Uncommon-ways-raise-credit-score-bankrate: Personal Finance News from Yahoo! Finance. When it comes to cultivating a credit score, you've probably got the good citizen routine down cold. You pay on time, try to wipe out the entire balance every month and never close too many accounts at once. Beyond the basics, though, many consumers are still in the dark about what makes their credit scores go up and down. "We have had so many people over the years who don't understand what goes into a credit score," says Dave Jones, president of the Association of Independent Consumer Credit Counseling Agencies. "They just live with the old wives' tales. " Consumers understand that the credit utilization ratio -- the total amount of revolving credit someone uses in a month, compared to the amount of available credit they have -- is a major factor in calculating a score. But did you know that it's often calculated from the total on the statement date, not the due date?
Here are five ways you can use that bit of knowledge, along with some other expert know-how, to boost your credit rating: 1. Changes-improve-odds-retire-moneywatch: Personal Finance News from Yahoo! Finance. If you're over age 50 and worried about your retirement, consider making two changes that could significantly improve your odds of retiring.
Ten years ago, I used to hear lots of people talking about traveling the world, buying vineyards with their Cisco (Nasdaq: CSCO - News ) stock, and endowing their Alma maters with legacy buildings bearing their names. Well, I don't hear many people talk about those things too much these days. But just because you can't get a building named after you, doesn't mean you can't have a secure retirement. If you're over age 50, and feel like you're behind with your retirement goals, you need to make a realistic assessment of what's achievable. For many people, the lifestyles they're leading while working won't be supportable by the income they can generate from their retirement savings at age 65.
That means you've got to change your retirement goals. 1. First, consider how much of an impact working five more years could have on your retirement. 2. Start investing: How new investors can begin with $100. Updated: 3/5/2010 4:00 PM ET By Richard Jenkins, MSN Money Faced with a dizzying array of investment options, deciding where to put your money can be daunting.
But starting small doesn't mean it won't pay off big. I'll let you in on a little secret about investing: It's not nearly as hard as you think. However, the fact that most people do it badly might lead a reasonable person to believe the opposite. How badly? So with the bar set appropriately low, I'm going to show you a method for starting and managing a portfolio that requires very little money -- you can start with as little as $100 -- even less effort, minimizes taxes and transaction fees, and is likely to outperform 90% of mutual funds over the long haul. So many investors, so little profit But first, let's look at the reasons for the awful performance of most investors. The True Power of Time Kate and Steve are two investors in the exact same financial situation, but with two completely different approaches to investing. My-10-dumbest-money-moves-and-how-you-can-avoid-them: Personal Finance News from Yahoo! Finance.
My 28-year-old niece and I were recently talking about money. She's (finally!) Become interested in accumulating more and spending less, and because I've been in the personal finance business in one capacity or another since before she was born, she logically assumed that I've always done everything right and know exactly what to do at all times. Confession time: I've blown it big on more occasions than I care to mention. In fact, most of what I've learned about money I didn't learn in books or by being a CPA, stock broker, or financial reporter. I learned it the hard way — by making stupid decisions and missing opportunities. So for her sake, and maybe yours, I've put together the following list of 10 mistakes — most of which I've made — that you really should try to avoid. 1.
Whether sitting in your car or standing at the airport, you'd never start a trip without a destination in mind. 2. If you're not writing down every penny of money coming in and money going out, 3. More important? Finance Lessons To Teach Your Son. How to reach $1 million in three easy steps - Mar. 21. Chris and Amy Stacey, from Tacoma, Wash., are five years away from a million. Here's how they're doing it.By Paul J. Lim and George MannesApril 5, 2011: 10:52 AM ET (MONEY Magazine) -- Remember that old Steve Martin joke about the secret formula for becoming a millionaire? "First, get a million dollars ... " Okay, getting the odometer on your investment portfolio to click over into seven digits isn't quite that easy. While $1 million may not be worth what it was back when Martin was a wild and crazy guy in the late '70s, achieving that iconic number still has profound allure.
Martin may have oversimplified, but the reality is that getting your portfolio to the $1 million mark is not nearly as difficult as you may think, even if you've managed to put away only a fraction of that amount so far. The slightest tug on one or two of these levers can dramatically affect your path to $1 million. Lever 1: How Much Time You Allow When you think about getting rich, what jumps to mind? Share this. Dangers-of-avoiding-credit: Personal Finance News from Yahoo! Finance.
My 25-year-old coworker thought she had done everything right when it came to protecting her credit. She paid off her student loans early. When she does use a credit card, she pays it off in full each month. And she's never been late on a monthly bill. Her credit score was over 750, which is considered excellent. Despite that stellar record, multiple lenders turned her down for a mortgage earlier this year. Her experience gets at one of the great weaknesses of our credit reporting system: In order to borrow money, you have to have already borrowed money.
[Click here to check current credit card offers, including rates and terms.] Truth: Having little experience with credit can make it hard to take on a mortgage. The first thing lenders look for when assessing whether or not they want to give someone a mortgage is their credit history, says Griffin.
Truth: Comparison shopping can hurt your credit score (a little). So what can someone in that situation do? Popular Stories on Yahoo! Mafioso: How To Negotiate. 8-money-lessons-from-dr-seuss: Personal Finance News from Yahoo! Finance. Oh, the money you'll save! A Dr. Seuss story may not conjure up images of Wall Street, but believe it or not, many Dr. Seuss (a.k.a.
Theodor Geisel) classics can teach us quite a bit about personal finance. From the trouble with indecision, as portrayed in "Hunches in Bunches," to the importance of finding a career that you love ("Oh, the Places You'll Go! "), the good doctor encouraged bright minds to follow their hearts, question the world and value the things that can't be bought over money itself. At MainStreet, we feel there's no better way to start a conversation about money with your children than by sharing a terrific story. Never Choose? "It's awfully awfully awful when you can't make up your mind! " "Hunches in Bunches" centers on a boy who can't seem to decide what to do one day. In terms of personal finance, indecision stems from a lack of financial literacy, says Lori Mackey, founder of prosperity4kids.com, a site that creates personal finance learning materials for children.
How to End Brokeness. How-to-react-to-cringe-worthy-credit-moments: Personal Finance News from Yahoo! Finance. For people with bad credit, awkward moments are inevitable. When they happen, you may want to dig a deep hole and crawl in, but there are better ways to react. Here are the most common embarrassing scenarios involving credit and their more dignified responses. 1. "I'm sorry sir, but your card's been declined. " When a waiter utters these chilling words, you're bound to flush crimson as your tablemates speculate about the state of your finances.
Squelch panic, says John Ulzheimer, president of consumer education for SmartCredit.com. [Click here to check current credit card offers, including rates and terms.] 2. It's dreadful to be sued for a debt, but it's more horrifying when your employer receives an wage garnishment order saying a portion of your wages must be turned over to your creditor. Don't wait until the sheriff knocks to serve the paper, says confidence expert DeLores Pressley. 3. Ready to sign a lease?
As young newlyweds, the Peters thought they'd found the perfect apartment. 4. Steps-to-boost-your-credit-score: Personal Finance News from Yahoo! Finance. Hi Ray, I am a fan of yours I think you do an amazing job in your line of work. My question is if a person has weak credit and is planning on making his/her credit stronger, how could they do so? Should they apply for a credit card (unsecured or secured)? Or, should they wait to apply for more credit until they finish with their existing debt?
The reason why I'm asking is because I went back to school but I work full-time. So I figure when I'm done with school, I will have nothing but my student loan left over to pay off. Do you have any advice? Oh and I would like to purchase a home in about a year. -- Rene from CT Hi Rene, thanks for the kind comment and your great question. But what if you have a few late payments or other negative information on your credit report? Pay recent past-dues: The first thing to do is to pay the past due payments on the accounts that recently fell a month or two behind. Credit score. 5-financial-tips-you-should-ignore: Personal Finance News from Yahoo! Finance.
Have you heard the one about houses being a sure-fire investment? Or the tip that you should close all your credit card accounts? Bad financial advice can circle the web faster than the latest e-mail scam from Nigeria, and some of it originates from personal finance gurus themselves (although their words are often twisted). Here are five popular financial tips you should ignore: 1. 2. [Click here to check savings products and rates in your area.] My 25-year-old coworker ran into the same problem when she tried to take out a mortgage earlier this year and lenders turned her down. 3. 4. 5.
Readers, what's the worst piece of financial advice you've ever heard? Kimberly Palmer is the author of the new book Generation Earn: The Young Professional's Guide to Spending, Investing, and Giving Back. Popular Stories on Yahoo! • 'Mancession' Now Turning Against Women • Gas Savings Tips That Don't Actually Work • Signs You're About to Get Fired. 9 Ways to Save on Car Maintenance- Yahoo! Autos Article Page. 25-ways-to-waste-your-money: Personal Finance News from Yahoo! Finance. Plug your financial leaks, and pocket the savings.
Has your budget sprung a leak? Nearly everyone has spending holes. And as with other kinds of leaks, you may have hardly noticed them. But those small drips can quickly add up to big bucks. The trick is to find the holes and plug them so you can keep more money in your pocket. That extra cash could be the ticket to finally being able to save, invest, or break your cycle of living from paycheck to paycheck.
Here are 25 common ways people waste money. 1. 2. [Click here to check savings products and rates in your area.] 3. Another habit to quit: indoor tanning. 4. 5. 6. When shopping, watch for price discrepancies at the cash register, and make a habit of asking, "Do you have a coupon for this? " [How You Can Get Richer This Year] 7. 8. 9. 10. Finally, consider using free budgeting software such as Mint.com to see exactly where your money goes, making it much harder for you to lose track of it. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22.
Healing-a-wounded-credit-score: Personal Finance News from Yahoo! Finance. The Bridge has a modern, maverick style – and a whopping $750,000 fee BRIDGEHAMPTON, N.Y. -- You'd think that a golf club in the Hamptons that costs $750,000 to join would be, first and foremost, fancy fancy fancy. Valet parking for the Bentley, chandeliers in the loo and attendants on the practice range standing ready to mist your face with chilled Evian.
But that is not the kind of golf club that Robert Rubin, the brains behind the Bridge, had in mind. Mr. Rubin, 53, made his fortune trading commodities and currency for Drexel Burnham Lambert and later for AIG, but he retired in his 40s to pursue varied interests like auto racing, golf and working on a Ph.D. in architectural history. "This is an idiosyncratic high-end golf club, not a generic high-end golf club," he says. For instance, the lockers don't have name plaques ("Who needs that kind of show-offy touch? " "The world has enough shingle-style, McMansion clubhouses," says Mr. The Clubhouse The basis for that model is Mr. Mr. Why-2011-may-be-end-of-housing-crashBookmark: Personal Finance News from Yahoo! Finance.
There might finally be some good news this year about the nation's dismal housing market. Or, at least, the bad news could stop. Either way, it will be welcome relief for current homeowners as well as for potential real-estate investors. Reasons to be optimistic have been sadly lacking since the housing bubble burst in 2006. For sure, last week we learned the widely watched S&P/Case-Shiller home-price index fell 1% in December, its fifth straight decline. The index tracks 20 major markets.
[Click here to check home equity rates in your area.] But that figure belies real reasons to be optimistic, according to some experts. First, let's recap the economic signs a bottom is close. Houses Are a Good Deal Housing is the most affordable it has been in decades, according to analysts at Moody's Analytics. Nationally, the cost of a house is the equivalent of about 19 months of total pay for an average family, the lowest level in 35 years. [More from WSJ.com: Five Signs That Say Buy] Mr. Mr. How to Save on Gas as Prices at the Pump Climb. The price of gas is going up so fast that even government reports can't keep up with it.
A few days after the federal Energy Information Administration said in its weekly report that the average price of regular gas in the U.S. is $3.19 per gallon -- marking the highest average February price since the government started keeping track in 1990 -- the AAA fuel gauge report on Thursday put the national average at $3.22.
The price rose three cents per gallon in a day. I live in California, which has some of the most expensive gas in the country, and we have seen regular for $3.65 a gallon. Blame the turmoil in the Mideast. Whatever the cost, there are ways to save on gas and find the best prices. WalletPop recently covered some tried and true methods to save at the pump -- shopping around, filling up at midday on a Tuesday, getting regular tuneups, slowing down, and, of course, steering clear of pricey premium gas. 2. Did you know you don't have to pay full price for a gift card? 3. 4. 5. 9-ways-to-build-wealth-in-2011: Personal Finance News from Yahoo! Finance.
Want to build some wealth in 2011? Revisit those New Year's resolutions. You probably haven't thought about your pledges in more than a month. But odds are at least one of them involves getting rid of debt, increasing your income or building some financial security. To help you out, nine experts in the fields of money, debt, real estate and consumer affairs have shared their best wealth-building tips for 2011. 1.
Funnel That FICA Cut Into a Retirement Windfall David Bendix, CPA/PFS, CFP, president of The Bendix Financial Group: Take the money you won't pay in FICA, or Federal Insurance Contributions Act, taxes this year and redirect it to your 401(k). [Click here to check savings products and rates in your area.] Tip for success: For the maximum impact, talk with human resources ASAP and change your deductions, Bendix says. 2. Jill Gianola, CFP, owner of Gianola Financial Planning, LLC, and author of "The Young Couple's Guide to Growing Rich Together": [How to Ruin a Real Estate Listing] 3.