Category

Interest Rates

Once I pay off a past debt, how long until my credit updates?

By | Consumer Knowledge, Credit Score, FICO, financial advice, Interest Rates, Rebuilding Credit | No Comments

You pay off a past debt, now you want the reward! Many people ask about the time it takes for their credit report to update once they pay off a past debt. If you’re anything like me, you wait a few weeks and then start checking to see if the derogatory mark has dropped. It can never happen soon enough;…

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Is transferring my credit card balance for a better interest rate a good idea?

By | Consumer Knowledge, Credit Cards, Credit Score, financial advice, Interest Rates | No Comments

An introduction to credit card balance transfer. The average credit card debt in the U.S. is $5,331 on an individual level. But, if you’re new to the credit game, you’re not likely part of this statistic. For those of us that have been building and maintaining credit for a while now, we know there are some common techniques to keep…

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What does No Credit Needed really mean?

By | Bad Credit, Consumer Knowledge, Credit Score, financial advice, Interest Rates | No Comments

Does your credit score prevent you from getting retail store credit cards? You know the story: You visit a store, find exactly what you’re looking for, and immediately sign up for a store credit card. Later you find out that agreement came with a snag: an astronomical interest rate. Most of the retailer stores offering credit cards will cost you…

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What is Debt to Income Ratio and How Does it Affect my Credit Score?

By | Consumer Knowledge, Credit Cards, Credit Score, FICO, financial advice, Interest Rates | No Comments

I’m good at making money, even better at spending it. Debt to income (DTI) ratio confuses a lot of people. Unfortunately, these people are often the ones in need of some kind of financial assistance. Many consumers aren’t aware of the simple calculation they can do to find their DTI, or the affect it has on their buying power. As…

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How long will paying minimum monthly payments really cost me?

By | Credit Cards, Credit Score, FICO, financial advice, Interest Rates, Unsecured Debt | No Comments

I’ll pay more next month… When creating a budget, you’re told to keep your expenses as low as you possibly can, and it’s good advice. Unless of course you’re making credit card payments. Most people are tempted to make the minimum monthly payment on their credit card in an effort to offset other bills. In the long run this is…

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