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☆ How to Build Credit Without a Credit Card
▼ + stars: | 2023-07-31 | by ( Emily Sherman | ) www.wsj.com time to read: +11 min

The problem: The best way to build your credit score is to make regular payments on your credit card — and often you can’t get a credit card until you already have a good credit score. Become an authorized userThe fastest and easiest way to build your credit score — if it’s an option for you — is for a family member or friend with a good credit to add you as an authorized user to their credit card. Once a cardholder adds you to their account, you’ll get your own credit card, earn rewards (if applicable) and get credit for on-time payments and a credit utilization ratio. Get a secured credit cardIf you don’t have any of the loans listed here or find you need another option for building credit, a credit card is still an option. Specifically designed for those just getting started building credit, secured credit cards use a deposit as collateral to reduce risk, so even those with poor credit can qualify.

Persons: Emily Sherman, ”, Emily Irwin, Wells, Irwin, you’ll, doesn’t, it’ll, Freddie Huynh, isn’t, Huynh, Kenneth Chavis, You’re, “ Organizations: Debt, Experian, Versant Capital Management, Digital Federal Credit Union Locations: Wells Fargo, Minneapolis, It’s, Phoenix

Between out-of-control inflation and the Federal Reserve's attempts to temper it with rate hikes, just about everything in America became more expensive in 2022 — including credit card debt. Credit card interest rates soared in 2022, and they did so with mind-boggling speed. According to Bankrate, credit card rates had the steepest single-year increase since the company began tracking them in 1985. This means that if you have any credit card debt, it's become more expensive than ever. Get a balance transfer credit cardA balance transfer allows you to move debt from a high-interest credit card to one with a promotional 0% APR period.

☆ How to Improve Your Credit Score, According to Experts
▼ + stars: | 2022-10-12 | by ( ) www.wsj.com time to read: +10 min

That’s why we asked three credit experts what they think of common credit score tips—and how you can really make the most of them. In the scenario above, if you doubled your credit limit—or got an additional credit card with the same credit limit—your credit utilization would go down to 5%. What experts say: Experts agree that getting more available credit can indeed help your credit utilization and credit scores. You might see positive changes to your credit as soon as your new credit limit makes it to your credit report. Some of the easiest options include becoming an authorized user on a family member’s credit card or applying for a secured credit card, which involves depositing money with the credit card issuer.

☆ How to Cancel a Credit Card
▼ + stars: | 2022-08-24 | by ( ) www.wsj.com time to read: +9 min

If you have a metal credit card, return it by mail to the credit card issuer—your bank can send you a prepaid envelope at your request. According to popular credit advice, cancelling a credit card is a bad idea since it can hurt your credit. Say, you have two credit cards with a $2,000 credit limit and a total of $500 in credit card debt. First, if you have another credit card, you can try to request a credit limit increase to make up for the loss of available credit. Keep in mind, however, that a credit card application triggers a hard inquiry on your credit report, which can cost you some credit points.

☆ Thinking of investing for the first time? Experts say you should figure out your 'why' before putting a single dollar in the market
▼ + stars: | 2021-08-23 | by ( Rickie Houston | ) www.businessinsider.com time to read: +5 min

They discussed DIY investing and offered advice for beginners using online brokerages. The year 2020 was a big one for first-time DIY investors (also known as "retail investors"). "The first piece of advice that I would give is: Make sure that you feel really educated and confident about what you're investing in and why." The best time to start investing is todayIf you're new to self-directed investing, it can be a daunting feat. "If you're feeling overwhelmed or unsure, just find one place to start learning more about how to manage your money and how to start investing," Tran said.

Whether you're self-employed or your employer doesn't offer one, 401(k) plans simply aren't available to everyone. According to financial planners, there are several ways you can keep saving or start saving, even without a 401(k) plan. Financial planner Kenneth Chavis IV of Lourd Murray recommends a Roth IRA for many people who are just starting to save. If you're self-employed, consider a solo 401(k)When you're self-employed, a solo 401(k) should be the first place to go, financial planners say. Advertisement"That's actually one of the best retirement savings vehicles there is if you know how to use it," said financial planner Brian Bruggeman of Baker Boyer Bank.

Persons: Roth, —, Kenneth Chavis IV, Lourd Murray, Chavis, Brian Bruggeman Organizations: Service, IRA, Baker Boyer Bank Locations: Baker

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