Debt to Asset Ratio – What It Means & How to Calculate

There are several financial figures that represent your financial health—in specific areas and overall. While some will help you better understand your current situation, others can help you know where you’re meant to be and the path you need to take to get there. Lenders (and investors if you’re running a business) also use this data to determine your financial risk and whether you qualify for … [Read more...]

How Much Money Is In An ATM – You Won’t Believe This!

You see automatic teller machines, or ATMs, just about anywhere you look in larger towns and cities. In many cases, they are in high-traffic areas where people who need access to fast cash are likely to be passing by. But many people often wonder exactly how much money is in an ATM and how much they can hold at one time. The short answer is that your average ATM can hold up to $200,000 when … [Read more...]

Should You Get a Credit Card at 18? What Age Is Best?

You know that it is important to start building your credit from an early age, but when should you get a credit card? Is there a right age to do so? You cannot legally open a credit card until 18 years old. Most people should try to get a credit card at this age to start building their credit. However, if you won’t be able to make on-time payments, you should wait to open a card. You should also … [Read more...]

How to Negotiate Credit Card Debt [DO’S AND DON’TS]

Are you at the end of your financial rope when it comes to credit card debt? Do your monthly repayments rival your rent or mortgage? Do high-interest rates make it seem like you’ll never pay down your balances? If you answered “yes” to any of these questions, it might be time to consider debt negotiations with your credit card issuer. How do you accomplish that successfully? 7 Steps to negotiate … [Read more...]

What Is a Good Total Interest Percentage? [ANSWERED]

Buying a home is one of the biggest and most important purchases of most people’s lives, particularly when you are a first-time homebuyer. If you’re buying your first home or simply never paid much attention to the finer points of the mortgage when you’ve previously purchased properties, the total interest percentage is one of the most useful numbers that you’ll get your hands on during the … [Read more...]

How to Avoid Paying Interest on a Credit Card: Here’s How

Credit cards are incredibly useful, but the interest can easily pile up. Discover how to avoid paying interest on a credit card. The best way to avoid paying any credit card interest is to always pay your balance in full. This prevents interest from ever building up. You can also look for cards with 0% introductory APRs, although that rate is usually just temporary. Continue reading to learn more … [Read more...]

What Is The Minimum Credit Score For An EIDL Loan

EIDL loans are important loans that are given to certain groups in designated and declared disaster areas. They are meant to help heal the economy of places where there has been high amounts of economic injury and help businesses and groups get back on their feet. To get approved for an EIDL loan you must have a credit score of 570 or above to be considered eligible. With a credit score of 570, … [Read more...]

What Credit Card Issuers Allow a Co-signer? [ANSWERED]

If you have no credit or bad credit, opening a card with a co-signer can be a great option. But which issuers let you use a co-signer? Of all the major credit card issuers, only Bank of America and U.S. Bank appear to allow a co-signer. Most issuers, however, offer alternatives like joint accounts and authorized users. Discover how to open a card with a co-signer, the pros and cons of doing so, … [Read more...]

Airbnb Credit Cards: The Best Credit Cards for Airbnb

Disrupting the hotel industry with its new and interesting twist on accommodation, as well as its pocket-friendly prices, Airbnb has skyrocketed in popularity since its launch in 2008. Fortunately, some credit card issuers have taken note of this trend and are helping budget-conscious travelers stretch those precious dollars even further by classifying Airbnb purchases as “travel” expenses, … [Read more...]

8 Major Types of Credit Cards: Which Type is Right for You?

Shopping around for a new credit card? Whether you’re a credit newbie or you’ve been whipping out the plastic to pay for your purchases over the last few decades, the chances are your brain is reeling from the sheer volume of credit card products available today. What does each one do? Which type is right for you? How do you get the best deal? Although you’ll find that some credit card categories … [Read more...]

How Does Chime Credit Builder Work? Our Review

Most people want to improve their credit scores. If you have a poor credit score, you may be curious about Chime Credit Builder. Chime Credit Builder is a secured credit card that lets you build your credit history. It helps accountholders boost their credit score with on-time payments, an improved credit mix, and a good credit history. Discover how this card works, as well as who should take … [Read more...]

Does Canceling A Credit Card Affect Your Credit Score?

When a person starts working towards being debt-free and paying off credit card balances, the question of closing accounts and how that impacts credit scores often comes up. The truth is there isn’t a quick answer. When you cancel a credit card, you may notice a small dip in your credit score, but it shouldn’t harm your score long-term. Just remember that paying down your credit card balances … [Read more...]

Why Is My Credit Score Low After Getting a Credit Card?

You just got a new credit card, and now your credit score is lower. Discover why this happened and whether it matters in the long term. When applying for a credit card, the issuer makes a hard inquiry on your credit report. This type of check and new credit affect 10% of your FICO score, leading to a slight drop in your credit score. This should be temporary, though. Learn more about why getting a … [Read more...]

Is 680 a Good Credit Score? Is 680 a Bad Credit Score?

You know your credit score affects your finances, but many people are unsure about what qualifies as a good credit score. Learn what lenders think of a score of 680 and how to improve it. Yes, 680 is usually considered a good credit score. The important caveat is that the credit scoring model in question can affect how it is considered. The “good” range typically includes 670 to 739. Learn more … [Read more...]

Dave Ramsey’s 7 Baby Steps: Step 2 – Pay Off All Debt Using The Debt Snowball

In my last post in the 7 Baby Steps series, we looked at Baby Step 1, saving up an emergency fund of $1000. You save up that baby emergency fund in order to insure yourself against the risk of life's little emergencies that have a way of popping up at the least opportune time.   If you don't save up that money as an insurance policy, you can be assured that your plan to get out of debt will be set … [Read more...]

How To Avoid Falling Into A Bad Credit Score

Building good credit is a years-long process, while destroying credit only takes a few bad decisions. With this in mind, it’s important for new credit users to avoid the many mistakes which lead to bad credit scores. Too often it seems inexperienced credit cardholders underestimate the ease through which bad credit can be acquired. For these folks – the young ones especially – we … [Read more...]