The Facts Behind your Credit Score

The Facts Behind your Credit Score

Credit, Miscellaneous, Money in Your 20s/30s/40s/50s/Retirement
By Julie Macc, Certified Credit and Identity Theft SpecialistWhat is Fico?FICO is an acronym for the Fair Isaac Corporation the creators of the FICO score.The FICO scoring system is used in the United States for extending or offering credit, employment credit checks, landlords, and in States that legally allow it, insurance rates.How is a score made? The FICO score is computer generated using mathematical models. The score takes into account various factors in five different areas to determine credit risk: payment history, current level of indebtness, types of credit used, lenght of credit history, and new credit.People that have a FICO score will range between 300-850.Not everyone has a Credit Score. In order to have a credit score, your credit file has to meet certain minimum standards. Failure to meet…
Read More
Credit that Cares for You

Credit that Cares for You

Credit, Miscellaneous, Money in Your 20s/30s/40s/50s/Retirement
Real talk: Paying for medical care is stressful and expensive. Even if you are fortunate enough to have insurance through your employer, coming up with co-pays on top of the premiums can make your budget, or your savings, cry. When you pay for an individual insurance plan, the situation often becomes more stressful. This is a thorny issue. The cost of healthcare is prohibitive, yet sometimes you genuinely need to see a doctor. So what can you do to ease the financial burden? Unfortunately I have no solutions for the cost of insurance or healthcare. However, the CareCredit card can help make getting the medical care you need a viable possibility.CareCredit is a credit account specifically designed to assist with medical bills that insurance does not cover. Like a regular…
Read More
Simple Ways to Establish Good Credit

Simple Ways to Establish Good Credit

Credit, Miscellaneous, Money in Your 20s/30s/40s/50s/Retirement
So, you are interested in building your credit history, but not sure where to start. Here are a few simple ways to begin building your credit. Always make sure that any credit you decide to use fits within your budget, especially if you choose to take out a loan.1. Start with a Credit Card The first option to build your credit is to apply for a credit card. There are some things to keep in mind if you choose this route. Credit cards can quickly become dangerous to your financial health if you spend more than you can afford to repay every month and become trapped by the interest rates attached to your card.To avoid this, limit your credit card spending to purchases you already make. A common strategy is…
Read More
Credit 101

Credit 101

Credit, Miscellaneous
Credit often feels like a mysterious and treacherous aspect of personal finance when you are young and/or just beginning your money management journey. Despite its reputation, credit is a tool that with responsible use will improve your financial standing. Before you embark on the journey of seeking credit, it is important to know how credit and credit scores work so you don’t accidentally end up in hot financial water.So what is credit? Credit is money you borrow to use for goods and service and that you will repay at an agreed-upon time with any applicable fees and charges (usually interest). There are four types of credit.RevolvingChargeServiceInstallment.Revolving credit is typically associated with credit cards. When you use this type of credit, the lending institution approves you for a maximum amount of…
Read More
Everything You Need to Know About Your Credit Score #WMWeek17 @JulieMaccCredit

Everything You Need to Know About Your Credit Score #WMWeek17 @JulieMaccCredit

#WMWeek17, Credit, Women's Money Week
hat is Fico?FICO is an acronym for the Fair Isaac Corporation the creators of the FICO score.The FICO scoring system is used in the United States for extending or offering credit, employment credit checks, landlords, and in States that legally allow it Insurance rates.How is a score made?The FICO score is computer generated using mathematical models the score takes into account various factors in five different areas to determine credit risk: payment history, current level of indebtness, types of credit used, lenght of credit history, and new credit.People that have a FICO score will range between 300-850.Not everyone has a Credit Score. In order to have a credit score your credit file has to meet certain minimum standards to be score able. Failure to meet the below guidelines with any…
Read More
First Step to Overcoming Financial Stress

First Step to Overcoming Financial Stress

#WMWeek17, Credit, Debt, Goals / Taking Action, Miscellaneous, Money in Your 20s/30s/40s/50s/Retirement, Relationships & Money, Take Action
It’s easy to despair over your finances, whether it’s your debt load, learning poor spending habits left you broke, or simply realizing you don’t know squat about doing your taxes. And it’s okay to have a cry once in a while. Crying is a normal reaction to stress. But when tears and despair become the norm when you think about your finances, you’ve got a problem. The more you despair, the more you lose hope and feel powerless to make any meaningful changes. News flash: this is your life, and you’re the only one who can improve it. And the first step to creating change and hope is gratitude. Feel free to roll your eyes at me. I know this answer sounds somewhere between “too good to be true” and…
Read More
Women Veterans – How to Overcome Financial Uncertainty

Women Veterans – How to Overcome Financial Uncertainty

#WMWeek17, Credit, Debt, Goals / Taking Action, Miscellaneous, Take Action, Veteran's Day
55% of veterans believe they are not well prepared for a financial emergency. 77% of service members have financial worries, and 57% worry especially about losing income and job security due to defense cuts. These statistics present a grim reality for America Veterans, regardless of gender. Approximately 11% of our veteran population is female, many of whom are mothers. If you are a female veteran feeling financial strapped and worried about your family, we at Women’s Money® salute and honor your service to our country and want to help you achieve financial security. Two-thirds of veterans report facing a health challenge resulting from their service. In recent disability claims of young veterans, 1/5 report Military Sexual Trauma (MST).  If MST is something you struggle with and is impacting your life,…
Read More