credit

Help Your Child Build Credit with This One Trick

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Help Your Child Build Credit with This One Trick 1

Building credit is an important task for financially savvy adults. Unfortunately for most people when they turn 18, they start out with zero credit. Even worse, it can take years to build up good credit. Fortunately, you can help your child build credit with this one trick. Why Start Building Credit Early Although most of your credit score comes from other factors like how good your payment history is, one important factor in your credit is how old your credit history is. This age of credit factor starts when information starts getting put on your credit report. So, all other things being equal, an 18-year-old who signed up for their first credit card or loan last month will have much lower credit than an 18-year-old with the exact same credit card or loan, but with an account that is two or three years old. How To Build Credit for Your Child Getting a loan for a 13-year-old is probably irresponsible. However, there is a trick to build your child’s credit fast and easy. Add your child as an “authorized user” on one of your credit cards. The older the account, the better. Then, be 100% sure to make payments every …

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What Is Afterpay Scam Legit Worth It?

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is afterpay scam or legit

What Is Afterpay? Is Afterpay a good deal? How does After pay work, and what do Afterpay reviews say about the buy now, pay later, company? What Is Afterpay? Even before the Square buyout of Afterpay was announced, there was increasing buzz around the so-called buy now, pay later company, mostly in the form of breathless, Guess What Millennials are Doing Now? articles. So, what is Afterpay? Afterpay is a financial company. The Afterpay app is the main way of interacting with Afterpay, although many Afterpay stores integrate directly with the company. To sign up, you apply for credit with Afterpay. Afterpay sets a limit on the amount you can spend. When you buy something, the money doesn’t come out of your bank account, but rather goes on your Afterpay account as a debit that you have to pay back. Sound familar? If you said, “Hey, that’s what a credit card is,” then you have your money brain on this morning, but there are a few very important differences that make Afterpay not a credit card. How Is Afterpay Different from a Credit Card? The main difference between Afterpay and a credit card is that Afterpay charges no interest. However, …

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Is Leasing a Car Bad?

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new car lease

There are far too many people out there insisting that certain things are “bad” in every case. For example, some very prominent financial personalities will tell you that you should never lease a car. While car leases aren’t necessarily a great deal all of the time, neither is getting a regular car loan, or even buying a car for that matter. If you don’t know what you are doing, and work with people you can’t trust, you can get strung out in any number of ways during a car purchase. The lease isn’t the only potential problem What Is a Lease? So, what exactly is a car lease? When you lease a car, you change the mechanics of the standard auto loan, but at the end of the day, both processes are a way to borrow money to buy a car in exchange for monthly payments. Check out my Credit Karma reviews When you buy a car using financing, you can either get an auto loan, or an auto lease. Most people are at least familiar with the basics of a car loan, so let’s start there and move onto how a lease works. Auto Loan With an automotive loan, you …

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How To Pay Off Your Mortgage Early The Smart Way

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dream of paying mortgage off early

There are a lot of people out there who dream of paying off their mortgage early. As a financial advisor, I would often have to talk them out of unusual schemes for paying off their house early, like raiding their 401k. It isn’t a bad thing to pay off your mortgage, but it isn’t as great, or as simple, as you might think either.   The Right Way To Pay Off Your Mortgage Early Instead of raiding your retirement fund, or cashing in Aunt Nancy’s inheritance, the best way to pay off your mortgage early is to add a little bit of extra principal each month. Just like saving each month adds up over time, so does paying off your mortgage. Each extra bit of principal you pay not only lowers the principal, but it lowers the amount of every payment after that going to interest. So, if you add an extra $20 per month starting with payment one on a thirty year mortgage, that’s going to add up to a lot of extra principal; it’s just going to take a very long time. In reality, those extra payments won’t add up to much until near the end of your …

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Free Annual Credit Report

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You are probably aware that all three credit bureaus are required by federal law to provide you with a free credit report annually. Each year you can request a free credit report from Transunion, Equifax, and Experian. You may think that the best way to get your free credit report is to call the major credit bureaus directly, but actually the best way is to use the FTC approved free annual credit report website. Free Credit Report Website Unfortunately, as with everything, there are a lot of free credit report scams out there hoping to trick unsuspecting users with official looking websites purporting to offer “free” credit reports. If you look closely, you’ll find some find print saying that these are not the officially, federally endorsed, websites to offer free annual credit reports, but if you just start clicking the big, inviting buttons, you’ll end up on the hook for some expensive services to go along with your “free” services. Free Credit Report Scams First of all, do NOT go to freeannualcreditreport.com or anything with the word FREE in it. The free government mandated credit report website does NOT have the word FREE in it’s name. If you go to …

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Free Credit Score at My Credit Union

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Several years ago when I was a wild-eyed, fresh out of college, computer guy, I got my first “real” job with a local company. The company had around a 100 employees or so which meant that the HR person was the Office Manager. On my first day, the Office Manager went through all the basics with me: payday, W-4 forms, copies of my Social Security Card (or passport), and so on. We also went over my “Benefits.” Now, at the time, I didn’t much understand what benefits were or why I cared (other than insurance and vacation time) but, I understood what the word benefit meant, so I nodded along and paid close attention. One of my benefits was the right to join a credit union. Back in those days credit unions were a little bit tighter in their membership requirements, still it wasn’t too hard to join one. But, since it was one of my benefits, I marched down right away and opened an account. It wouldn’t be until years later that I would understand that the reason my company offered me this benefit was because the credit union offered me another benefit which was the ability to have …

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