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Q&A: This guy still sends checks through the mail. How that could mess up his credit score

May 10, 2021 By Liz Weston

Dear Liz: My husband has a lower credit score than I. He gives me a check every month from his personal checking account, which I deposit in our family account so I can pay our credit cards. He thinks that he needs to pay some of the cards directly in order to improve his score. He likes to send checks by mail, the old fashioned way (which drives me crazy!). Do you think this practice will improve his score?

Answer: The short answer is no. Credit scoring formulas don’t care who pays the bills, as long as the bills get paid on time.

Perhaps explaining some credit scoring basics would help.

People don’t have one credit score. They have many, because there are many different scoring formulas in use.

The most commonly used credit score is currently the FICO 8. There are many other versions of the FICO scoring formula, including some that are tweaked for different industries such as credit cards and auto loans. In addition, there are VantageScores, a rival formula created by the three major credit bureaus: Equifax, Experian and TransUnion.

Credit scores are based on the information in your credit reports at those bureaus, which are private companies that typically don’t share information. Because information can vary from bureau to bureau, your credit scores from each bureau may differ as well.

There’s no such thing as a joint credit report or a joint credit score, so couples typically will have different scores even if they have some joint accounts. How long a person has had credit, how many credit accounts the person has and the mix of credit types can be different, resulting in different scores.

Your husband may have lower scores than yours currently, but that’s not in itself a problem that needs to be fixed. If his scores are generally above 760 on the typical 300-to-850 scale, he’ll get the best rate and terms when applying for credit.

If his scores need improving, he should start by checking his credit reports from each of the three bureaus at www.annualcreditreport.com. (These reports used to be free just once a year, but you can now get them for free every week until April 2022.) He should dispute any information that’s inaccurate such as accounts that aren’t his or accounts showing missed payments if all payments were made on time.

He may be able to improve his scores by lowering how much of his available credit he’s using or adding an account or two. Opening accounts may temporarily ding his scores, but typically the new account will add points over time if used responsibly.

And do try to persuade him to stop sending checks in the mail. A check that goes astray can result in a missed payment that can knock 100 points or more off credit scores. Electronic payments are far more secure and efficient.

Filed Under: Banking, Credit Scoring, Q&A Tagged With: banking, Credit Score, q&a

Friday’s need-to-know money news

May 7, 2021 By Liz Weston

Today’s top story: 8½ birthdays that can affect your finances. Also in the news: How to navigate the costs of starting your van life, how to befriend your money and reap the benefits, and how long something stays on your credit report.

8 ½ birthdays that can affect your finances
Mark your calendars.

How to Navigate the Costs of Starting Your Van Life
Turning a vehicle into a home requires research and often a big budget. Here are some tips for getting started.

Befriend Your Money and Reap the Benefits
Looking at your money as a friend.

How Long Does Something Stay on Your Credit Report?
Most credit activity stays on your report for seven years.

Filed Under: Liz's Blog Tagged With: befriending your money, birthdays, credit report, credit report activity, financial milestones, van life

Thursday’s need-to-know money news

May 6, 2021 By Liz Weston

Today’s top story: How 3 entrepreneurs overcame credit struggles. Also in the news: 4 best ways to redeem your choice privileges points, Medicare and hospice, and how to spot a predatory lender.

These 3 Entrepreneurs Overcame Credit Struggles; Here’s Their Advice
Credit unions, credit counseling and even credit cards helped — but so did their resolve to ask questions and put in the hard work.

4 Best Ways to Redeem Your Choice Privileges Points
These sweet spots don’t cost a lot of Choice Privileges points, even in pricey destinations like New York or Tokyo.

Does Medicare Cover Hospice?
The answer is yes, but you must qualify and use a Medicare-approved hospice provider.

How to Spot a Predatory Lender
If it sounds too good to be true, it is.

Filed Under: Liz's Blog Tagged With: choice privileges points, credit struggles, entrepreneurs, hospice, Medicare, predatory lenders

Wednesday’s need-to-know money news

May 5, 2021 By Liz Weston

Today’s top story: What COVID-Era travel changes are likely here to stay? Also in the news: How to travel cheaply and safely this summer, 5 key credit card strategies for international travel, and the best no-fee credit card welcome bonuses right now.

What COVID-Era Travel Changes Are Likely Here to Stay?
The pandemic has changed the standards for working on the road and cleanliness on airplanes.

How to Travel Safely and Cheaply This Summer
Continue to follow CDC guidelines for travel, but book sooner than later to save money for summer trips.

5 Key Credit Card Strategies for International Travelers
People who spend a lot of time abroad should look for travel credit cards with international perks and partners.

The Best No-Fee Credit Card Welcome Bonuses Right Now
You don’t need to pay a big annual fee to get a bonus.

Filed Under: Liz's Blog Tagged With: COVID-era travel, international travel, no-fee credit card welcome bonuses, safe travel tips, travel tips

8 ½ birthdays that can affect your finances

May 5, 2021 By Liz Weston

You hit a lot of milestone birthdays when you’re young. There’s your first birthday, of course, and also the one where you turn 10 (finally, double digits!). At 13, you’re a teenager. At 16, you’re probably thinking about driving. At 18, you can vote; at 21, you can get into bars.

You hit a bunch of milestones later in life as well, and many of them have to do with retirement. Knowing these age milestones can help you better prepare for life after work. In my latest for the Associated Press, see how close you are to one of these milestones.

Filed Under: Liz's Blog Tagged With: age milestones, financial milestones

Tuesday’s need-to-know money news

May 4, 2021 By Liz Weston

Today’s top story: What to do when you can’t open a bank account. Also in the news: 6 tips to streamline insurance payments on home damage claims, college-bound grads could exit with $38K in student loan debt, and how to build your business credit score.

What to Do When You Can’t Open a Bank Account
A bank or credit union could deny an account application.

6 Tips to Streamline Insurance Payment on Home Damage Claims
Reporting the damage to the insurance company in a timely fashion can put more money in your pocket faster.

College-Bound Grads Could Exit With $38K Student Loan Debt
There are a number of ways to cut down on the amount borrowed for a bachelor’s degree before, during and after college.

How to Build Your Business Credit Score, and Why It Matters
What you need to know about establishing your business credit score and how to improve it.

Filed Under: Liz's Blog Tagged With: bank accounts, banking, business credit, home damage, insurance payments, student debt

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