Getting married is exciting, but it brings many challenges. One such challenge that you and your spouse will have to face is how to merge your finances. Planning carefully and communicating clearly are important, because the financial decisions that you make now can have a lasting impact on your future.Continue reading “Merging Your Money When You Marry”
If you feel that you have been making less use of cash lately, you are not the only one. 2016 may finally be the year that cash loses its title as king, forfeiting that top position to credit and debit cards instead. Based on research recently conducted by Euromonitor International, a market research company, consumers around the globe are expected to spend nearly $23.1 trillion on goods and services through alternative means, eclipsing the $22.6 trillion forecast for cash transactions.
MARTINSVILLE, N.J., June 20, 2016 (GLOBE NEWSWIRE) — When it comes to finance, numbers clearly matter. However, one of the most powerful within the realm of personal finance is a three digit indicator that shows just how worthy of a borrower an individual is – the notorious credit score. We have all heard about it, but what exactly is this and how is it comprised? According to Ken Schapiro of Condor Capital Management, it is a three-digit number that is generated from information collected by credit agencies and paints a picture of how healthy someone’s finances are. By taking a look at this score, lenders have an initial indication on whether or not to extend credit to you for such things as a mortgage or car loan. In addition, if you are approved for credit, your credit score will also be utilized to determine the interest rate that you are charged. Generally speaking, Schapiro says that a good credit score to target is 720 or higher, though all lenders will have different standards to determine what score is optimal for the extension of their services. With so many factors to consider, it is increasingly important to build a strong credit history and work to increase your credit score over time. However, in order to consider ways to increase a credit score, it’s important to know what goes into a credit score is.
As a follow-up to an article we posted last week about whether now may be a good time to apply for a credit card, we wanted to offer our 2 cents on an upcoming option: the Costco Anywhere Visa Card by Citi.
While current Costco Amex cardholders will receive their new card by mail – and without a hard inquiry – for use on June 20th of this year, those in the market for a credit card should check out the rewards that this card offers and consider whether it makes sense for them.
With a variety of rewards programs and upgraded terms aimed at capturing new users amid a broader shift to a cashless society, you may be asking yourself whether now is a good time to apply for a credit card. What you may not realize, however, is the impact this would have on your credit score.
Generally speaking, opening up a new credit card should only have a minimal adverse impact on your credit score up front. With time, though, being approved for a new card can actually boost your score and increase your credit worthiness!
Let’s take a closer look at what the more immediate negative impacts are first. Continue reading “Credit Card Soup – Should You Be Applying?”