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MoneyTips Is your credit card interest rate causing you financial pain? As of April 2020, the average annual percentage rate (APR) across all credit cards is 16.12%. Low-interest rate cards average 12.95% – a huge improvement when you're struggling with debt. If your card's APR doesn't measure up, how do you get a low-interest rate credit card? 1. Improve Your Credit Score – Is your credit score the same or worse than when you received your card? If so, your card issuer probably sees you as just as high a risk as ever. Why would they lower your rate? "The best way to get your interest rate lower is to raise that credit score," agrees financial educator and author Tiffany "The Budgetnista" Aliche. "If you have a higher credit score that means you are more likely to pay back. And if you are more likely to pay back, they are more likely to lower your interest rate. If you are not likely to pay back, people want their money upfront." Check

MoneyTips Can you spot a credit score myth when you see one? Survey after survey, including a 2017 MoneyTips survey , finds that people continually believe the same credit score myths. Have you fallen for these examples? 1. Checking Your Own Credit Report Drops Your Score – This myth confuses the two types of pulls on your credit report. When potential lenders pull your full credit report as part of a credit card or loan application, it's known as a "hard pull". Hard pulls can temporarily drop your credit score. They imply greater credit usage and risk, especially if you're applying for multiple lines of credit. When you check your own report, it's a "soft pull" that does not affect your credit. Other soft pulls include requests from potential employers doing pre-employment checks or insurers/credit card companies who want to send you pre-approval of... from MoneyTips https://ift.tt/2zK0shx

MoneyTips The old phrase “you get what you pay for” really does ring true in some cases. There are some cases where quality is far more important than price. Would you consider discount brain surgery? Probably not… and if you would, we suspect it might be repeat business. Medicine warrants a whole category of areas where quality is more important than price but consider these non-medical examples that are far more likely to affect you than brain surgery. Auto Maintenance – Most of us are good about oil changes, and possibly tire rotations, but too many people ignore warning lights and skip the larger maintenance items like tune-ups, transmission maintenance, and tire replacement. Others choose cheap and unqualified mechanics that may not have the tools and information necessary to work on today’s vehicles that are more complex. All it takes is one blown tire that causes a wreck or an engine problem that... from MoneyTips https://ift.tt/2VTDUSM

MoneyTips You've set up a lame date for the upcoming weekend but you're hoping a better offer comes along. If one does, you're ready to accept it and cancel your earlier date. You're hedging your bets, so you won't be sitting home alone on Saturday night. That logic applies to real estate transactions as well. Perhaps you've received an offer for your home that's disappointing, but you expect a better offer to come along. Maybe you want to make an offer on a home but you need to sell your existing home to make the deal work financially. In the real estate world, you can address these issues with a bump clause. A bump clause in a real estate transaction adds a contingency that one party must meet before the sale can be finalized. Bump clauses get their name because the clauses give the seller the right to accept another offer and "bump" the original offer if the buye... from MoneyTips https://ift.tt/354fB7L

MoneyTips Certificates of Deposit (CDs) can be a useful part of your investment portfolio – but did you know that opening a CD at some banks and credit unions can drop your credit score? It's possible, depending on how your bank or credit union assesses risk. When you apply for credit, lenders check your credit report to assess the risk in lending you money. These credit checks, called hard pulls, drop your credit score slightly. A typical hard pull drops your credit score by around five points and can remain on your credit report for up to two years. You can check your credit score and read your credit report for free within minutes by joining MoneyTips . Creditors use a different and less-extensive cred... from MoneyTips https://ift.tt/2RWw9Ku

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 https://ift.tt/2VOOOsS

MoneyTips It's a classic dilemma. You can't build a credit history and get a credit score without a source of credit, but how do you get a source of credit without a credit history? If you don't have a credit score to assess, you'll have to give lenders a different method of assurance that you won't default on your payments. Here are a few tips to help you assure lenders and acquire a proper starter credit card. 1. Be Employed – Would you extend credit to anyone if they had no income sources to use for repayment? Credit card issuers probably won't, either. If you can't display a steady income, you'll have to show a lender how you plan to repay your credit card balances each month. Without a credit history, your income will likely dictate your credit limit and the type of cards available to you. You aren't likely to get a high limit or cards with many rewards or perks to start with. 2. Consider a Student Credit Card – Cr... from MoneyTips

MoneyTips It's a classic dilemma. You can't build a credit history and get a credit score without a source of credit, but how do you get a source of credit without a credit history? If you don't have a credit score to assess, you'll have to give lenders a different method of assurance that you won't default on your payments. Here are a few tips to help you assure lenders and acquire a proper starter credit card. 1. Be Employed – Would you extend credit to anyone if they had no income sources to use for repayment? Credit card issuers probably won't, either. If you can't display a steady income, you'll have to show a lender how you plan to repay your credit card balances each month. Without a credit history, your income will likely dictate your credit limit and the type of cards available to you. You aren't likely to get a high limit or cards with many rewards or perks to start with. 2. Consider a Student Credit Card – Cr... from MoneyTips

MoneyTips A vacation home sounds delightful, doesn't it? If you can't afford one, you may be able to at least afford a part of one – by purchasing a timeshare. You'll have plenty of company if you do. The American Resort Development Association (ARDA) reports that timeshare sales have risen for eight consecutive years, reaching $9.6 billion in 2017. The average timeshare occupancy rate reached 81%. Typically, timeshares are not financed like traditional secured home mortgages, due to valuation and reselling difficulties. If you can't afford to pay cash, how do you finance your timeshare? Developer Loans – Developers have incentive to provide you a loan on the spot – they can give approval and close the deal quickly. However, the interest rates may be high. ARDA reports an average timeshare loan rate of 14% for a ten-year loan, with higher rates for buyers with poor credit. You can check your credit score and read your credit report for free withi... from Mone

MoneyTips A vacation home sounds delightful, doesn't it? If you can't afford one, you may be able to at least afford a part of one – by purchasing a timeshare. You'll have plenty of company if you do. The American Resort Development Association (ARDA) reports that timeshare sales have risen for eight consecutive years, reaching $9.6 billion in 2017. The average timeshare occupancy rate reached 81%. Typically, timeshares are not financed like traditional secured home mortgages, due to valuation and reselling difficulties. If you can't afford to pay cash, how do you finance your timeshare? Developer Loans – Developers have incentive to provide you a loan on the spot – they can give approval and close the deal quickly. However, the interest rates may be high. ARDA reports an average timeshare loan rate of 14% for a ten-year loan, with higher rates for buyers with poor credit. You can check your credit score and read your credit report for free withi... from Mone

MoneyTips A vacation home sounds delightful, doesn't it? If you can't afford one, you may be able to at least afford a part of one – by purchasing a timeshare. You'll have plenty of company if you do. The American Resort Development Association (ARDA) reports that timeshare sales have risen for eight consecutive years, reaching $9.6 billion in 2017. The average timeshare occupancy rate reached 81%. Typically, timeshares are not financed like traditional secured home mortgages, due to valuation and reselling difficulties. If you can't afford to pay cash, how do you finance your timeshare? Developer Loans – Developers have incentive to provide you a loan on the spot – they can give approval and close the deal quickly. However, the interest rates may be high. ARDA reports an average timeshare loan rate of 14% for a ten-year loan, with higher rates for buyers with poor credit. You can check your credit score and read your credit report for free withi... from Mone

MoneyTips You decide to participate in a government survey regarding your debt and credit card usage. Will you answer the survey questions honestly, or will you shade some of your answers when you're not proud of the truthful response? Researchers at the Federal Reserve decided to compare credit card data from different sources to answer that question. The Fed periodically gathers credit card usage data through the Survey of Consumer Payment Choice (SCPC), as well as the Survey of Consumer Finances (SCF) – both self-reported surveys. Survey data was compared with credit card usage data from the credit reporting agency Equifax to see how accurately survey results matched the agency's data. Merged data from Equifax and SCPC showed that 44% of Americans hold revolving credit card debt – in other ... from MoneyTips https://ift.tt/3beR6rZ

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 https://ift.tt/39RKP3J