Credit Report/Score
Do You Need Credit Monitoring?
Tuesday, June 8th, 2010
Everywhere you look, it seems, some company is offering to monitor your credit report – for a fee. Do you need the protection? A recent CNNMoney.com story said most people do not. The article noted that using a credit-monitoring service won’t prevent anyone from opening credit in your name. The only way to do that ... [Read more]
Should You Cancel An Unused Credit Card?
Tuesday, March 9th, 2010
A common question I get in workshops is, “Will it hurt my credit score if I close one of my credit card accounts?” The answer is “maybe.” But the reasons why or why not may surprise you. It is commonly thought that, especially when it comes to a card you’ve had for a long time, ... [Read more]
What To Do With Unused Credit Cards
Tuesday, January 26th, 2010
In my “Money, Purpose, Joy” workshop, I always get lots of questions in the section on credit scores. And one of the most common questions is whether to close old, unused accounts. The general answer is no, as explained in detail in this helpful Bankrate.com article. The main reason to keep the account open has ... [Read more]
A Credit Score Short Course
Thursday, January 7th, 2010
Your credit score impacts everything from the interest rate on your mortgage, to your insurance premiums, to whether you’ll get the job you applied for. According to MSN’s Liz Pulliam Weston, today’s ideal is to have a score of 740 or higher (scores range from 300-850). We are all entitled to a free credit report ... [Read more]
Your Life is an Open Book
Thursday, October 8th, 2009
It sounds like a horrific scene out of some sci-fi movie set decades down the road – lots of computer databases filled with lots of information about…you! But it’s not some fictionalized account of the future; it’s today’s reality. As described in Consumer Reports, information about your use of credit, insurance claims, medical history, and ... [Read more]
Inquiring Minds
Thursday, July 23rd, 2009
These days, everyone from prospective employers to cell phone service providers are looking at your credit report. But not all credit report inquiries are created equal. As reported on Mainstreet.com, a “soft inquiry” is made when you request your free credit report or a company where you’ve applied for a job pulls your report. Such ... [Read more]
Inquiring Minds
Thursday, July 9th, 2009
These days, everyone from prospective employers to cell phone service providers are looking at your credit report. But not all credit report inquiries are created equal. As reported on Mainstreet.com, a “soft inquiry” is made when you request your free credit report or a company where you’ve applied for a job pulls your report. Such ... [Read more]
Under the Financial Microscope
Monday, January 12th, 2009
By now you’re aware of the importance of keeping your credit score strong by paying your credit card bills, mortgage, and other loans on time and keeping your credit utilization (how much of your available credit you use) low (10 percent or less is best). But did you know that paying your phone bill late ... [Read more]
A Credit Score Game Changer
Wednesday, November 12th, 2008
Even if you make no changes in how you use credit, your credit score could change for the worse in the near future, according to a story on MarketWatch.com. The issue is that credit card companies are lowering some people’s credit limits because more people are falling behind on their payments. With a lower credit ... [Read more]
Your Number Matters
Friday, August 8th, 2008
Several times in this eNewsletter we’ve discussed the importance of knowing and managing your credit score. A recent MarketWatch article emphasized the point by highlighting five types of organizations beyond creditors who use our credit scores to guide their relationship with us: employers, insurance companies, landlords, utilities, and cell phone carriers. Keeping our score high, ... [Read more]
A Credit Score Primer
Monday, July 7th, 2008
Checking your credit report may seem about as exciting as flossing your teeth, but it’s important to your financial health. Syndicated personal finance writer Gregory Karp devoted three recent columns to the topic, reminding us of some of the basics and adding some helpful tips. The basics include making sure to order your free credit ... [Read more]
Cracking the Code on LifeLock
Tuesday, June 24th, 2008
By now you’ve seen the commercial in which Todd Davis gives you his Social Security number. He’s one of the founders of LifeLock, a company that offers to protect you from identity theft for a monthly fee of about $10. A New York Times article noted that while the company has lined up more than ... [Read more]
ID Theft Protection Hype and Help
Tuesday, April 8th, 2008
With identity theft much in the news, various ID theft protection services have emerged. But a recent Wall Street Journal article said most are not worth the cost. The only pay-to-play service that may be worthwhile is a credit freeze, which prevents access to your credit file. Depending on where you live, it may cost ... [Read more]
Giving ID Thieves the Big Chill
Wednesday, October 10th, 2007
We will soon have a new, albeit cumbersome, weapon in the fight against identity theft. According to an article on Bankrate.com, by next month people in all 50 states will be able to freeze their credit file at all three of the major credit bureaus. Everyone already has the right to place a fraud alert ... [Read more]
