Managing Your Credit - MoneyTips https://moneytips.com/credit/managing-credit/ Finally, money tips that make cents. Thu, 03 Aug 2023 20:01:58 +0000 en-US hourly 1 https://wordpress.org/?v=6.5.5 Goodwill Letters: Everything You Need To Know https://moneytips.com/credit/managing-credit/credit-monitoring/goodwill-letter/ Tue, 01 Aug 2023 15:37:52 +0000 https://moneytips.com/?p=20567 No one wants a late or missed credit card, auto loan or student loan payment on their credit report. Missed or late payments can inflict significant damage on a credit score. And once a late or missed payment hits your credit reports, it stays there for 7 years. That’s a long time to deal with...

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]]> How To Remove Student Loans From Your Credit Report https://moneytips.com/credit/managing-credit/credit-monitoring/how-to-remove-student-loans-from-your-credit-report/ Fri, 07 Oct 2022 15:31:49 +0000 https://moneytips.com/?p=15285 Whether you have a student loan in default negatively affecting your credit scores or an inaccurate negative student loan remark on your credit reports, you may be wondering if you can get it removed. While you can’t completely wipe student loans from your credit reports, this article will help you understand when you can remove...

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]]> The Debt Avalanche Method: A Guide and When To Use It https://moneytips.com/personal-finance/debt-management/debt-avalanche-method/ Fri, 26 Aug 2022 18:38:23 +0000 https://moneytips.com/?p=13255 Being in over your head in debt is stressful (to say the least). It can be a hurdle that keeps you from reaching financial goals or achieving certain milestones (think: homeownership, marriage, school or a robust retirement fund). Fortunately, you have time-tested debt repayment strategies at your disposal to reduce, manage – and maybe even...

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]]> Good Debt vs. Bad Debt: Know the Difference https://moneytips.com/personal-finance/debt-management/good-debt-vs-bad-debt/ Thu, 25 Aug 2022 19:56:30 +0000 https://moneytips.com/?p=13191 Ahh debt! It’s something we all try to avoid and end up with anyway. But did you know there’s such a thing as bad debt and good debt? Taking on good debt could help you build generational wealth. While bad debt can end up costing you more for things that won’t bring you any value...

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]]> 14 Credit Myths You Shouldn’t Fall For https://moneytips.com/credit/managing-credit/building-credit/14-credit-myths-you-shouldnt-fall-for/ Mon, 15 Aug 2022 19:28:26 +0000 https://moneytips.com/?p=11893 There is a lot of good information out there about how to use credit responsibly – but there are also credit myths to watch out for.  How do you know which recommendation is credit fiction or credit fact? We round up the 14 most common credit myths and explain why you shouldn’t believe them.  Myth...

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]]> How Do Tax Liens Affect Your Credit Score? https://moneytips.com/credit/credit-scores-reports/how-do-tax-liens-affect-your-credit-score/ Thu, 04 Aug 2022 02:12:07 +0000 https://moneytips.com/?p=11493 What’s worse than paying taxes? Being the recipient of a tax lien. The government can put a tax lien on your property if you fail to pay your taxes, allowing them to legally seize your assets – including your home. The good news is that since 2018, federal and state tax liens no longer appear...

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]]> How To Build Credit Without a Credit Card https://moneytips.com/credit/managing-credit/building-credit/how-to-build-credit-without-a-credit-card/ Mon, 04 Apr 2022 22:08:11 +0000 https://moneytips.com/?p=7384 You don’t always need a credit card to build credit. It’s one of the easiest ways – but it isn’t the only way. One of the keys to building credit is to pay your bills on time. This is how you can establish a solid credit history even if you don’t have a credit card....

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]]> How Many Types of Accounts Should I Have on My Credit Reports? https://moneytips.com/credit/credit-scores-reports/how-many-types-of-accounts-should-i-have-on-my-credit-reports/ Mon, 04 Apr 2022 19:30:03 +0000 https://moneytips.com/?p=7355 There’s no question that paying your bills on time is the most important rule to follow when it comes to earning great credit. Yet even a flawless payment history won’t result in the perfect credit score. Believe it or not, 65% of your FICO® Score has nothing to do with whether you make your monthly...

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]]> Credit Locks vs. Credit Freezes — What’s the Difference? https://moneytips.com/credit/credit-scores-reports/protect-your-identity/credit-locks-vs-credit-freezes-whats-the-difference/ Mon, 04 Apr 2022 16:01:29 +0000 https://moneytips.com/?p=7303 Are you concerned about keeping your credit information safe from identity theft? You should be. It seems data breaches and scams designed to hoodwink the public are becoming more common. According to the Federal Trade Commission (FTC), they received fraud reports from 2.8 million consumers in 2021 (an increase of over 70% from 2020), with...

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]]> How To Check Your Free FICO® Score (and Every Other Free Credit Score) In Under 5 Minutes https://moneytips.com/credit/credit-scores-reports/check-free-fico-score-every-other-free-credit-score/ Mon, 04 Apr 2022 15:20:49 +0000 https://moneytips.com/?p=7283 You may have never heard of the Fair Isaac Corporation, but it’s heard of you. And it influences much of your life, from your mortgage’s interest rate to your ability to qualify for great credit cards. That’s because Fair Isaac invented the FICO® Score, a number used by lenders to evaluate your creditworthiness. Since the...

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]]> What Is a Mortgage “Suspense” Account? https://moneytips.com/personal-finance/debt-management/mortgage-suspense-account/ Mon, 04 Apr 2022 15:06:51 +0000 https://moneytips.com/?p=7279 If all goes well with your mortgage, your money will always go toward paying your balance, and you’ll never accidentally underpay or overpay your mortgage balance. But if you do happen to underpay or overpay, your mortgage lender can’t simply accept a partial payment or send you a refund check. Instead, your money goes into...

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]]> Mobile Wallets vs. Digital Wallets: What’s the Difference? https://moneytips.com/credit/credit-scores-reports/protect-your-identity/mobile-wallets-vs-digital-wallets-whats-the-difference/ Mon, 04 Apr 2022 13:58:37 +0000 https://moneytips.com/?p=7062 We’ve got 3D printers. Teslas. Computers that can beat humans at chess. And yet in the United States, most of us are still using chip-and-signature credit cards and cash. It’s a new decade — shouldn’t we be paying for groceries with our eyeballs by now? Yes, and we’re almost there. Mobile wallets, which are already...

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