Tagged With "Credit Scores"

Reply

Re: Buying or leasing a car

Theodora ·
Buying out your lease might make sense because you will avoid paying the overage on the miles and the disposition fee of turning the car in (if you don't lease again) -- but double-check the residual value in your contract and then run your car value through Kelly's Blue Book to compare. The residual value is that fixed amount that the leasing company will not budge on for a buy out -- it is non-negotiable. Once you have that figure you can see how it compares to the car's actual worth.
Reply

Re: Home Equity Loans / Lines of Credit

mintjulep ·
Hard to answer for you specifically, but we keep an open line of credit in the form of an equity loan for emergencies. We've had the most recent equity line for almost 5 years and have never tapped into it so therefore it's on paper only until we do use it, no monthly payments until we do. It can help improve your credit score if you responsibly make your payments. I look for as fixed a rate as possible, which is tough to find in an equity loan these days. And understand if you default, the...
Reply

Re: Family and Finances- How much did you learn growing up?

Katie Pellicano Leslie ·
According to my parents and older siblings you could've called me a money hoarder. I did jobs around the house at 4 to earn money. My mom was a saver, but my mom always had trouble with my dad. They ran a business until he retired. Out of the 3 of us, my mom said I am the best at saving, then my brother, and my sister use to be okay at it but not good over the years. I guess I remember always afraid of being broke. I cried when my mom took my money to the bank (age 4)until I understood the...
Reply

Re: Curious: If you had $10k start up cost, What business would you start?

MsChris ·
I want to rent to own a mobile home and/or a R.V. but my credit score is at zero. It's been wiped clean. I have no credit! I'm starting all over at the age of 60. My divorce left me totally financial destroyed. I have 3 great children. They are now young adults. I was determined to raise my children in the lifestyle we all deserved. Unfortunately my very wealthy ex-husband went for my throat. He wanted revenge and my financial ruin. He also wanted to convince the court that I was to blame.
Reply

Re: Credit cards

Bayou Jen ·
If you feel that you have too many and won't use them, then that's a good idea. I'd like to offer a few pieces of advice: If possible, keep the card that's been open the longest. The age of your accounts (how long you've had the card) is a big factor in your credit score. Make sure when you call to close the account, ask them to indicate that the account was closed at your request. Otherwise it may look like the credit card company closed it which is not as favorable to your credit score.
Reply

Re: Credit cards

KellyFromKeene ·
If you are trying to increase your Credit Score, then don't close the accounts! I learned this the hard way Keep them open UNLESS having them is too much of a temptation and you will get yourself deep in debt with them. You can cut them up while keeping the accounts open.
Reply

Re: Credit cards

Moore Income ·
Congratulations on paying them off, you are quite far ahead financially than the average person by doing that! Closing your accounts is not recommended and will negatively affect your credit score. If you are able to keep your finances in check and restrain from racking up a balance on them it will help you maintain a strong credit score in the long run. While credit cards can be a temptation, having a good credit score can come in handy in many different instances in life. Also credit cards...
Reply

Re: Credit cards

E Allen ·
I wouldnt close the older ones. The newer ones maybe. The thought is that having older lines of credit helps your score. I would say if the newer ones dont lessen your average age then its ok. This assumes that you will not carry debt on the other cards which would affect your utilization.
Reply

Re: Credit cards

Susan L. Miller ·
Hi Kelly- Thanks for your comment-actually the opposite. My score is very high, I don't plan to make any big purchases like a home or car, and I want to have less chance for the bad guys to steal my info! I saw a report that said dark web will sell thousands of identifying info for $50!
Reply

Re: This week’s Community Announcements 12.20

MsKimberly ·
I have found that my favorite gifts to give are to the people who love sentimental gifts. Being creative, it is pretty easy to come up with gift ideas that are sentimental.
Reply

Re: January No Spend Challenge

Brenda Peek ·
Hello. I just joined a few minutes ago. I am happy to be included. I hope to learn money saving tips and raising my credit score. I am willing to listen to ideas. I thank you all for being here and for letting me join
Reply

Re: what are the benefits of using a credit card

lismox ·
Building credit (which helps determine your credit score) and getting points/rewards for using it, which works out best if you pay it off every month.
Reply

Re: Credit Scores during the Crisis

Dear Penny ·
Thanks for your question, Theodora! I can't predict what lenders will do, but I can predict that A LOT of people aren't going to be able to pay all of their bills, or their credit card balances are going to creep up. And when this passes, lenders are going to want to lend money and give credit cards to the same people again, especially those people who paid their bills faithfully until this crisis hit. Think about how many people were able to buy houses again within a few years of losing...
Topic

This is how I save a little bit here and there.

Tara Baynard ·
I've been reading on here that many folks are looking for ways to save money each month. I have found a couple of ways by following one of my dad's habits. I am very careful about what I throw away. I recycle as much as possible . I have a burn barrel to burn my confidential papers, but that can be shredded and used as packing material as well. If i have left over food or things that can be put in a compost i place it in a plastic bag and take it to a compost area i have created. I live in...
Topic

This week in... The Penny Hoarder Community!

Briana ·
Happy Wednesday, Penny Hoarders! For those of you who might be new here, each week we'll be showcasing the latest community news and updates in an announcement post. This is a great way to keep you all up-to-date on the latest happenings. Announcements Announcing the Member of the Month for JUNE! For those who haven’t heard, our Member of the Month for the month of June goes to… @mintjulep, AKA Patricia May. Patricia is one of the first to help provide advice to members in...
Topic

This week in... The Penny Hoarder Community

Ashlee ·
We’ve survived another week and made it to Friday Penny Hoarders! Anyone else a holiday procrastinator like I am? Thanks to our Daily newsletter, I was reminded that there are only two weeks until Halloween - EEK! I still have no idea what I am dressing up as but want to take a more budget friendly approach with my costume this year. What are you all dressing up as? Do you have any tips for creating a fun costume on a budget? And now for this week’s announcements… Grab your library cards...
Topic

This week in... The Penny Hoarder Community

Ashlee ·
Happy Friday Penny Hoarders! We finally got a taste of fall weather earlier this week here in Florida. It didn’t last long, but made me think of my favorite things about this time of year. What are some of your favorite budget friendly fall activities? Growing up in the Pacific Northwest, I love apple picking and pumpkin patches. And now for this week’s announcements… Thank you again to everyone who participated in our member survey, your feedback is invaluable! Join me in giving a shout out...
Topic

This week in... The Penny Hoarder Community

Ashlee ·
Happy (early) Thanksgiving Penny Hoarders! Are you all ready for next week? What are some tips you have to save this time of year? I need all the help I can get as those Black Friday ads start coming out... I will be off next week enjoying a long weekend with my family so there will be no announcement. We will be back in December to kick off a new month! Here’s your weekly round up of announcements... Want to win the ultimate holiday shopping spree? We’ve teamed up with some awesome brands...
Topic

This week in… The Penny Hoarder Community

Briana ·
Happy Tuesday, Penny Hoarders! For those of you who might be new here, each week we'll be showcasing the latest community news and updates in an announcement post. This is a great way to keep you all up-to-date on the latest happenings. Announcements We’re halfway through the month of April, which means halfway to announcing our new Member of the Month! The Member of the Month is a contest that awards the most active member (posting, likes, comments) with a $25 gift card to a place (or...
Topic

This week in… The Penny Hoarder Community

Briana ·
Happy Tuesday, Penny Hoarders! For those of you who might be new here, each week we'll be showcasing the latest community news and updates in an announcement post. This is a great way to keep you all up-to-date on the latest happenings. Announcements Congrats to April’s Member of the Month! We recently announced our April Member of the Month @MsKimberly. If you haven’t yet, be sure to give her a big congrats in the comments of the announcement! If you’d like to be the next...
Topic

This week’s Community Announcements 1.21.20

Maryann ·
Hi everyone, Hope everyone has had a great week. Thank you to everyone who joined our first Dear Penny live Q&A! We had a first in the community this week with our live Q&A! The Penny Hoarder’s Senior Editor and voice behind the personal finance advice column Dear Penny, Robin Hartill joined us to answer all your questions about credit card debt. The live Q&A is closed now but the forum is still available to our community, so if you missed the fun this week, you can go back and...
Topic

This week's Community Announcements - 12.13

Maryann ·
Hi everyone! Thank you all for welcoming me to the community. I’ve had a blast hanging out this week and can’t wait to get to know more of you. December is always a special month at The Penny Hoarder HQ. First, we celebrated The Penny Hoarder’s 9th Birthday at our HQ this week with champagne and donuts. *Cue the birthday song* Here’s to many more years to come! We held our Brews & Side Gigs event at our HQ on December 4, and were thrilled that community member @Moore Income was able to...
Topic

This week’s Community Announcements 12.20

Maryann ·
Hi everyone! Just where did the month go? 2020 is just a stone’s throw away! We’re celebrating one year as a community this week. How time flies! It’s been so great supporting each other here. Thank you all for making this community such a special place! Is anyone still trying to nail down the right gift? We published our 2019 holiday gift guide last week. With Christmas quickly approaching, we know how challenging it can be to come up with some fun gift ideas. We partnered with some of our...
Topic

This week’s Community Announcements 2.7.20

Maryann ·
Hi everyone, I hope you all had a great week. As someone who has adjusted well to my sunny life in Florida, I was thrilled to hear Pete the groundhog did not see his shadow — hello, Spring! There’s been a lot of great discussion in the community this past week. A lot of you are asking some great questions, so let’s help each other out. We’d love your thoughts on these threads: Catherine Nicholas asked “ Once enrolled and debt is paid off, how long does it take to get a good credit score ?”...
Topic

This week’s Community Announcements 4.10.20

Maryann ·
Hi everyone, I hope you’re all doing well. It’s been about four weeks since we’ve gone remote at The Penny Hoarder. I know the past few weeks have been challenging for many of us. So, I thought I’d ask: what’s keeping you going? What’s making you smile? Though I’m quarantined, I’ve made a point to connect virtually with friends and family, and of course, this community. Those connections and conversations keep me going! I think we can all use a pick me up and reminder of all the good things...
Topic

Today I Will Share my success story of clearing exam

Roland Herndon ·
When I had first given the CompTIA A+ demo test, I was determined to give my hundred percent. So I focussed on clearing the mock tests with the good score because if I score well here, I score well in the actual CompTIA A+ certification exam. This was my motto. Gradually, I started scoring well and the good score was not ephemeral because I had started understanding the nuances of the syllabus which ultimately helped me in staying on the path of success. I scored 86% in the exam at first...
Topic

Help with credit score

Robin Osmun-McGill ·
Hello, I was wondering if anyone could direct me or has any information about how to remove things off my credit report. For example, one of my primary questions is how to I get my name taken off a mortgage I have no title to, without costing me any money? I have been divorced for 14 years, and every time I try to apply for a home, a car etc..This shows on my credit score as on going. I have no claim to this property, but they want $1000 for me to be taken off. My ex won't pay for it to be...
Topic

Maintaining Available Credit Card Limit Ratio While Decreasing Number of Credit Cards

Alison D. Gilbert ·
I have too many credit cards. I really want to not use them and let several of them close by the issuer for lack of use. Right now I use less than 1% of my available credit. I have read it is OK to use up to 30% without negative consequences. My credit score is 813. I would like to keep it this high. Will letting some cards close hurt my score?
Topic

Credit

Donald Tobias ·
My situation is this, I've been working on getting my credit at a good level for several years. I applied for cards. Got one or two but not getting that score to go up at all. Pay in time for six or eight months and notice the score is one point higher. I have a mishap and my score will drop 50 points. One late payment cost you more than not having credit at all. I'm just trying to figure it out. Help.
Topic

Equifax, Transunion and Experian.

Wilma Ingram ·
Why does the three anive companies say" If you apply for the sugested credit cards," checking/applying "won't hurt your credit score" ? Boloney ! I did as they suggested. My credit score dropped ! Also I've had wrong thing's listed on my 3 credit scores, I keep telling them, they don't listen.
Topic

Financial Fitness February: Day 13

Moore Income ·
Today was a tiring day for me, mostly because I didn't get a lot of sleep last night, however, financially speaking things went pretty well today. 1.) Sourcing Discontinued Items Although, I am trying to slow down my sourcing and focus more on listing, there were two stores that I still wanted to check out. Ace Hardware & The Home Depot I was able to get around to all 3 Ace Hardware stores in town today but only scored big at one and then got 3 of one profitable item at another. The...
Topic

Out of work - questions about bill strategies

Joe Charles ·
Ok I’m out of work for at least a month, I applied for unemployment, hopefully it will go into my bank account soon , but I have a budget that is used to me making money to fit my budget, today I had to take money out of savings to cover my car payment. I have other bills, don’t know what to do? Should I Call my creditors to deferred payments, hurt my credit score, maybe refinance mortgage to get some money, or borrow $ to pay bills or just pay some bills and not other bills,again ruined my...
Topic

Raise my credit score

Cherrita Harris ·
What would you recommend I do to raise my credit score?
Topic

Social shares can earn you BIG community points!

Briana ·
If you share your favorite community thread on social media and tag us (while using the hashtag #lessmoneystress) we're giving you 100 points to add to your community score! Hint: Your community score reflects how active you are in the community and earns you cool things like - Member of the Month, MVP opportunities, etc. If you read our weekly community announcement yesterday, you may be familiar with a fun social sharing contest we just announced. For those who have no idea what I'm...
Topic

Soft Inquiries

Swayla Monche ·
Do soft inquiries impact your credit score or just the hard inquiries? If someone could answer this, I'll greatly appreciate it.
Topic

Starting a new credit card - is now a good time?

Kate Kyleen ·
My credit score is 780+ and, before the coronovirus pandemic hit, I was debating on starting a new credit card that has rewards attached, and 0% intro APR. My utilization % is very low, and I intend to keep it that way, I just wanted to build up money back rewards as we prepare for a newborn (due in June!). I know very little about a lot, but I'm wondering if anyone who is credit savvy could weigh-in and let me know if I should continue moving forward with my plans to open new credit, or if...
Topic

Close Checking Account

Leon ·
Does closing one checking account and opening a new one hurts your credit score? I am leaving BB&T and transfering everything to Navy Federal Credit Union.
Topic

Got credit card debt? Join us next week for a live Dear Penny Q&A about credit card debt with The Penny Hoarder’s Sr. Editor Robin Hartill

Maryann ·
Hi everyone, We have some exciting news! We’ve noticed one of the topics that has routinely come up here is credit card debt. You all have asked everything from how to bounce back from a plunging credit score, to whether or not step in to aid a friend drowning in debt. We’d love to help support you in realtime! On January 13, we’ll have Robin Hartill, a senior editor at The Penny Hoarder and the voice behind the personal finance advice column “Dear Penny,” join us here in the community to...
Reply

Re: Retirement or debt?

LauraD ·
I would suggest working on turning your debt over onto a 0% interest card that way all your payments go to the principle balance. If you sign up for the Credit Karma app they will send you suggestions based on your credit score. As for the retirement plan, hang in and keep earning.
Reply

Re: Close Checking Account

Shannon H ·
Closing bank account can hurt your credit score but you have another account in place so it should not effect your credit score.
Reply

Re: Close Checking Account

Moore Income ·
I have never had it hurt my credit score. Generally, a checking account should not affect your credit score. There are however some situations related to a checking account that might. If the bank you open the account with does a hard pull of your credit, it will affect it obviously. Also, sometimes signing up for "overdraft protection" could essentially affect your score. Other than that, the only other thing that might affect it is if you are managing your account poorly (bouncing checks, ...
Reply

Re: Should I purchase extended warranty?

DipperDave ·
I was in the used car business with my own small dealership for many years and I sold many warranties. You have to realize warranty companies are there to make money! Overall, they always will. What you are buying is something that you may come out ahead if and only if you have far more issues than the average. You are far better off to take $50 per month (or $100 if you have a high repair cost car) and tuck it away into a savings account so you have an emergency fund for repairs. Or if you...
Reply

Re: This week in... The Penny Hoarder Community

MsKimberly ·
Those look like great books, and I love to read. Unfortunately, I have been so busy I have not had time to read. When I get caught up, those are the ones I want to grab.
Reply

Re: This week in... The Penny Hoarder Community

BeckAtsila ·
When we were kids, my brother went out as Audrey II from Little Shop of Horrors. We made a pot out of a cardboard box, then the plant's body out of a green blanket, and a mouth with red and white poster board. We wrote "Audrey II" on the pot. And it won in the town costume contest. The books sound good--I've read Rich Dad Poor Dad and am not sure what to think of it. Kiyosaki definitely gets the different mentalities right, but he's also bankrupted every business he's ever run and was...
Reply

Re: This week in... The Penny Hoarder Community

AverageJoe ·
@BeckAtsila , Kiyosaki isn't always to be taken at his word. I'm not saying he's a liar, but some investigation needs to be done before following anything he suggests. Motivational speakers earn most of their income from just that...motivational speaking and their ability to sell books or information they've either written themselves or have had a ghostwriter do for them. I don't think in my nearly 60 years of life that I have found ONE of these types that have given the truth about...
Reply

Re: Finding a mortgage company on line!

mintjulep ·
I've not personally used any online mortgage company but have heard good things about Quicken. I think if you have a good credit score, a good debt to income ratio, and funds to close (be it down payment or closing costs) there are a few good online mortgage companies. If you have issues with any mortgage qualifying procedures or requirements, I don't think you can beat a hometown, well experienced mortgage broker or small bank. Most of them allow you to submit docs online anyway, and I...
Reply

Re: This week in... The Penny Hoarder Community

Ashlee ·
That is awesome you were able to apply what you learned reading about investing and come out on top. Saving $1,000 is no easy feat! Thanks for sharing your two cents. We may need to start a Penny Hoarder Community money book club to discuss all of the great books out there! Happy early Halloween! Love that you want to include your pets in your costume.
Reply

Re: This week in... The Penny Hoarder Community

Alisha James ·
Thanks for the Gift Card! It was an easy survey and I didnt even realize there was a drawing to win anything. 😂 This is a great community and I'm happy to be here!
Reply

Re: This week in... The Penny Hoarder Community

Adam Clark ·
Hi n good bye
Reply

Re: This week in... The Penny Hoarder Community

D Varma ·
Hi
×
×
×
×