credit cards – How To Occupy http://howtooccupy.org/ Sat, 12 Mar 2022 01:23:00 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://howtooccupy.org/wp-content/uploads/2021/07/icon.png credit cards – How To Occupy http://howtooccupy.org/ 32 32 Want a better credit offer? Improve your CIBIL score! https://howtooccupy.org/want-a-better-credit-offer-improve-your-cibil-score/ Sat, 12 Mar 2022 01:23:00 +0000 https://howtooccupy.org/want-a-better-credit-offer-improve-your-cibil-score/ Cibil Transunion Credit Score New Delhi: Credit score, also called CIBIL is a key factor for lenders when deciding on applicant eligibility and the applicable interest rate before approving loans and issuing credit cards. CIBIL — Credit Information Bureau (India) Ltd – the score is a three digit number, ranging from 300 to 900, which […]]]>

Cibil Transunion Credit Score

New Delhi: Credit score, also called CIBIL is a key factor for lenders when deciding on applicant eligibility and the applicable interest rate before approving loans and issuing credit cards.

CIBIL — Credit Information Bureau (India) Ltd – the score is a three digit number, ranging from 300 to 900, which determines a person’s creditworthiness. According to RBI, all lenders must verify the CIBIL score of each loan/credit card applicant at the time of assessment. A low CIBIL score reflects poor credit management skills.

Here are some important points to keep in mind to improve your credit score:

Timely credit payments

Failure to pay bills can reduce credit rating. Failure to meet deadlines can result in a significant decline as this indicates that you are not a responsible borrower. Since credit scores reflect credit history, a late payment could affect your report for years.

Lower balances

Remember that you should never stretch your expenses and only spend what you can repay before the billing date. Pay off your debts as soon as you can and control your card spending. Lower balances, which include unpaid dues on loans and low or zero balances on credit cards, can positively affect your credit score. It can also help you better manage your finances.

Keep your old credit card account

Switching to new credit cards because of lucrative offers isn’t always a good idea. You have to decide carefully if the new card gives you good reason to switch. If you have a credit card account that is prudently and well managed, it is better to keep it for a long time because the longevity of such an account can increase the CIBIL score. A good repayment history reflects your credibility as a lender.

Report and resolve inaccuracies

If you discover a discrepancy in the credit report, call for rectification if you have valid proof to back up your point. Disagreements and mistakes can happen, so you’ll want to have them rectified as soon as possible to avoid future problems. The recourse for rectification must be sent within a time limit set by the lender or the agency/financial institution. Ideally, you shouldn’t apply for new credit until old credit score disputes are resolved.

Use a secure card

Credit score can increase by using secured credit card offered by many banks such as ICICI Bank, CitibankSBI, Axis Bank etc These cards are issued against a fixed deposit of a nominal amount. Timely balance payments can increase the CIBIL score. So if, due to certain circumstances, you are in default, your bank will immediately liquidate the fixed deposit or other deposits against which you received the card and the debt will be repaid. This option is ideal for those with low credit scores or those with no credit history. It can improve your credit history and gradually increase your credit score.

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In Recognition of National Consumer Protection Week, Attorney General Bonta Highlights Consumer Resources and ACJDO Priorities | State of California – Department of Justice https://howtooccupy.org/in-recognition-of-national-consumer-protection-week-attorney-general-bonta-highlights-consumer-resources-and-acjdo-priorities-state-of-california-department-of-justice/ Mon, 07 Mar 2022 15:13:51 +0000 https://howtooccupy.org/in-recognition-of-national-consumer-protection-week-attorney-general-bonta-highlights-consumer-resources-and-acjdo-priorities-state-of-california-department-of-justice/ Urges consumers to report violations of law to the California Department of Justice at oag.ca.gov/report OAKLAND – In recognition of National Consumer Protection Week, California attorney Rob Bonta today highlighted ongoing efforts to protect California consumers and urged consumers to report misconduct or violations of privacy laws. state consumers to the California Department of Justice […]]]>

Urges consumers to report violations of law to the California Department of Justice at oag.ca.gov/report

OAKLAND – In recognition of National Consumer Protection Week, California attorney Rob Bonta today highlighted ongoing efforts to protect California consumers and urged consumers to report misconduct or violations of privacy laws. state consumers to the California Department of Justice (DOJ) at oag.ca.gov/report. Complaints filed by the public play a vital role in the Attorney General’s consumer protection efforts by providing DOJ with important information about potential wrongdoing to help determine whether a company or individual should be investigated. Enforcement priorities at the DOJ include housing, debt collection, data privacy, higher education, and consumer lending.

“Many in California are buried under a mountain of debt: whether it’s student loans, credit card debt, mortgage payments, or all of the above,” Attorney General Bonta said. “In California, we have strong consumer protection laws, but unfortunately there are still those who seek to take advantage of them. Our team works around the clock to protect consumers and hold bad actors accountable, but we have need your help.If you have been exploited by a predatory lender, are facing abusive debt collection practices, have been unlawfully evicted, or have information about other violations of the law, please file a complaint with my office.The leads we get from the public help us identify where companies are trying to circumvent the law – and help us hold companies accountable.

LODGING: California is facing a housing shortage and affordability crisis of epic proportions. In November, Attorney General Bonta announced the creation of a housing strike force within the California Department of Justice and launched a housing portal on the DOJ website with resources and information for landlords. and California tenants.

The Housing Strike Force encourages Californians to send housing-related complaints or advice to housing@doj.ca.gov. The Housing Strike Force is particularly interested in advice relating to illegal evictions and rent increases, housing discrimination, and the origination and servicing of mortgages. Information about legal aid in your area is available at www.lawhelpca.org.

DEBT RECOVERY: State law protects Californians from abusive, unfair, or deceptive debt collection practices. Attorney General Bonta is urging Californians who receive a notice from a debt collector to respond as soon as possible, even if they don’t owe the debt. If you don’t, the collector may continue to try to collect the debt, report negative information to credit reporting companies, and even sue you.

Collection agents may not contact you repeatedly over a short period of time to annoy or harass you, make false or misleading statements, or contact you at unusual or inconvenient times or places. If you think a debt collector is breaking the law, you can file a complaint at oag.ca.gov/report. For more information on debt collection, go to oag.ca.gov/consumers/general/debt-collectors.

DATA PRIVACY: The California Consumer Privacy Act (CCPA) grants consumers groundbreaking rights over their personal information, including:

  • The right to know – Consumers can ask a company to tell them what specific personal information they have collected, shared or sold about them, and why it was collected, shared or sold.
  • Right to deletion — Consumers can ask a business to delete the personal information it has collected from the consumer, subject to certain exceptions.
  • Right of withdrawal — If a business sells its personal information, consumers can ask that it stop doing so.
  • Rights of minors — A company cannot sell the personal information of minors under 16 without their permission and, for children under 13, without parental consent.
  • Right to non-discrimination — A company cannot discriminate against consumers who exercise their rights under the CCPA.

For more information about the CCPA, visit oag.ca.gov/ccpa. To report a CCPA violation to the Attorney General, submit a complaint at oag.ca.gov/report. You can also use the Consumer Privacy Tool to directly notify businesses that don’t have a clear, easy-to-find “Do Not Sell My Personal Information” link on their homepage.

HIGHER EDUCATION: There is a $1.7 trillion student debt crisis in the United States, and the DOJ is committed to holding bad actors accountable for defrauding California students. If you believe you have been the victim of predatory lending, deceived by a for-profit college, or otherwise exploited, you can file a complaint with our office at oag.ca.gov/report.

California students can also take advantage of recent developments resulting from the work of the DOJ. In January, Attorney General Bonta announced a settlement with student loan manager Navient to resolve allegations of misconduct in the servicing and collection of federal student loans. Californians do not need to take any action to receive the benefits required under the settlement. More information about the settlement is available at www.NavientAGSettlement.com.

After years of effort by state attorneys general and others, the Biden administration recently announced a sweeping overhaul of the broken Public Service Loan Forgiveness (PSLF) and Temporary Public Service Loan Forgiveness programs. the extended public service (TEPSLF). Attorney General Bonta encourages Californians working in the government or nonprofit sector to take advantage of the Department of Education’s limited public service loan waiver waiver opportunity to receive credit for past payments made on loans that would otherwise not qualify under the PSLF program. Borrowers requesting loan forgiveness under the recent changes must take action by October 31, 2022.

READY FOR CONSUMPTION: Attorney General Bonta pledged to protect vulnerable California borrowers from predatory lenders and others who seek to take advantage. To that end, the Attorney General is urging Californians to report predatory lenders at oag.ca.gov/report.

Californians should also try to avoid certain loans when possible. To avoid getting stuck in a debt trap, avoid payday loans if you can. Payday loans can turn a short-term need for emergency cash into a long-term, unaffordable cycle of high-interest loans you can’t repay. In California, payday lenders can lend up to $300 and charge a maximum of $45 in fees. Although these fees do not seem too high, the average annual rate of payday loans is 372%. This is a much higher rate than most other loans or credit cards. You can contact the Department of Financial Protection and Innovation to verify a payday lender’s license, history of disciplinary action against a payday lender, or to file a complaint. You can also file a complaint with our office.

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Eliminate additional credit card fees https://howtooccupy.org/eliminate-additional-credit-card-fees/ Tue, 01 Mar 2022 09:00:12 +0000 https://howtooccupy.org/eliminate-additional-credit-card-fees/ The stress of the pandemic has pushed merchants and consumers to their limits. Additionally, as inflation has spread throughout the economy, credit card processing fees are adding to the financial burden on merchants. Some have decided to recover the additional costs with card surcharges, but how do consumers react to surcharges? PYMNTS research reveals that […]]]>

Credit Card Surcharges: How Cardholders Respond to Additional Costs - February 2022 - Find out how credit card surcharges affect payment habits and consumer satisfaction

The stress of the pandemic has pushed merchants and consumers to their limits. Additionally, as inflation has spread throughout the economy, credit card processing fees are adding to the financial burden on merchants.Credit Card Surcharges: How Cardholders Respond to Additional Costs - February 2022 - Find out how credit card surcharges affect payment habits and consumer satisfaction Some have decided to recover the additional costs with card surcharges, but how do consumers react to surcharges? PYMNTS research reveals that US cardholders who have never had to pay a surcharge generally raised objections when asked to consider paying one. Cardholders who paid for them were often more accepting of the additional charges.

These are among the main results of Credit Card Surcharges: How Cardholders Respond to Extra Costsa PYMNTS and payroc collaboration, by examining and analyzing the behaviors and reactions of credit card users to surcharges imposed by merchants on credit cards. We surveyed 2,507 US credit cardholders from December 8, 2021 through December 22, 2021, about how they view surcharges and their actions in response to the surcharge request. We asked cardholders whether the surcharges hurt their opinions of retailers charging the fee or encouraging them to shop elsewhere or use another payment method to avoid the surcharge.Credit Card Surcharges: How Cardholders Respond to Additional Costs - February 2022 - Find out how credit card surcharges affect payment habits and consumer satisfaction

Some additional key findings include:

• Eighty-five percent of credit cardholders who are asked to pay extra for a transaction will pay it. Data from PYMNTS found that supplement request and acceptance rates were consistent across local and national or regional restaurants and retail stores, although slight trends emerged. Local restaurants and stores impose surcharges more frequently than national and regional restaurant and retail chains, but national and regional sites have slightly higher rates of accepting surcharges from cardholders than their own. local counterparts.

• Fifty-eight percent of credit card users who have never been asked to pay a surcharge say they wouldn’t pay it if a merchant tried to charge one. This indicates the high level of resistance to surcharges among cardholders who have not had to pay them. At the same time, PYMNTS research reveals that cardholders who have faced surcharges are significantly less negative about them than credit card users who view them hypothetically.Credit Card Surcharges: How Cardholders Respond to Additional Costs - February 2022 - Find out how credit card surcharges affect payment habits and consumer satisfaction

• Seventy-one percent of cardholders who use alternative payment methods to avoid surcharges opt for cash. Cardholders have plenty of experience using a wide variety of payment methods, and they’ll rely on virtually any available to them if they’re trying to avoid paying a card surcharge. credit. Forty percent of credit card holders used debit cards as an alternative, 22% used PayPal, and 19% used digital wallets.

The economic fallout from the pandemic has made surtaxes more attractive to business owners, especially those representing local restaurants and retailers. When asked about surcharges as a hypothetical issue, cardholders generally resist the prospect of paying them for the first time. However, our data consistently reveals that the reality of paying fees is less grim.

Consumers will be more likely to pay the surtax than refuse to pay it when the time comes. Merchants that leverage solutions that provide increased control over surcharges and fees may be able to better communicate the impacts of surcharges and thread the needle, minimizing harm to regular cardholders while buffering their bottom line during a difficult period.

To learn more about how merchants can embrace credit card surcharges while maintaining high levels of customer satisfaction, download the report.

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Understanding Your Credit Score: What Makes Up Your FICO Score https://howtooccupy.org/understanding-your-credit-score-what-makes-up-your-fico-score/ Sun, 27 Feb 2022 16:07:28 +0000 https://howtooccupy.org/understanding-your-credit-score-what-makes-up-your-fico-score/ By SociallyIn, Sponsored Content Your credit score plays an important role in your financial situation. It can affect your ability to get credit cards, rent an apartment, qualify for a mortgage, or even find a job. Your FICO score is made up of five different factors: payment history, amount of debt, length of credit history, […]]]>

By SociallyIn, Sponsored Content

Your credit score plays an important role in your financial situation. It can affect your ability to get credit cards, rent an apartment, qualify for a mortgage, or even find a job. Your FICO score is made up of five different factors: payment history, amount of debt, length of credit history, new credit accounts, and types of credit used.

In this 2nd article in our series on credit repair, we will discuss each of these factors in detail and explain how you can improve your credit score!

What is a credit score?

Your credit score is a three-digit number that reflects your creditworthiness. It’s based on information in your credit report, which is a record of your borrowing and repayment history. Lenders use your credit score to decide whether to lend you money and at what interest rate.

Factors That Influence Your FICO Score

FICO scores are determined on the following five factors:

Factor #1: Payment History

Payment history is at the top of the list for a reason. This is the most important factor that determines FICO scores. It represents 35% of your credit score and includes all of your credit accounts, whether you paid on time or not. Late payments can stay on your credit report for up to seven years!

If you’ve missed a few payments in the past, don’t worry! You can always improve your score by catching up on your payments and maintaining a good payment history in the future.

Factor #2: Amount of Debt

The amount of your debt also plays a big role in how low or high your FICO score is. It represents 30% of your credit score and includes both your total credit limit and the amount you owe on your credit cards.

If you have a lot of debt, try to pay it off as quickly as possible. You should also avoid opening new credit card accounts if you’re having trouble making payments on your current accounts.

Factor #3: Length of Credit History

Next is the length of your credit history. It represents 15% of your FICO score and includes the age of all your credit accounts and how often you used them.

You can improve your score by keeping an old credit account and using it frequently. Just be sure to pay the full balance each month. You can also establish a good credit history by opening new accounts and using them responsibly.

Factor #4: New Credit Accounts

The fourth most important factor in your FICO score is new credit accounts. It represents ten percent of your score and includes the number of new credit accounts you have opened recently.

If you’re considering opening a new credit account, be sure to do so responsibly. Don’t ask for too many cards at once and make sure you can afford to pay off the debt.

Fifth factor: Types of credit used

The fifth most important factor in your FICO score is the type of credit used. It represents ten percent of your score and includes both installment loans and revolving lines of credit.

You can improve your score by using a variety of different types of credit products. This shows lenders that you can manage different types of debt responsibly.

The two types of debt that affect FICO scores

Photo courtesy of SociallyIn

In general, credit files contain two types of debt: installment credit and revolving credit.

Installment debt is a loan that you repay in fixed monthly installments over a predetermined period of time. An example of an installment loan would be a car loan or a mortgage.

Revolving credit is a line of credit that allows you to borrow up to a certain limit and then pay off the balance over time. Credit cards are the most common type of revolving credit.

Types of accounts that affect credit scores

There are five types of credit accounts that can affect your FICO score:

  • Credit card
  • Mortgages
  • Student loans
  • Car loans
  • Personal loans

Credit card

A credit card is a type of revolving line of credit. It lets you borrow money up to your limit, and you have to pay it back every month. Credit cards are considered high-risk loans, so they usually have a higher interest rate than other types of loans.

Mortgages

A mortgage is a type of installment loan. It is a loan used to purchase a house or property. Mortgages generally have a lower interest rate than other types of loans and longer repayment terms.

Student loans

Photo courtesy of SociallyIn

A student loan is a type of installment loan. This is a loan used to pay educational costs, such as tuition and books. Student loans generally have a lower interest rate than other types of loans and longer repayment terms.

Car loans

A car loan is a type of installment loan. This is a loan used to purchase a car or vehicle. Car loans generally have a lower interest rate than other types of loans and repayment terms are shorter.

Personal loans

A personal loan is a type of unsecured loan. It is a loan that does not require any collateral, such as a house or a car. Personal loans generally have a higher interest rate than other types of loans and repayment terms are shorter.

What can damage your FICO score?

There are several things that can damage your FICO score. Let’s discuss each below.

  • Missed Payments – Missed payments are one of the biggest things that can hurt your credit score. If you miss a payment on a loan or credit card, it will negatively affect your score.
  • High Debt Levels – Another thing that can hurt your credit score is high debt levels. If you have too much debt relative to your available credit, it will lower your score.
  • Too Many New Accounts – Another thing that can hurt your score is opening too many new accounts in a short time. This tricks lenders into believing that you are in desperate need of credit and may be a riskier borrower.
  • Credit Usage – The fifth thing that affects your FICO score is the amount of available credit you use. If you use a lot of your available credit, it will lower your credit score.
  • Default Accounts – If you have an account in default, it will hurt your credit score. A default account is an account where you have not made a payment for at least 90 days. Examples of these are foreclosure, bankruptcy, repossession, write-offs and settled accounts.

How to improve your credit score

There are five ways to improve your credit score:

  • Pay your bills on time – The easiest way to improve your credit score is to simply pay your bills on time. This shows lenders that you are responsible and that you can manage your debts responsibly.
  • Keep your debt level low – Another easy way to improve your score is to keep your debt level low. Try not to borrow more money than you can afford to pay back each month.
  • Don’t open too many new accounts at once – Another thing you can do to improve your score is don’t open too many new accounts at once. Lenders may see this as a sign of financial instability.
  • Use less of your available credit – The fourth thing you can do to improve your score is to use less of your available credit. Try not to use more than 30% of your total limit, and even less if you can.
  • Have a good credit history – The fifth and final way to improve your score is to have a good credit history. This means always paying your bills on time and not borrowing more money than you can afford to repay.
  • Pay any outstanding balance – Another way to improve your credit score is to pay any outstanding balance. This will show lenders that you are serious about improving your credit and are ready to act.
  • Dispute errors on your credit report – Finally, if you think there are errors on your credit report, you can dispute them. This will help improve your score because it shows lenders that you are taking steps to improve your credit.

This webinar provides a more in-depth look at credit repair than we have time to cover today, so you might want to check it out for a little more information on specific steps you can take yourself. same :

Your FICO credit score reflects your overall risk as a borrower. Lenders consider all five factors when making their decision, so it’s important to understand them all! This makes credit score checking an important task that you as a borrower should pay attention to. By understanding how your score is calculated, you can take steps to achieve a good credit score and make your life easier financially. Thanks for reading and stay tuned for future articles in our credit repair series!

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Full opening of first cashier-less Whole Foods in Northwest DC – NBC4 Washington https://howtooccupy.org/full-opening-of-first-cashier-less-whole-foods-in-northwest-dc-nbc4-washington/ Wed, 23 Feb 2022 23:15:29 +0000 https://howtooccupy.org/full-opening-of-first-cashier-less-whole-foods-in-northwest-dc-nbc4-washington/ The first Whole Foods store that does not have cashiers opened Wednesday in northwest Washington, DC The location at 2323 Wisconsin Ave. NW is technologically innovative – allowing many people to skip the queue altogether. The store uses “Just Walk Out” technology which allows shoppers to avoid queues. You may have seen it in DC-area […]]]>

The first Whole Foods store that does not have cashiers opened Wednesday in northwest Washington, DC

The location at 2323 Wisconsin Ave. NW is technologically innovative – allowing many people to skip the queue altogether.

The store uses “Just Walk Out” technology which allows shoppers to avoid queues. You may have seen it in DC-area Amazon grocery stores, but it’s new to Whole Foods.

Shoppers entering Whole Foods are greeted by a set of doors similar to the fare doors found in a subway station. To enter, shoppers scan a payment method, such as a code in the Amazon app or a credit card linked to your Amazon account. Then the doors open on the fly.

See Inside the First Cashier-Free Whole Foods in Northwest DC

Inside, this one-of-a-kind store looks like your typical Whole Foods store with a hot food bar, salad bar, pizza counter, butcher, and sections for bakery, personal care items, beer and wine. There is also a lounge area

One difference is that shoppers collect the shopping bags first, and then they can put the items directly into the bags. Once shoppers have completed their grocery list, they scan the same payment method at the exit doors and walk straight out the door.

When News4 visited during the soft launch, employees were near the entrance and exit to help customers through the process. It took Whole Foods about two and a half hours to email the link to a receipt – and he had correctly billed all six items purchased, including a 5-cent paper bag.

Self-checkouts are available if shoppers wish to pay with cash, EBY, eWIC, or credit cards that are not linked to an Amazon or Whole Foods account.

The Whole Foods began inviting select Amazon Prime members to visit in late January, but is now fully open to the public, a spokesperson said.

It’s also a big moment for residents who have been waiting for a full-service grocer to return to this stretch of Wisconsin Avenue. The grocery store closed in March 2017 and was locked in a protracted legal battle until the owner and Whole Foods agreed terms for renovation and reopening, our media partners and OMCP reported.

Whole Foods is set to open a second location with “Just Walk Out” technology in Sherman Oaks, Calif. later this year.

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Know the Score – Albuquerque Journal https://howtooccupy.org/know-the-score-albuquerque-journal/ Sun, 20 Feb 2022 07:05:58 +0000 https://howtooccupy.org/know-the-score-albuquerque-journal/ Because interest rates are low, credit companies may make tempting offers to entice you into taking out a loan or getting a credit card. Take your time to make a decision that is right for you and your financial health before going ahead with such offers. What is a credit score? A credit score is […]]]>

Because interest rates are low, credit companies may make tempting offers to entice you into taking out a loan or getting a credit card. Take your time to make a decision that is right for you and your financial health before going ahead with such offers.

What is a credit score?

A credit score is a three-digit number that summarizes information on your credit report. The number changes depending on what is happening in your financial life.

There are two different names for credit score, FICO or VantageScore. The FICO score is named after the company that invented this three-digit scoring system in the mid-1980s, Fair Isaac Inc. The three major credit reporting agencies created their own scoring system, called VantageScore, designed to produce a more consistent score across all three credit reporting agencies. Each credit reporting agency collects different financial information about you and therefore reports a different credit score.

Credit scores are designed to estimate your likelihood of repaying a debt.

What are the ranges?

From NerdWallet:

• A score of 720 or higher is generally considered excellent credit.

• A score between 690 and 719 is considered good credit.

• Scores between 630 and 689 are fair credit.

• And scores of 629 or less are bad credit.

Other sites had different ranges and names with similar messages about the meanings.

What factors come into play?

• Pay bills on time. Any late payment can affect your score. Late payments of 30 days or more stay past due in your credit history for years.

• How much you owe. Just because you have a high credit limit on your credit card doesn’t mean you should use it. The sites I looked at recommended using 30% or less of the credit limit. Lower is better.

• Credit age. The longer you have credit, the better your score.

• Composition of credit. Having more than one type of credit such as a loan and a credit card.

• How long ago you applied for credit. When you apply for credit, an investigation is done on your credit file and may cause your score to drop temporarily. For example, applying for a new credit card that offers airline miles, cash rewards for signing up, or other incentives could negatively affect your credit score.

What does this really mean?

The score can affect your approval for a loan or credit and the interest rate you pay on the loan. People with high scores generally receive lower interest rates on mortgages, credit cards, and loans because they are considered to be at low risk of default. Average scores will likely qualify for new credit, but not ideal rates. Low scores mean a damaged credit history, such as defaults on different types of credit. It can also be the result of bankruptcy, which stays on a credit report for seven years.

Establish credit

Start small. Your bank, credit union, or other financial institution with which you have an account may offer you a credit card. When you are approved for a loan or credit card, make payments on time and in full. Credit is also established by paying your utility bills on time.

Watch your score

According to the Consumer Financial Protection Bureau, there are four main ways to get a credit score. (See the government website below for additional links.)

1. Check your credit card or other loan statement. Many credit card companies and loan companies provide credit scores on monthly statements or by logging into your account.

2. Talk to a nonprofit advisor. Nonprofit credit counselors and HUD-licensed housing counselors can often provide you with a free credit report and score and help you review them. (I couldn’t find a New Mexico nonprofit credit counselor on the website, but I did find Housing Counselors for New Mexico.)

3. Use a credit score service. Many services and websites advertise a “free credit score”. Review them carefully, as you may be charged a fee for ongoing monitoring.

4. Buy sheet music. You can buy directly from credit reporting companies. Know what you are buying and acknowledge efforts to sell additional products or services.

Obtain and review your credit report:

You are entitled to a free copy of your credit report every 12 months from each of the three national credit reporting companies. It is important to review your credit reports, which you can do free of charge at www.AnnualCreditReport.com. If there are errors in your credit reports, they can unnecessarily lower your scores. You can submit information to correct errors.

Sources: www.nerdwallet.com, www.investopedia.com and www.consumerfinance.gov.

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Get a tax refund? Here are 6 ways to invest in yourself https://howtooccupy.org/get-a-tax-refund-here-are-6-ways-to-invest-in-yourself/ Sun, 13 Feb 2022 14:00:43 +0000 https://howtooccupy.org/get-a-tax-refund-here-are-6-ways-to-invest-in-yourself/ PM Images/Getty This story is part Taxes 2022CNET’s coverage of the best tax software and everything you need to file your return quickly, accurately and on time. Filing taxes is no fun, but getting a tax refund can be. In 2021, over 100 million refunds were processed and refunds averaged $2,873 – and unless you […]]]>

PM Images/Getty

This story is part Taxes 2022CNET’s coverage of the best tax software and everything you need to file your return quickly, accurately and on time.

Filing taxes is no fun, but getting a tax refund can be. In 2021, over 100 million refunds were processed and refunds averaged $2,873 – and unless you need the money to immediately pay rent or bills, that’s a good idea to plan in advance how best to use the funds.

Although it may be tempting to spend your money right away, consider using some or all of it to improve your finances. Here are several smart ways to put that money to good use for you and your future.

1. Pay off the debt

Whether it’s credit cards, student loans, buy it now and pay later services, or medical bills, living with debt can be overwhelming. Although your tax refund may not be large enough to wipe out these balances, you can use it to reduce your debt, especially high-interest debt.

Credit cards tend to be the debt with the highest interest rates, although this is not always the case. Paying off the debt with the highest interest rate first (aka the avalanche method) can help save you money down the road in interest charges. Additionally, with the Fed expected to raise rates as early as March, credit card interest rates are also expected to rise.

If you have multiple credit cards with similar APRs carrying debt, you can also choose to pay off smaller balances first (the snowball method) so you have fewer remaining credit cards to worry about paying off.

“Tackling the card with the lowest balance first can be a quick win and give us the mental strength to pay off remaining balances. “, says CNET Money Editor at Large Farnoosh Torabi.

2. Build or boost your emergency fund

An emergency fund is an important financial tool that can help you in the event of job loss, a pay cut, or an unexpected financial emergency (like a heavy medical bill). Your emergency fund should contain between three and six months of expenses, which is the amount you spend on things like rent, utilities, groceries, gas, and other essentials.

Your tax refund can help you create an emergency fund. A high-yield savings account that pays slightly higher interest rates that you can access quickly is a great place to store that money. Many online banks like Capital One, Ally and Marcus offer high yield savings options.

And, if you have debt you’d like to pay off and no emergency savings to speak of, you may not know how to best make your money work. “Spending time in the beginning to build up emergency savings first – even a few hundred dollars – can be extremely helpful before you embark on your debt repayment strategy. This provides a buffer for unexpected expenses that may not Of course, pay the minimum on all your card balances, while you work on building up savings, but once you have about a month’s worth of essentials set aside, be more aggressive with your debt repayment plan,” says Torabi.

3. Pay your future self

While it might not be the most glamorous way to enjoy your money now, investing in your future is important at any stage of your career. You can use your tax refund to contribute to any retirement plans you have, 401(k) or IRA. In 2022, you can contribute up to $20,500 to a 401(k) and $6,000 for traditional and Roth IRAs. (If you’re over 50, you can contribute an additional $6,500 to your 401(k) and $1,000 to an IRA.)

“If it’s not possible to maximize your retirement plan at work, consider investing enough to earn full consideration from your employer or contributing at least one to two percent more than last year,” explains Torabi.

And, if you’re already on track to reach your retirement goals, you could use your money to start investing. There is no one way to start investing; it will be different for everyone. If you want to invest with minimal risk, buying an ETF (exchange-traded fund) or an index fund may be a good idea. Both options spread your risk across different stocks and bonds that track a particular index, like the S&P 500. You won’t get rich overnight with index funds or ETFs. They are more of a long term game.

If you want to take a more active role in investing and don’t mind taking higher risks, you can invest directly in the stock market through a brokerage. A few online options for investing in ETFs, index funds, and stocks include TD Ameritrade, ETRADE, and Fidelity Investments.

For those who don’t want to be as active in the investment process, a robo-advisor might make sense. Robo-advisors like Betterment, Wealthfront, and Ellevest use AI to create a portfolio based on your financial needs and goals.

4. Add funds to your HSA or FSA

A health savings account is a savings plan specifically designed for health-related expenses. HSAs are a type of investment account, although they are called “savings” plans. If you have a high-deductible health plan, you are eligible to open an HSA. HSAs are triple tax-exempt: your contributions, earnings and withdrawals are not taxed. Your employer may also offer access to an FSA Flexible Spending Account, which is also a tax-free account designed for eligible medical expenses.

If you have a health savings account or a flexible savings account for medical expenses, you may want to use part of your tax return to fund this account. The 2022 contribution limits for an HSA are $3,650 for an individual and $7,300 for family plans. The FSA contribution limit for 2022 is $2,850.

5. Start a college fund

Whether it’s for a child or for yourself, you can put your refund to work by investing it in future college expenses. You have different options for storing this money, including a high-yield savings account, an investment account, or a 529 plan.

A 529 plan is specifically designed for college savings, but it acts more like an investment account. Earnings grow tax-free and as long as you use the funds for education-related expenses, you are not required to pay taxes on your withdrawals.

6. Invest in yourself

While college is a great personal investment, there are other ways to use your tax refund for a good cause. If you are considering a career change, use your money to invest in that change. If you need capital to start your own business, this could be your chance. Or use your funds to invest in courses, courses, or certifications that will help take your skills to the next level.

“Since it can take time for your new business to start generating revenue, having at least a year of financial trail or personal savings can be vital for both your financial security and long-term success. of your business,” says Torabi.

The stress of the past two years has weighed on us all. While paying off your debt, saving, and investing your repayment are smart ideas, investing in your mental health is just as important.

Consider using your refund to give yourself a well-deserved break, whether it’s a laptop-free getaway, a trip to see family and friends, or a relaxing vacation to recharge, reset, and refocus yourself. “Mastering your money is more than just managing your dollars and cents properly. It’s a much more holistic endeavor that focuses on your mental well-being first and foremost,” says Torabi. “Health is wealth.”

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How does a joint credit card account affect my credit? https://howtooccupy.org/how-does-a-joint-credit-card-account-affect-my-credit/ Tue, 08 Feb 2022 13:55:34 +0000 https://howtooccupy.org/how-does-a-joint-credit-card-account-affect-my-credit/ There are many ways people share their financial lives, and it’s common to have a mortgage or car loan with a family member, partner, or spouse. You can also share a credit card account. While there’s no right or wrong answer to whether a joint credit card account is a good idea, there are pros […]]]>

There are many ways people share their financial lives, and it’s common to have a mortgage or car loan with a family member, partner, or spouse. You can also share a credit card account. While there’s no right or wrong answer to whether a joint credit card account is a good idea, there are pros and cons to consider.

What is the difference between a traditional and joint credit card account?

A joint credit card works like a traditional credit card, except the account is shared by two people instead of being held by one. Each account holder has a credit card, but the cards are linked to the same account.

The main difference with a joint credit card account is that the responsibilities and benefits are shared by both cardholders. Any card activity will affect both cardholders and you are responsible for paying the balance on the card even if you have not made any charges.

Advantages and disadvantages of a joint credit card account

If you’re considering opening a joint account, talk frankly with your co-applicant about the responsibilities that come with having a credit card in both of your names.

Advantages

  • An account holder with a lower credit score may have access to more favorable terms. If one of the cardholders has a patchy borrowing history or a lower credit rating, they can take advantage of the co-holder’s stronger credit history. Keep in mind, however, that lenders consider the financial profiles of both applicants when denying or approving a credit card application.
  • It can help account holders improve their credit. If you keep the account in good standing by making on-time monthly payments, a joint account can help improve the credit rating of a cardholder who could benefit from a positive credit history. It can also be a helpful way to establish credit for someone who needs it.
  • There are fewer bills to manage. A joint account can make it easier to manage bills each month because the account holders’ combined purchases appear on one statement. Plus, both cardholders can take advantage of features of a credit card, such as redeeming points for rewards, airline miles, or balance transfers.

The inconvenients

  • The credit history of both account holders is affected. If a cardholder goes on a spending spree or if payments are missed, the credit ratings of both account holders can potentially be affected. Joint Account cardholders are also responsible for paying the balance on the card, regardless of who incurred the charge.
  • Disputes over the card can lead to relationship issues. A shared account can lead to disagreements between cardholders over spending habits, debt repayment, and account management.
  • Relationship changes affect the account. If you divorced or experience some other type of separation, you will need to close the account, delete one of the parties, or otherwise figure out how to move forward with the account. It is also possible for one user to deliberately spend or skip payments to damage the other’s credit.

If you decide to get a joint credit card account, make sure you’re both on the same page about what it entails. It is important that you understand that you are both legally responsible for reimbursing any charges that one of you makes.

Speak openly and keep an eye on the account

When both parties are responsible for the money and have an open line of communication on financial matters, that’s a big plus. Agree to make payments on time, discuss major purchases ahead of time, and avoid going too close to your credit limit.

With credit cards, it is important to monitor card usage. If you share an account:

  • Regularly discuss household expenses and personal expenses with all cardholders.
  • Regularly check the status of an account by calling the credit card company or setting up access online.
  • Make sure the other account holder isn’t incurring excessive charges that you can’t reimburse.
  • Monitor your credit by checking your credit report to make sure your credit score is healthy. You can consult your credit report for free every 12 months on annualcreditreport.com.

As a security measure, some creditors will allow you to limit the fees of the person with whom you share an account.

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Man used stolen Telegram credit card details on taxi rides and Burger King, is jailed https://howtooccupy.org/man-used-stolen-telegram-credit-card-details-on-taxi-rides-and-burger-king-is-jailed/ Mon, 07 Feb 2022 04:23:00 +0000 https://howtooccupy.org/man-used-stolen-telegram-credit-card-details-on-taxi-rides-and-burger-king-is-jailed/ SINGAPORE: A man accessed a Telegram group chat circulating stolen credit card details and used them to make hundreds of dollars worth of taxi bookings and Burger King orders. Serial offender Muhammad Syawal Kamis, 32, was sentenced to six months and a week in jail on Monday (February 7th). He pleaded guilty to three counts […]]]>

SINGAPORE: A man accessed a Telegram group chat circulating stolen credit card details and used them to make hundreds of dollars worth of taxi bookings and Burger King orders.

Serial offender Muhammad Syawal Kamis, 32, was sentenced to six months and a week in jail on Monday (February 7th).

He pleaded guilty to three counts of cheating, with two other counts considered.

The court heard that Syawal came across a Telegram group chat sometime before November 21, 2020, where details of the stolen credit card were circulating.

He found a set of details issued by the Bank of Oklahoma and decided to use the information. He added the credit card details to his ComfortDelGro taxi booking account.

Between November 21, 2020 and December 23, 2020, Syawal booked taxi rides 34 times and charged them to the credit card. He continued to book taxi rides until an error message appeared on his account.

The taxi company detected the fraudulent transactions amounting to S$562.91 and filed a police report in February 2021.

A few weeks earlier, Syawal had linked the stolen credit card details he had retrieved from the Telegram chat group to his Burger King account. Between February 8, 2021 and March 2, 2021, he used the details to purchase food from the fast food restaurant seven times using multiple foreign credit cards.

An accountant working for Burger King Singapore filed a police report in early March 2021, claiming that the company had detected fraudulent transactions in the amount of S$225.40.

Syawal also used the stolen credit card details to purchase two cardboard boxes worth S$28 from a company called Jaguar 3R Ventures in March 2021.

The prosecutor asked for the sentence that was ultimately imposed, noting that Syawal made full restitution.

However, Syawal has a long list of previous convictions dating back to 2003, when he was put on probation for criminal breach of trust. Over the years, he has received sentences ranging from reformatory training to prison for crimes like theft and criminal breach of trust.

His last prison sentence was imposed on him in November 2018 for crimes of fraud.

As mitigation, Syawal asked for a shorter prison term, saying he had a daughter and a wife living in Indonesia. He said he was the sole breadwinner, working as a house painter, but his business has been affected due to the pandemic.

He had to find ad hoc jobs to get by and said he cooperated with the police.

“The very moment I was apprehended, I felt so upset…and I was remorseful that this happened to me again. I’m upset that I didn’t avoid committing a crime,” he said. -he declares.

Appearing emotional, Syawal said he understood he had recounted past convictions, but said he was “in fact turning over a new leaf”.

“I know my freedom is very hard for me to achieve, I will continue where I started, where I have been with my wife and daughter. Please give me a (lenient) punishment this time,” he said.

The judge told Syawal that the charges against him were quite serious, but said that although Syawal had made full restitution, he had a long list of past convictions.

“For this particular sentence, prison is mandatory. But if you continue like this, and looking at the number of years … you’re looking at remedial training in the future if you continue down this path,” the district judge said. Shawn Ho.

“I say this for your own good – remedial training, a minimum of five years, a maximum of 14 years. And there are more serious things like preventive detention afterwards.”

He advised Syawal not to miss his two-year-old daughter’s growing years, and Syawal thanked him for his “words and reminder”.

Judge Ho allowed him to postpone his sentence until February 28.

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This credit score is optimal for most Americans, says this CFP https://howtooccupy.org/this-credit-score-is-optimal-for-most-americans-says-this-cfp/ Thu, 03 Feb 2022 04:12:01 +0000 https://howtooccupy.org/this-credit-score-is-optimal-for-most-americans-says-this-cfp/ Select’s editorial team works independently to review financial products and write articles that we think our readers will find useful. We may receive a commission when you click on links to our affiliate partners’ products. A credit score of 850 is a coveted achievement for many because it signifies a “perfect” borrower. But very few […]]]>

Select’s editorial team works independently to review financial products and write articles that we think our readers will find useful. We may receive a commission when you click on links to our affiliate partners’ products.

A credit score of 850 is a coveted achievement for many because it signifies a “perfect” borrower. But very few Americans are able to achieve a perfect credit score, and according to Faron Daugs, CFP, founder and CEO of Harrison Wallace Financial Group, it’s really not necessary.

In fact, Daugs told Select that a score of 850 is “almost impossible,” but reassures consumers that anyone can achieve a strong credit score to earn the same financial opportunities.

To select details what is the most optimal credit score to get the best financial products and interest rates available, how to get your credit score up to par, and how you can get started today.

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Here is the most “optimal” credit score

All Americans are rated on their FICO credit score, which ranges from 300 to 850. The higher your score, the more likely you are to obtain favorable financing options for a home, car or credit card.

But Daugs is a firm believer that an 850 credit score is an unnecessary benchmark for Americans. Instead, he says that 760 is the most optimal credit score.

Daugs told Select, “The optimal score that will give you the highest credit limits and lowest interest rates is actually 760. Once you reach a score of 760 (according to FICO ), you will receive the same rates and limits as someone with an 800, 825 or even the ultimate 850.”

That’s a little contrary to popular belief, as a credit score of 760 is considered “very good,” according to Equifax according to their credit score ranges on their website. The ranges are:

By having at least a “very good” credit rating, you demonstrate to financial institutions that you pay your bills on time, that you maintain a low rate of credit utilization and that you have a good credit history. And in doing so, a credit score of 760 is just as valuable as a score of 800 or any higher when it comes to applying for financing options.

In short, anything over 760 is just icing on the cake.

How to Get That Credit Score

Earning a credit score of 760 doesn’t happen overnight. It takes persistent effort and strong personal finance skills to establish your credit history without any blemish, but it can be done.

In fact, the average credit score in America in 2020 was 710, according to Experian. So, wherever you are on the path to building (or rebuilding) credit, there are several things you can do to move your credit score in the right direction:

  • Pay off or refinance credit card debt: One of the largest parts of your credit score is made up of all debts owed (30%). So, if you have a lot of credit card debt, it will significantly increase your credit score. You may want to consider a balance transfer credit card to avoid compound interest charges. Or if you have multiple credit cards with balances, consider applying for a personal loan to consolidate your debt.
  • Dispute credit report errors: Millions of Americans have errors on their credit report that can negatively affect their overall score. Be sure to check your credit report and consider using a credit monitoring service to track any new credit applications or potential fraud.
  • Apply for higher credit limits: Each of your credit cards has a credit limit you can spend, and the amount of credit you use against that limit affects your overall credit score. This is called your credit utilization rate, and if you keep the amount of credit you use low relative to your credit limit, the more your credit score can rise. The best part is that you can request a higher line of credit from your card issuer and it won’t create a new request on your credit report.

For more tips, read our guide on how to build and get good credit. And consider a credit monitoring service for more information on your score:

Capital One CreditWise®

Information on CreditWise was independently collected by CNBC and was not reviewed or provided by the company prior to publication.

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At the end of the line

Your credit score is the foundation of many financial opportunities. Without a strong credit score, you risk being denied opportunities to obtain affordable financing for a major purchase, possibly being rejected for a new job, not being approved for housing options and other fundamental decisions.

However, if your credit score isn’t perfect, there’s concrete steps you can take today to improve it. And once your credit score is up to snuff, you can start making more important financial decisions to increase your net worth and prepare for retirement.

Check out Select’s in-depth coverage at personal finance, technology and tools, The well-being and more, and follow us on Facebook, instagram and Twitter to stay up to date.

Editorial note: Any opinions, analyses, criticisms or recommendations expressed in this article are those of Select’s editorial staff only and have not been reviewed, endorsed or otherwise endorsed by any third party.

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