Using Credit Wisely

Credit plays an important role in our financial lives and keeping a good score is essential. Avoid these seven things that can significantly damage your credit score.

Home equity lines of credit (HELOC) have a wide variety of uses. Read this article to learn more about how they work and how they can help you tackle your next project.

If you’ve ever been to a department store or chain retailer, the salesperson probably asked you if you wanted to open a store credit card, which is like a normal credit card except that, in most cases, you can only use it at participating stores and businesses. Some of the biggest chain outlets and retailers, such as Target, Home Depot, Walmart, Macy’s and other clothing retailers offer this option. But how do these cards work? And can they actually help you save money? Let’s find out.

If you’re in the market for a consumer loan, you may have the option of choosing between what’s known as a secured loan and an unsecured loan. Both types of loans will give you access to funds that you will need to pay back at a later date, but they come with clear differences that every borrower should be aware of. Learn more about the difference between secured and unsecured loans so that you can find the right type of loan for your needs.

If you are new to the world of Home Equity Loans and HELOCs, learn how these loans work and how you may be able to use them to your advantage.

Most people need a mortgage to buy a home, and this means borrowing money from a lender. The lender will always charge interest on top of the principal amount used to buy the home. The interest rate depends on a number of factors, including those related to monetary policy and the health of the economy, as well as those related to your personal finances and credit history. Learn more about how these rates affect the housing market and your bottom line.

Are you looking to improve your credit score? A secured credit card can help you do just that. Like a traditional credit card, you can use a secured credit card to pay for everyday expenses, such as gas, groceries and even booking your next vacation. However, to qualify, you will need to put down a deposit, which safeguards your credit in case you fall behind on your credit card payments. If you don’t qualify for a traditional credit card, you may have to use a secured credit card until your credit score improves. Use this guide to find out if a secured credit card is the right choice for you.

If your credit card debt is getting out of control or you’re having trouble making payments, you should consider consolidating your credit card debt. Depending on which route you take, you may be able to lock in a lower interest rate, which will help you pay off your debt sooner. Consolidating your debt will also make it easier to manage, especially if you have an outstanding balance on more than one card. You will only have to make one monthly payment instead of sending money to multiple creditors. There are several ways to consolidate your credit card debt but choosing the right option depends on how much money you have and the current outstanding balance. Some options could leave you with a higher interest and even more debt, so make sure you understand how these changes will affect your finances. Use this guide to learn how to consolidate your credit card debt the right way.

Carrying high credit card debt month to month can have a negative impact on your finances. Credit cards have some of the highest interest rates on the market today, making it more difficult to get out of debt. Carrying around credit card debt can also negatively affect your health. This kind of debt can lead to increased stress and anxiety. If you have credit card debt, learn more about how it can affect your health and what you can do to pay it off.

If you’re thinking about getting a credit card, you may be wondering “How does a credit card work?” Applying for credit cards can open up a world of possibilities for you by helping you build credit and maintain a respectable credit score.

A good credit score generally falls within the range of 670 to 739, while a very good credit score is between 740 to 799. A score that is 800 or above is considered excellent. While it is important to know what is considered a good credit score, there is more to understand regarding credit scoring and how it affects you. Even though it is simply a number, it can make a big difference in your financial life. Therefore, let’s step back a moment and take a closer look at the impact your credit score has on purchases, the factors of a credit score and how to get a good score.

Many of us need to take out a loan to buy a new or used car, considering many makes and models can cost tens of thousands of dollars. However, you don’t need to stick with the original loan you used to purchase the vehicle. Refinancing your current auto loan can potentially help you lock in a lower interest rate, helping you reduce your monthly payments. However, auto loan refinancing isn’t for everyone. Learn about the pros and cons of this option before you sign off on a new loan.