Great Credit Advice From Around the Web
If you were to guess, would you say that people who actively monitor their credit were more or less likely than people who don't monitor their credit to take out loans? If you said "more likely," then you were right, according to a study released today by the credit bureau TransUnion.
However, these consumers also were more likely to be delinquent on their loans and credit cards. And a larger percentage of the credit-monitoring group had a credit score below 700 than the non-monitoring group did (50.4% versus 40.1%), according to the TransUnion study. This suggests that those monitoring their scores were doing so because they were looking to improve them, says Ezra Becker, vice president of research and consulting in TransUnion’s financial services business unit.
If you have questions about credit, credit scores and debt, several personal finance bloggers have tackled these topics lately. See what they have to say and visit Kiplinger.com's Credit & Money Management page for our advice.
The Best Kind of Loan for Your Credit Score [Mint.com]
"You don’t get rewarded for doing business with a large, well-known credit card issuer and you don’t get penalized for doing business with a subprime credit card issuer."
7 Consumer Profile Reports You Didn't Know About [Bargaineering]
"Don’t assume that everything about as a consumer is limited to what you see with the three credit bureaus and FICO."
Does Your Credit Score Matter if You Don't Do Debt? [Budgets Are Sexy]
"If you’re paying all *cash* for something, your credit doesn’t even become an issue."
Interest Rates: APR vs. APY (and Why It Matters) [20Somethingfinance]
"When comparing interest rates that a bank offers on a mortgage, home equity line of credit, car loan, credit card, certificate of deposit, or savings account, it’s important to know exactly what rate you are looking at."
5 Myths About Credit Card Rewards [Wise Bread]
"Credit cards are powerful and complex financial tools, and you shouldn’t rely on popular myths when you make decisions about their use."
Credit Card Negotiator [Enemy of Debt]
"Understanding how to negotiate credit card debt just may be the first step for getting your finances back in order."