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credit rating

Debt

Dispelling Credit Myths: The Truth About Credit For Married Couples

how your credit works as a married personWhile it is true that you will be sharing a name, a house, a bed, a kitchen, and probably the popcorn as you watch Friday night movies, it is not true that you and your spouse will be sharing a credit report. Neither is it true that marriage makes taxes higher. In fact, quite a few credit myths could affect how you handle your finances, especially when you get married. Here, we outline a few.

MYTH #1: Marriage makes you pay more taxes. While not everyone gets to pay less tax when they get married, not everyone has to pay more tax either. To make the picture more concrete, let’s take a look at the cold, hard facts from the Business Insider:

-Couples with disparate income enjoyed an average tax break of $1,300

-51% of married couples paid less in taxes jointly than they would have if they were single

-42% of married couples paid more taxes jointly

Thus, when it comes to taxes and marriage, your mileage may vary. Just hope that you’ll belong to the 51% of couples who paid LESS tax when they got married.

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Debt

5 Reasons Why You Should Check Your Credit Report

check your credit score regularlyDo you know what your credit score is? If you answered no, don’t feel bad. Most people couldn’t tell you with any kind of accuracy the number on their credit report, even though it has the potential to impact their lives in a major way. Suppose, for example, that you’ve finally managed to set aside a decent amount of money towards a down payment on a home. However, when you go to a bank seeking approval for a loan, you could discover that ancient black marks on your credit report related to massive credit card debt and a spotty payment history will set you back significantly. Even if you cleared up these issues a long time ago, a failure to check your credit report could mean that they’re still dragging down your rating, leaving you with fewer (and less appealing) options when it comes to taking a major loan. In short, there are plenty of reasons why you should check your credit report on an annual basis. Here are a few that should get you going.

Awareness. If you don’t know what your credit report says you can hardly expect to improve it. And if you want to make any major purchases in the future (a car, a home, a business, etc.) you need to have a top-tier score in order to get the stellar interest rates and other terms that you’re seeking. Your credit score can not only make or break your chances at loan approval, but also your ability to attain rates that you can actually afford to repay. So before you even think about looking for a loan, you should check out your credit report to see if you’ll even qualify.

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Debt

5 Sure-Fire Ways To Improve Your Credit Rating

how to improve your credit ratingMillions of consumers have their credit ratings (also called credit scores) damaged during times of financial crisis. Many aren’t even aware of what behaviours can hurt their credit rating. A low credit score can make it difficult, if not impossible to secure a credit card or get a loan. But a low credit score doesn’t have to remain that way, in fact, it is quite easy to raise your credit score back up again. By making a few adjustments to your financial habits and taking a few tried and tested steps, you can have your credit score as good as new in no time. If your credit score is on the high side, you can improve it even more with these 5 sure-fire methods of raining a credit score.

First Find Out What Your Credit Score Is

To improve your credit score you need to know what it is. You can purchase your credit score from one or all of the three major credit reporting agencies – Experian, Equifax, and TransUnion. Don’t get your credit score confused with your credit history. Your credit history is a report of your financial behavior over any given seven year period. It is the events in your credit history that are used to calculate your credit score.

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Debt

How To Fix My Credit And Improve My Credit Score

Credit is your reputation as a borrower. Before offering you a loan, lenders use your credit score to determine the amount of loan you can be offered, the term of the loan and also the rate of interest. You can raise the score by cleaning your credit report.

What is a credit report?

A credit report is a record of your borrowing and repaying activities including information on late payments, tax liens and bankruptcy. It also includes your identifying information and bank account details, and reflects your ability to repay a loan. A credit score is a computer generated number based on statistical analysis of your report. The score is relative and is accessed by your lenders to determine the risk they take by lending you money.

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Banking

8 Ways to Boost Your Credit Score

Maintaining a high credit score is important if you are planning to use debt to purchase a home or vehicle. boost your credit scoreThe higher your score, the better your interest rate will be which will result in significant savings. Below are some tips to follow if you want to boost your credit score.

1. Avoid using a P.O. Box because it makes credit bureaus think that you either lost your home or that you are the victim of identity theft.

2. Shred your financial statements or anything that contains any of your financial information to prevent thieves from stealing your identity.

3. Pay all of your bills on time. If you are late on one vehicle loan or credit card payment your other lenders may jack up your interest rates.

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