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☆ Once you hit this credit score 'you're good,' says credit expert—here's how to get even better
▼ + stars: | 2024-06-19 | by ( Ryan Ermey | ) www.cnbc.com time to read: +5 min

"Once you've hit the mid 700's you're good. If you run a $5,000 balance on a credit card with a $10,000 limit, for instance, your ratio is 50%. To boost your score, credit experts recommend keeping your ratio under 30%, and ideally as low as 10%. That might mean cutting back on spending, asking your credit card company to raise your limit or opening a new credit card — as long as it won't encourage you to spend more. Add more good information to your credit historyEven if you have blemishes on your credit history, "you can offset them by filling up your report with good things," says Rossman.

Persons: you've, Ted Rossman, it's, Rod Griffin, Griffin, AnnualCreditReport.com, You'd, Rossman Organizations: Bankrate, Experian, CNBC

☆ Op-ed: How Gen X can transform worrying about finances to flourishing
▼ + stars: | 2024-06-05 | by ( Preston D. Cherry | ) www.cnbc.com time to read: +5 min

It's a lot to deal with, and Gen X can struggle with juggling life and finances across multiple responsibilities. In many families, the transfer must come through Gen X first. About three-quarters (74%) of Gen X reported financial trauma, compared to 71% of millennials, 63% of boomers and 64% of Generation Z. So how can Gen X feel more confident about their current and future finances? Second, Gen X must believe that they can secure their future selves without depriving their current selves.

Persons: Ippei, —, X, Xers, Gen, Gen X, gripe Locations: Experian

☆ TikTok is becoming a new GoFundMe, with views replacing donations to help people get out of debt
▼ + stars: | 2024-05-22 | by ( Lindsay Dodgson | ) www.businessinsider.com time to read: +7 min

Read preview"We are paying off each other debt on TikTok," a creator recently declared. The creator, named Yolanda, was gushing about the "pay off each other's debt" trend that seems to have become popular on the app. More than 4,000 videos have been posted under the #payoffdebttrend hashtag on TikTok, with creators asking for help for various reasons including medical bills, student debt, and unexpected costs. The requirements for earning money on TikTok are to have at least 10,000 followers and to have amassed 100,000 video views in the previous 30 days. AdvertisementAccording to creators who previously spoke with BI in 2022, the amount TikTok pays creators varies widely from a few pennies to $17 per 1,000 views.

Persons: —, Yolanda, TikTok, Katya Varbanova, Jake Heisenburg, Heisenburg, commenter, didn't, he'd, Markia Brown, Mark Tilbury, Varbanova, it's, Brown, isn't Organizations: Service, Business, New York Federal Reserve Bank, TikTok, Facebook Locations: TikTok, Experian

☆ I bought my first home this year: 7 things I wish I'd done before getting serious about my search
▼ + stars: | 2024-05-20 | by ( Celia Fernandez | ) www.cnbc.com time to read: +9 min

When my partner and I signed a two-year lease to move into our second New York City apartment together in 2021, we agreed that the next place we lived in would be ours. New York City is where I grew up, and I am not ready to give up my status as a "passenger princess" — yes, I'm 31 and don't have a driver's license. "There are four things that go into getting a mortgage: your credit, your income, your assets, and the property," Forbes says. The application process for a program like the New York City HomeFirst Down Payment Assistance Program or the NYS AHC grant can take several months. My partner and I bought a co-op, which is very common in New York City.

Persons: We've, Dave Forbes, Forbes, you've, Z, Gen Zers, millennials, wouldn't Organizations: New, Chase, NYS, Qualtrics, National Association of Housing Cooperatives, Rocket Mortgage Locations: New York City, Riverdale, Bronx , New York, Manhattan, Midtown, New York State, New York, That's, millennials, .

☆ A Chinese criminal ring has stolen $50 million by franchising thousands of fake online shops, experts say
▼ + stars: | 2024-05-12 | by ( Kenneth Niemeyer | ) www.businessinsider.com time to read: +3 min

The group, known as 'BogusBazaar,' has processed over $50 million in fake orders, the study found. As the rise of online shopping took hold during the pandemic, so did the rise of fake online shops and products. Instead, the sites harvest credit card details and collect payments for the fake merchandise. AdvertisementThe fake shops processed over $50 million in orders between March 2021 and April 2024, SR Labs says. But the exposure of credit card details to the scammers will likely "add to the overall damage."

Persons: — Organizations: Service, Labs, SR Labs, Business Locations: Europe, German, France, United States, Western Europe, China

☆ Could your buy now, pay later loans affect your credit score? Here's what you need to know
▼ + stars: | 2024-05-10 | by ( Jessica Dickler | ) www.cnbc.com time to read: +4 min

But there's one place they're notable absent: your credit report. Earlier this year, Apple became the first major BNPL provider to start reporting all user account information to a credit reporting agency. Providers including AfterPay, Affirm and Klarna already report some loans to the credit bureaus and experts say more are likely to follow, paving the way for a consumer's BNPL history to factor into their credit history and ultimately their credit score. (One of the main aspects of a credit score comes down to your history of paying bills on time.) When BNPL credit reporting could sting

Persons: Klarna, Liz Pagel, BNPL, Wells, Tim Quinlan, Ethan Dornhelm, TransUnion's, Silvio Tavares, Tavares, Pagel Organizations: Apple, Adobe Analytics, CNBC, Finance Locations: TransUnion, Wells Fargo

That's because, taken together, the two primary Social Security funds are set to only be able to pay out full benefits through 2035; the Old-Age and Survivors Insurance Trust Fund, one of the main funds comprising Social Security, will start getting depleted in 2033. AdvertisementIn other words, the moment that today's older Gen Xers are ready to retire, their Social Security benefits could start to shrink. Gen Xers — born from 1965 to 1980 — have been deemed the country's "neglected middle child" by the Pew Research Center. And among the different generations, Gen Xers were the most likely to report that they were feeling financially insecure. That could set the stage for the new crop of Gen X retirees to arrive in an already-precarious retirement economy.

Persons: —, Gen X, Xers, Gen Xers —, YouGov —, Gen Xers, X, Gen Zers, Gen, Michele Raneri, aren't, Xer Organizations: Service, Gen, Social Security, Insurance Trust Fund, Business, Security, Pew Research Center, of Congress, Millennials, TransUnion, Survey, Alliance, Lifetime, Income

☆ What exactly goes into closing costs?
▼ + stars: | 2024-05-04 | by ( Samantha Delouya | ) edition.cnn.com time to read: +6 min

But there is an often-overlooked expense when buying a home: closing costs. At the same time, the Biden administration plans to take aim at so-called “junk fees” hidden in closing costs. New York, Delaware and Washington, DC, have the highest average closing costs, according to Bankrate; while Missouri, Indiana and North Dakota have the lowest. Lowering closing costs on your ownThere is one relatively simple way to lower your overall closing costs: shop around. “When you compare those offers, examine not just the rate itself but also the closing costs.

Persons: homebuyers, —, Biden, ” Jeff Ostrowski, , ” Ostrowski, you’re, homebuyers haven’t, Brian Connolly, it’s, “ It’s, ” Connolly, Connolly, ”, Freddie Mac, ” Genaro Villa Organizations: CNN, Consumer Financial, National Association of Realtors, realtors, University of Michigan, NAR, homebuyers Locations: New York , Delaware, Washington, Missouri, Indiana, North Dakota, Bankrate, AnnualCreditReport.com

☆ Medical Debt Shows Up Less Often on Credit Reports
▼ + stars: | 2024-05-03 | by ( Ann Carrns | ) www.nytimes.com time to read: +1 min

Rohit Chopra, the bureau’s director, said in a statement that “further reforms” were needed to scour medical debt from credit histories. The bureau is considering a rule to ban medical debt from consumer credit files. The bureau estimated in a 2022 report that well over half the debt that appeared on credit reports as being in collection was medical debt. People can incur medical bills unexpectedly, and many think that their health insurance will cover the costs. And the consumer bureau previously found that medical collection debt reported to the credit bureaus was “plagued by inaccuracies.”

Persons: —, TransUnion —, Rohit Chopra Organizations: Consumer Financial

☆ One personal decision can create a mess of financial challenges for transgender Americans—'it takes a lot of courage'
▼ + stars: | 2024-05-02 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +5 min

Changing their name may be an important step a transgender or nonbinary person takes to embrace their identity. But doing so is seldom easy and can create even more problems — particularly for your finances — after the fact, according to a recent white paper published by J.P. Morgan Wealth Management. Credit reports using deadnames — former names that individuals no longer use — are common and can result in credit discrimination against trans people, J.P. Morgan says. Getting approved to rent an apartment is just one of the issues that can arise out of inaccuracies on your credit report. Potential employers, utilities and phone companies and more may pull your credit report as part of a background check to hire you or establish services at your home.

Persons: J.P, Leo Aquino, Shelby Anderson, Morgan, deadnames, —, Aquino, hadn't, Anderson Organizations: Morgan Wealth Management, CNBC, Social Security Locations: U.S

☆ ‘Pay Later’ Lenders Have an Issue With Credit Bureaus
▼ + stars: | 2024-04-23 | by ( Jordyn Holman | Ben Casselman | ) www.nytimes.com time to read: +1 min

Shoppers in recent years have embraced “buy now, pay later” loans as an easy, interest-free way to purchase everything from sweaters to concert tickets. The loans typically are not reported on consumers’ credit reports, however, or reflected in their credit scores. So in February, when Apple announced it would start reporting loans made through its Apple Pay Later program to Experian, one of the three major U.S. credit bureaus, it looked like a watershed moment for the fast-growing “buy now, pay later” category. But none of the other major pay-later providers have followed Apple’s lead. And while credit bureaus and lenders say they are interested in finding a way to work together, the gulf between the two sides remains wide — so much so that some pay-later firms are exploring creating an alternative credit bureau to handle their loans.

Organizations: Apple

Introduction to Business Credit Cards for Bad CreditA business credit card can be incredibly convenient for managing your business's financial transactions. Best Business Credit Cards for Bad CreditCapital One Spark 1% Classic† : Best overallBest overall Ramp Visa Corporate Card: Best for business toolsBest for business tools Bank of America Business Advantage Unlimited Cash Rewards Secured Business Credit Card : Best for building business creditBest for building business credit FNBO Business Edition® Secured Mastercard® Credit Card : Best for earning deposit interestBest for earning deposit interest Brex Card: Best for no personal guaranteeBad Credit Business Credit Card ReviewsIf you're considering a business credit card for bad credit, here's what you should know about the business cards that made our list. Bank of America Business Advantage Unlimited Cash Rewards Secured Business Credit CardBuilding your business credit is just as important as building your personal credit. Business Credit Cards for Bad Credit Frequently Asked QuestionsSearching for a small business credit card that addresses the needs of your business operations can be daunting. Why You Should Trust Us: How We Chose the Best Business Credit Cards for Bad CreditBusiness Insider's credit card team evaluated several factors to determine our list of best small business credit cards for bad credit.

Persons: we've, Slack, Chase, isn't, you'll, Bradstreet, cardholders Organizations: Business, Bank of America Business, Credit, Mastercard, Capital, American Express, Singapore Airlines, Emirates, Best, Bad Credit, Card, Bank of America, National Bank of Locations: Amex, National Bank of Omaha, Dun

Here's what to know about business credit card pre-approval, and some pre-approved business credit cards to consider. What preapproval means for business credit cardsPre-approved business credit cards give you an idea of your approval odds before you complete a full credit card application. Check your business credit report for opportunitiesIt may be a good idea to check your business credit report before checking for pre-approval. Checking your business credit will help you see where your business credit stands, and how your current finances might affect your credit application. Most business credit card pre-approvals require the business owner's basic business information, including the business name, type, Employer Identification Number (EIN), and revenue.

Persons: —, Bradstreet, you'll, you've Organizations: Service, Chase, Capital Locations: Dun, Chevron

☆ A millennial who made $170,000 secretly working two remote jobs says it helped him pay off about $50,000 in student loans
▼ + stars: | 2024-04-06 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +6 min

This made it possible for him to reduce his loan balance by over $50,000 — he has about $65,000 left in student debt as of March, he told BI via email. That December, he stumbled upon a YouTube video that provided him with the idea he'd been looking for: He could try to secretly juggle multiple remote jobs simultaneously. As for his student debt, his repayment goal is right on schedule. Advertisement"I'm expecting to have all my student loans paid off before Christmas," he said. Are you working multiple remote jobs at the same time and willing to provide details about your pay and schedule?

Persons: —, Adam, he'd, he's, didn't, overemployment, it's, — didn't Organizations: Service, Business, LinkedIn Locations: Arizona

☆ Plan to buy a home in the next year or two? Here are 5 steps to take now to get your finances ready
▼ + stars: | 2024-04-04 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +7 min

Mortgage lenders will consider lots of different metrics and circumstances when assessing your creditworthiness. Check your credit reports and credit scoresTwo other factors lenders will consider are your credit history and credit score. Kill the credit card debtA key way to improve your credit score is to reduce your credit card debt. “The minute they pull your credit score, it is going to [reflect] what is on my credit card that day,” MBA’s Seiler said. “Because there are many variables that affect an individual consumer’s credit score, we can’t say a specific number of months,” FICO’s Zeibert said.

Persons: ”, Avi Adler, Sara Zuckerman, Margaret Poe, Poe, you’ll, Eddie Seiler, Joe Zeibert, You’re, ” Adler, MBA’s Seiler, ” FICO’s Zeibert, “, ” Seiler, Zuckerman, Adler, ” Zuckerman Organizations: New, New York CNN, Long & Foster, Consumer Financial, Bureau, Mortgage, Association Locations: New York, annualcreditreport.com, TransUnion

☆ Here are some big money blind spots you need to avoid, advisors say
▼ + stars: | 2024-04-04 | by ( Greg Iacurci | ) www.cnbc.com time to read: +5 min

Here are some of the biggest financial blind spots, according to several certified financial planners on CNBC's Digital Financial Advisor Council. 1. Credit scoresConsumers often don't understand the importance of their credit score, said Kamila Elliott, CFP, co-founder and CEO of Collective Wealth Partners based in Atlanta. The average person with a credit score between 760 and 850 would get a 6.5% interest rate, according to national FICO data as of April 1. The latter's monthly payment would cost $324 more relative to the person with a better credit score — amounting to an extra $116,000 over the life of the loan, according to FICO's loan calculator. "Ten out of 10 people couldn't explain how the tax withholding system works," said Ted Jenkin, CFP, CEO and founder of oXYGen Financial based in Atlanta.

Persons: Kamila Elliott, Wills, Barry Glassman, I'm, Glassman, Elliott, That's, Ted Jenkin, Uncle Sam, Jenkin Organizations: Getty, Digital Financial, CFP, Wealth Partners, Consumer Financial, Bureau, Wealth Services, Westend61, Collective Wealth Partners, Business, Employers, Workers Locations: Atlanta

☆ The No. 1 factor that makes people feel financially secure—and how to achieve it
▼ + stars: | 2024-04-03 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +2 min

For many people, credit card debt is standing between them and financial security. And although many people feel that financial security means having little to no debt, achieving that goal is typically easier said than done. 1 factor that makes them feel financially secure, according to CNBC's International Your Money Financial Security Survey conducted by SurveyMonkey. While there are many different kinds of debt, from student loans to mortgages, by far one of the most expensive forms of debt is credit card debt. The majority of Americans wouldn't be able to cover a $1,000 emergency expense with their savings, per Bankrate's 2024 emergency savings report.

Persons: Ted Rossman, wouldn't, Matt Schulz Organizations: Financial Security, SurveyMonkey, Financial, CNBC

The role of credit bureaus in credit card applicationsCredit bureaus play a pivotal role in the credit card application process. How credit bureau information influences approval decisionsCredit bureau information plays a pivotal role when financial institutions make credit decisions. Credit bureau reporting frequently asked questionsDo all banks use the same credit bureau for credit card applications? Even though the three credit bureaus score credit slightly differently, improving your credit habits will typically raise your score across the board. Our guide to the best credit cards for pre-approval can help you identify which credit cards you're most likely to be approved for.

Persons: you'll, Here's, TransUnion, Experian, Banks, Chase, —, cardholders, Discover's, Wells, Wells Fargo, Wells Fargo's, that's Organizations: Vantage, Bank, American Express, American Express American, Credit, Bank of America Bank of America, Bank of America, Chase Chase Bank, Chase, Capital, Citi Citi, Citi, Discover Discover Locations: Equifax, Transunion, Wells Fargo Wells, Experian, Wells, Chevron

AT&T has also begun notifying customers whose personal information was compromised. Photos You Should See View All 60 ImagesFull names, email addresses, mailing address, phone numbers, dates of birth and AT&T account numbers may have also been compromised. HAS AT&T SEEN DATA BREACHES LIKE THIS BEFORE? AT&T has seen several data breaches that range in size and impact over the years. Avoiding data breaches entirely can be tricky in our ever-digitized world, but consumers can take some steps to help protect themselves going forward.

Persons: “, Troy Hunt, we’ve, ”, Hunt, You'll, Matt O'Brien Organizations: Associated Press, AP, Federal Trade Commission Locations: Dallas, Australia, Providence , Rhode Island

☆ Here's how much credit card debt Americans have by age—and which generation owes the most
▼ + stars: | 2024-03-27 | by ( Cheyenne Devon | ) www.cnbc.com time to read: 1 min

Americans collectively owe over $1 trillion in credit card debt. But one generation carries the most, on average: Gen X. That marks the highest average credit card balance of any generational cohort. Other generations' credit card debt falls closer to that average or below. Here's the average amount of credit card debt Americans hold by age as of the third quarter of 2023, according to Experian.

Persons: Gen Xers

☆ The 20 big companies with the best outlook according to workers
▼ + stars: | 2024-03-15 | by ( Madison Hoff | ) www.businessinsider.com time to read: +2 min

Comparably published a list of top companies where employees feel there's a good outlook. Based on anonymous responses, Topgolf ranked at the top of the large company list. AdvertisementAmid the Big Stay in the workforce as the number of quits have dropped and a recent rise in the unemployment rate to a two-year high, a recent ranking suggests the top companies with the best outlook. Workplace-review site Comparably published this week which companies have the best outlook based on responses from workers who answered questions anonymously, such as about their confidence in the company's future success and their excitement about going to work. Advertisement"Comparably's annual Best Outlook list recognizes companies that have the most optimistic business prospects for the year ahead," Chad Herring, chief human resources officer of Comparably's parent company ZoomInfo, said in a statement.

Persons: Topgolf, —, Chad Herring Organizations: Adobe, Service, Business, Companies

Our experts answer readers' credit card questions and write unbiased product reviews (here's how we assess credit cards). Being rejected for a credit card won't harm your credit score for more than a few months. Fortunately, being rejected for a credit card won't lead to long-term damage to your credit score. What to Do After a Credit Card RejectionWhile being rejected for a credit card won't irreparably harm your credit score, not getting the card you want can definitely. What steps can I take to avoid impacting my credit score with future credit card applications?

Persons: Read, Chase, haven't, shouldn't, you've Organizations: Chase, Citi, American Airlines, Citi Premier, Citi Prestige, you've Locations: Chevron

Read previewRunning a small business is challenging and securing funding is often a major hurdle. Given the high rates of small business failure linked to funding issues, it is apparent that financial preparation is key. I'm a financial planner, and I've identified seven documents that small business owners should have — especially if you need a small business credit card, grant, or a business loan. To ensure your small business is well-prepared to secure funding, it is essential to have the following financial documents in place. 1. Business credit reportUnderstanding and managing your business credit score is essential to secure funding.

Persons: —, I've, Bradstreet, Dun & Bradstreet, DUNS, Experian Organizations: Service, Business, Dun &, Insurance Locations: Dun, Experian

☆ Once you hit this credit score, banks will 'fall all over themselves' to work with you, says money expert—it's not a perfect 850
▼ + stars: | 2024-02-24 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +1 min

It may be hard to imagine digging yourself out of $100,000 in credit card debt and boosting your credit score by 400 points. Khalfani-Cox boosted her credit score from the low 400s to a perfect 850 after spending three years paying down her debt. Although her credit score sits at 806 as of the last report date on Jan. 20, she says she still receives the same benefits as when she had a perfect 850. That's because Khalfani-Cox's most recent score still places her in the "exceptional" credit score category. "Once you're in the perfect credit scoring range, banks are going to fall all over themselves to do business with you."

Persons: Lynnette, Cox Organizations: New York Times, Resilience, CNBC

☆ Shopping online at 2 a.m.? That’s a red flag for buy now, pay later lender Affirm
▼ + stars: | 2024-02-16 | by ( Hugh Son | ) www.cnbc.com time to read: +1 min

Americans shopping online after midnight often make riskier transactions and are more likely to default on their loans, according to Affirm Chief Financial Officer Michael Linford. The fintech firm uses the hour a consumer attempts a transaction as a key data point to help determine whether to approve loans, Linford told CNBC in a recent interview. Other factors include a user's repayment history with Affirm and transaction data from credit bureau Experian. Shoppers could be inebriated or under financial or emotional duress and desperately seeking credit, Linford said. The buy now, pay later industry offers installment loans that typically range from no-interest short-term transactions to rates as high as 36% for longer-term credit.

Persons: Michael Linford, Linford, Max Levchin Organizations: CNBC, PayPal

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