Credit & Debt Smart Military Money

  • 4 Ways to Earn Credit Card Rewards During Holiday Shopping

    4 Ways to Earn Credit Card Rewards During Holiday Shopping

    This marks day two of our series Put a Bow on Your Holiday Budget: 6 Days of Advice. The holiday spending season is already booming. Sales were up 16 percent during this year’s Black Friday weekend compared to 2010, according to the National Retail Federation. Consumers spent nearly $400 on average over that four-day holiday stretch, with a third of that in online purchases. Credit cards will continue to …

  • 5 Credit Score Myths that Hold Consumers Back

    5 Credit Score Myths that Hold Consumers Back

    Credit is a major component of financial success for military families. Financing a home or buying a car is made easier when you have a good credit score. Learning how to get and maintain a sound credit report and score is tough when so many myths exist about scores. Look over this list of five myths to get the facts straight: A Good Score Requires You Always Have a Balance Here is one of the most dangero…

  • Deciding if a Credit Card is Right for You

    Amid global financial turmoil, service members have a right to be skeptical about having a credit card. On the other hand, military families can find exclusive rates and terms on credit cards that may make them more useful and less burdensome. No two families are in the exact same fiscal situation, so it’s best to look over these tips and consult a financial planner to learn more about credit card options. Why…

  • What Goes Into Your Credit Score?

    What Goes Into Your Credit Score?

    Your credit score ranges from 300 to 850. Most VA lenders require a credit score of 620 or higher. 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: Payment History (35%) Thirty-five percent of your score is based on your payment history. This is mainly for lenders to see the risk involved with …

  • Saving During Deployment

    Saving During Deployment

    Deployment can be a time of anxiety and uncertainty for both service members and their families. Finances have a tendency to take a back seat to spending time with family and preparing for deployment. However, if you take some careful steps before deployment and maintain good habits while away, it is actually possible to return to a much better financial situation than when you left. Before you are deploy…

  • Would You Pay Off Your Mortgage Early?

    Would You Pay Off Your Mortgage Early?

    It makes sense to pay off debt early, right? It seems everyone is preaching that you should pay down credit cards, loans and anything else hanging over your head as quickly as possible to gain financial freedom and security. That is generally a solid plan, especially when it comes to credit card debt, but should that same principle apply to mortgages as well? Paying off your home loan early can have its advanta…