25:["$","$L26",null,{"category":"$27","relatedArticles":[{"id":"cG9zdDozODc2Nw==","databaseId":38767,"postId":38767,"author":{"node":{"id":"dXNlcjo1Mw==","databaseId":53,"userId":53,"avatar":{"url":"https://secure.gravatar.com/avatar/e108c21a7f5933aad20a2fed390a87d8?s=96&d=mm&r=g","size":96,"__typename":"Avatar"},"description":"Amanda Dixon is a personal finance writer and editor with an expertise in taxes and banking. She studied journalism and sociology at the University of Georgia. Her work has been featured in Business Insider, AOL, Bankrate, The Huffington Post, Fox Business News, Mashable and CBS News. Born and raised in metro Atlanta, Amanda currently lives in Brooklyn.","additionalMeta":{"expertise":null,"__typename":"User_Additionalmeta"},"email":null,"firstName":"Amanda","fullName":"Amanda Dixon","lastName":"Dixon","name":"Amanda Dixon","postCount":{"pageInfo":{"offsetPagination":{"total":184,"__typename":"OffsetPaginationPageInfo"},"__typename":"UserToPostConnectionPageInfo"},"__typename":"UserToPostConnection"},"slug":"adixon","__typename":"User"},"__typename":"NodeWithAuthorToUserConnectionEdge"},"categories":{"nodes":[{"id":"dGVybTo5Mg==","children":{"nodes":[],"__typename":"CategoryToCategoryConnection"},"databaseId":92,"categoryId":92,"link":"https://smartasset.com/credit-score/articles","name":"Credit Score","postCount":{"pageInfo":{"offsetPagination":{"total":96,"__typename":"OffsetPaginationPageInfo"},"__typename":"CategoryToPostConnectionPageInfo"},"__typename":"CategoryToPostConnection"},"slug":"credit-score","ancestors":null,"parent":null,"__typename":"Category"}],"__typename":"PostToCategoryConnection"},"content":"$28","date":"2015-09-25T12:30:41","excerpt":"

Your credit score can affect everything from whether you can buy a home to whether you can refinance your student loans. Maybe your score is low because you’ve recently applied for multiple credit cards. That’s okay – it’s never too late to adopt better habits. Before you apply for more credit, let’s take a moment to […]

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Check out our student loan calculator.

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Hard vs. Soft Inquiries

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An inquiry takes place whenever someone looks at your credit report. When there’s a hard inquiry, a third party pulls your credit report to confirm whether you qualify for new credit. A hard inquiry generally occurs when you allow a lender or creditor to access your credit information because you’re applying for a car loan, a home loan, another credit card, a personal loan or a student loan.

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In contrast, a soft inquiry occurs when you want to review your own credit report or a company wants to run a background check. Before you’re hired, an employer might double-check your credit. Having good credit could suggest that you’re likely to be a reliable employee.

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Unlike hard inquiries, which can’t take place without your permission, soft inquiries often happen without your knowledge. If credit card applications keep popping up in your mailbox, a soft inquiry was probably done by those card issuers.

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In some cases, you might need to ask whether an inquiry counts as a soft or hard inquiry. The following inquiries could fall into either category, depending on the circumstances:

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Opening a new bank account
Setting up a contract with a cell phone company
Renting a new apartment
Buying a cable subscription
Signing up for Internet access
Renting a car
Having your identity checked by a credit union or another financial institution

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Check out our personal loan calculator.

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What an Inquiry Can Do to Your Credit Score

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Soft inquiries have no impact on your credit score, although they may show up on your credit report. So viewing your score every year on annualcreditreport.com won’t ruin your score.

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Hard inquiries, on the other hand, can lower your FICO score. One application for new credit is equal to a single hard inquiry. Most of the time, each hard inquiry reduces your score by less than 5 points.

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Inquiries normally remain on your credit report for two years. But the FICO scoring model only determines your risk based on the inquiries that occurred in the past year. Since they account for a mere 10% of your score, new credit inquiries won’t damage your score very much unless you have a limited credit history or you’ve applied for multiple lines of credit within a short time frame.

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The Rate-Shopping Loophole

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To be safe, it’s important to only fill out applications for credit that you believe you’re eligible for. But you may ask, “What if I’m comparing lenders to find the best loan?” Will all those hard inquiries add up to a substantially lower credit score? There’s one loophole that you’ll want to keep in the back of your mind.

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Having your credit report pulled while you’re shopping around for student loans, car loans and mortgages won’t hurt your FICO credit score if it’s done within 30 days. Between 31 and 45 days, all of the inquiries you make while comparing rates can count as one inquiry rather than six or seven. But watch out. If your lender decides to use the old FICO scoring model, your shopping period will last for just 14 days. In other words, it’s best to consolidate your rate shopping into one period of time.

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The Takeaway

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Hard inquiries are your biggest concern, so it’s best to avoid them unless they’re absolutely necessary. Having lots of hard inquiries on your credit report isn’t a good look. To lenders, it could imply that you’re untrustworthy or desperate for credit, and in the future it might be difficult to qualify for a loan.

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Taking a look at your credit report from time to time, though, isn’t a bad idea. In fact, we recommend it! The more familiar you are with what’s on your report, the more likely you’ll be able to catch errors that could be dragging down your score.

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Photo credit: ©iStock.com/stocknroll, ©iStock.com/alexskopje, ©iStock.com/Juanmonino

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Most people’s first venture into establishing credit is opening a credit card. Unfortunately, many of those people are young, on their own for the first time and still figuring out how to handle their money. This can lead to a number of problems, often eventually leading to poor credit. However, opening a credit card does not have to spell disaster and can actually set you up for having and maintaining a good credit score – if you know how to handle them properly. Here are five common credit card mistakes to avoid.

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Late Payments

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Credit card due dates tell you the exact day when your payment is due, there is no excuse not to know that date. Most credit card companies will allow you a grace period of a few days, however once you reach thirty days, you will be reported to the credit bureaus as being late, which affects your credit score.

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If your due date falls at an inconvenient time of the month, you can call your credit card company and try to change your due date to better fall in line with your ability to pay. Setting up automatic bill pay is another way you can avoid falling behind on your payments. Just make sure you remember you have these automatic deductions set up so you don’t overcharge your account.

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Making Only the Minimum Payment

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Each month there is an amount you are required to pay by your credit card company. However, it is in your best interest to pay more than the minimum payment and ideally pay your credit card off completely.

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The minimum payment only ensures you are making the monthly interest payment, along with a small amount of the principle. By only paying the minimum each month you are dragging out the length of time it will take to pay off the card and increasing the amount you will pay in interest.

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Cash Advances

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While most traditional credit cards offer cash advances, or the ability to take out cash, this should always be a last resort. By taking out a cash advance you will get hit with an interest charge that is more than 10-15 points higher than interest on purchases.

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Cash advances from credit cards are only one step above payday loans, and you should know how much of a swindle those loans are.

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Avoiding Your Credit Card Bills

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If you have run up your credit card debt and cannot pay the charges or you think you will be late making payments, do not avoid those creditors. In fact, you should call them directly… seriously.

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Often times the credit card company will be willing to work out some deal with you, such as lowering your monthly payments or decreasing the amount of interest you are charged. If you know you are going to be late one month, call your credit card company and inform them. Chances are they can work with you so that your credit score does not take a hit.

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Closing Old Cards

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You may have opened your first credit card at the age of 18 and now you’re 28 with good credit. Perhaps you don’t use that first credit card too often and you may be considering closing it. This would be a mistake.

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Your credit report is not only a reflection of how good you are at making payments on time, but also of your credit history. Closing older lines of credit can actually hurt your overall credit score by shortening your credit history.

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Credit cards are often our first foray into establishing credit. It is important to know how to best handle them, as our behavior could impact our entire financial future. Establishing good credit is important when you want to go buy a car, purchase a home, and even get a job. Use your credit cards wisely and it can help you meet your financial goals.

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Photo Credit: Wonderlane

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When you’ve gotten in over your head with credit cards or medical bills are piling up, you may think going bankrupt is your only way out. According to the U.S. Court System Administration Office, there were 936,795 bankruptcy filings in 2014, the majority of which were individuals claiming Chapter 7. While going this route allows you to wipe the slate clean, it also has a devastating impact on your credit. Bankruptcy is meant to be a last-resort option but there are certain situations when filing may be your best bet.

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Check out our 401(k) calculator.

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You’re Being Sued by Debt Collectors

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When you fail to make payments on a debt there’s a good chance that it will get turned over to a collection agency at some point. If the debt collector’s phone calls and letters go unanswered they may decide to file a lawsuit to try and force you to pay up. Fighting a debt collection lawsuit can be difficult and if you lose, you may end up owing even more in court costs and attorneys’ fees.

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Filing a bankruptcy petition offers you some legal protection against debt collectors. Once the petition is filed, the bankruptcy court issues an automatic stay against your creditors. This means that until your bankruptcy case is either discharged or dismissed, you can’t be subjected to any additional collection actions, including a lawsuit.

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Your Wages Are Being Garnished

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When a debt collector winds a lawsuit against you, they still have to take additional steps to get whatever is owed. Depending on which state you live in, they may decide to freeze your bank account or garnish your wages. If a creditor obtains a court order for a wage garnishment, your employer is required by law to hold back a certain amount of money from your check each pay period until the debt is paid in full.

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If your wages are being garnished, you can still be protected by the automatic stay if you file bankruptcy. The stay halts the garnishment, which can provide some financial relief if a significant amount of your pay was being withheld. Just keep in mind that the automatic stay doesn’t apply to garnishments for domestic support obligations, such as child support or alimony.

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You Can’t Pay Your Bills

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A job layoff or an unexpected illness can spell financial disaster if you’re not prepared. If you find yourself turning to credit cards just to cover everyday bills you may find yourself buried in debt. Even if you reach a point where you’re able to cover your basic living expenses without relying on the cards, keeping up with the minimum payments on your debts may prove to be too much of a struggle.

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Racking up debt because of poor spending habits usually isn’t enough of a reason to file. If, however, your income has taken a serious hit due to circumstances beyond your control you may be a prime candidate for bankruptcy protection. Chapter 7 is in fact specifically designed for people whose income isn’t sufficient to carry their debt load.

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You’re in Danger of Losing Your Home

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While the housing market has seen a decline in the number of foreclosures, there are still plenty of homeowners out there who are struggling to keep up with their payments. If your financial situation has reached the point where foreclosure is a possibility, filing bankruptcy can help you get caught up on your payments and keep your home.

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In a Chapter 13 filing, you’re able to keep all of your assets and create a plan for repaying delinquent debts. After a period of either three or five years, depending on your income, your case is discharged. As long as you’ve paid the outstanding balance on your mortgage and you continue making your regular payments going forward, you can stave off a foreclosure proceeding. If you owe a second mortgage but you’re underwater on the home, it’s also possible to have this debt eliminated entirely.

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Filing bankruptcy can be a life-changing decision and it’s not one that should be made lightly. In many cases, digging your way out of debt simply requires some budgeting, patience and hard work. If your finances are spiraling out of control, it’s important to weigh the pros and cons of bankruptcy before you file to make sure it’s the best choice.

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Update: Have further financial questions? SmartAsset can help. So many people reached out to us looking for tax and long-term financial planning help, we started our own matching service to help you find a financial advisor. The SmartAdvisor matching tool can help you find a person to work with to meet your needs. First you’ll answer a series of questions about your situation and goals. Then the program will narrow down your options from thousands of advisors to three fiduciaries who suit your needs. You can then read their profiles to learn more about them, interview them on the phone or in person and choose who to work with in the future. This allows you to find a good fit while the program does much of the hard work for you.

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Photo Credit: flickr

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There are some facts that are immutable: 1. The modern world as we know it runs on credit. 2. Access to credit is governed by credit scores. 3. Crime is driven by greed. The first two facts above drive a particular type of the third. Scams, cons, hustles, and plain old fraud are some of the terms […]

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There are some facts that are immutable: 1. The modern world as we know it runs on credit. 2. Access to credit is governed by credit scores. 3. Crime is driven by greed.

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The first two facts above drive a particular type of the third. Scams, cons, hustles, and plain old fraud are some of the terms used to describe the types of crime that are the product of need for credit.

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Which credit card is best for you?

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The Best Scams

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Any seasoned con artist will tell you the best scams are the simplest ones that look as close to possible as something legitimate. Scams work by turning the familiar against the victim. By going just one or two steps beyond the truth, they stay within the realm of the reasonable.

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Most people wouldn’t buy insurance to protect against being abducted by space monkeys even though it is possible they exist and it is even possible that they might come to earth in order to capture unsuspecting humans. It’s not likely.

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However according to a February 2013 study by the Federal Trade Commission of the credit reporting industry:

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1 in 4 people identified errors in their credit reports that would affect their scores.
1 in 5 people had an error corrected in at least one of their credit reports after it was disputed.
Just over 1 in 10 consumers saw a positive change in their credit score after corrections were made.
About 1 in 20 surveyed saw a change of more than 25 points after corrections.
1 in 250 individuals reported a change in their credit scores of more than 100 points.

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The facts above are exactly the type of information that hustlers love. They are common enough for people to have heard about. They represent a problem that could plausibly affect anyone. Finally there is a way for them to make money offering to fix or protect you from these very real concerns.

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Related Article: What Is a Credit Report?

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From Bad to Worse

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There are different kinds of credit repair scams and they range from the bad to catastrophic. At the bad end of the spectrum are the ones that are interested in making quick cash. While you may wind up out anywhere from less than $100 to a $1,000, the damage is limited to the cash lost and your pride. The second kind of scam can take months or years to uncover. While none of your money goes to the scammers your life can be turned upside down and inside out.

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Cash cons work by selling you a fix to a real or imagined problem that does not exist. A classic example is the ominous email warning that your credit score has recently taken a turn for the worse and for $.$$ they can get it straightened out for you. Other versions include the offer of protection from credit identity theft or future erroneous negative reports.

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The bottom line on these is always the same: there is service you simply send them money and they promise to fix whatever is wrong. Many of these companies will approach you unsolicited. You only want to work with a credible companies that you approach. You can view your free credit report once a year at AnnualCreditReport.com.

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Gone Phishing

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The second kind of scam is the potentially catastrophic variety where the con artist capitalizes on the victim’s sense of vulnerability to gather personal information such as date of birth and social security number. Armed with your personal information they open charge accounts, acquire loans and do whatever they can to get as much money from other people as quickly as possible.

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Since the credit these phisherman have gotten is often issued to the fake you in another city or state you never see notices or collection calls until much later when they start hitting your credit report and aggressive collection agencies believe they have tracked the fake you to the real you.

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Just Say No

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The safest surest way to protect yourself from credit score scams is to just say no. Delete unsolicited emails no matter how convincing they sound or how legitimate they appear to be. Chances are unless you requested the information the email is a fake even if it appears to be from your bank or a credit reporting agency.

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The same is true for the sincere sounding person on the phone who is calling as a courtesy to warn you of suspicious activity. Ask for a phone number so you can call them back, chances are they will either dodge the request or they will just hang up. No matter what the same rule applies, never give your personal information of any kind to anyone unless you are 100 percent certain who they are and who they work for.

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Photo Credit: jannet162012

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