Earlier this year, the CARD Act went into effect, changing the credit card market as we knew it. Many of the changes were in favor of the consumer: a grace period is now required on interest rate increases, there are new notification rules, and creditors have to consider payments made before 5pm on the due date as on time.
Another provision, though, was a huge game changer for college students: In order to get a credit card under age 21, you have to prove you have the income to make the payments, or get a co-signer. More…
I’d like to open my first credit card and am looking for some advice. I am a year out of college, so I won’t be spending a ton of money on the card, under $1000/month (and plan on paying it off immediately every month). Since I won’t be spending much money on it, I would like a card with rewards that I will be able to realistically use. Besides that, being new to the credit card search, what else should I look for? – Nicole, Washington, DC
Opening your first credit card is a step in the right financial direction! It’s important to establish your credit early on – it’ll determine your eligibility for loans, mortgages, and new lines of credit throughout your lifetime, and your credit history is a big More…
You know how important your credit score is – but unemployment and the recession have played a role in lowering the average credit scores of Americans. So what can you do to get your score up if it’s falling into high-risk territory? Watch the clip below from this morning’s edition of Today’s Money to learn a few tips that can help you gradually improve your score.
This morning, the Money 911 experts panel tackled some of your tough money questions. After a job loss, what can you do with your fully-vested pension? How can you begin to build credit? What can you do when you’re struggling to make your mortgage payments? For the answer to these questions — and a few more — check out the clip below!
I want to gain better control over my money by using my debit card instead of my credit card, but am not sure what the different effects will be on my credit and finances. Can you explain the differences? – Megan, Ohio
Megan,
There are some pros and cons to both credit and debit cards – let me break it down.
Debit Card Pros
·     You’re automatically living within your means. You’re spending your own money that you already have, which means don’t have to worry about paying interest.  (The only exception is if you overdraw your account.  More…
This morning on Money 911, we answered a variety of your money questions. For help with anything from overdraft fees and 529 plans to banking security and more, watch the clip below. Have a different question? Submit it to me here!
I had so much fun last night talking to hundreds of mark.girls on their national call/webcast. Â At the end, I said send me your questions and I’d do my best to post answers. Allison wrote:
Hello Jean: Listening to you in our national sales call was great! I just have a question. I’m having some problems credit wise. #1 I don’t know what my credit looks like and I don’t trust the websites to check it. Any suggestions? #2 I don’t think I have established my credit at all, is there a way you recommend to establish and build it with out a cosigner?
Hi Allison: Good question. Â You can — and should — know what your credit looks like, starting with whether you have a credit history at all. Â Go to annualcreditreport.com and pull a free credit report from one of the three major credit bureaus. More…
What is a Uniform Gift to Minor Account, and how does it differ from a 529 Plan? How can I pay for my wedding and avoid building more credit card debt? How can I remove old accounts from my credit report to boost my score? I helped the Money 911 panel answer these questions (and more!) on the TODAY show this morning. Watch the clip below for our money advice.
Traveling? Find out the best ways to carry money during your vacation. Looking to buy a house? Discover how much money you’ll want to set aside before you take the plunge. Considering refinancing your mortgage? Determine if it’s the best choice for you. For help with these issues, and many more, watch the clip below from this morning’s Money 911.
What is considered a good credit score today? I know lenders have gotten tighter than they used to be about what they’ll loan out and at what interest rates, and I’m not sure what I can expect with my credit score. – Caroline, New Jersey
Caroline,
You’re right – just like Americans have been tightening their belts when it comes to their spending, lenders have had to do the same when it comes to lending. Your risk factor as a customer depends on your credit score, which helps lenders understand what kind of a customer you’ll be before they take you on. Your credit score is determined using five factors: More…
Earlier this year, the CARD Act went into effect, changing the credit card market as we knew it. Many of the changes were in favor of the consumer: a grace period is now required on interest rate increases, there are new notification rules, and creditors have to consider payments made before 5pm on the due date as on time.
I’d like to open my first credit card and am looking for some advice. I am a year out of college, so I won’t be spending a ton of money on the card, under $1000/month (and plan on paying it off immediately every month). Since I won’t be spending much money on it, I would like a card with rewards that I will be able to realistically use. Besides that, being new to the credit card search, what else should I look for? – Nicole, Washington, DC
I want to gain better control over my money by using my debit card instead of my credit card, but am not sure what the different effects will be on my credit and finances. Can you explain the differences? – Megan, Ohio
Hello Jean: Listening to you in our national sales call was great! I just have a question. I’m having some problems credit wise. #1 I don’t know what my credit looks like and I don’t trust the websites to check it. Any suggestions? #2 I don’t think I have established my credit at all, is there a way you recommend to establish and build it with out a cosigner?
What is considered a good credit score today? I know lenders have gotten tighter than they used to be about what they’ll loan out and at what interest rates, and I’m not sure what I can expect with my credit score. – Caroline, New Jersey
