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Archive for the 'Personal Finance' Category




About Credit Scores

Wednesday, July 2nd, 2008
Calculating a Credit Score

What elements factor into the calculation of a credit score?

Your credit score is based on the various information that is present in your individual credit report. The score is based on the different categories, which vary amongst different scoring models. In addtition, how much weight each category holds in a specfic scoring model also varies.

However, there are a handful of core elements that most likely factor into any type of credit scoring model. These are important components to keep in mind when attempting to get a better understand of and/or improve your credit score.

Elements of your credit score include:
- Payment history
- Amounts owed
- New credit
- Types of credit used
- Length of credit history

A clean payment history without missed or late payments is something to strive for. In addition, paying attention to total amounts owed versus total available credit is recommended. It is generally a good idea to not utilize a large portion of your available credit if at all possible.

Closing accounts is a complicated topic. Closing an account can reduce your length of credit history and can also reduce the ratio of credit used versus credit available. But in some cases, closing an account can be beneficial. It is important to examine each account carefully to determine whether closing it or keeping it open is the right choice.

For more detailed information on the topic of credit scores and what factors into the credit scoring equation, be sure to read our recent article, How a Credit Score is Calculated.

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Article Recap for June 2008

Sunday, June 29th, 2008
Articles from e-wisdom.com

Quick Summary of Articles Published in June 2008

Tips for Cleaning Up an Inaccurate Credit Report
Errors and inaccuracies can show up on your credit report for many different reasons. And these kind of mistakes can really end up costing you when it comes time to buy a home, purchase a car, rent an apartment or even land a new job. This is why it is extrememly important to erase any errors that you do find on you credit report as quickly as possibe.

Mortgage Industry: What Current Homeowners Should Know
Current market conditions may make it slightly more challenging to sell or refinance your home, but you can make your property more competitive with some extra research, due diligence and the right improvements. Find out which factors affect the mortgage industry the most for current homeowners.

Credit Cards And Foreign Transaction Fees
Some credit card companies charge foreign transaction fees on purchases made outside of the U.S., while others do not. Unfortunately, there are no standard foreign transaction fees, as credit card companies offer a wide range of terms. It’s important for first time travelers to understand three important expenses related to buying from a foreign company.

Five Things To Know About Student Loans
Although student loans can be tricky to wrap your head around, there are five major issues people should know about their student loans (this includes both private student loans and federal student loans) in order to get the most out of them while also minimizing total interest and overall debt.

How a Credit Score is Calculated
When applying for any kind of new credit, you may notice some fine print on the application calling for a credit check. Your credit score is a three-digit number ranging from 300 to over 800 that is calculated using many different factors. Although the exact methods of computing credit worthiness vary widely, there are a few basics to keep in mind when it comes to credit scores.

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Regular APR vs. Introductory APR

Tuesday, June 17th, 2008
Low APR Credit Card Offers

How do introductory APRs differ from regular, or ongoing, APRs?

When comparing different credit card offers, it is important to be aware of some of the common terminology that is used on credit card applications and in the terms and conditions of each credit card offer. Two terms that show up often are “introductory APR” and “regular APR,” which is also sometimes referred to as “ongoing APR.”

An introductory annual percentage rate (APR) is a temporary, low APR that lasts for a specified amount of time and is attached to a specified type of transaction. For example, a credit card may offer a 0% introductory APR on balance transfers for the first 6 months.

A regular, or ongoing, APR is a non-introductory interest rate that is applied to balances on a credit card. All balances attached to an introductory APR eventually become subject to the regular APR of the card once the intro period expires. Regular APRs are usually listed as either fixed or variable.

More information: What is the difference between an Introductory APR and a Regular APR?

Still have unanswered questions? Visit our credit card tips and advice center for detailed information about dozens of topics related to applying for and using credit cards. Make your next credit card decision a knowledgeable one.

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Credit Card Roll-Down Calculator

Monday, June 9th, 2008
Financial Calculators

Pay off your credit card debt faster

Chances are that if you have credit card debt, your main goal is to pay off this credit card debt in its entirety as quickly as possible. Easier said than done, right? As with most personal finance matters, formulating a basic plan and strategy is one key to success. The plan can be altered if new needs arise, but it is almost always beneficial to try to follow a thought-out, structured path.

Our Credit Card Roll-down Calculator applies two principles to paying off your credit card debt:
- Pay off your highest interest rate first.
- When that balance is paid, move on to the next highest interest rate.

These principles are simple but the process can get a little more complicated once you factor in multiple credit cards, each with it’s own balance, interest rate and required minimum payment. This calculator can help to simplify the entire payoff process and help you to formulate a structured repayment plan.

Try it now: Credit Card Roll-Down Calculator

This calculator is one of more than 25 financial calculators available online for your use. Make you next personal finance decision a knowledgeable one. Fully understanding your current situation and analyzing your available options can lead to many benefits down the road.

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About Balance Transfer Fees

Wednesday, June 4th, 2008
Credit Card Balance Transfers

What is a balance transfer fee?

When transferring an existing balance from one credit card to another credit card, a balance transfer fee is sometimes charged at the time of the balance transfer transaction. This balance transfer fee is a separate charge and is not connected to the finance charges that you may incur on that balance in the coming months.

Not all credit cards issuers charge balance transfer fees. And those that do charge this type of fee often differ in the way that it is calculated. Some credit card base the fee on the total amount transferred (i.e. 3% of the total amount transferred) while other credit cards have a standing transfer fee (i.e. $25 for each transfer), regardless of the amount transferred.

Tip: What is a a balance transfer fee and when am I charged this fee?

Before conducting a balance transfer with an existing credit card account or signing up for a new credit card in order to transfer a balance, it is important to fully understand the terms and conditions of all card involved. Be aware of any balance transfer fees that may be involved beforehand, so as to avoid any surprises.

For more information about credit card balance transfers, visit our balance transfer tips and advice page. You can also analyze potential savings easily with our balance transfer calculator.

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Article Recap for May 2008

Saturday, May 31st, 2008
Articles from e-wisdom.com

Quick Summary of Articles Published in May 2008

Wise Credit Card Use Brings Fewer Fees
There is no doubt that credit cards are a huge convenience, and in today’s world they are virtually a necessity. But if you don’t use your credit cards wisely, the fees, interest charges and other various costs can add up quickly. Follow these simple tips to get the most out of your plastic.

Five Rules When Applying For Credit
The act of applying for credit sets a process in motion to determine your overall credit worthiness, and there are a number of things that you can do to improve your chances of getting approved. When you apply for credit of any kind, you should keep these five simple rules in mind.

Identity Theft Protection 101
Not many can argue the fact that protecting your identity is important. In order to protect your identity, you must do all you can to prevent identity theft from occuring. But exactly what type of identity theft protection is necessary for you specifically? And should you pay for identity protection?

Advantages and Disadvantages of Prepaid Credit Cards
Paying for things with cash or checks seems to be a thing of the past. Most consumers today prefer to use credit cards, but prepaid cards are also a viable option for many. Prepaid cards are ideal for consumers on a limited budget. They provide the convenience of easy spending, while limiting the possibility of overspending at the same time.

Guide to Budgeting for College Graduates
More college graduates than ever are entering the world of work loaded down with high loan payments. Learning how to create and stick to a good budget is perhaps the most important single piece of advice any newly minted college graduate can receive.

Home Equity Loan or Line of Credit – Which is the Best Option?
Home equity loans and home equity lines of credit are similar in many ways. Each offers homeowners a means to obtain cash for home improvements or other financial needs. But it is important to understand the differences between home equity loans and lines of credit as well before deciding which is the best option.

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Mortgage Required Income Calculator

Friday, May 23rd, 2008
Financial Calculators

How much income do you need to qualify for a mortgage?

Especially in the current economy, it’s a good idea to have a general idea how much income you need to qualify for a certain mortgage amount. Our Mortgage Required Income Calculator will help you to determine how much income you need to qualify for a specific mortgage amount and how different interest rates (and other factors) affect your required income.

How much income is required to qualify for a certain mortgage amount largely depends on your monthly debt payments and also on the current interest rate. This calculator collects these important variables and determines your required income to qualify for your desired mortgage amount.

Try it now: Mortgage Required Income Calculator

This calculator is only one of more than 20 financial calculators on e-wisdom.com. Make your next loan decision a knowledgeable one — utilize the tools and resources available in our knowledge center to help answer questions and compare available options.

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Budget Calculator

Monday, May 12th, 2008
Home Budget Calculator

Home Budget Analysis Calculator

Managing your monthly budget can be a frustrating experience. And if you don’t currently have a monthly budget, creating one can be difficult and time consuming. Yes, these tasks can be difficult and frustrating, but they don’t have to be. Our home budget calculator can make budgeting a much easier process.

One of the most important aspects of controlling your home budget is to determine exactly where your money is being spent each and every month. The budget calculator can help you do just that and more.

By entering your income details and typical monthly expenditures, you can easily see where your money is being spent and you can also calculate how much money you may have left to save, on average, at the end of each month.

In addition, you can alter the net monthly pay amounts and other miscellaneous income that you currently receive or may receive in the future. Once this information is entered, you are able to view your income breakdown alongside your monthly expenditures breakdown.

This calculator is one of more than 25 financial calculators available on e-wisdom.com to help you save time and money. Make your next financial decision a knowledgeable one, visit our knowledge center for tips, advice, tools, resources and more.

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Proposed Changes for the Credit Card Industry

Thursday, May 8th, 2008
Credit Cards

The Fed Proposes New Restrictions for Credit Cards

The Federal Reserve, acting in conjunction with the National Credit Union Administration and the Office of Thrift Supervision, recently proposed new rules and restrictions that target what they consider to be “unfair” practices currently in use in the credit card industry.

Aspects targeted by the proposed rules include:
- The length of repayment periods
- The allocation of payments
- Methods for computing balances
- Reasons for adding new fees
- Reasons for increasing annual percentage rates

Full article: Government moves to rein in unfair credit card practices

Reaction to the proposals is mixed, as it remains to be seen how many of the proposed rules and restrictions will become a reality. The changes could be finalized by the end of the year, at which time it will be easier to predict how the typical credit card user will be affected.

Make your next financial decision a knowledgeable one. Be sure to utilize the tools and resources available in our knowledge center to stay on top of your personal finances. Analyze your credit card situation with our credit card calculators or visit our credit card tips and advice center for answers to common questions related to credit cards.

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Life Insurance Tips

Monday, May 5th, 2008
Life Insurance FAQs

New Life Insurance Tips and Advice Center

Our new life insurance tips and advice center is the latest addition to our ever-expanding knowledge base.

Whether you a novice, an expert or somewhere in the middle when it comes to understanding life insurance, this new area should be able to help you make the right decision for you and your family.

Topics Include:
- Life Insurance Explained
- Life Insurance Terminology
- How to Choose Life Insurance

In addition to finding answers in this new informational area, you can also estimate how much life insurance coverage you may need with our life insurance calculator and then compare life insurance quotes from multiple insurance companies to complete the research process.

Make your next life insurance decision a knowledgeable one. Choosing an appropriate life insurance policy is a difficult and important decision that can be made much easier when the right information is at your disposal.

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