January 24th, 2011
Monday Roundup: Personal Finance & Credit News
Scared straight… by your bank? An interesting survey reported by MainStreet found that 33% of Americans report being “too scared” to check their balance on a bank statement at least once in 2010. That makes it difficult for us to improve our financial situation, if one out of three consumers out there are unaware of what that situation even looks like.
Mainstreet also points out, “What’s most striking, though, is how little people’s personal finance habits have improved as the economy stumbles through a slow recovery… The good news is that people are at least saying that they want to change… Still, we all know that there’s a big difference between resolving to do things differently and actually following through.”
Here’s a big tip, if financial stability is on your 2011 to-do list: Always, always be aware of your financial situation– what your bank balance looks like, how big of a chunk bills are taking out of your income, how much income you realistically have left to spend. Even if your finances scare you, better to confront them now than to find yourself in blissful, debt-ridden ignorance later.
Just ahead are our picks of our favorite helpful and interesting links, like The 7 things you’re paying more for than you think and Monitor and Dispute: 7 New Ways to Improve Your Credit Score Fast, to help put you on the path to financial empowerment. Enjoy our Monday roundup, and cheers to never being afraid to open your bank statement again!
Personal Finance News
- The 7 things you’re paying more for than you think. Though inflation is still very much under control, costs on a variety of everyday goods are rising. A $10 increase in cell-phone bills, a $1 increase in a fast-food meal, and a 30-cents-a-gallon hike in gasoline all tally up quickly for consumers who are living on tight budgets, paying off debt or trying to build a savings cushion. MarketWatch
- 8 Friends Who Drain Your Wallet. We all know them: the bridezilla who forces her bridesmaids to pay $500 for their gowns, the hapless friend who “loses” his wallet whenever the dinner check comes around and the spouse whose shopping addiction is threatening your mortgage, not to mention your marriage. MainStreet
- 9 Smart Money Moves for 2011 . With the New Year came a host of resolutions. Many of us offered a pledge to be smarter and more dedicated to our finances in the unfolding year. What moves will not only guarantee financial success in 2011, but set the stage for achieving longer-term objectives? MSN Money
- 3 Reasons Why Dining Out Can Save You Money–and Your Marriage. I once spent three hours trying to read, prep, and cook a gourmet meal for a friend that tasted slightly better than edible. And that’s when I decided to stop wasting my time trying to cook. My takeaway: It’s possible to save money while you’re losing out on personal happiness. In fact, I can give you three reasons why dining out can save—yes, save—you money, and increase your quality of your life. Currency
- Hate the banks if you want. But we need them. . But it might be a mistake to cheer the continued woes of the big banks. For one, it’s not as if smaller banks are profiting at the expense of the industry’s giants. CNN Money
Credit Report & Credit Score News
- Monitor and Dispute: 7 New Ways to Improve Your Credit Score Fast. Sure, we’d feel like dynamite if we managed to have a perfect credit score, but actually getting a perfect 850 is pretty much unattainable. 760 is the golden standard of “excellent” credit, but sometimes even that seems like just a dream. LearnVest
- Give Your Kid Some Credit. My daughter turned 7 last weekend, and while she’s still happily working her way through the Easy-Bake Oven, craft kits, and American Girl accessories, I’m already planning for her next birthday. Her big gift? A credit card. Yahoo! News
- How to Build Credit History – 9 Ways to Improve & Build Good Credit Fast. No credit history? Starting anew with bad credit? It’s time to build up your credit history so that you can get decent rates for small loans and mortgages along with increase your chances to get the apartment of your dreams and better rates on your car insurance. My Two Dollars
- Free Credit Score Alternatives Through Equifax, Experian, and TransUnion . For the average person who doesn’t want to pay for a FICO score but remains curious about how they fare, each of the three CRAs developed their own credit score formulas for your muse. These are free credit scores but they will not be exactly the same as those that you would get from FICO. MyBankTracker
- How a mortgage application hits your credit score. Here are some basic facts about mortgage inquiries from FICO, the company which creates the scoring algorithms used by most lenders. MarketWatch
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My score of 754 says it could be better if we had longer credit history. I’m 67 !! The problem is, I think, that Chase bought out WaMu and that might have ‘deactivated’ our old WaMu credit history (??) We have credit accounts that go back with WaMu and I need the credit agencies to start counting them
Help…how do I get Experian’s attention, etc.