Updated 9:56 am CDT, Monday, May 6, 2019 America's credit bureaus haven't exactly covered themselves in glory when it comes to protecting your private data. So you might well be skeptical about two new credit-enhancing products that require not just credit information but also access to your bank accounts. Experian and credit scoring company FICO introduced UltraFICO last year as a way to elevate credit scores based on how people handle their checking, savings or money market accounts. UltraFICO currently is in a pilot phase and expected to be more widely available this summer. The credit bureau also launched Experian Boost , which allows people to add on-time cellphone and utility payments to their Experian credit reports. The positive bill payment history can add points to certain credit scores, but people have to link their bank accounts so Boost can scan for those payments. Both free products are aimed at people with "thin" credit reports — which Experian … [Read more...] about Liz Weston: Is better credit worth exposing your bank data?
Authorized card user credit score
Don't let any of these myths prevent you from making the most of available travel rewards:Myth 1: Travel rewards credit cards have high annual fees.Some travel rewards cards have no annual fee. Many charge in the neighborhood of $95 a year. Usually that fee can be offset by using the cards' perks: free checked bags for airline-branded cards, for example, or a free night's stay every year for hotel-branded cards. Even the high-end cards with annual fees of $450 and up typically offer airport lounge access, credits to offset travel fees and higher rewards rates that can more than pay for the card if you're the right user. Myth 2: Travel rewards are hard to redeem.Finding free or upgraded airline flights can be a challenge, especially for people who don't plan well ahead. The best time to book a rewards flight is typically 9 to 12 months in advance, when the airlines first make such seats available. (It also pays to check back frequently, since carriers may add more awards seats … [Read more...] about 5 tips for making the most of travel rewards cards
provided by Published 9:00 am CST, Tuesday, March 5, 2019 MoneyTips Your credit score is a valuable asset that must be maintained and protected. Unfortunately, there are ways that other people can negatively affect your credit score – either inadvertently or with bad intent. Protect your credit information by carefully monitoring these five potential paths to a reduced credit score. 1. Joint Accounts – Joint checking accounts can backfire if one partner abuses the account. Overdraft fees and other penalties can affect your credit score even if the other partner is responsible. If you decide to cancel a joint account, be sure all parties are involved in the cancellation. You may still be responsible if one party leaves the account open but abandoned with unpaid fees and penalties. Risks of joint accounts go beyond credit considerations, since one partner may clean out the account at any time with little recourse for another to reclaim the funds. Enter into … [Read more...] about 5 Ways Other People Can Lower Your Credit Score
provided by Published 9:00 am CST, Friday, January 18, 2019 MoneyTips By Amy Beardsley You are given the option of "debit or credit" when making purchases with your debit card. As it turns out, there's a lot more to consider before swiping your debit card to pay for that next purchase. Although debit cards may look like credit cards, they don't function like credit cards. When using a debit card, hitting the "credit" button doesn't really make a difference to where the funds come from, but it could reduce your liability for fraudulent charges. Debit Card vs. Credit Card: The Basics Debit cards look like credit cards, and many have a Visa or MasterCard logo on them, but they don't work the same way. The main difference is that debit cards use the money from a linked checking account, and credit cards use money that you borrow and pay back later. You are given a debit card by your bank or credit union when opening a new account. Instead of carrying around checks or large … [Read more...] about “Debit Or Credit?” It’s Still A Debit Card
provided by Published 3:00 pm CST, Thursday, December 20, 2018 MoneyTips As a college student, you've learned a lot of things in the last few years – most of which you can actually discuss with your parents. However, a new U.S. News survey suggests you might be missing a basic part of your education that could affect your financial future. According to the survey, students are acquiring credit cards without sufficient knowledge to use them responsibly. Forty percent of students with credit cards said they were never taught about any important aspect of credit usage, either from parents or teachers. Over 37% of respondents were never taught how to use a credit card responsibly and 26.2% were never taught how to create a budget. That's a recipe for overspending – and, as expected, 29% of respondents carried balances at least six out of the past twelve months. Half of respondents said they needed credit cards for basic necessities like groceries and gas, but … [Read more...] about 2 Of 5 Students Get Credit Cards Without Credit Card Education