When my son was 16, I made a decision that many of my friends with teenagers thought was a little "out there": I let him have his own credit card.
Even when you practice good fiscal fitness, your credit score can suffer a knock-out. Sometimes the steps you think make financial sense can actually harm you, even if you pay your bills on time, keep your debt to reasonable levels, and make purchases that are responsible, not frivolous.
That’s all good stuff and goes a long way toward establishing a solid financial footing. But there are things you may be doing — often with the best of intentions — that you could hurt your credit score.
Check out these five ways your actions could hurt your credit score.
Active duty military and National Guard members take note: effective October 31, the three major credit reporting agencies — Equifax, Experian, and TransUnion — will provide you with free electronic credit monitoring services to help you spot and combat identity theft.
I have a confession. I’ve worked in financial services for the past four years, but I haven’t checked my credit score in over a decade.
I’ve been a member of Hanscom FCU that entire time, but it wasn’t until I started working here this summer that I realized how risky it was to be in the dark about my score. I checked it once when I was about 20, and have basically just closed my eyes and hoped things worked out.
Are you tired of hearing “credit or debit” when you go to pay for something at a store? I am. I hear it so often, I just automatically say “debit” when asked. I never think about what it actually means. It just seems easier to enter my PIN right when I swipe my card than waiting to sign at the end of the transaction. Silly, I know, but that’s just me.
Topics: Credit Card
Your boss calls you into the office with great news: You've earned a raise, or perhaps you're getting a bonus for all the hard work you've done this year. Now you can buy those shoes you’ve been eyeing, or replace your old iPhone with the latest iteration.
While the urge to celebrate and reward yourself is understandable, hold onto your wallet and think before spending. Putting your long-term goals ahead of short-term needs can make your money work harder for you in the long run, reduce crippling debt, or boost savings for a rainy day or a sunny retirement.
Here are five things you can do with that raise that'll help you reach your financial goals:
My day fell apart in front of the iced coffee machine at my neighborhood convenience store. I had pulled out an extra-large cup, filled it with ice cubes, and then mixed the iced coffee and milk in my traditional equal portions. I could practically taste the cold brew, and the long, refreshing gulp that would ward off the already rising morning temperatures. But first I needed money to pay for my treat. And that’s when I realized: I had no money because I had no wallet.
Earlier this week Equifax settled with the Federal Trade Commission (FTC), the Consumer Financial Protection Bureau, and 50 U.S. states and territories, agreeing to pay out up to $425 million to consumers whose personal information was exposed during their data breach. Approximately 147 million people were affected by this breach, so if you were one of them, here's what to do:
Despite the popularity of credit card accounts, it’s easy to for holders to make mistakes that can cost them money. These are the top blunders to avoid:
A $2,000 balance on your credit card – how did that happen? (Oh yes, dinner at Chez Fifi, new tires, school clothes for the kids…) Thankfully the minimum payment is only $38. You can afford that!