credit Archives - Women’s Money

02Jun 2017 by Women's Money No Comments

The Facts Behind your Credit Score

Credit, Miscellaneous, Money in Your 20s/30s/40s/50s/Retirement

By Julie Macc, Certified Credit and Identity Theft SpecialistWhat is Fico?FICO is an acronym for the Fair Isaac Corporation the creators of the FICO score.The FICO scoring system is used in the United States for extending or offering credit, employment credit checks, landlords, and in States that legally allow it, insurance rates.How is a score made? The FICO score is computer generated using mathematical models. The score takes into account various factors in five different areas to determine credit risk: payment history, current level of indebtness, types of credit used, lenght of credit history, and new credit.People that have a FICO score will range between 300-850.Not everyone has a Credit Score. In order to have a credit score, your credit file has to meet certain minimum standards. Failure to meet…

26May 2017 by Women's Money No Comments

Credit that Cares for You

Credit, Miscellaneous, Money in Your 20s/30s/40s/50s/Retirement

Real talk: Paying for medical care is stressful and expensive. Even if you are fortunate enough to have insurance through your employer, coming up with co-pays on top of the premiums can make your budget, or your savings, cry. When you pay for an individual insurance plan, the situation often becomes more stressful. This is a thorny issue. The cost of healthcare is prohibitive, yet sometimes you genuinely need to see a doctor. So what can you do to ease the financial burden? Unfortunately I have no solutions for the cost of insurance or healthcare. However, the CareCredit card can help make getting the medical care you need a viable possibility.CareCredit is a credit account specifically designed to assist with medical bills that insurance does not cover. Like a regular…

11May 2017 by Women's Money No Comments

Simple Ways to Establish Good Credit

Credit, Miscellaneous, Money in Your 20s/30s/40s/50s/Retirement

So, you are interested in building your credit history, but not sure where to start. Here are a few simple ways to begin building your credit. Always make sure that any credit you decide to use fits within your budget, especially if you choose to take out a loan.1. Start with a Credit Card The first option to build your credit is to apply for a credit card. There are some things to keep in mind if you choose this route. Credit cards can quickly become dangerous to your financial health if you spend more than you can afford to repay every month and become trapped by the interest rates attached to your card.To avoid this, limit your credit card spending to purchases you already make. A common strategy is…

26Apr 2017 by Women's Money No Comments

Credit 101

Credit, Miscellaneous

Credit often feels like a mysterious and treacherous aspect of personal finance when you are young and/or just beginning your money management journey. Despite its reputation, credit is a tool that with responsible use will improve your financial standing. Before you embark on the journey of seeking credit, it is important to know how credit and credit scores work so you don’t accidentally end up in hot financial water.So what is credit? Credit is money you borrow to use for goods and service and that you will repay at an agreed-upon time with any applicable fees and charges (usually interest). There are four types of credit.RevolvingChargeServiceInstallment.Revolving credit is typically associated with credit cards. When you use this type of credit, the lending institution approves you for a maximum amount of…

18Mar 2016 by Women's Money No Comments

WHAT’S THE COST FOR CLOSING A REVOLVING CREDIT CARD? @JulieMaccCredit #creditrepair

Credit

I have noticed a lot of what I consider bad advice regarding closing credit cards to save an annual fee associated with some credit cards. The FICO scoring model subtracts points every time you open or close a revolving credit account. The longer a revolving account is open; the FICO scoring model rewards you with more points.A revolving account is considered an account with a pre-approved credit limit determined by the credit grantor that a consumer makes payments on the balance of the credit used during the month.An installment account is typically a mortgage, student loan or auto loan that typically ( unless the payment is deferred) is paid on a fixed payment monthly until paid in full and closed.It takes about six months to accumulate a payment history on any…