Category Archives: Credit Score
After filing for bankruptcy, rebuilding your credit can sometimes be difficult. Paying bills on time and in full will help, but only minimally. A good way to rebuild your credit after bankruptcy is to get a secured credit card and use it responsibly. There are a number of different companies and banks that have secured credit card options. Some are better than others, and some are MUCH better than others. I took the time to review some of the different options that may be available to you and compiled them here for your convenience. Discover it – This card affords users all of the same perks as the unsecured version and carries no annual fees. The downside is that it has a high interest rate. A variable 22.99 percent APR is a high, but if you make sure you pay in full every month, this card can help rebuild your…
Read More »
It’s been a common practice for some time now for hiring employers to run a credit check on any potential employees, but that might not be the case for much longer. Federal lawmakers have recently proposed a bill that would ban the process all together, restricting employers from gaining any access to a person’s credit history. The bill, called the Equal Employment for All Act, is based on a previous bill brought to the House of Representatives by Tennessee Democrat Steve Cohen. It would strictly prohibit potential employers from obtaining or considering an applicant’s credit history when hiring. The argument for this proposed change is that a person’s credit report is affected by things that are out of the individual’s control, such as medical bills, unemployment, or other unforeseen circumstances. These credit scores do not provide an accurate reflection of a person’s work ethic or ability to do the job….
Read More »
Student loan debt continues to rise nationwide. Some students or former students cannot afford to make basic student loan payments and missing a payment can damage a person’s credit. The question for this blog is, “For how long will a missed student loan payment hurt my credit?” Types of Student Loans and Their Effect on Your Credit The answer to this question depends on the type of student loans that you have. The following are examples of common student loans: Private Student Loans These loans will stay on your credit report for seven years from the time of your late payment, just like other negative events. This means you are clear from your student loan misstep at the end of that time. Most federal loans will follow this 7-year cycle. Perkins Loans This loan is an exception among federal loans in that it does not follow the 7-year cycle of…
Read More »