The last thing you want to do is to cancel your credit card(s) right before applying for any types of loans, this is a bad idea. Canceling your card can affects your credit score negatively. When you have a lower credit score, that will result in higher interest rates and also may increase your fees. It doesn’t hurt for the account to stay open but it can hurt if you close it. Instead of closing your account just leave it open, it...

Personal credit Reports include personal information, employment information, payment history, a list of creditors, any bankruptcies you may have or lawsuits. Since credit reports are what many employers are using now days as a way to gauge one’s personal habits and tendencies, it’s a good idea to check your credit report once a year just to make sure that your report is indeed correct. It’s very important to make sure...

Did you know that the average American household with at least one credit card has nearly $9,200 in credit card debt? That’s quite amazing isn’t it? Looking at the number, it is a little hard to believe that the average is so high, but when you realize that our nation is built on credit, it becomes a little more easier to gulp down. There’s the good and the bad: When I look at debt, I see it as two kinds of debt....

Wow, all these years paying my credit card on time and it looks like it’s finally starting to pay off. I have now been trying to build my credit for about 3 years now, consistently checking my credit report and making sure to meet my payments each month and finally, my bank decides that they can “trust” me with a credit card with 25,000.00 dollar limit. Woot! My first credit card had a limit of 2,000 dollars and back...

The old saying goes like this, “Lend money to a friend and you might lose both” Most of us know or have known couple of deadbeat friends or famliy members who has borrowed money and never paid it back. Truth is, friendships and families often break up when a borrower fails to pay back a personal loan. This is why it is very important to make sure there are no misunderstandings when letting your pal borrow money. There are...