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MoneyTips Beware of Credit Score Inflation America's credit scores have improved along with the improving economy. Compared to 2006, there are approximately fifteen million fewer Americans with credit scores below 660 and a corresponding increase of fifteen million Americans with scores greater than 740. That's good news, with a potential downside. Federal Reserve research suggests that we're experiencing credit score inflation, similar to grade inflation in college. The economy is doing so well that the true risk of marginal borrowers may not be properly represented. Analysts are concerned that today's consumer with a credit score of 660 – considered the boundary for subprime lending – may reflect higher risk than a consumer with a 660 credit score a decade ago. Consumers may be doing okay now with a 660 score in a strong economy, when they are more likely to have a decent paying job – but what happens in tougher times? Are they properly prepared for an ec...

MoneyTips You've reached a point where you don't have to use credit cards anymore. Your home is paid off. You don't have other outstanding debts. You must be an excellent credit risk, right? As strange as it sounds, creditors do consider you a risk when you've become "credit-retired." If you haven't been using credit for some time, you don't have any recent information in your credit report – which is the primary method lenders use to assess your risk. If lenders can't assess your risk, they won't extend credit. Why do you care about credit ratings if you have resources to pay for everything? For one reason, you can't count on those resources lasting – consider a stock market crash, an expensive medical condition, or other event that could rapidly drain your resources. You could eventually be in a situation where you need credit again for a large purchase – such as replacing your car or downsizing to a new home – and cash simply isn&#

MoneyTips If you're in the market for a home, a high credit score is key to qualifying for a mortgage loan and getting the lowest interest rates possible. What do you do if your credit score is toward the lower edge of qualification? The March 2019 Chartbook from the Urban Institute's Housing Finance Policy Center has good news for you. Median FICO credit score limits dropped from 730 to 727 from November 2018 to February 2019 – not much of a change, but every point matters when you're near the edge. The housing crisis drove qualifying FICO credit scores for mortgages up significantly. Median scores for mortgages rose from 700 pre-crisis to 733 in 2013, but at the 10 th percentile – generally the lowest acceptable credit score to qualify for a mortgage – borrower scores rose from less than 600 to just over 650 in 2013. As of February 2019, the 10 th percentile borrower credit score was at 642, well above pre-crisis levels. Potential homebuyers... from MoneyTips

MoneyTips If you're in the market for a home, a high credit score is key to qualifying for a mortgage loan and getting the lowest interest rates possible. What do you do if your credit score is toward the lower edge of qualification? The March 2019 Chartbook from the Urban Institute's Housing Finance Policy Center has good news for you. Median FICO credit score limits dropped from 730 to 727 from November 2018 to February 2019 – not much of a change, but every point matters when you're near the edge. The housing crisis drove qualifying FICO credit scores for mortgages up significantly. Median scores for mortgages rose from 700 pre-crisis to 733 in 2013, but at the 10 th percentile – generally the lowest acceptable credit score to qualify for a mortgage – borrower scores rose from less than 600 to just over 650 in 2013. As of February 2019, the 10 th percentile borrower credit score was at 642, well above pre-crisis levels. Potential homebuyers... from MoneyTips

MoneyTips You reach for the bill, and then realize that your wallet is missing. You mentally retrace your steps, add up how much cash was in there, and stress over whether someone will use your credit cards and try to steal your identity. Besides all the time it will take to cancel your credit cards and debit cards and get a new driver's license, how much is this fiasco going to cost you? Says Greg Scott, IT professional and identity theft victim, "Think about replacing a driver's license, Social Security card, insurance cards, all your credit cards, your blood donor card, changing your locks so nobody can use the spare key you kept in your wallet, and everything else you found important enough to carry all the time." In an exclusive MoneyTips survey, we asked 509 Americans in November whether they had ever lost or had stolen their wallets , purses, pocke... from MoneyTips http://bit.ly/2vlDHLo

MoneyTips It's bad enough when someone steals your identity and opens accounts in your name. What happens if thieves steal part of your identity and use it to create a non-existent person? Synthetic identity theft occurs when criminals "synthesize" a false identity using made-up Social Security numbers and other personal information. Sometimes, synthetic identity thieves start with a single piece of real information – for example, a child's stolen Social Security number – and fill in the rest with false information. Once the false identity has been created, thieves rack up huge bills under the identity and simply disappear, sticking creditors with the losses. When criminals pool their talents, synthetic identity theft can reach astonishing scale. According to the

MoneyTips It's bad enough when someone steals your identity and opens accounts in your name. What happens if thieves steal part of your identity and use it to create a non-existent person? Synthetic identity theft occurs when criminals "synthesize" a false identity using made-up Social Security numbers and other personal information. Sometimes, synthetic identity thieves start with a single piece of real information – for example, a child's stolen Social Security number – and fill in the rest with false information. Once the false identity has been created, thieves rack up huge bills under the identity and simply disappear, sticking creditors with the losses. When criminals pool their talents, synthetic identity theft can reach astonishing scale. According to the

MoneyTips Few things get people more fired up than rivalries between states. State lines become battlegrounds over sports, economics, culture ... and credit scores? A credit score comparison may not have the same intensity as a college football game, but we're Americans. We make everything a competition. So, who's number one in high credit scores? According to the latest Experian State of Credit report , Minnesota tops the list with a 709 average on the VantageScore scale (ranging from 300 to 850). The report, released in 2018 using data from 2017, shows strong regional blocks of credit score trends. Nine of the top ten credit score states are located in either the upper Midwest or the Northeast. Behind Minnesota, the top credit scores are Vermont (702... from MoneyTips http://bit.ly/2IID0o0

MoneyTips What's your credit card balance right now? If it's zero, congratulations! You aren't contributing to America's record $870 billion in outstanding credit card balances. According to Q4 2018 data from the Federal Reserve, we have just over $1.05 trillion in total revolving debt, with $870 billion of that as credit card debt. We've topped the previous credit card peak set in late 2008, thanks in part to a proliferation of new cards. Almost 480 million credit cards are in circulation as of the end of 2018 – over 100 million more than when total credit card accounts bottomed out in 2010. Credit card balances increased by $26 billion in the fourth quarter of 2018, the highest quarterly increase of all the household debt categories including mortgages, student loans, and auto loans. Total credit card debt remains below the other three categories, but the increase merits attention – because we aren't handling our credit card debts as well as we could. Ap

MoneyTips You're happy with your favorite credit card. You've used it for years and years. Why would you consider changing to a different one? Card loyalty is a popular attitude in America, according to a new poll from CreditCards.com . Approximately 3 in 10 Americans – nearly 53 million consumers – have never changed their primary credit card. Another 16 million consumers haven't switched cards in the last ten years. Only one-third of cardholders have changed their most-used credit card in the last three years, and only 15% swapped out their most-used card within the past year. Credit card loyalty is getting stronger. The previous year's poll found that nearly 49 million consumers (29% of Americans) never change their primary card from MoneyTips http://bit.ly/2W75j2C

MoneyTips If you're dealing with credit card debt, you know high interest rates make it difficult to get ahead. Even when you're staying on top of your minimum payments, it can take a long time to make a dent in your principal. Financial gurus usually promote one of two approaches to paying off debt : the Debt Snowball and the Debt Avalanche methods. The Debt Avalanche method prioritizes paying down the debt with the highest interest first, while the Snowball method focuses on paying the smallest balance first. The Debt Avalanche method results in greater savings, but the Debt Snowball method brings a psychological "win" that can be quite motivating. A lesser-known approach, the Debt Spiral method , combines the benefits of each. The Debt Spiral Method: How it Works Rather than ... from MoneyTips http://bit.ly/2UUCmu1

MoneyTips It's another lean financial month. You'll be lucky just to make the minimum payment on your credit card bill. Should you wait until you can pay a larger portion of your bill, or pay what you can on time? In a recent WalletHub survey, almost 16% of respondents said they expected to miss at least one credit card payment in 2019, equating to over forty million people nationwide. That's the wrong answer to the above question. It's far better to make a partial credit card payment on time than it is to delay payment. Not only will you incur late fees (typically in the $20-$40 range) per missed payment, you'll also temporarily lose your grace period. Grace periods keep interest charges from the beginning until the end of the monthly payment cycle. Without a grace period, interest accrues from the time of purchase. You may also incur a penalty annual percentage rate (APR) that's h... from MoneyTips http://bit.ly/2XGOdJo

MoneyTips Welcome to the 2018 Consumer Fraud Awards Show! We have a great show for you, with criminal activity galore. Tonight's winners are chosen based on information from the Consumer Sentinel Network 2018 Data Book and brought to you by the Consumer Information Group at your Federal Trade Commission (FTC). Okay, there really isn't a consumer fraud awards show – but it has been a banner year for fraud and identity theft reports. After a three-year decline from a peak of 1.526 million fraud reports in 2014 to 1.29 million in 2017, 2018 fraud reports shot up to 1.427 million. Similarly, identity theft reports peaked in 2015 at just over 490,000, sank for two consecutive years, and rose to over 444,000 in 2018. The number of combined annual fraud and identity theft reports is at a record high. One–quarter of those reporting fraud lost money in the process, resulting in a median loss of $375 and $1.48 billion in total losses. The three top consumer reports of 2019... f

MoneyTips Welcome to the 2018 Consumer Fraud Awards Show! We have a great show for you, with criminal activity galore. Tonight's winners are chosen based on information from the Consumer Sentinel Network 2018 Data Book and brought to you by the Consumer Information Group at your Federal Trade Commission (FTC). Okay, there really isn't a consumer fraud awards show – but it has been a banner year for fraud and identity theft reports. After a three-year decline from a peak of 1.526 million fraud reports in 2014 to 1.29 million in 2017, 2018 fraud reports shot up to 1.427 million. Similarly, identity theft reports peaked in 2015 at just over 490,000, sank for two consecutive years, and rose to over 444,000 in 2018. The number of combined annual fraud and identity theft reports is at a record high. One–quarter of those reporting fraud lost money in the process, resulting in a median loss of $375 and $1.48 billion in total losses. The three top consumer reports of 2019... f

MoneyTips What was America's fastest-growing type of consumer debt in 2018? You may think credit card debt, given that revolving debt has topped the trillion-dollar mark – but according to new data from the credit reporting agency Experian, personal loans had the greatest percentage growth last year. In 2018, outstanding personal loan debt grew by 11.9% to reach $291 billion. The growth rate of personal loans was double the growth rate of both credit card debt and student loan debt (5.9% and 5.8%, respectively). Personal loan growth rates nearly tripled the 4.3% increase in auto loans/leases and far outstripped the 2.8% increase in mortgages. Personal loans are growing at a faster rate partly because they have more room to grow. According to data from LendingTree, personal loans only make up 1.5% of outstanding consumer debt and only 5% when mortgages are excluded. Student loan debt, credit card debt, and auto loan debt all have far greater outstanding balances. ... from

MoneyTips Do you know your credit card numbers by heart? Or at least have them recorded somewhere safe? If you can't locate them, you want to make sure you can put a stop to them before someone else racks up charges on your cards. It's much better to know or record them before they vanish and it's too late. We surveyed 509 Americans in November to learn that nearly 2 in 3 Americans had either lost or had stolen their wallets , purses, pocketbooks or money clips (we'll use 'wallet' from now on to represent these four accessories). Since the law protects people who report missing credit and debit cards quickly, we then asked those who found themselves in this predicament: 21% said they didn't have missing cards, and an additional 8.2% reported recovering the cards, so they ... from MoneyTips http://bit.ly/2IGGoyO

MoneyTips Congratulations! You've made it through the home-buying process. You feel a great sense of satisfaction and relief. Will you feel the same way over time? According to a new survey from Bankrate.com, you have a decent chance of regretting something about your home purchase – especially if you're a millennial. While 79% of survey respondents consider owning a home a part of achieving the American dream, 44% have some regrets about the homes they chose. Almost two-thirds (63%) of millennials suffered from buyer's remorse – more than any other generation and almost twice the rate of baby boomers. Why are millennials facing greater regrets? Survey results suggest that they underestimated the running costs of owning a home. Underestimating maintenance and failing to account for unexpected costs was the most common regret in the survey, cited by 18%... from MoneyTips http://bit.ly/2UN6BTy

MoneyTips According to Federal Reserve data, America's outstanding revolving debt – mostly credit card debt – stood at $1.055 trillion at the end of 2018. Who holds most of that debt? ValuePenguin's report on average credit card debt in America shows that households with the lowest net worth (zero or negative) have the highest average debt ($10,307). However, with respect to age and income levels, ValuePenguin data suggests that you're more likely to hold the most debt if you are from 45 to 54 years old and have an income greater than $160,000. Isn't that contradictory? It seems that way at first glance, but there's a difference between net worth and income. Households with higher incomes carry higher balances because they're more likely to be able to pay them off whenever they choose. Households with no net worth are more likely to carry high balances because they have to. Variou... from MoneyTips http://bit.ly/2Itwv8s

MoneyTips If you've ever carried credit card debt (and most of us have), you know how difficult it can be to get out from under it. The Federal Reserve's data shows that as of the fourth quarter of 2018, the average APR for all credit card accounts is 14.73%. With interest rates like that, it's no wonder so many Americans struggle to pay off credit card debt. When you're ready to tackle your debt, it pays to be strategic. There are several approaches you can take. Popular examples include the Snowball method and the Avalanche method. The Debt Lasso method is a little more complicated but can save you money on interest and get you out of debt sooner. The Debt Lasso Method: How it Works The Debt Lasso metho... from MoneyTips https://www.moneytips.com/debt-lasso-method-of-paying-off-debt

MoneyTips You probably receive plenty of credit card offers, through both direct mail and digital methods like card issuer e-mails and social media ads. Which path is more effective? If you aren't receptive to a new credit card offer, neither path works – but for consumers who are interested in a new card, digital methods are preferred. The new Credit Card Response Rate Report from Mintel Comperemedia collected input from 3,000 consumers and found a significant trend toward digital credit card submissions. Credit card marketing offers are almost equally split between digital and non-digital methods, but nearly three-quarters (73%) of completed applications are received digitally. The remaining 27% are divided among in-person applications (11%), non-mobile phone applications (8%), and replies by mail (8%). The convenience of mobile devices may also be aiding this trend. According to the Mintel report, 4 in 9 (44%) of all credit applications are completed using smartphones o...

MoneyTips What are your top five must-have factors in a romantic partner? If you selected trust, communication, honesty compatibility, and sexual chemistry, you're in sync with most respondents in a new survey from Elevate's Center for the New Middle Class. The Elevate survey was designed to study how finances play a role in dating for both prime and non-prime Americans. Elevate defines prime consumers as those with credit scores above 700, while non-prime consumers – the New Middle Class – have credit scores below 700. You can check your credit score and read your credit report for free within minutes by joining MoneyTips . Both prime and non-prime Americans cite the same five critical factors listed above, and non-prime Americans were slightly more likely than prime Americans to consider each element i... from MoneyTips http://bit.ly/2GigiiW

MoneyTips Prior to the Credit Card Accountability, Responsibility, and Disclosure (CARD) Act of 2009, restrictions on credit card issuers were loose at best. In the wake of the Great Recession, the CARD Act imposed proof-of-income limits on card applicants under 21 years of age without an adult co-signer, set limits on interest rate increases on existing card balances, and directed payments above the minimum toward higher interest balances. In addition, the CARD Act increased card issuer disclosure requirements. Cardholders must be told how long it will take to pay off an existing balance at the minimum monthly rate, and issuers now follow a standard template on fee and penalty disclosures. As the CARD Act passes the ten-year milestone, CompareCards.com decided to survey over 1,000 consumers to evaluate the CARD Act and gather opinions on credit card regulation. An overwhelming number of respondents agreed that more should be done to protect consumers. Only 6% of... from Mone

MoneyTips When your wallet or pocketbook disappears, it's not just cash that you're losing. MoneyTips wanted to see how often people lose credit cards, IDs, and even prescription medications when they are a victim of theft or their own forgetfulness. The loss of these items could lead to identity theft. Warns Greg Scott, an IT professional and identity theft victim, "Let's all just be smart on what we keep in our wallets and what we leave at home. The more physical identification somebody can steal from us, the easier to steal our overall identities." We polled 509 Americans in November to learn that nearly 2 in 3 Americans had either lost or had stolen their wallets , purses, pocketbooks or money clips (we'll use 'wallet' from now on to represent these four accessories). We then asked those whose wallets vanished:

MoneyTips Do you whip out your credit card to take care of every large purchase? Maybe you shouldn't. A personal loan may be a better alternative – but when would it be best for you? A recent finder.com survey explored the reasons why just over one-third (34%) of Americans took out a personal loan in the last year. Says Jon Brodsky, finder's Money Expert, "With roughly 34% of Americans claiming to have taken out a personal loan in the past year, it's important to have a clear understanding of when a personal loan is the right fit for you financially." Vehicle expenses led the field, taken out by 31% of personal loan recipients. Since most Americans need a car and few can pay with cash, it's not surprising that auto-related loans top the list. However, it is surprising that over one-quarter of Americans (26%) took out personal loans to pay bills – the second highest personal loan category. If you have to take out a loan to deal with regular monthly expense

MoneyTips Expand Your Horizons You've been searching for a long time for your new home, without success. Maybe you're looking in the wrong place. According to the Census Bureau's 2017 American Housing Survey (AHS), 35% of people who had recently moved did so because they wanted a larger or higher-quality home – and that dream home may require moving to a different area. The AHS found that another 18% relocated to reduce their housing costs. Apparently, an affordable home that met their needs (or wants) wasn't available in their immediate area. Relocation can mean anything from moving across town to moving across the country. How far are you willing to move away from your current home to find a different one? You may not be able to make a long-distance move. Jobs, family responsibilities, or schools may keep you nearby – or maybe you really like your current area and don't want to move far away. A recent NerdWallet study shows varied home migration... from

MoneyTips It is hard to beat the convenience of a credit card for purchases, but does that same convenience make it worth paying your taxes by credit card? It might, but that depends on several factors involving money and time. "Your credit card is usually a high-interest option, but it is an option," explains Betterment Head of Tax Eric Bronnenkant. Before deciding whether to put your tax bill on plastic, consider the following: Fees – By law, the IRS cannot pay credit card transaction fees. As a result, credit card payments to the IRS are handled through secure third parties approved by the agency. See the IRS website for a list of the approved payment processors and their fees. Credit card fees are percentage-based with a minimum "convenience fee" for smaller bills ranging from $2.50 to $2.69. Percentages range from 1.87% to 1.99... from MoneyTips http://bit.ly/2KdqCOu

MoneyTips Wouldn't it be nice if you could deduct your credit card debt from your taxes? For most Americans, that's just a dream that will never come true. However, some circumstances allow you to deduct some credit card debt – all related to using your card for business purposes. The 2017 Tax Cuts and Jobs Act raised the standard deduction and eliminated or reduced certain itemized deductions as part of a tax simplification effort. It's critical for those who still itemize to take advantage of all possible deductions. Self-employed taxpayers and small business owners who rely heavily on credit cards may be able to save by taking advantage of credit-related deductions. Credit card debt on personal purchases is not tax-deductible, thanks to the 1986 Tax Reform Act. However, three varieties of business-related credit card debt may be deductible. Interest on credit ca... from MoneyTips http://bit.ly/2D1WgIF

The short term fixed interest market has been dominated by ANZ owned UDC over recent years. from DepositRates.co.nz News http://bit.ly/2FRMz09

MoneyTips With new cybersecurity threats cropping up daily and millions of identity thieves devising creative ways to trick you into divulging your personal information, you need to protect yourself from identity theft. Watch MoneyTips Consumer Advocate Kristin Malia share five simple things you should do to prevent your identity from being stolen. For even more protection and peace of mind, let MoneyTips protect your credit and your identity with a free trial . Advertising Disclosure from MoneyTips https://ift.tt/2WHPtLz

MoneyTips New Data Shows When To List Your Home Ah, springtime. Flowers are blooming, birds are chirping – and homes are selling. Are you planning to sell your home, too? According to new research by Zillow, you should list your home during the first two weeks of May to get the most out of your home sale. On average, homes across the nation that listed between May 1 and May 15 sold six days faster than the typical home and yielded approximately 0.7% more money at sale. At Zillow's current average home value of $226,300, that's an increase of nearly $1,600. When's the worst time to sell? The winter holidays appear to depress the average sale price. Homes listed during the last two weeks of December sold for $2,500 less (around 1.1%) than the typical home. Even the day of the week can matter. Homes listed on Saturdays had the largest number of views on Zillow within the first week – 20% more views than homes that listed on Tuesday, the worst day to... from MoneyTip