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Wednesday’s need-to-know money news

May 24, 2017 By Liz Weston

Today’s top story: 7 tax tips for new college grads. Also in the news: Why many people don’t know the cost of bad credit, how to travel on the cheap, and the death of payday loans.

7 Tax Tips for New College Grads
It’s a whole new tax world.

How Costly Is Bad Credit? Many Don’t Know, Survey Shows
A look at just how expensive bad credit can be.

To Travel Cheap, Steer Clear of These Booking Flubs
Don’t make these mistakes.

Payday loans are dying. Problem solved? Not quite
The slow death of payday lending.

Filed Under: Liz's Blog Tagged With: bad credit, college grads, Credit Score, payday loans, tax tips, travel tips

Wednesday’s need-to-know money news

May 17, 2017 By Liz Weston

Today’s top story: The high cost of bad credit. Also in the news: 5 tips to finding a cheaper flight, auto-paying bills by credit card, and United States workers are losing out on billions of dollars in pay.

How Costly Is Bad Credit? Many Don’t Know, Survey Shows
Ignorance isn’t bliss.

5 Tips to Find a Cheap Flight
Saving a little extra.

Auto-Paying Bills by Credit Card: Help or Hassle? Yes.
It can be both.

Every year, U.S. workers lose out on billions in pay
Getting what you deserve.

Filed Under: Liz's Blog Tagged With: airplane tickets, auto-paying bills, bad credit, employment, overtime, scams

Q&A: Fixing your credit scores after a bankruptcy

October 31, 2016 By Liz Weston

Dear Liz: How do you repair credit scores after filing for bankruptcy? My husband and I are in this situation and are looking to reestablish credit and increase our credit scores. Also, how long do closed accounts appear on the credit report?

Answer: Filing for bankruptcy may have actually helped your scores. Researchers at the Federal Reserve Bank of Philadelphia found scores typically plunged in the 18 months before people filed for bankruptcy and rose steadily afterward. The average credit score before someone filed Chapter 7 was 538.2 on Equifax’s 280-to-850 scoring range. By the time filers’ cases were discharged, their average score was 620.3.

You can continue the upward trend with a credit-builder loan. These loans, typically offered by credit unions, put the money you borrow — usually $500 to $1,000 — into a certificate of deposit or savings account that you can claim once you’ve made 12 monthly payments. Your payments are reported to the credit bureaus, so you can build a decent credit history and your savings at the same time. If your local credit union doesn’t offer these loans, check to see if there’s a community development financial institution near you that does. You can find links to these at www.cdfifund.gov. Another option is Self Lender, an online company that makes credit-builder loans.

If you don’t already have a credit card, you can accelerate your scores’ rehabilitation with a secured credit card. You make a deposit, typically $200 to $2,000, with the issuing bank and get a credit line equal to that deposit. You should use the card lightly but regularly, being careful not to charge more than about 30% of its credit limit and paying the balance in full each month.

Another option is to wait until your scores are in the mid-600s and then apply for a regular credit card.

The bankruptcy will remain on your credit report for 10 years, but it will have less effect on your scores as time goes by as long as you continue to use credit responsibly.

Filed Under: Credit & Debt, Credit Scoring, Q&A Tagged With: bad credit, Bankruptcy, credit repair, q&a

Friday’s need-to-know money news

October 28, 2016 By Liz Weston

bankruptcy_formToday’s top story: Careers that can help you conquer your student debt faster. Also in the news: What a good credit card company will offer people with bad credit, how to pay for bankruptcy when you’re broke, and five apps that automate your money.

Some Careers Can Help You Conquer Student Debt Faster
Kissing your student debts goodbye.

4 Things a Good Credit Card Issuer Will Offer People With Bad Credit
Getting on the path to better credit.

How to Pay for Bankruptcy When You’re Broke
A classic Catch .22

5 apps that automate your money and make you richer
Building your savings a few cents at a time.

Filed Under: Liz's Blog Tagged With: bad credit, Bankruptcy, careers, Credit Cards, money apps, student debt

Friday’s need-to-know money news

September 23, 2016 By Liz Weston

o-CREDIT-REPORT-facebookToday’s top story: What you need to qualify for a credit card when you have bad credit. Also in the news: How to escape low-yield savings options, how one couple paid off $74,000 of debt in two years, and the building blocks that lead to smart money decisions.

What You Need to Qualify for a Credit Card for Bad Credit
Don’t fall for high fee offers.

How to Escape Low-Yield Bank Savings Options
How to get better returns without increased risk.

How One Couple Paid Off $74,000 in 2 Years
The success of the snowball method.

These Are the ‘Building Blocks’ That Lead to Smart Money Decisions
Teaching kids sound money practices.

Filed Under: Liz's Blog Tagged With: bad credit, Credit, Credit Cards, debt, kids and money, low-yield savings options, snowball method

Thursday’s need-to-know money news

September 8, 2016 By Liz Weston

FICO-score-calculation-300x281Today’s top story: Applying for the wrong credit cards can make bad credit worse. Also in the news: Store reward programs worthwhileness, preschoolers and personal finance, and the #1 cause of financial stress in your state.

Applying for the Wrong Credit Cards Can Just Make Bad Credit Worse
Be selective.

Are Store Rewards Programs Worthwhile?
Only if you’ll actually use the benefits.

Should Preschoolers Be Taught Personal Finance?
It’s never too early to start.

This is the No. 1 cause of financial stress in your state
Odds are pretty good your state is worried about debt.

Filed Under: Liz's Blog, Uncategorized Tagged With: bad credit, Credit Cards, financial stress, kids and money, personal finance, store reward programs

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