Northern Poconos Real Estate News

Lenders look at your credit report to determine whether you qualify for a loan or credit card. Inaccurate information could lead to an unfavorable interest rate or outright denial of your application. You should periodically request copies of your credit reports and check them for errors. If you find a mistake, act immediately to have it corrected so it doesn’t hurt your chances of obtaining credit.

If your partner brings poor credit to the relationship, it can be an issue you should probably fix together.

A spouse’s poor credit score won’t hurt yours, and credit reports for both people don’t merge when they get married, but continued poor credit habits by a partner can affect each person’s credit score if they have joint accounts together, such as a shared credit card.

Here are some ways to help your partner improve their credit score without jeopardizing yours:

Unable to get a credit card? If so, it may be harder for you to build a good credit rating, making everyday life tasks like making a hotel, plane or car reservation a little more difficult. The same goes for loan approvals.

A secured card can help those who don’t qualify for a regular credit card to establish or repair a poor credit history. But what is a secured credit card and how do you get one?

If you’ve got a problem with credit card debt, there might be a simple solution that’s already sitting in your wallet or purse — a $20 bill.

Having cash in your pocket may seem counterintuitive. If you’ve heard the phrase “burning a hole in my pocket,” then you know how enticing it can be to spend money you’re carrying around.

But having cash on hand can cause you to spend less money than you would with a credit card — at least for small purchases — researchers have found.

A late payment on a credit bill or other debt such as a mortgage can have a significant impact on your credit score. And the higher your credit score is to begin with, the more it can fall after a late payment.

Paying your bills on time is the best way to avoid this. If you don’t make your payments and your account is turned over to a collections agency, you won’t be able to get that account current again. Late payments can stay on a credit report for seven years.

A debit card is a smart way to shop if you want to avoid using a credit card that will charge you interest if you don’t pay the balance in full each month. But because a debit card is directly tied to your bank account, you can lose a lot of protections.

Debit Card Hassles
While a debit card can be seen as safer than carrying cash, it can be a costly mistake if a thief steals it or your personal information to empty your bank account.

No one wants to be reminded by their bank that using a credit card too much is a bad idea. It’s a rule of thumb that everyone knows, but often avoids because a credit card is a major convenience. After all, who wants to always carry cash for everyday purchases?

However, it turns out that “revolvers”—people who carry a balance on their credit card each month with revolving credit—can save some money by being reminded every once in a while by their bank about the downsides of using credit cards.