April 25th, 2013 by Sarah
Our article about the perks of investment property struck a chord with many readers. Learning how to protect your credit and invest safely is Priority #1 on the path to becoming a successful landlord. We’re taking this topic a step further by uncovering the best ways to avoid buying a money pit. The results will keep your credit score in top shape.
Don’t expect much hand-holding when it comes to buying real estate. Sure, you might have a great realtor at your side, but the fact remains that they cannot legally advise you how and where to live. Profiling a property based on neighborhood safety, school systems, economic strength, etc. is a broker no-no, leaving you with little guidance in the decision-making process. With that in mind, be sure to research the following as you begin your investment property search:
February 7th, 2013 by Sarah
We talk a lot about how to rebuild credit, but what if you’re just starting out? The act of establishing credit is just as important—perhaps more so—because it sets the tone for a positive financial future.
If you are new to the blog, spend some time sifting through the hundreds of articles we’ve posted. In the meantime, consider the items below. These credit-building mistakes are common, and should be avoided if possible.
• Rent-to-own your stuff.
continue reading “How to Build Your Credit the Wrong Way” »
November 20th, 2012 by Sarah
The holidays are around the corner, and it’s time to think about gifts. You may have a list of swag for family and friends, but how does your budget stack up? Do you intend to pay cash, or do you need the help of credit cards to cover the balance of holiday cheer? If you opt for credit this year, do so responsibly. Pushing your limits to the max will undoubtedly affect your:
- Credit utilization, or the amount you owe vs. your total credit limit.
- Ability to repay the balance.
- Credit score. A surge in debt is viewed as risky, especially if you don’t pay the balance right away. The consequences could cost you a few credit score points.
- Interest rates, which are likely to rise as your credit score decreases.
While giving is better than receiving, spreading joy should never lead to credit repair woes. Follow the tips below before embarking on a shopping trip this season. The results will allow you to use credit safely and protect your finances along the way.
September 18th, 2012 by Sarah
Credit scoring is confusing and broad: FICO, TransUnion, Experian, Equifax, etc. You’re probably thinking, which score counts? Avid readers of our blog have learned that the Fair Isaac Corporation actually uses the information found within your credit reports to calculate your FICO score. Known simply as a “credit score,” the FICO rating ranges between 300 to 850 points and measures your level of risk and ability to repay debt. FICO scores are widely used by creditors to approve or deny loan applications, lines of credit, mortgages, etc. While useful to lenders, many consumers criticize the scoring model, citing it as the only popular rating system, a monopoly with no competition. With the advent of the VantageScore, their criticisms have been heard.
continue reading “What is a VantageScore?” »