Michelle Lambright Black, Author - MoneyTips https://moneytips.com/authors/michelle-lambright-black/ Finally, money tips that make cents. Mon, 19 Dec 2022 21:06:08 +0000 en-US hourly 1 https://wordpress.org/?v=6.5.5 How Many Types of Accounts Should I Have on My Credit Reports? https://moneytips.com/credit/credit-scores-reports/how-many-types-of-accounts-should-i-have-on-my-credit-reports/ Mon, 04 Apr 2022 19:30:03 +0000 https://moneytips.com/?p=7355 There’s no question that paying your bills on time is the most important rule to follow when it comes to earning great credit. Yet even a flawless payment history won’t result in the perfect credit score. Believe it or not, 65% of your FICO® Score has nothing to do with whether you make your monthly...

The post How Many Types of Accounts Should I Have on My Credit Reports? appeared first on MoneyTips.

]]> Credit Locks vs. Credit Freezes — What’s the Difference? https://moneytips.com/credit/credit-scores-reports/protect-your-identity/credit-locks-vs-credit-freezes-whats-the-difference/ Mon, 04 Apr 2022 16:01:29 +0000 https://moneytips.com/?p=7303 Are you concerned about keeping your credit information safe from identity theft? You should be. It seems data breaches and scams designed to hoodwink the public are becoming more common. According to the Federal Trade Commission (FTC), they received fraud reports from 2.8 million consumers in 2021 (an increase of over 70% from 2020), with...

The post Credit Locks vs. Credit Freezes — What’s the Difference? appeared first on MoneyTips.

]]> What Is a Finance Charge and How Do I Avoid It? https://moneytips.com/credit/credit-cards/interest-fees/what-is-a-finance-charge-and-how-do-i-avoid-it/ Mon, 04 Apr 2022 15:41:07 +0000 https://moneytips.com/?p=7293 There’s a lot of information to gather before you can borrow money. Whether you’re taking out a mortgage, applying for an auto loan or opening a new credit card, it’s essential to know what to expect upfront. Most importantly, you’ll need to figure out exactly how much a loan or other financial product will cost....

The post What Is a Finance Charge and How Do I Avoid It? appeared first on MoneyTips.

]]> What Is an Excellent Credit Score? https://moneytips.com/credit/credit-scores-reports/what-is-an-excellent-credit-score/ Fri, 01 Apr 2022 19:18:45 +0000 https://moneytips.com/?p=7163 When a lender wants to know how likely you are to repay your loan or credit card balance, it looks at one of your credit scores. This three-digit number represents whether you’re an excellent credit risk, a poor risk, or somewhere in-between. If you have an excellent credit score, credit card issuers and lenders are...

The post What Is an Excellent Credit Score? appeared first on MoneyTips.

]]> Payday Loans: How They Work and Why They’re Usually a Bad Idea https://moneytips.com/personal-finance/debt-management/payday-loans-how-they-work-and-why-theyre-usually-a-bad-idea/ Fri, 01 Apr 2022 16:23:28 +0000 https://moneytips.com/?p=7028 When you need cash fast, a payday loan can offer you a way to borrow small amounts of money quickly when you’re in a financial pinch. Even with bad credit, you may be able to qualify. But these short-term loans are dangerous and come at a high price. Payday loans represent one of the most...

The post Payday Loans: How They Work and Why They’re Usually a Bad Idea appeared first on MoneyTips.

]]> Does Getting Denied for a Credit Card Damage Your Credit Scores? https://moneytips.com/credit/credit-cards/basics/does-getting-denied-for-a-credit-card-damage-your-credit-scores/ Fri, 01 Apr 2022 04:14:17 +0000 https://moneytips.com/?p=6935 Rejection never feels good. But if your credit card application is denied, that uncomfortable feeling of rejection may be laced with some other unpleasant emotions — namely worries about your credit scores. Perhaps you’ve heard that a credit card denial will hurt your credit scores. Thankfully, that is not true. Keep reading for more details...

The post Does Getting Denied for a Credit Card Damage Your Credit Scores? appeared first on MoneyTips.

]]> What Is Deferred Interest Financing and How Does It Work? https://moneytips.com/personal-finance/debt-management/what-is-a-deferred-interest-financing-offer/ Fri, 01 Apr 2022 03:05:47 +0000 https://moneytips.com/?p=6922 Contrary to popular belief, it’s easy to avoid paying interest on credit card purchases. Simply pay your statement balance in full each month and, with most card issuers, that does the trick. Sometimes credit card issuers have special promotional offers, known as deferred interest financing. These offers give you a chance to avoid interest in another...

The post What Is Deferred Interest Financing and How Does It Work? appeared first on MoneyTips.

]]> Credit Card Chargebacks – How To Get Your Money Back https://moneytips.com/credit/credit-cards/statements-payments/credit-card-chargebacks-how-to-get-your-money-back/ Thu, 31 Mar 2022 20:44:43 +0000 https://moneytips.com/?p=6886 Did you ever make a purchase that turned out to be a scam? If you paid with cash or a check, there’s a good chance you had to kiss that money goodbye. But if you make a habit of paying with a credit card, you may be able to recuperate your funds when purchases don’t...

The post Credit Card Chargebacks – How To Get Your Money Back appeared first on MoneyTips.

]]> How Does Credit Card Debt Settlement Work? Is It Right for You? https://moneytips.com/credit/credit-cards/statements-payments/how-does-credit-card-debt-settlement-work-and-is-it-right-for-you/ Thu, 31 Mar 2022 20:34:56 +0000 https://moneytips.com/?p=6870 Credit cards come with some wonderful perks. From attractive rewards and fraud protection benefits to credit-building potential, it’s no wonder that average Americans carry around four credit cards in their wallets. But when credit card debt grows out of control, it can cause serious problems in your financial life. If you feel like you’re drowning...

The post How Does Credit Card Debt Settlement Work? Is It Right for You? appeared first on MoneyTips.

]]> How Your Debt-to-Income Ratio Affects Your Eligibility for New Credit https://moneytips.com/credit/credit-scores-reports/how-your-debt-to-income-ratio-affects-your-eligibility-for-new-credit/ Thu, 31 Mar 2022 17:34:18 +0000 https://moneytips.com/?p=6772 Looking for a loan, but not sure if you’ll qualify? Wondering how you can look your best on the application and what lenders are looking for? When you apply to borrow money, lenders look at a number of factors as they decide whether to approve or deny your request. One factor, called your debt-to-income ratio,...

The post How Your Debt-to-Income Ratio Affects Your Eligibility for New Credit appeared first on MoneyTips.

]]> Do 609 Dispute Letters Actually Help? Explanation and Sample Letter https://moneytips.com/credit/managing-credit/building-credit/do-609-letters-actually-help-explanation-and-sample-letter/ Thu, 31 Mar 2022 16:25:11 +0000 https://moneytips.com/?p=6739 You have the right to expect accurate, error-free credit reports. Literally, it’s your federal right under the Fair Credit Reporting Act (FCRA). Yet, despite the credit reporting agencies’ best efforts to comply with the law, it’s no secret that credit reporting errors still occur. According to a study completed by the Federal Trade Commission, as...

The post Do 609 Dispute Letters Actually Help? Explanation and Sample Letter appeared first on MoneyTips.

]]> What Does a Negative Balance on a Credit Card Mean? https://moneytips.com/credit/credit-cards/statements-payments/what-does-a-negative-balance-on-a-credit-card-mean/ Thu, 31 Mar 2022 13:52:43 +0000 https://moneytips.com/?p=6687 Discovering a negative balance on your credit card statement or online account might make you feel worried or anxious. But a negative credit card balance is probably good news. A negative credit card balance means that your card issuer owes you money. There are several reasons why a negative credit card balance can occur. We’ll...

The post What Does a Negative Balance on a Credit Card Mean? appeared first on MoneyTips.

]]>