25:["$","$L26",null,{"category":"$27","relatedArticles":[{"id":"cG9zdDoyMDU2NQ==","databaseId":20565,"postId":20565,"author":{"node":{"id":"dXNlcjoyOA==","databaseId":28,"userId":28,"avatar":{"url":"https://secure.gravatar.com/avatar/c2129e3c852ac8063af4562fe9605e22?s=96&d=mm&r=g","size":96,"__typename":"Avatar"},"description":"Rebecca Lake is a retirement, investing and estate planning expert who has been writing about personal finance for a decade. Her expertise in the finance niche also extends to home buying, credit cards, banking and small business. She's worked directly with several major financial and insurance brands, including Citibank, Discover and AIG and her writing has appeared online at U.S. News and World Report, CreditCards.com and Investopedia. Rebecca is a graduate of the University of South Carolina and she also attended Charleston Southern University as a graduate student. Originally from central Virginia, she now lives on the North Carolina coast along with her two children. Rebecca also holds the Certified Educator in Personal Finance (CEPF®) designation.","additionalMeta":{"expertise":null,"__typename":"User_Additionalmeta"},"email":null,"firstName":"Rebecca","fullName":"Rebecca Lake, CEPF®","lastName":"Lake, CEPF®","name":"Rebecca Lake, CEPF®","postCount":{"pageInfo":{"offsetPagination":{"total":1252,"__typename":"OffsetPaginationPageInfo"},"__typename":"UserToPostConnectionPageInfo"},"__typename":"UserToPostConnection"},"slug":"rlake","__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":"2014-09-22T12:30:04","excerpt":"

Credit cards are a convenient way to pay for things and even earn rewards for your purchases. They also come in handy when you’re trying to establish a solid payment history or improve your credit score. If you’ve never had one, you might think that all cards are more or less equal but that’s far […]

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Find out now: Which credit card is best for me?

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Think About Your Spending Habits

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Some people only use credit cards for the occasional purchase while others might charge everything to rack up big rewards. When you’re shopping around for a card, it’s important to look for one that matches your spending style. For instance, if you spend a lot of time on the road traveling to work or to school, you might want to get a card that offers cash back or points for gas purchases. If you only plan to use the card once in a while to boost your credit, rewards probably aren’t as important.

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Compare Interest Rates

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When you use a credit card to pay for something, you’re effectively borrowing money from the card issuer that has to be paid back with interest. Every credit card’s annual percentage rate or APR is different. The higher the rate, the more interest you’ll pay. Generally, you have to have excellent credit to qualify for the lowest rates, which can be difficult if you’re still trying to establish your credit history. Whether you have no credit or bad credit you will likely get a card with a higher-than-average APR, but that doesn’t mean you shouldn’t shop around. Our advice? Look for the best card you can get.

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Check out our credit card calculator.

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Some cards may come with a fixed rate while others have a variable rate. Many credit card companies also offer 0% interest to new customers for a set period of time. Once the promotional period ends, you’ll see your rate jump significantly. As you’re looking at different cards, you should be paying close attention to what the APR is and how it’s calculated. Beginner credit cards often include features that make it easy to get hooked on credit and in over your head. The best credit cards for beginners are ones that are straightforward.

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Don’t Forget About Fees with Starter Credit Cards

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Aside from charging interest, the other way credit card companies make money is by charging you different fees. These may include an annual fee, balance transfer fees, late payment fees, over limit fees, foreign transaction fees or cash advance fees. Generally, the more benefits the card offers or the higher your credit limit, the more you can expect to shell out in fees. Many rewards cards charge an annual fee so if you’re considering this type of card you need to weigh the cost against any potential savings or benefits you’d get from using it.

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Read the Fine Print

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If you sign a credit card agreement without carefully reading over the details, you’re potentially setting yourself up for trouble down the line. Many card issuers will assess penalties against cardholders for various infractions and you want to know about these up front. For example, you could get hit with a fee for extended inactivity on your account. Your card issuer may decide to bump up your interest rate if you miss a payment, which can be costly if you carry a balance. If you’re not paying attention, it’s easy to end up making a costly mistake.

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Credit Cards for People with No Credit – Getting Your First Card

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Thanks to the 2009 CARD Act, credit card companies have tightened their restrictions on lending which means getting a card isn’t always a sure thing. If you’re getting turned down for a traditional credit card because of insufficient credit history, there are a couple of things you can do to improve your odds of getting approved. The first is to try a secured credit card. With this kind of card, you give the card issuer a cash deposit which serves as your credit line. It’s similar to a prepaid debit card but the difference is your activity is reported to the credit bureaus.

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The other option is to find someone who’s willing to act as a co-signer or add you to their account as an authorized user. If the primary cardholder already has a solid credit history, it may help to bring your score up by a few points. The catch is that if they end up missing a payment or running up their balance, it could actually have a negative impact on your credit profile.

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Don’t Make These 5 Credit Card Missteps

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How to Apply for a Credit Card

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If you’re getting your first card, by all means do extensive online research. But when it comes time to do the application, you may want to take the time to go in to a bank branch and sit down with a bank employee who can talk you through your options. If you are a student, banks may come to your campus to promote starter credit cards for college. Be sure to compare these offers to other credit cards that are out there. Just because they’re on campus doesn’t mean they’re giving you the best deal. Students are sometimes vulnerable to high-interest credit card offers.

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Once you’ve established credit history by using a card for several months, you can apply for a card online, over the phone or by mail. But going in to a branch for your first card is probably wise. For example, if you or your Mom or Dad already have a history of loyalty to a certain bank that bank may be willing to issue you a regular credit card instead of a secured card. You won’t know unless you ask.

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The Takeaway

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Getting a credit card for the first time is an important financial rite of passage but you don’t want to let your excitement get the best of you. Taking the time to evaluate what’s out there before you commit ensures that you’ll be happy with your final choice.

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Photo Credit: flickr, © iStock/mattabbe, © iStock/mediaphotos

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There was a time when a trip to the supermarket ended with the question from the cashier – paper or plastic? The cashier was of course asking about what type of bag you wanted your groceries packed in. While paper bags fell into disuse the phrase of paper or plastic stuck around but the meaning […]

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Check out our free budget calculator.

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For many, this question has led to out of control credit card spending. The logic being why put off getting what you want just because you can’t pay for it!

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How Expensive Is That Latte?

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Of course the idea of giving up your credit cards is crazy. I for one would never suggest you do that. I mean if after all you enjoy a $7 cup of coffee who am I to say don’t have it!?! You’re thinking I don’t drink $7 cups of coffee! Well if you paid for that latte with a credit card and you don’t pay that credit card balance off in full every month you do drink $7 cups of coffee.

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Here’s how you’re paying 40%, 50% or 60% more than you think for things like a latte grande. An average credit card has an interest rate of 15% plus prime or around 18%. If you live in NYC and buy a Starbucks Latte Grande for about $4.80 and pay with a credit card that carries a balance month after month, the interest adds up fast.

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If you stopped using the credit card you used to buy that latte today and took four years to pay off the balance you will have paid $7 for that cup of coffee and if your interest rate is on the higher side that same cup of coffee would be $7.50. Coffee isn’t the only thing affected by credit card balances. A 30% off sale item becomes 20% or 30% over regular price when credit card interest is added in.

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Related Article: 3 of the Worst Ways to Save Money

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Get a Grip

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Controlling overspending with credit cards is not all that complicated and doesn’t have to mean giving them up completely. While there is a lot to be said for going plastic free that’s another article. Going cold turkey and cutting up all your cards and paying down your balance over time and ultimately reapplying for one or two cards for emergencies is great. It’s not always possible. (And it can impact your credit score.)

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The alternative is to use the psychology of credit cards against itself or in reverse. Credit cards are addictive because they work on our impulse centers, like gossip magazines and beef jerky sticks at the gas station checkout. Take away the display and chances are you wouldn’t go out of your way to buy the magazine or beef jerky.

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Related Article: Stop Overspending! 5 Things You Should Know

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The same is true for credit cards, so leave them home when you go shopping. Just carry a debit card or better yet cash so you can only buy what you can actually pay for in full at the time. If your impulse to shop till you drop leans toward the online world, try freezing your credit cards in a block of ice so you aren’t tempted to whip them out for a late night shopping spree.

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Phone a Friend

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Overspending is like any other addiction in that there is a little voice in your head that whispers all the reasons you deserve the object of your desire and why it’s not bad. Our capacity to self-justify our actions is enormous. The solution is to take the control out of your own hands and give it to a friend.

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Find a friend or relative or spouse who can act as your conscience. When the impulse to buy something comes around, call them for permission to make the purchase. The power of social pressure is great. The act of even having to seek approval can be enough to dissuade you from your splurge. The disapproval and disappointment of a loved one can often stop the most dedicated overspender dead in their tracks.

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Related Article: 3 Bad Money Habits That Are Keeping You Broke

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The bottom line is to find a way that works for you one- a way that suits your personality and overspending habits. Find your hot buttons and put mechanisms in place to prevent you from accessing them or at least slow you down long enough to consider the actual cost of that bargain that’s so good that you’re willing to overpay by 40 or 50 percent.

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Photo Credit: 401(K) 2013

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A good credit score is vital to your financial health, especially if you’re planning on making a major purchase, such as a home or a new car. While most people know that the higher your score is, the better, they may not realize that they actually have more than one. While FICO scores are probably the most recognizable, there are a number of scoring systems that lenders use to decide how fiscally responsible you are. If you’re curious about how the different credit scores compare, here’s a rundown of the basics.

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Find out now: Get your free credit score

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FICO Scores

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Developed by the Fair Isaac Corporation, your FICO is a three-digit number ranging from 300 to 850. The first incarnation of FICO was used beginning in 1989, but since then the scoring model has undergone a number of changes.

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The most recent involves FICO 9, which is slated to take effect sometime in 2015. Under this latest version, less weight is given to medical collection accounts that have been paid in full.

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While most consumers gauge how they’re doing based on their general risk FICO score, lenders get a little more nuanced. For example, there are FICO scores that are specific to mortgage lenders and those that are used by banks when deciding whether to approve an auto loan application.

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There are also scores for installment loans, credit cards and personal finance, for a total of six in all. Equifax, Experian and TransUnion, which are the three major credit reporting bureaus, take things a bit further and offer individualized versions of the FICO score.

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Beacon and Pinnacle Scores

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In the simplest sense, Beacon and Pinnacle scores are different names for the FICO scores sold by Equifax. Scores fall into one of five groups, depending on which version of FICO they’re based. Currently, the five subsets are Beacon 05, Beacon 96, Beacon 09, Pinnacle 1 and Pinnacle 2.

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Related Article: 6 Things That Won’t Improve Your Credit Score

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Each of the Beacon models features a general risk score along with four to six individualized scores. The Pinnacle models are based on FICO’s next-generation risk score. Altogether, it’s possible to have as many as 17 different scores through Equifax.

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PLUS Scores

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The PLUS scoring model is offered by Experian and ranges from 330 to 830, which is slightly lower than a traditional FICO score. PLUS scores are generally considered to be “educational” and are marketed to consumers as a means of monitoring their credit rather than being a tool for lenders to use in making credit decisions.

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Generally, PLUS scores tend to skew a little higher, so it’s best to use them as a guideline if you’re trying to improve your score rather than accepting at face value.

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Experian also offers other versions of the FICO score, including the Experian/FICO Risk Model 08 and the Experian/FICO Advanced Risk Score Version 2.0. Scores can be general risk or tailored to specific types of lenders, and there are a total of 16 to choose from.

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TransUnion Scores

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TransUnion also offers its own variation on the credit score. Currently, there are five different versions available to consumers and lenders, including the FICO Risk Score, Classic 08 and the FICO Risk Score Next Gen. In sum, there are 16 individual scores and they’re often grouped together under the label “EMPIRICA.”

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VantageScores

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The VantageScore model is relatively new, but it’s quickly become one of the more popular scores lenders use to determine credit-worthiness. Developed as a joint effort by Equifax, Experian and TransUnion, the most recent version features scores that range from 300 to 850. With previous releases, scores went from 501 to 990.

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This system uses some of the same factors to determine your score as the FICO model does, including payment history, the length of your credit history and your debt to available credit ratio. On the surface, they’re similar, but VantageScores are calculated differently, offering a little more flexibility in certain areas compared to FICO.

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So What’s the Final Total?

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The easiest answer is a lot, but if you’re looking for something a little more specific, it comes to nearly 60 once you add in all the different FICO versions and the VantageScore. Once FICO 9 rolls out, that should add a few more, bringing the tally closer to 70.

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Keeping up with all of the different scores you have is pretty much impossible unless you just have a lot of free time on your hands. Doing a few simple things, like paying your bills on time, maintaining low balances on your credit cards and limiting the number of times you apply for new credit can all work together to help you stay as attractive to lenders as possible.

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Photo credit: flickr

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Having your identity stolen can be devastating, especially when the thief racks up thousands of dollars of debt in your name and leaves a trail of unpaid bills that wreck your credit. The only thing worse than the theft itself is finding out that the person behind it all is a close friend or family member. Not only are you stuck trying to figure out how to repair your credit, but you also have to decide whether you want to try to salvage the relationship. If you’ve discovered that someone you trust has been abusing your credit information, you’ve got to have an action plan for dealing with the financial and emotional fallout.

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Step 1: Check Your Credit Reports

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Identity theft is something that people usually stumble on by accident. You get a phone call from a creditor asking when you’re going to pay your bill, or a notice from a collection agency arrives that you’ve never heard of. If you find yourself in these situations, checking your credit reports is a must to get the full picture on how bad things really are.

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When you’re looking over your reports, take note of any accounts you don’t recognize, including the creditor’s name, the account number, the balance and the date it was opened. You should also be carefully checking over the accounts you opened yourself to look for any signs of suspicious or fraudulent activity.

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Step 2: Clue in Your Creditors

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Once you’ve identified the accounts you believe were opened without your knowledge, the next step is calling up your creditors to close them. This part may be a challenge, since the creditors may not believe your claims of identity theft.

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You should be making a note of everyone you speak to and the dates you call, since you may need this information. At this point, you should also ask each reporting bureau to put a fraud alert on your account, which could block the identity thief from adding any new accounts or debt.

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Step 3: Consider Creating an Identity Theft Report

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Having an identity theft report on file with the Federal Trade Commission can help you later on if you run into trouble disputing fraudulent debts or heading off collection actions from creditors. The first step in creating a report is filing an identity theft affidavit. This is a detailed explanation of what’s happening with your credit and what you’ve done so far to deal with the situation.

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The second step is usually the most difficult when your identity thief is a relative or friend. You’ll have to file a police report, which means the person who’s been using your information fraudulently may face criminal charges for what they’ve done. In some cases, the creditors involved may continue to hold you responsible for the debt if you haven’t filed a police report.

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At this stage of the game, you have to be clear on what can happen if you do file the report and if you don’t. If you’ve confronted the person who stole your identity and they’ve denied the situation, filing a police report may be your only recourse for dealing with the debt. On the other hand, if they’ve expressed remorse and have made a genuine effort to help you with the resolving the issue, you may not be as quick to pull the trigger.

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Step 4: Work on Repairing Your Credit

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Getting your credit back in order after identity theft occurs can be a monumental task, and it may be months or even years before you start to see any signs of recovery. Disputing the fraudulent accounts with the credit bureaus is a step in the right direction, but you should be prepared to provide evidence to prove that you weren’t the one who opened them.

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You should also focus on keeping all your other accounts in good standing, since a solid payment history can help to minimize the impact of negative marks. Paying your bills on time, limiting your applications for new credit and keeping your balances low all work in your score’s favor.

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Step 5: Protect Your Information Going Forward

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If you’ve been able to make amends with your loved one, it doesn’t mean you can afford to take any chances with your information going forward. Keeping a close eye on your mail, shredding documents that contain financial information and limiting their access to your personal effects are some of the precautions you should consider taking to avoid having your identity stolen again.

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In more extreme cases of identity theft, you may feel it’s necessary to initiate a credit freeze or apply for a new Social Security number. A new number can give you some peace of mind, but it won’t make your existing credit file go away and it can cause complications when it comes to things like filing your taxes or collecting on Social Security benefits down the line. Putting a freeze on your credit prevents new accounts from being opened and it’s generally a less complicated solution for combating identity theft.

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