Topic: Personal Credit Ratings

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Six predictions for consumers in 2012

It’s been nice, 2011, but as we move into the new year, many consumers are no doubt wondering what 2012 has in store for them, particularly when it comes to their wallets. Is a double-dip recession in the cards? Will it be easier to get a mortgage? Is a checking account switch in order? What will interest rates be like in the new year? Here are my Top 6 predictions for consumers in 2012:
5 financial steps to take before you buy a car

The 2012 car models will soon roll out to dealerships. If you’re looking to buy a car, you've undoubtedly done your research in advance about the right model and trim. The key to affording your dream ride works the same way: Get your financial situation under control before you step foot on the car lot. Here are five crucial steps to take that will help you save thousands of dollars when you buy a car:
Six ways the rich really do get richer

“Class warfare:” Lately this old term has been taking on new life as political theater, a way to rebuke Wall Street protestors, and, predictably, fodder for Fox News. According to Google, in just the last month alone, 3,870 articles have been published containing these words. Another way to express the concept of rich vs. not-so-rich is the expression, “The rich get richer and the poor get poorer.” It’s been around for a long time: According to Wikipedia, William Henry Harrison went there in 1840: “I believe and I say it is true Democratic feeling, that all the measures of the government are directed to the purpose of making the rich richer and the poor poorer.” I’m not going to take a stand on either side of the “class warfare” debate by saying that the rich do or don’t take unfair advantage of the rest of society. This is America, where we all have the potential to become rich. But I will say this unequivocally: The rich do get richer, or at least have the potential to. Let’s count the ways:
Home foreclosed? Top 5 ways to survive.

If you have found yourself in foreclosure – or having to sell your home without making a dime – it probably seems like the end of the world, or at least your life. But here’s a word of advice: Snap out of it! As two homeowners who have had their homes foreclosed, we not only survived, we’ve flourished. And so can you. Here's how:
First credit card? Five key tips for college students.

If getting a credit card is a rite of passage for college students, choosing the right plastic and learning how to use it responsibly is a matter of life and debt. Young people age 18 to 24, carry an average credit card debt of $2,002, according to CreditKarma.com. Before you end up as a debt statistic, learn to pick the right card and manage your credit before getting your hands on plastic. Here are five things every new credit cardholder should know:

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The Simple Dollar
Know your credit report, and what it means

Forget those goofy commercials. You can get your credit report (really) for free from the federal government. When you get it, it’s important to make sure that the information on your credit report is accurate and represents a good picture of your financial history.
Saving Money
Buying a home? Avoid these five mistakes.

Houses are more affordable then they've been in decades, and interest rates are low. But a home can turn into a bad buy if you make one of these crucial mistakes.
The New Economy
Does Suze Orman’s prepaid card solve anything?

Released with great fanfare, The Approved Card from Suze Orman is supposed to help people who use cash responsibly get a good credit score. But it doesn't – and probably never will.  
The Simple Dollar
Student loans: Pay them down or start an emergency fund?

Student loans are above $50,000, but there are ways to balance saving with paying down debt. See questions No. 2, 3, and 5 for advice on student loans.
Six predictions for consumers in 2012

It’s been nice, 2011, but as we move into the new year, many consumers are no doubt wondering what 2012 has in store for them, particularly when it comes to their wallets. Is a double-dip recession in the cards? Will it be easier to get a mortgage? Is a checking account switch in order? What will interest rates be like in the new year? Here are my Top 6 predictions for consumers in 2012:
The Simple Dollar
Credit card debt: Indebted mom wants to buy me a TV. Should I accept?

Credit card debt is burdening mother, so how should responsible daughter respond? Also, contribute to charity or pay off credit card debt? Questions 10 and 4 in this reader mailbag.
The Simple Dollar
Retirement planning: A target fund for your 403(b)?

Retirement planning could benefit with a tax-deferred and Roth IRA invested in a target fund. Retirement planning question is No. 8 in the reader mailbag. 
5 financial steps to take before you buy a car

The 2012 car models will soon roll out to dealerships. If you’re looking to buy a car, you've undoubtedly done your research in advance about the right model and trim. The key to affording your dream ride works the same way: Get your financial situation under control before you step foot on the car lot. Here are five crucial steps to take that will help you save thousands of dollars when you buy a car:
Six ways the rich really do get richer

“Class warfare:” Lately this old term has been taking on new life as political theater, a way to rebuke Wall Street protestors, and, predictably, fodder for Fox News. According to Google, in just the last month alone, 3,870 articles have been published containing these words. Another way to express the concept of rich vs. not-so-rich is the expression, “The rich get richer and the poor get poorer.” It’s been around for a long time: According to Wikipedia, William Henry Harrison went there in 1840: “I believe and I say it is true Democratic feeling, that all the measures of the government are directed to the purpose of making the rich richer and the poor poorer.” I’m not going to take a stand on either side of the “class warfare” debate by saying that the rich do or don’t take unfair advantage of the rest of society. This is America, where we all have the potential to become rich. But I will say this unequivocally: The rich do get richer, or at least have the potential to. Let’s count the ways:
Credit scores will get more personal

Credit scores will include estimates of annual income. FICO is developing separate credit scores to incorporate any payday loans, evictions, and child support payments.
The Simple Dollar
30-year mortgage. One last payment. What'll prove I'm debt-free?

30-year mortgage proof of payoff, setting a budget, and baby life insurance are three topics in this week's reader mailbag. Answer to payoff of 30-year mortgage comes in question No. 9.
Post oil: Microloans and cooking oil green-up 'jeepneys'

An engineer says microloans and cooking oil can make over a fleet of old jeepney buses, and a city in the Philippines is ready to jump on board.
Introverted talent in America, buried by the 'influence score'

Companies that analyze behavior on social media networks such as Facebook and Twitter, can assign users an 'influence score' that basically rates how extroverted they are. I fear that an employer, looking at a low score, would miss the next Larry Page, the introvert CEO of Google.
The Simple Dollar
How to improve your credit score

Whenever you have a tangible way of keeping “score” on something, there are fundamental techniques that you can use to improve that “score." This isn't just true for your credit.
Home foreclosed? Top 5 ways to survive.

If you have found yourself in foreclosure – or having to sell your home without making a dime – it probably seems like the end of the world, or at least your life. But here’s a word of advice: Snap out of it! As two homeowners who have had their homes foreclosed, we not only survived, we’ve flourished. And so can you. Here's how:
The Simple Dollar
Can a Gap card wreck your credit rating?

Store credit cards, Roth IRA vs. 401k's, and other reader questions
The Simple Dollar
Retirement income: when to start saving

Retirement income is key, so start saving early on even when other worthy goals compete. Why? You just can't bank on retirement income. Question No. 1 in this reader mailbag.
First credit card? Five key tips for college students.

If getting a credit card is a rite of passage for college students, choosing the right plastic and learning how to use it responsibly is a matter of life and debt. Young people age 18 to 24, carry an average credit card debt of $2,002, according to CreditKarma.com. Before you end up as a debt statistic, learn to pick the right card and manage your credit before getting your hands on plastic. Here are five things every new credit cardholder should know:
The Simple Dollar
Student loans: paying off loans with different interest rates

Student loans can come with different interest rates. Is it better to pay off students loans that you owe the most on, or that have the highest rate first? Look to question No. 6 of the reader mailbag.
Despite debt deal, US could still face a downgrade in its credit rating

Raising the debt ceiling may not be enough to keep rating firms from downgrading US credit from its coveted 'triple-A' rating. What would a downgrade mean for the US economy?
What happens if US credit rating drops? Other countries offer clues.

Credit ratings aren't the only determinant of interest rates. AA-ranked Japan pays lower interest rates than any AAA-ranked nation. So what makes the difference?
If debt ceiling talks yield no deal, how bad for US economy?

Higher interest rates. No money for things like highways, federal workers, defense contractors, food stamps. Return to recession. That's what most economists see as inevitable if national debt ceiling is not raised.
Getting married? Six steps in financial planning for newlyweds.

Getting married? Congratulations! Your future spouse will be your business partner as well as your life partner. Your credit, good name, and financial future will be tied to this person, who may not hold the same beliefs about money that you do. Talking about money is difficult for anyone, and it may seem like a romance-killer. But it is a good test of your relationship. An honest discussion about finances before the wedding can help avoid one of the biggest causes of stress after the wedding. Here are six ways to help you confide in each other and create a financial plan:
Top 5 credit cards for world travel

Is world travel on your horizon this year? Bringing the right credit card is as fundamental as packing the right wardrobe. While there are great benefits to using plastic abroad – such as travel assistance and fraud protection – the cards’ foreign transaction fees can eat into your travel budget. And traditional magnetic strip credit cards aren't universally accepted overseas anymore. Picking the right card for a foreign trip depends on the perks you’re looking for, the fees you’re willing to pay, and the kind of credit you have. Here are Credit Karma’s Top 5 credit cards for world travel:
The Simple Dollar
Retirement income: Invest in 401(k) or Roth IRA?

Retirement income funds can go to Roth IRA, but only up to maximum allowed. Question No. 9 in today's reader mailbag.