thieves can't open new accounts in your name. You can't, either – but you can thaw your account and re-freeze it once you're finished with new credit applications. Unfortunately, a credit freeze doesn't cover all potential sources of fraud. Credit freezes don't affect existing accounts. You must take separate steps to protect them. To exploit existing accounts, thieves must have enough information to access them – such as log-ins and passwords. Start by assuming that your data has been breached and that you're on the defensive. Check all bank and credit card statements for any fraudulent charges and review a ... from MoneyTips https://ift.tt/2R8JcGa

MoneyTips You may think you have an average credit score – but do you really? How does your credit score compare to the national average? How about within your age group? Thanks to new information from FICO, you can see where you stand. The average FICO score reached an all-time high of 704 this year– right in the middle of the good credit range (670-739) according to the credit reporting agency Experian. However, the average clearly shifts upward with age. The youngest age group (ages 18-29) has an average credit score of 659, while the oldest age group (age sixty and older) has an average credit score of 747. The other age groups follow the same credit score pattern. The 30-39 age group averages 677, the 40-49 age group averages 690, and the 50-59 age group averages 713. Why would credit scores increase with age? Credit scores are based on risk assessment. The ... from MoneyTips https://ift.tt/2CsVCEK

MoneyTips In September 2017, America learned about the massive data breach at the credit reporting agency Equifax that affected approximately 148 million consumers – one of the largest breaches ever. Identity thieves suddenly acquired a new batch of Social Security numbers, names, addresses, phone numbers, and other personal information. Consumers were advised to take steps immediately to protect themselves against identity theft . Did they heed that advice? A new survey from CompareCards.com shows that the vast majority of Americans (91%) took at least one protective step against identity theft while the average American had taken at least three steps. The most cited protective steps were reviewing online bank and credit card statements more often (65%), checking credit scores (51%), and setting up alerts to notify users when charges were made to their accounts (50%). ... from MoneyTips https://ift.tt/2S0u6Uk

MoneyTips In September 2017, America learned about the massive data breach at the credit reporting agency Equifax that affected approximately 148 million consumers – one of the largest breaches ever. Identity thieves suddenly acquired a new batch of Social Security numbers, names, addresses, phone numbers, and other personal information. Consumers were advised to take steps immediately to protect themselves against identity theft . Did they heed that advice? A new survey from CompareCards.com shows that the vast majority of Americans (91%) took at least one protective step against identity theft while the average American had taken at least three steps. The most cited protective steps were reviewing online bank and credit card statements more often (65%), checking credit scores (51%), and setting up alerts to notify users when charges were made to their accounts (50%). ... from MoneyTips https://ift.tt/2S0u6Uk

MoneyTips Zombie debt refers to old unpaid debt, declared dead and uncollectable long ago, that rises from the grave to ingest the bank accounts of the living. Who are the mad financial scientists that create this zombie debt, and how can you thwart them when it comes for you? The zombie masters, if you will, are third-party debt collectors who specialize in purchasing uncollected debt from a variety of vendors at huge discount. The vendors are eager to get the debt off their books and will gladly take whatever they can get – literally pennies on the dollar. If you have any connection to this debt in the eyes of the collection agency, they will contact you and attempt to get you to pay. It doesn't matter to them whether you really are responsible for the debt, whether the statute of limitations has expired, whether it was wiped out by bankruptcy, or any other story – their job is to convince you to pay up. It is not uncommon for zombie debt to be the result of identity the...

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MoneyTips Do you know an older American who is struggling with credit? Or doesn't have any? In our exclusive video above, Nav Education Director Gerri Detweiler explains why a good credit score is important even in retirement. You can check your credit score and read your credit report for free within minutes by joining MoneyTips . Advertising Disclosure from MoneyTips https://ift.tt/2P0MRIL

MoneyTips What's the benefit of having a credit card? That's easy – it allows you to buy things with money you don't currently have. (Of course, that may also be the biggest drawback of having a credit card, if you can't control your spending.) All credit cards allow basic purchases, but what specific benefits draw you to choose one credit card over another? A recent survey and report by Market Strategies International digs into the specific features that users prefer. Their #1 choice? No annual fee. Given that 80% of card users aren't clear about the benefits of their existing primary credit card, card issuers are better served by focusing on the top perceived benefits. The report suggests that card issuers must focus on the "must haves" and not depend on narrower benefits (listed in the survey as "tailored extras"). Eighteen different credit card benefits were ranked and categorized into tailored extras, cost and value-related benefits, o

MoneyTips Finding a job can be a stressful and difficult task – and if you have poor credit, you may have an even harder time finding a job. A 2016 CareerBuilder study found that almost one-third of employers run credit checks on their potential hires, on the assumption that people with good credit are more likely to be productive employees. That assumption may or may not be true – but, in most states, an employer is able to use your credit as part of the hiring evaluation process. The District of Columbia and eleven states currently limit the gathering or use of credit history in making employment decisions: California, Colorado, Connecticut, Delaware, Hawaii, Illinois, Maryland, Nevada, Oregon, Vermont, and Washington. Aside from these states and a few cities in other states, including New York City, NY, and Philadelphia, PA, your credit history is fair game. When credit is considered in the hiring process, the unemployed with low credit scores can fall into a "poverty t...

MoneyTips The Crushing Effects Of Medical Debt How pervasive is America's medical debt problem? According to 2017 data from the credit bureau Experian, unpaid medical debt in America topped $127 billion. New data from Consumer Reports shows that almost 30% of insured Americans had unpaid medical debt turned over to collection agencies in the past two years. A 2013 analysis by NerdWallet Health found that unpaid medical bills were the number one cause of bankruptcies, surpassing unpaid mortgages or credit card debts. Even if you aren't driven into bankruptcy, unpaid medical debt will eventually show up on your credit report – resulting in a lower credit score that further degrades your financial health. The Consumer Reports survey found that nearly one in five Americans has suffered a credit score drop related to unpaid medical bills. You can check your credit score and read your credit report for free within minutes by

MoneyTips The Crushing Effects Of Medical Debt How pervasive is America's medical debt problem? According to 2017 data from the credit bureau Experian, unpaid medical debt in America topped $127 billion. New data from Consumer Reports shows that almost 30% of insured Americans had unpaid medical debt turned over to collection agencies in the past two years. A 2013 analysis by NerdWallet Health found that unpaid medical bills were the number one cause of bankruptcies, surpassing unpaid mortgages or credit card debts. Even if you aren't driven into bankruptcy, unpaid medical debt will eventually show up on your credit report – resulting in a lower credit score that further degrades your financial health. The Consumer Reports survey found that nearly one in five Americans has suffered a credit score drop related to unpaid medical bills. You can check your credit score and read your credit report for free within minutes by

MoneyTips Thanks to large data breaches in recent years, both credit freezes and credit locks are gaining in popularity. What's the difference between these two important identity protection tools, and which one is the best for you? Both tools stop lenders from accessing your credit information – and lenders won't extend credit if they can't assess the risk that you won't pay them back. In both cases, you can remove the tool to make legitimate credit applications and reapply the tool when you're done. You have to apply either tool with each of the three credit bureaus (Equifax, Experian, and TransUnion) to receive full protection. However, there are a few significant differences between credit freezes and locks. Credit bureaus are required by federal law to offer credit freezes. Each freeze and thaw at each credit bureau used to have a fee set by individual state laws – but as of September 21, all credit freezes are

MoneyTips Thanks to large data breaches in recent years, both credit freezes and credit locks are gaining in popularity. What's the difference between these two important identity protection tools, and which one is the best for you? Both tools stop lenders from accessing your credit information – and lenders won't extend credit if they can't assess the risk that you won't pay them back. In both cases, you can remove the tool to make legitimate credit applications and reapply the tool when you're done. You have to apply either tool with each of the three credit bureaus (Equifax, Experian, and TransUnion) to receive full protection. However, there are a few significant differences between credit freezes and locks. Credit bureaus are required by federal law to offer credit freezes. Each freeze and thaw at each credit bureau used to have a fee set by individual state laws – but as of September 21, all credit freezes are

MoneyTips We all incur debt during our lives, but will we ever become debt-free? A significant number of people say no. According to a new survey by Northwestern Mutual, 13% of Americans expect to be in debt until they die. The Depths of Debt section of Northwestern Mutual's Planning and Progress Study 2018 contains many other sobering debt statistics. The average debt among debt holders rose to $38,000 in 2018 – even though over half of respondents called debt reduction their top financial priority and approximately 20% of respondents allocate 50% to 100% of their income toward reducing debt. It's surprising that more people don't expect to die with debt. Only 23% of survey respondents had no debt at all, down from 27% in the previous year. Compare that with the 13% who expect to die in debt. Those figures imply that well over half of Americans expect to climb out of their existing debt and become debt-free before they die. A 2017 survey by Credit.com ... from M

MoneyTips What's your credit score? If you don't know, you're in the minority – according to the Chase Slate 2018 Credit Outlook. The 2018 survey found that 77% of Americans know their credit score, an increase of ten percentage points in just one year. With that knowledge comes the desire to improve. Four out of five respondents are taking steps to improve their credit score in 2018, up from 72% in 2017. Are you? Americans overwhelmingly understand the importance of good credit. Approximately 90% of respondents believe that access to credit is important. Similar percentages of respondents understand the importance of credit when it comes to purchasing a home or a car, applying for a loan or a credit card, or even starting a small business. A poorer credit score can cost many thousands of dollars over a lifetime due to higher interest rates. You can negate this effect on a credit card by... from MoneyTips https://ift.tt/2QNMxds

MoneyTips New Law, New Rules The days of paying to freeze your credit are over. Credit freezes are now free of charge for all Americans, thanks to the Economic Growth, Regulatory Relief, and Consumer Protection Act signed into law by President Trump in May. While many of the Act's provisions are targeted at bank regulations, certain changes directly relate to one of your most critical tools as a consumer – your credit report, and the steps you can take to protect it. Free Freezes When you apply a credit freeze , no potential creditor can access your credit report to establish a new line of credit – even if you are the one making the request. To apply for new credit, you must remove the credit freeze ("thaw" the account) prior to submitting the credit application and reapply the freeze after the new account has been established. You must freeze your accou... from MoneyTips https://ift.tt/2RHTGNA

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MoneyTips By Eric Olsen, Executive Director, HELPS Nonprofit Law Firm I just got off the phone with a senior couple who have a timeshare they can't afford and don't use any longer. They had called a company who advertised that they help people get out of timeshares. (I hear such advertisements on the radio and television regularly.) The senior couple had paid this company nearly $3,000. The next payment of $1,000 was scheduled to come out of their account in a few days. I took a deep breath and explained that they didn't actually need to keep paying for their timeshare, let alone pay someone to help get out of it. The timeshare company couldn't take anything from them if they simply stopped paying. The law protects their retirement income from collection – including wage garnishments and bank levies from the timeshare company. That includes Social Security, pensions, VA benefits ... from MoneyTips https://ift.tt/2OPpUbg

MoneyTips By Eric Olsen, Executive Director, HELPS Nonprofit Law Firm I just got off the phone with a senior couple who have a timeshare they can't afford and don't use any longer. They had called a company who advertised that they help people get out of timeshares. (I hear such advertisements on the radio and television regularly.) The senior couple had paid this company nearly $3,000. The next payment of $1,000 was scheduled to come out of their account in a few days. I took a deep breath and explained that they didn't actually need to keep paying for their timeshare, let alone pay someone to help get out of it. The timeshare company couldn't take anything from them if they simply stopped paying. The law protects their retirement income from collection – including wage garnishments and bank levies from the timeshare company. That includes Social Security, pensions, VA benefits ... from MoneyTips https://ift.tt/2OPpUbg

MoneyTips By Eric Olsen, Executive Director, HELPS Nonprofit Law Firm I just got off the phone with a senior couple who have a timeshare they can't afford and don't use any longer. They had called a company who advertised that they help people get out of timeshares. (I hear such advertisements on the radio and television regularly.) The senior couple had paid this company nearly $3,000. The next payment of $1,000 was scheduled to come out of their account in a few days. I took a deep breath and explained that they didn't actually need to keep paying for their timeshare, let alone pay someone to help get out of it. The timeshare company couldn't take anything from them if they simply stopped paying. The law protects their retirement income from collection – including wage garnishments and bank levies from the timeshare company. That includes Social Security, pensions, VA benefits ... from MoneyTips https://ift.tt/2OPpUbg

MoneyTips Not All On-Time Payments Build Credit You're fiscally responsible. You pay your credit card bills and your rent on time, every month. Paying your credit card bill on time is a major factor in raising your credit score. On-time mortgage payments also raise your credit score – but paying rent on time generally has no effect on your credit score. Why is fiscal responsibility rewarded in one case and not the other? While all credit card payments are reported to the three major credit bureaus (Experian, Equifax, and TransUnion), most rental payments aren't. Your credit score is calculated based on the information in your credit report. Payments that aren't reported can't be considered – and not all credit-scoring systems take rental payments into account even when they are reported. Lower-income Americans are hurt the most by this policy, since they're more likely to be renters and to pay... from MoneyTips https://ift.tt/2yrMcWm

MoneyTips You need cash to pay an important bill, and you haven't got it. What do you do? Many Americans turn to payday loans to fill this gap, even though the interest rates are staggering – an average of nearly 400% APR. A recent survey by CNBC Make It and Morning Consult found that all generations use payday loans. While 11% of all Americans have taken out a payday loan over the last two years, millennials (22 to 37 years old) and Generation Xers (38 to 53 years old) rely on payday loans the most. Thirteen percent of both generations have taken out payday loans over the past two years, compared to 8% of Generation Z (18 to 21 years old) and 7% of baby boomers (54 to 72 years old). A disturbing percentage of young Americans have at least considered the idea. Over half of millennials (51%) have considered a payday loan – not... from MoneyTips https://ift.tt/2Po5a7w

MoneyTips It may seem like you have been paying credit card interest since 3500 BC – but you might be surprised to learn that credit actually dates back to those ancient times. Historians believe that the Sumerians of ancient Mesopotamia (in modern-day Iraq) extended credit to farmers in the rough equivalent of a consumer loan. The time lag between buying seed and harvesting grains to sell required up-front resources – just as it does today. The first laws regarding credit were established in Babylon in 1800 BC. The Code of Hammurabi established formal contract rules for loans and caps on interest rates – perhaps an early form of consumer protection. To be enforceable, loans required recording and witnessing by a public official. Interest rate ceilings were high – 33.3% annually on grains and 20% on silver. The concept of credit and interest continued through the ages, with occasional detours. For example, during Charlemagne's rule in 768-814 AD, the charging of ... from

MoneyTips It may seem like you have been paying credit card interest since 3500 BC – but you might be surprised to learn that credit actually dates back to those ancient times. Historians believe that the Sumerians of ancient Mesopotamia (in modern-day Iraq) extended credit to farmers in the rough equivalent of a consumer loan. The time lag between buying seed and harvesting grains to sell required up-front resources – just as it does today. The first laws regarding credit were established in Babylon in 1800 BC. The Code of Hammurabi established formal contract rules for loans and caps on interest rates – perhaps an early form of consumer protection. To be enforceable, loans required recording and witnessing by a public official. Interest rate ceilings were high – 33.3% annually on grains and 20% on silver. The concept of credit and interest continued through the ages, with occasional detours. For example, during Charlemagne's rule in 768-814 AD, the charging of ... from

MoneyTips Do you use your credit card for most purchases? Are there times you prefer paying with your debit card? Perhaps you still use those funny green paper rectangles with numbers on them? Cash hasn't been forgotten, especially for smaller payments. A new study by CreditCards.com shows that 45% of consumers who have rewards credit cards still prefer to use cash for payments below $10. Even debit cards are more popular than credit cards on small payments, by a 30% to 23% margin. This finding is consistent with previous data from the Federal Reserve's Diary of Consumer Payment Choice (DCPC). In 2016, the DCPC found that 55% of all payments of $9.99 or less used cash, while cash prevailed for 35% of purchases between $10 and $24.99 but only 19% of purchases from $25 to $49.99. The CreditCards.com study agrees, showing that $25 is the median tipping point for using credit for purchases. Why wouldn't you use a credit card for all purchases when you get rewards fro...

MoneyTips Your credit score is one of the most important variables that lenders use to assess your risk. A low credit score can disqualify you for an auto loan, or force you to pay higher interest rates – but how much will higher interest rates cost you in the long run? New data from Experian shows just how much a poor credit score can cost you over time. As of the second quarter of 2018, Experian shows a 5.76% average interest rate for new car loans – not far above the 4.45% average rate for prime borrowers with credit scores between 661 and 780, or the 3.47% average rate of super-prime borrowers with credit scores above 781. Non-prime borrowers with credit scores between 601 and 660 are charged an average 7.55% interest rate for new car loans. However, the penalty for lower credit scores is significant. Subprime borrowers (501-600 credit score) pay 12.14% interest on average, and deep subprime borrowers (300-500 credit score) pay a whopping 14.93% on average for their au...

MoneyTips Is a home purchase on your to-do list over the next two years? You'll have plenty of competition finding your new home, according to the latest PenFed Credit Union National Mortgage Survey. The survey found that 37% of American adults are planning to purchase a home within the next two years. Over half (52%) of the millennial generation plan to buy within that timeframe, with many looking forward to their first home purchase. Millennials will need all the resources they can muster to get that starter home. Demand continues to outpace supply, pushing home prices upward and out of reach for an increasing number of Americans. The current home supply increased to 6.2 months, near the 6-month level considered a healthy balance – but affordable starter homes are still in short supply in many markets. According to the National Association of Realtors (NAR), first-time buyers need nearly 23% of their income to afford the average entry-level home. That's the hig... f

MoneyTips EMV cards, otherwise known as "chip" cards for the embedded information chips they contain, were touted as the next great advancement in credit card security. According to a new study from Visa, EMV cards have lived up to their promise. Visa discovered that as of March 2018, counterfeit credit card fraud is down 46% for all U.S. merchants compared to September 2015 – but for merchants who have completed the upgrade to EMV chip readers, counterfeit credit card fraud is down 75%. That's a significant improvement over 2017's 50% decrease from 2015 fraud levels. Decreasing fraud correlates with the greater acceptance of EMV cards. As of June 2018, 3.1 million merchant locations – approximately two-thirds of U.S. storefronts – accepted chip cards for payment. Fewer than 400,000 merchants accepted chip cards in September 2015. Visa claims tha... from MoneyTips https://ift.tt/2OCugCh

MoneyTips EMV cards, otherwise known as "chip" cards for the embedded information chips they contain, were touted as the next great advancement in credit card security. According to a new study from Visa, EMV cards have lived up to their promise. Visa discovered that as of March 2018, counterfeit credit card fraud is down 46% for all U.S. merchants compared to September 2015 – but for merchants who have completed the upgrade to EMV chip readers, counterfeit credit card fraud is down 75%. That's a significant improvement over 2017's 50% decrease from 2015 fraud levels. Decreasing fraud correlates with the greater acceptance of EMV cards. As of June 2018, 3.1 million merchant locations – approximately two-thirds of U.S. storefronts – accepted chip cards for payment. Fewer than 400,000 merchants accepted chip cards in September 2015. Visa claims tha... from MoneyTips https://ift.tt/2OCugCh

MoneyTips We all like getting things for free, especially when the free items or services are valuable. Thanks to legislation that was signed in May 2018, Americans have another free service that they can use as often as they like – applying for a credit freeze. As of September 21, 2018, it no longer costs money to freeze or thaw your credit. A credit freeze stops any potential lenders from accessing your credit report. If a lender can't assess your risk, they won't lend money to you – or to an identity thief pretending to be you. When you want to make a legitimate credit request, you "thaw" your account for as long as you need to get your credit source approved, and then re-apply the freeze. Simply place a credit freeze with each of the major credit bureaus (Equifax, Experian, and TransUnion) and you're all set ... right? Unfortunately, it's not that simple. Identity thieves have man... from MoneyTips https://ift.tt/2CsizIW

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