Category

Credit

4 Reasons You Should Increase Your Credit Score

Check out this latest guest post by Dan Miller regarding 4 reasons you should increase your credit score. See his bio at the end of the post.

A good credit score makes one’s life much easier.  It paves the way towards financial independence and aids in money-saving endeavors.  On the other hand, a shabby history of credit use reflects in less than stellar rating and inhibits your credit management.  It goes without saying that there are plenty of reasons to get on the right path to a clean credit rating.  There is a variety of prudent steps to take and best practices to adhere to.  Basically, to hold the reins over your finances and life, you have to stay on top of credit management and make on-time payments.

Check out these 4 reasons that you should want to increase your credit score.

4 Reasons you should increase your credit score

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6 Surefire Ways to Increase Your Credit Score (Video)

Exciting news for Financially Fit & Fab!  You can find us on Youtube!  You can now expect a mix of blog articles and videos posted to the site.

6 Surefire Ways to Increase Your Credit Score

Check out the very first youtube video below: 6 Surefire Ways to Increase Your Credit Score.

Make sure to follow us on Youtube here.

Is there a topic that you think would be great for video?  If so, let me know in the comments or via email at financiallyfitandfab@gmail.com.

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9 Facts You Should Know About Your Credit Score

Today we have an awesome guest post about credit from LaToya Irby.  Make sure you check out her bio at the end of the post. 

Your credit score isn’t something you use every day, but when you do need to use it, you need it to be in good shape.  Building and maintaining a good credit score is much easier when you understand how it works and what does and doesn’t affect it.  There is a lot of misinformation floating around the internet about what a credit score really is, what counts as good credit, and how people can improve their credit scores.  Here are 9 things every responsible adult should know about their credit score.

9 Facts You Should Know About Your Credit Score

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Rising Interest Rates: The Good, The Bad & The Ugly

During December the U.S. Federal Reserve announced an increase in interest rates.  The Fed raise the benchmark federal funds rate from the most recent range, between .25% and .5%, to a new higher range .5% and .75%.

The Federal Reserve’s decision about interest rates will have a direct effect on you.  An increase in interest rates affects the prices of goods at the store and how quickly the prices go up (i.e. inflation).  In addition, they have a direct effect on the money in your savings account, the interest rates you pay on credit cards and loans, and how much car or home you can afford.

Rising Interest Rates: The good, The bad, & The ugly

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8 Strategies to Pay Off Debt Fast

After featuring my friend MJs debt payoff story, a lot of other people have made declarations of becoming debt free.  His story was motivating and inspiring.  If you haven’t read the post yet, as a teacher he paid off over $39,000 of consumer debt in less than in 21 months.

According to an article by Nerd Wallet, the average U.S. household with debt carries $15,675 in credit card debt.  In fact, credit card debt costs consumers an average of $2,630 in interest per year, assuming an average APR of 18%.

Paying off a large amount of debt can seem overwhelming but it doesn’t have to be.

The thing is anyone can become debt free.  It takes dedication and will power but you can do it too. In order to help others on the path to becoming debt free, check out these 8 strategies to pay off debt fast.

8 strategies to pay off debt fast

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Balance Transfer: The Best Way to Pay Off High-Interest Debt

So many of my friends are on the quest to becoming Financially Fit & Fab. I am so proud of everyone.  Last month, I featured MJ’s story of paying off 39k in debt in 21 months.  Since then I have been told that others want to be featured in the future after they become debt-free.  From the snowball method to paying off the debt with the highest interest rate first, people readers don’t know where to start.

One of the questions that I have been asked recently is what is the best way to pay off high-interest debt?

 

The Best Way to Pay Off High-Interest Debt

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5 Credit Lessons I Wish Were Taught in School

Credit is one of those many personal finance topics that should be taught in school.  Unfortunately, I had to learn about credit the hard way.

I’ll never forget when I went to purchase my first “grown up car”. I knew what car I wanted and saved up the down payment. I figured my credit score would be good since I usually paid my bills on time. Boy, was I wrong!  Ultimately, it related to not understanding how my credit score was calculated.  Thankfully, with a little dedication, I was able to raise my credit score over 150 points!

Check out these 5 credit lessons I wish were taught in school.

5 Credit Lessons I Wish were Taught in School

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How I Raised My Credit Score 150+ Points

I will never forget the first time I pulled my credit score.  I was in my early twenties sitting around with college friends.  One friend just received a letter regarding a medical bill in collections that he didn’t realize existed.  So he decided to pull his credit report and credit score to see where he stood.

I thought to myself, I’ve never pulled my credit report before. I followed my friends lead and pulled my credit score too.  I figured it had to be good.  I mean, I paid my bills on time (for the most part).  I only had one $800 credit card from college.

Boy, was I in for the shock of my life!

Staring patiently at the screen, it finally came up.  My credit score was a 580!  580!  No, that had to be wrong.  I was mortified.  I thought I was responsible.  I thought my credit score would reflect that.

My credit score was only part of the story.  Therefore, I took the following steps to raise my credit score.

raise my credit score

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The Only Way to Get your Free Credit Report!

The last few weeks we have been talking about credit! In case you missed the previous posts, check out Credit Report Basics and Do you Have a Good Credit Score? Let’s discuss the only way to obtain a copy of your free credit report!

The Only Way to Get your Free Credit Report

Before you start building or repairing your credit, make sure you obtain a copy of your free credit report.  Many companies will advertise that they can supply the report for you.  Don’t get tricked by impostors!  The only website that you can obtain a free copy of your credit report is annualcreditreport.com!

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