Smart Military Money
Personal finance tips andadvice for the military lifestyle.
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In a world where your credit score may affect everything from your home loan to car insurance rates, it is no surprise that everyone is looking for that quick fix to bump their score a few points. Although major improvements in credit take several months (and sometimes years) of responsible credit usage and money management, [...]
Car loans have become standard for most Americans. In fact, car loans now last an average of more than five years, according to the credit-rating company Experian. This means the public will most likely make high car payments every month for a good portion of a decade. Experian found that for new car buyers, these [...]
It used to be said that money makes the world go round. Today the better phrase may be “credit makes the world go round.” Your credit score is a factor in everything from buying a house to applying for a job, and a low score may seem impossible to fix. Because of the mystery behind [...]
We’ve all had frustrating moments checking our credit scores. Sometimes it seems rocket science would be easier to understand than the formula credit bureaus use to calculate your score. Even though it may seem unchangeable and confusing, having a better understanding of what goes into your credit score can help you repair your score the smart [...]
At a time when credit scores mean so much, especially to prospective homebuyers, a credit card interest rate that climbs is one of the last things military cardholders need. Before you agree to a credit card contract, dig through it and make sure you’re clear on the reasons why your interest rate could spike. Your [...]
Military members are more likely to have a credit card than civilians. They’re also less likely to pay their balance in full. Those findings come from a 2010 survey conducted by the FINRA Investor Education Foundation. They also suggest that some military members may be struggling to stay afloat financially. Carrying credit card balances can [...]
With the end of the year approaching, now is a good time for military members and spouses to check their credit. A federal law gives consumers the chance to get a free credit report annually, so don’t waste this year’s. Doing it at year’s end gives you a chance to plug holes and improve your [...]
Your credit score ranges from 300 to 850. Although the exact formula for calculating the score is proprietary information and owned by FICO, here is an approximate breakdown of how your credit score is formed: Top 35 Percent Thirty-five percent of your score is based on your payment history. This is mainly for lenders to [...]
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