Should you get a credit card after bankruptcy?
If you've recently had a bankruptcy discharged, your mailbox may be filling with new credit card offers.
Although it seems counterintuitive, some companies actually seek out and market their cards to recently bankrupt individuals. That may be due in part to the fact that once you've declared bankruptcy, the law limits how quickly you can [...]
Building Credit, How Cards Work
What's a credit builder loan?
Looking for a quick way to re-activate or build credit without a credit card? Consider a credit builder loan.
"A credit builder loan is actually a loan. It just happens to have the by-product of helping to establish or re-establish credit," says John Ulzheimer, credit expert at CreditSesame.com. "You might pay $100, $95, $75 a month, [...]
Sworn off credit cards? It could hurt your credit
Up until age 40, Ian Levinson had credit.
"I had credit cards and I maintained perfect credit on credit cards for personal and business use," says Levinson, who owns Cloud House Pottery in Delray Beach, Fla.
Levinson, who grew up in Southern California, opened a new bank account after moving to Sedona, Ariz., in 2006.
He used a [...]
Co-signing a loan? Better be aware of the consequences
So you have excellent credit?
Good for you. A credit score of 700-and-above makes it easier and less expensive for you to buy a home, lease a car, start a business, or obtain any other type of financial credit.
But you can degrade or even ruin that credit -- or take a big hit in the pocketbook [...]
The Freshman $1000: How to help your college student with credit card debt
Instead of gaining the infamous freshman 15 of extra pounds, your student has fallen prey to the Freshman $1000 by quickly running up credit card charges soon after arriving on campus. But unlike other mistakes that your student is bound to make, getting into debt and missing payments can affect his future for years to [...]
Running up the credit score
Valerie Howard of Nashville started planning her financial life at age 14. Now, at age 22, she has two credit cards, a car, a house, a healthy 401(k), and a good credit score.
A good credit score is something you may not think about -- until you need it to get the best credit card, buy [...]
Best credit cards after bankruptcy
More than 1.4 million Americans claimed bankruptcy during the preceding year as of September 2011 (the latest statistics available), punctuating the frustration many Americans felt at the height of the economic crisis. Filing for bankruptcy protection under either Chapter 7 or Chapter 13 requires overcoming extreme emotions. We fear the social stigma of being classified [...]
Best Cards, Building Credit
How $5 ruined my credit score
CardRatings.com asked readers to tell us how they helped or hurt their credit scores. This story from reader Melinda Graham of York, Pa., shows how a little bill can cost you big money.
In the fall of 2008, I got a flu shot at my doctor's office. A few weeks later, I got billed $5 for [...]
Rebuilding credit with the best credit cards
According to federal court records, Chapter 7 bankruptcy filings outnumbered Chapter 13 filings more than two to one during 2011. Home foreclosures and insurmountable medical bills topped the reasons why many Americans are seeking this last resort for debt relief. Even if you've been dutifully paying your credit card bills every month for years, defaulting [...]
Bad Credit, Secured Cards, Building Credit, Credit Report, Best Cards, Credit Scores, Prepaid Cards
5 financial Band-Aids that can make the bleeding worse
You've resolved to improve your financial situation this year. Maybe you want to pay off a loan, knock off some credit card debt or boost your credit score. Way to go!
As you set out to accomplish your goal, beware and avoid options that seem like quick fixes. Often, they only help at the surface temporarily, [...]
Debt, Building Credit, Tips, Financial Literacy