Once your child turns 18, they are legally able to open a credit card in their own name. A starter credit card is a great tool for responsible young people to establish credit history and work toward a strong credit score. But for young people with limited financial experience, opening and managing a credit card can seem complicated. Here’s how to help your child get a starter credit card. Teach Your Child the Basics of Credit Before your child...
Late payment can not only affect your credit scores but also have other consequences such as late fees and penalty rates.
Things happen. Maybe you have to make a late payment on your credit card or loan to prioritize other expenses. Or maybe you simply forgot about a bill. Regardless of the reason, the consequences of late payments are never something to look forward to, especially since they can negatively affect your credit scores. Do late payments affect your credit score? How your credit score is affected depends on how recent the late payment is, the number...
If you are among the millions of Americans currently unemployed, you’re probably juggling a lot already. But now is not the time to drop the ball on your credit score. That mistake can cost you a lot in the long run. The latest official unemployment rate from the Bureau of Labor Statistics is 7.9%. That equates to about 12.6 million people. More than 36 million Americans have filed for unemployment since late March as a result of the...
What happens if your credit score drops? Here are steps you can take to work toward your credit goals.
There are steps you can take to help protect your identity and your credit. This includes a credit freeze or a credit lock.
Refinancing your mortgage can have major benefits, but it also can cause your credit score to temporarily dip in some scenarios. Here’s how refinancing can affect your credit score.
Your credit score can affect how much it costs to insure your car, home, life and more. Insurers use the information in your credit report (among other risk factors) to generate a credit-based insurance score that helps determine your monthly premiums.
President Trump has ordered an extension of suspended payments for federal student loans through Dec. 31, extending the CARES Act suspension through the end of the year. The forbearance continues to provide some economic relief to borrowers who have been financially impacted by the COVID-19 pandemic. Payments are not required, and interest does not accrue during this time. But if you can afford to make your payments, it can save you some money...
Know the difference between hard inquiries and soft inquiries on your credit report.
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*Source: Fair Isaac Corporation.
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