Contact Me Today
Store credit cards
A retail store credit card can only be used at that store or an affiliated group of stores. These can be easier to get than a regular credit card if you have poor credit. They can be a good way to build your credit.
You can use credit cards to build your credit score. Have at least 2 credit cards, make the payments on time each month. Don’t max out the credit cards each month.
Phishing, smishing, vishing
These are all types of scams where criminals try to steal your personal data. If someone tells you that you won a lottery in another country, or that you are entitled to receive an inheritance, don’t respond. Read the detailed article here: https://www.fdic.gov/consumers/consumer/news/october2020.html?source=govdelivery&utm_medium=email&utm_source=govdelivery
More People Getting Bank Accounts
A record 95 percent of US households had bank or credit union accounts in 2019, according to the FDIC. Mobile banking has more than doubled since 2017. https://www.fdic.gov/analysis/household-survey/
Canceling a credit card
You have paid off a credit card. Should you cancel the card now? If you cancel the card, this will cause a dip in your credit score. A better choice would be to put the card away and use it later if needed.
Teaching Children to Manage Money
Teach children how to work with budgets early on. Also help them to see the relationship between going to work and having money. Here is a good resource on teaching kids about money. Copy and paste this in your web browser: https://www.fdic.gov/consumers/consumer/news/september2020.html?source=govdelivery&utm_medium=email&utm_source=govdelivery
Car Loan Debt
If you get a car loan, make sure you can afford the monthly payments. Otherwise, your car can get repossessed and you can get taken to court for what you still owe on the loan. A car loan can, however, be a good method to build your credit score. Make sure your payments are on […]
Your payment history is a big part of your credit score. It counts for more than a third of your credit score. If you are late on payments for credit cards, department store credit cards, car loans and mortgages, this will bring down your credit score.
Whenever possible, try to get federal student loans rather than private student loans. The federal student loans give you more protection. They also have more clear cut rules and applications about repayment and deferment.
A car loan can help you build up your credit score. If you make regular payments, it will build your credit over time. Be careful to not buy more car than you can afford.