Search Results for: five ways to ruin your credit score fast

Fighting Credit Interest Rate Increases

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With the struggles in the banking industry, many financial institutions are looking to their credit card branches to help them recoup losses. Traditionally, credit cards are the most profitable venture a bank or lending institution offers. With the high rates they charge both consumers in interest and the merchants in fees, this is usually a win-win for the company. Unfortunately, consumers are being hurt by this crunch. Many credit card companies are now increasing interest rates to help drive up the profits. Even good customers, with strong credit scores and payment history, are receiving letters notifying them their interest rates … Continue reading →

Credit Card Debt

Last month, Miriam wrote a very good blog on Five Tips to Help you Stop Using Credit Cards. It’s very interesting, and good advice for those who need to get a handle on their spending (which would be the overwhelming majority of us!) If you have a lot of debt, you may want to add another couple of steps – first, negotiating a better interest rate. Some night when you’re not stressed, take out all your cards and their statements. Arrange them from high to low interest. Is there a big range? Assuming that your credit isn’t in shambles, you … Continue reading →

5 Steps to Safely Build a Credit History

It is recommended that young people take the time to build their credit history. This way when it comes time to borrow a car or a home, they can receive lower interest rates, because they have a good solid history. It can be important to do, but at the same time you should proceed with caution. Many end up ruining their credit in the name of building a good credit history. Here are five tips to help you safely build your credit history. 1) The easiest way is to take out an interest free loan from a store. If you … Continue reading →

5 Ways to Ruin Your Credit Score Fast

Credit scores can change often, sometimes for the worst. Avoid these five surefire ways to send your score tumbling. 1. Missed or late payments Perhaps the most important thing that you can do to protect your credit score is to make all payments on all accounts on time, every time. Aside from the associated late fees, even one late payment can threaten your financial health by lowering your credit score (thus increasing the interest that you may be charged on loans). Even if you don’t intend to apply for a loan any time in the near future your one late … Continue reading →