How Not to Get Bad Credit When You’re Married

The leading causes of divorce are often associated with financial obligation from the couple. To make a marriage last it would be wise to sit down with your partner and discuss your finances, how you wish to manage them.

Experts say that planning and creating a budget can help you in keeping your marriage. You should also learn to invest and split responsibilities in your financial bills and fees as early as you have started living together. But paying bills and investing will not be enough, there should be a consistency in your monitoring of bills and bank records to avoid discrepancies in the records. Though you have been used to managing your single account for years, you have to get used to the idea that you and your spouse are a team now and like the old saying says “what’s yours is his”.

Here are the things you should always bear in mind now that you are married:

First, you should always know your status; you and your husband should discuss your finances and be transparent with one another. It would be wise for both of you to obtain a free copy of the credit bureau report that is up to date and correct.

If you find errors in the report never hesitate to call the agency and have them corrected. To make things better you should compare your credit score with your partner, share insights on how to help improve each other’s scores.

Second, never cancel your existing credit cards. Despite the fact that you are now married, your old card is still stored and updated, do not cancel it because it might affect your score, in fact, it would be smart idea to have it maintained under your name so that if ever you are going to divorce your current husband or if he dies you have your own money to spare.

Third, always remember to apply for a credit account when you really need it. When you get married you may go on purchase frenzy and when a store offers a discount card for their merchandise you may be tempted to sign in. But opening too many credit accounts would cause more damage than good, and you may even end up paying much more than you could have without the discount card.

Finally, the most important of all: make sure you never pay your bills late. Late payments pose very negative impacts on your credit score. When you have assigned each other which bills to pay early in your marriage, make sure you religiously follow your deal.

Experian Launches Latest Extended View Credit Score

Last Wednesday, one of the data collection and credit reporting agencies, Experian, introduced Extended View, which is its latest credit score. According to the agency, it could attract as much as 64 million US consumers who do not have credit scores into the lending world.

Besides the information found in the typical credit score, Extended View includes other information such as payday loan repayment history, rental payment history, or missed child support payments. Moreover, the Extended View score will have a range of 401 to 900, which is the same as that of VantageScore.

Steven Wagner, president of Experian Consumer Information Services, said that as of now, fifteen small and large lenders are thinking of using the score. In addition, banks, credit unions, auto lenders, phone and utility providers can also make use of the Extended View score.

A credit score helps lenders assess borrowers in terms of their risk of lending. A high score indicates a lower risk and lower rates, but a low score indicates a higher risk and higher rates. On the other hand, those who have zero credit will have the most difficulty in getting a loan.

The Extended View is meant for borrowers with small or zero credit history. The Center for Financial Services Innovation said that these borrowers are anticipated to increase in the near future.

Based on Experian’s research, there are 64 million people who have small or zero credit and that 20 million of those are as eligible as prime borrowers and qualified for better rates.

Extended View score is actually based on three data sources: mathematical calculations derived from current credit information, rental payment history and public record data.

Wagner added that the latest Extended View score will be used with current Experian-branded credit checks. However, consumers cannot apply for a copy of their Extended View credit report as of yet. Consumers will be able to access it in the future if there are sufficient lenders who implement the new score.

Getting a New Car Despite Low Credit

Getting your hands on a brand new car is now easier if you are an auto manufacturer’s employee or if you have relatives or friends that do. According to Auto Credit Express, there are plenty of car discounts you could take advantage of even if your credit status is not so brilliant.

Auto Credit Express is adept in these kinds of discount transactions because they have been a strong aid in providing automobile buyers with tainted credit. In fact, their website includes a section that answers most asked questions that consumers have about online car loans bad credit, and they have been at it for about 20 years now.

The cost of new cars are very expensive nowadays that people with less than average credit tend to settle for second hand cars with low interest rates. Unfortunately for them, they had no clue that they could apply for an automobile loan for a new car that would cost them as much.

You can apply for the A-plan, S-plan or X-plan if you are a Ford employee, or if you are a retired employee or a friend of a retired or currently employed Ford employee. If you or your friend is a current Chrysler employee, or if you are retired or you work for one of its suppliers you can avail the Employee Advantage employee purchase, friends program or the affiliate company program. The GMO or GMS is available for GM employees or their retired employees, you can also avail the discount if you are from one of its preferred supplier company or a friend of an employee from that company.

Most of the time, car buyers are allowed to get a discount of the price of a new car for an even bigger saving for the purchase, however even if you qualify for the program, that does not mean you can use the discount you earned.

Sometimes, you have to follow loan approval guidelines you must follow. The lender will be the one to determine your budget for the car, and the interest rate you will have. It is then up to the deal which cars you can get. But then again, a new car is way better than being stuck with a second hand car loan deal.

Credit Unions are Recovering from Recession

Credit unions provide the majority of the same consumer services as banks, however at a little lesser cost. Credit unions in Arizona and nationwide are gaining profits once again and are trying to fix the bad loans that accumulated during the recession. Moreover, they are enticing new members or costumers, as well as those that are dissatisfied with big banks.

On a national scale, profits of credit unions during the first quarter reach $2.1 billion, which is almost 25 percent more than that of last year. Moreover, 667,000 new members signed up during the months of January to March. In addition to the 1.4 million in the previous year, credit unions currently aid 92.5 million Americans.

According to Debbie Matz, chair of the National Credit Union Association (NCUA), the credit unions’ overall assets reached $1 trillion, and for the first time, the net worth of the credit industry topped $100 billion during the latter part of March.

The majority of the credit unions in Arizona are gaining profits once again after a difficult situation during 2009 and 2010. A few of the bigger institutions’ profits for the first quarter increased approximately twice or more than what they earned last year.

The NCUA added the credit unions in Arizona headed the nation during quarter one in return on average assets, which is a major profitability measure.

On the other hand, banks are also improving in terms of their finances and are still surpassing credit unions. Based on a report from Federal Deposit Insurance Corp, during the first quarter, banks nationwide earned $35.3 billion, which is an increase of more or less 23 percent. The assets of the banking industry reached $13.9 trillion.

Since credit unions are owned by its members and are not-for-profit, they can charge loans at slightly lower interest rates than that of banks. Also, credit unions do not pay income taxes, which is unfair according to bankers. However, senior vice president of Arizona State Credit Union in Phoenix, Paul Stull, believes that the increase in credit union members is caused by the drive to support local firms.

Your Credit Card Can Get You Travel Discounts

If you want to go for a vacation, then you will have to find ways to be frugal with your money so that your vacation does not turn into a leech that would keep sucking your money dry off your wallet.

Many American citizens would drive to their vacation destination instead of taking a flight;some would even stock foods and chips in their bags so that they could save on the cost of food. It even comes to the extremes that people would stay in a hotel that offers free breakfast and partition the meal to last until supper.

You should not be among these poor unfortunate individuals, grab a chair and your credit card agreement. Though you may be fully aware of the discounts you can get for an airline ticket and your money back rewards, you may be unaware that you have other perks that can make your vacation a wallet friendly one.

According to Bill Hardekopf, the CEO of LowCards.com some credit cards offer insurance for car rentals, if you want to avail this perk then you have to decline the insurance that the rental car supplier will offer. Then you have to pay the whole rental fee with your credit card.

You should also read the cover of your credit card, for it may only be limited for you and not include your spouse or friends.You should also look at the policy for the car’s loss of use.

Another perk you can get is with your baggage. If you purchase your airline ticket with a reward card, then it will cover one luggage bag. If you are afraid your bags might get lost on the way to the hotel, then you can get lost-luggage insurance.

Furthermore, your card can avail you a concierge service, this will not only get you the reservations you want in restaurants, it can even get you tickets to sport games and other entertainment events like concerts happening in the area.

There are other things that your credit card can provide you with. You just have to be keen and smart enough to discover them. Emergencies and assistance and even currency conversions may be among the perks. Use your card to your advantage and enjoy your well deserved vacation.