July 7, 2022 Shawn Lane Consumer Credit Expert Credit cards have long been one of the most controversial topics in personal finance. For every piece of rational, constructive advice you can find on the internet, you’re just as likely to find 10 examples of misguided information or fear-mongering nonsense.   Thankfully, it’s not that difficult to clear up fact from fiction. Let’s dispel some of the most pervasive credit card myths with a little common sense, industry knowledge and critical thinking. Myth #1: You need to carry a balance to improve your credit Many consumers believe they mus ..read more

February 10, 2022 Shawn Lane Consumer Credit Expert For many people, credit bureaus seem like static, unchanging entities. It would certainly be comforting to think that the organizations in charge of determining credit scores have everything under control. But these companies are anything but perfect – and that may be putting it mildly. Credit bureaus have been receiving an increasing number of consumer complaints, and some experts are worried about this downward trend in customer satisfaction. Here’s why credit bureau dysfunction can be such a problem for consumers, and what you can do to pr ..read more

January 6, 2022 Shawn Lane Consumer Credit Expert   The holidays are not a time to pinch pennies. There’s nothing wrong with loosening the purse strings, giving generously, and using this time to focus on friends and family instead of money. But you at least want to make it through to the end of the year with your finances intact, which means avoiding any big hits to your credit. Here are the ways in which holiday spending can potentially impact your credit – and the best ways to avoid them. If You Have a High Utilization Ratio Many Americans spend more than $1,000 on holiday ..read more

November 18, 2021 Shawn Lane Consumer Credit Expert When you take on any form of debt, there are limits to how much money you can borrow. For a loan, that limit is represented as the total sum offered to the borrower. For a credit card, it’s represented as the credit limit. If you want the ability to spend more money with a particular card, you’ll need to ask for a credit limit increase. We’ll explain how to do just that – and how to decide if it’s the right choice. How does a credit card limit increase work? When you open a credit card, it comes with a total credit limit dictating the maxim ..read more

November 2, 2021 Shawn Lane Consumer Credit Expert If you’re trying to actively monitor your credit, paying for a copy of your credit score can be a frustrating expense. In this situation, companies offering a free copy of your credit score probably seem like a godsend. But while these services can show you a free credit score, it might not be the score you’re actually looking for. Here’s what you should know about free credit score companies, and how confusion about what they offer can have real consequences for consumers. What Consumers Don’t Know About Free Credit Scores Most c ..read more

June 10, 2021 Shawn Lane Consumer Credit Expert You’re probably aware that a high credit score is the single most important factor in securing a loan. But did you know that you have more than one credit score? FICO and VantageScore are the two main credit scoring models used by lenders. They each take a similar, but slightly different approach to calculating your score. If you’re worried about securing the best rates on your next loan, you might be wondering which score the lender is most likely to use. Read on for the answer to that question and more. How FICO and VantageScore are Simi ..read more

March 11, 2021 Shawn Lane Consumer Credit Expert It’s easy to treat a tax refund like free money – and many people do. When a check for hundreds or even thousands of dollars show up in the mail, who wouldn’t feel like they’ve just won the lottery? But a tax refund is just that – a refund – and because that money was yours to begin with, it’s less like winning the lottery and more like picking up an extra paycheck on a leap year. So before you go spending it on a vacation or new TV, consider using that money to improve your financial situation. Here are some of the best ways you can use thi ..read more

February 9, 2021 Shawn Lane Consumer Credit Expert With Valentine’s Day approaching, it’s natural to start thinking about all the factors that go into a successful relationship – trust, commitment, passion and a compatible approach to managing your credit. OK, that last one might be a stretch. But while talking about your credit score might seem decidedly unromantic, financial compatibility is a very real factor in the success of long-term relationships. That means understanding how your financial choices might affect your partner, and establishing shared  expectations about h ..read more