If you crave the convenience of credit cards but worry about getting in over your head, a secured credit card may provide an unexpected solution. While they’ve developed a reputation as an option only for those who need to build or repair credit, secured credit cards offer some unique wider benefits worthy of a second look.
You want to raise your credit score so you can get lower credit card interest rates, easier credit, even better job prospects? You need to understand “credit utilization.” It’s a simple ratio of how much credit you have versus how much you use, and it can make up to 20-30% of your credit score.
Credit scores are an area of personal finance that seem a lot more mysterious than they actually are. Many people believe that improving them is a matter of trial and error and, as a result, there’s a lot of “credit score advice” floating around that can end up doing more harm than good. We’ve rounded up and bunked four common credit score myths.
You’ve likely heard about credit scores before (thanks to all those commercials with terrible jingles), but what do you actually know about them? How long have they been around? And what’s the deal with checking them?
Recent statistics show that average credit card debt per indebted household is just over $16,000. But it turns out some debt is good. It’s important you know the difference; for example, debt for a want, not a need, is bad debt.
Your credit union offers many attractive and affordable financing options for Members, but to ensure that you always have access to the credit you need, you must use your credit wisely.