NEW YORK — At some point, you'll buy your last car and refinance your last mortgage. Surely, you're thinking, now I can stop worrying about my credit score. Well, not really, although there are situations when credit scores shouldn't be anyone's main concern.Let's start with some reasons why credit scores still matter, even when you don't plan to borrow money.Lenders aren't the only ones checking your credit. Most insurers use credit-based insurance scores, which use information from credit reports, to help set premiums for auto, homeowner and renter policies. A drop from excellent to poor credit can more than triple a homeowner's premiums in some states. Credit can have a bigger impact on auto insurance premiums than any other factor, including your driving record, according to an investigation by Consumer Reports.That's not all. Cellphone companies often reserve their best deals for people with the best credit. And many employers check credit … [Read more...] about Do we ever get old enough to stop worrying about our credit scores?
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Although credit card interest rates are rising, not all the news about plastic is bad. That's because some credit card fees are disappearing -- particularly foreign transaction fees. In 2015, 77 out of 100 cards charged these fees, 3 percent to 5 percent nicks that hit your account each time you use a card to buy something outside of the U.S. But just 52 cards still charge these fees today, said Ted Rossman, analyst with CreditCards.com, which conducts annual credit card fee research. "Credit card companies are competing for affluent travelers," said Rossman. "Not only are issuers eliminating these fees, more of the new cards coming out don't have them." However, credit card interest rates have risen sharply over the past year, jumping to 17.01 percent on average from 16.15 percent a year ago and from 15.2 percent in 2016. Still, consumers who play their cards right don't need to pay a cent to use plastic in this environment, Rossman said. Interest is assessed only on … [Read more...] about Credit cards are hiking rates, but cutting fees
Your Money Adviser Ann Carrns, New York Times 1:44 pm PDT, Friday, September 14, 2018 Now Playing: One year ago, Equifax announced a stunning data breach affecting 147 million people. Since then, the vast majority of Americans have taken some sort of action, and according to CompareCards. A new survey shows that 9 out of 10 people said they've don Media: Fox5 Consumers will soon be able to freeze their credit files without charge. So if you have not yet frozen your files — a recommended step to foil identity theft — now is a good time to take action, consumer advocates say. Security freezes, often called credit freezes, are “absolutely” the best way to prevent criminals from using your personal information to open new accounts in your name, said Paul Stephens, director of policy and advocacy with Privacy Rights Clearinghouse, a consumer advocacy nonprofit group. Free freezes, which will be available Sept. 21, were required as part of … [Read more...] about Freezing Credit Will Now Be Free. Here’s Why You Should Go for It.
A disgraced pensioner betrayed his position as a treasurer at a golf club to pocket £30,000 of subscription fees and £6,000 competition money to fend off his credit card debts. Robert Harling Livingstone, 71, of High Road, Halton, Lancaster, confessed his crimes to his wife before walking into Lancaster Police Station and telling officers he had stolen £36,000 from the Lansil Club over a three year period, from January 2014 and October 2017 .Preston’s Sessions House Court heard Livingstone, who had been the treasurer of the golf section of the club for 40 years, was “desperate to confess” and told officers he started stealing the cash when his wife was poorly in hospital and he was under stress from debts.The retired local authority worker, who has no previous convictions, said he had tried to get back cash through scratch cards, tombolas and competitions.Prosecuting, Richard Bennett said: “ As treasurer the defendant collected subscriptions. He … [Read more...] about OAP stole from Lansil Golf Club to pay off debts
IMAGINE turning 25 and seeing that your bank account had been boosted with a birthday present of £10,000. It’s the stuff of dreams, right? Well, if The Resolution Foundation had its way, this wouldn’t just be every young person’s fantasy - it would actually happen for real. The independent think tank says all 25 year-olds, no matter how rich or poor, should receive a lovely little £10k nest egg from the government to help with tuition fees, buying a home or caring costs. Supposedly, this would balance out inter-generational unfairness to help young people, already priced out of the housing market and struggling with insecure jobs, to stand on their own financial feet. But, if this were to happen in reality, would anyone really look after the handout in a sensible way and invest it wisely in their future? Or would they head to the nearest travel agent and splurge it on a one-way trip to Bali? We take a closer look at the bank accounts and spending habits of … [Read more...] about Can you guess who has £10,000 and who has £24? What’s really inside these 25-year-olds’ bank accounts