Month: April 2015

Quiz: Are You Financially Ready for Children?


Raising kids is a costly venture. According to a 2014 report by the USDA, middle class families will spend an average of $245,340 to raise a child born in 2013. Although many households spend less (or more), one factor transcends all income levels: planning. Whether you earn $40,000 or $400,000 per year, understanding your financial strength is imperative. So, are you ready for a family? Take the quiz to find out.

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Is there a mandatory credit reporting period?

Here’s one from, I need my reading glasses but I’m gonna try, this is one from Credit Protection Association. Dear Mr. So and So, I’m writing in reference to your correspondence of “date” please be advised that this account was closed on such and such additionally, a deletion request was sent to the National Credit Reporting Bureaus. Please allow 3-4 weeks for this deletion to be reflected on your credit report. If I can be of any further assistance, oh really? Please don’t hesitate to contact me. Well, ya know, this is a creditor who was paid. Are they obligated to remove the credit reporting after they’ve been paid? No they’re not. Might they? They might! Are they not supposed to?

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Credit Repair by Age: Your Priorities


Credit damage isn’t a generational problem. According to data compiled by Credit Karma, credit scores by age are as follows:

  • 18-24 years old: 630
  • 25-34 years old: 628
  • 35-44 years old: 629
  • 45-54 years old: 646
  • 55+ years old: 696

If age provides wisdom, why aren’t our credit scores following suit? A 40-year-old may know more about credit than a 20-year-old, but both are faced with a unique set of financial challenges. The key to credit improvement is a dynamic focus. Keep the following priorities in mind as you age. What you learn could shed new light on credit health.

Your 20’s

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Fair Isaac Corporation Announces New Credit Score


Recently, Fair Isaac Corporation — also known as FICO — announced a new score intended to help people who have little to no credit history receive approval for financing.

This alternative score is being tested as a pilot program among 12 of the largest credit card issuers in the United States to identify consumers who have difficulty getting approved for credit.

These consumers — previously considered “unscoreable” — can now be scored based on alternative data, according to FICO. Currently, FICO is testing the pilot program and alternative scores, but they hope to have the score based on alternative data available to lenders later this year.

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Credit Stability: Five Debts You Don’t Need

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Debt is an essential part of credit health. Without it, the credit bureaus cannot grade your money management skills or level of responsibility. While you may think every positive account should benefit your credit score, there are other factors to consider:

  • How does this purchase affect my savings?
  • Am I wasting money by choosing this method of financing?
  • Is there a better way to buy what I need?

Ask yourself these questions as you review the following revolving and installment debts. What you learn could help you avoid unnecessary pitfalls.

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