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☆ The mortgage rate you get depends partly on your credit score. Here's what to expect
▼ + stars: | 2023-02-25 | by ( Sarah O'Brien | ) www.cnbc.com time to read: +5 min

Yet the interest rate that any particular buyer is able to qualify for depends at least partly on their credit score — meaning you have some control over whether you're able to get the best available rate, experts say. "The score impacts practically everything: loan approval, interest rate, monthly mortgage insurance premiums … and ultimately their payment," said Al Bingham, a credit expert and mortgage loan officer with Momentum Loans. The higher your score, the lower the interest rate you'll be charged. For illustration only: On a $300,000, fixed-rate 30-year mortgage, the average rate is 6.41% (as of Thursday) if your credit score is in the 760-to-850 range, according to FICO. "Improving your credit score really comes down to the fundamentals," said Ted Rossman, senior industry analyst for Bankrate.

☆ Thinking about an electric car? Leasing might actually be a good idea
▼ + stars: | 2023-02-24 | by ( Alexa St. John | ) www.businessinsider.com time to read: +5 min

Automakers might want to lean on leasing EVs. A car owner might also get the commercial tax credit through leasing. While Teslas have always had a higher purchase rate, EV leasing overall took a tumble in 2022, according to Experian. Car buyers obviously wouldn't get the new EV purchase tax credit with a lease, but there is a sort of loophole. Lucid recently encouraged its customers to consider leasing in order to qualify for the commercial EV credit (for cars that are too expensive or don't otherwise qualify for the purchase credit).

☆ Your Credit Score Affects Your Mortgage Rate—Here’s How to Improve It
▼ + stars: | 2023-02-22 | by ( ) www.wsj.com time to read: +9 min

How does your credit score affect your mortgage rate? “There is no single, specific credit score that will automatically qualify you for a mortgage.”What else determines your mortgage rate? How to check your credit scoreTo get your credit score, check your banking or credit card dashboard if you have one. Many come with automatic credit score monitoring, allowing you to check your score at any time. Make on-time paymentsThe best way to improve your credit score is to avoid late payments—particularly on student loans, credit cards and other types of debts that get reported to credit bureaus.

If the 3.5 million Americans taking out loans had bad credit, that difference in interest rate would cost them a cumulative $93 billion. See Insider's picks for the best personal loans »Insider's Featured Personal Loan Companies LightStream Personal LoanMarcus Personal LoanSoFi Personal Loan Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. The cost of borrowing money with bad credit adds up fastWe don't know exactly how many borrowers have good and bad credit, so there's no way to be sure how much more Americans with bad credit are paying on the whole. In other words, bad credit could mean Americans would cumulatively pay as much as $93 billion extra this year. A recent Credit Sesame survey of 5,000 adults in the United States also found Black and Hispanic Americans had lower average credit scores than white Americans.

Read our review Read Our Review A looong arrow, pointing rightThe U.S. Bank Cash+® Visa® Secured Card is one of the best secured credit cards for earning cash back. Review: Is the US Bank Cash+ Visa Secured Card the Best Credit Card for You? Insider's Featured Secured Credit Cards Discover it® Secured Credit CardCapital One Platinum Secured Credit CardCapital One Quicksilver Secured Cash Rewards Credit Card Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. How to Earn Rewards With the US Bank Cash+ Visa Secured CardThe U.S. Bank Cash+® Visa® Secured Card has a better cash back earning rate than you'll find on most credit cards — making it a screaming deal for a secured credit card. US Bank Cash+ Secured Visa Card vs Other Secured Credit CardsU.S. Bank Cash+® Visa® Secured Card Discover it® Secured Credit Card Capital One Quicksilver Secured Cash Rewards Credit Card Annual fee $0 $0 $0 Rewards rate 5% cash back on your first $2,000 in combined spending each quarter in two categories you choose* 5% cash back on prepaid air, hotel, and car reservations booked through the Rewards Travel Center 2% cash back on eligible purchases in your choice of one category** 1% cash back on all other eligible purchases 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases each quarter (then 1%) 1% cash back on all other purchases with no limit 5% cash back on hotels and car rentals booked through Capital One Travel 1.5% cash back on all other eligible purchases Minimum security deposit $300 $200 $200 Benefits Choose your payment due date Zero fraud liability Contactless payments Refundable security deposit No foreign transaction fees Automatic consideration for credit line increases Refundable security deposit No foreign transaction fees Automatic consideration for credit line increases Refundable security deposit Review Discover it Secured Credit Card review Capital One Quicksilver Secured card reviewUS Bank Cash+ Visa Secured Card Frequently Asked Questions (FAQ)Is the US Bank Cash Plus Visa Secured Card worth it?

Identity theft is often a crime of opportunity, so reducing risk goes a long way to protect against identity theft. How to reduce the risk of identity theftEva Velasquez, president of the Identity Theft Resource Center, says it's best to take multiple steps to secure your identity. Editor's Rating 4.6/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Editor's Rating 4.7/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Editor's Rating 4.8/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Learn more On Aura's website Learn more On IDShield's website Learn more On IdentityForce's website1. While this doesn't necessarily prevent identity theft, it does mitigate any potential damages as a result of identity theft. You can report identity theft over the phone; however, you will not receive an identity theft report.

Read our review Read Our Review A looong arrow, pointing rightThe $0-annual-fee U.S. Bank Altitude® Go Visa® Secured Card is an above-average secured credit card, with high earning rates in extremely common spending categories and a $15 annual statement credit to reimburse streaming purchases. Review: Is the US Bank Altitude Go Secured Credit Card the Best Credit Card for You? Let's take a look at the U.S. Bank Altitude® Go Visa® Secured Card card to see if it's right for your situation. Insider's Featured Secured Credit Cards Discover it® Secured Credit CardCapital One Platinum Secured Credit CardCapital One Quicksilver Secured Cash Rewards Credit Card Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. Read our review Read Our Review A looong arrow, pointing rightFees and CostsThe U.S. Bank Altitude® Go Visa® Secured Card is a $0-annual-fee card.

Review: Is the Bank of America Customized Cash Rewards Secured Credit Card the Best Credit Card for You? You'll also want to compare the Bank of America® Customized Cash Rewards Secured Credit Card to other secured credit cards, such as the Capital One Quicksilver Secured Cash Rewards Credit Card and Discover it® Secured Credit Card. Insider's Featured Secured Credit Cards Discover it® Secured Credit CardCapital One Platinum Secured Credit CardCapital One Quicksilver Secured Cash Rewards Credit Card Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. Compare Bank of America Customized Cash Secured vs Other Bank of America Secured Credit CardsBank of America® Customized Cash Rewards Secured Credit Card Bank of America® Unlimited Cash Rewards Secured Credit Card BankAmericard® Secured Credit Card Annual fee $0 $0 $0 Minimum security deposit $200 $200 $200 Rewards rate 3% cash back* in one category you choose each calendar month*** 2% cash back at grocery stores and wholesale clubs* 1% cash back on all other purchases 1.5% cash back on all purchases N/A Card benefits Refundable security deposit Refundable security deposit Refundable security deposit*On the Bank of America® Customized Cash Rewards Secured Credit Card, earn 3% and 2% cash back on up to the first $2,500 spent in these categories combined each quarter, then 1% cash back***Eligible Bank of America® Customized Cash Rewards Secured Credit Card 3% categories are gas, online shopping, dining, travel, drug stores, or home improvement/furnishingsBank of America Customized Cash Secured vs Secured Credit Cards From Other BanksBank of America® Customized Cash Rewards Secured Credit Card Capital One Quicksilver Secured Cash Rewards Credit Card Discover it® Secured Credit Card Annual fee $0 $0 $0 Minimum security deposit $200 $200 $200 Rewards rate 3% cash back* in one category you choose each calendar month*** 2% cash back at grocery stores and wholesale clubs* 1% cash back on all other purchases 5% cash back on hotels and car rentals booked through Capital One Travel 1.5% cash back on all other eligible purchases 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases each quarter (then 1%) 1% cash back on all other purchases with no limit Card benefits Refundable security deposit No foreign transaction fees Automatic consideration for credit line increases Refundable security deposit No foreign transaction fees Automatic consideration for credit line increases Refundable security deposit Review Capital One Quicksilver Secured card review Discover it Secured card reviewBank of America Customized Cash Rewards Secured Card Frequently Asked Questions (FAQ)What credit score do I need to be approved for the Bank of America Customized Cash Rewards Secured card? You don't need a good credit score to qualify for the Bank of America® Customized Cash Rewards Secured Credit Card.

Review: Is the Capital One Platinum Secured Credit Card the Best Credit Card for You? However, there are other secured credit cards that earn rewards and offer more perks, including the Capital One Quicksilver Secured Cash Rewards Credit Card and Discover it® Secured Credit Card. How the Capital One Platinum Secured Credit Card WorksSecured credit cards like the Capital One Platinum Secured Credit Card require you to put down a security deposit, which effectively acts as collateral against your credit line. Capital One Platinum Secured Credit Card Benefits and FeaturesThe Capital One Platinum Secured Credit Card is fairly bare bones when it comes to additional perks, but it does offer a few handy benefits. Compare Capital One Platinum Secured vs Other Capital One Cards for Building CreditCapital One Platinum Secured Credit Card Capital One Quicksilver Secured Cash Rewards Credit Card Capital One Platinum Credit Card Annual fee $0 $0 $0 Minimum security deposit $49, $99, or $200 $200 N/A Rewards rate N/A 5% cash back on hotels and car rentals booked through Capital One Travel 1.5% cash back on all other eligible purchases N/A Card benefits No foreign transaction fees Automatic consideration for credit line increases Refundable security deposit No foreign transaction fees Automatic consideration for credit line increases Refundable security deposit No foreign transaction fees Automatic consideration for credit line increases Refundable security deposit Review Capital One Quicksilver Secured card review Capital One Platinum card reviewCapital One Platinum Secured vs Other Secured Credit CardsCapital One Platinum Secured Credit Card Discover it® Secured Credit Card U.S. Bank Cash+® Visa® Secured Card Annual fee $0 $0 $0 Minimum security deposit $49, $99, or $200 $200 $300 Rewards rate N/A 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases each quarter (then 1%) 1% cash back on all other purchases with no limit 5% cash back in two eligible categories of your choice, on up to $2,000 in combined spending each quarter (then 1%)* 5% cash back on prepaid air, hotel and car reservations booked directly in the Rewards Travel Center 2% cash back at grocery stores, gas stations, EV charging stations, or restaurants 1% cash back on all other eligible purchases Card benefits No foreign transaction fees Automatic consideration for credit line increases Refundable security deposit No foreign transaction fees Automatic consideration for credit line increases Refundable security deposit Refundable security deposit Review Discover it Secured card review*5% cash back category choices on the U.S. Bank Cash+® Visa® Secured Card are fast food, home utilities, TV, internet, and streaming services, department stores, electronic stores, cell phone providers, sporting goods stores, furniture stores, movie theaters, gyms and fitness centers, ground transportation, and select clothing storesCapital One Platinum Secured Credit Card Frequently Asked Questions (FAQ)Is the Capital One Platinum a secured credit card?

Since the start of the pandemic, Americans have been able to access free weekly credit reports. "Even when consumers are successful in having their complaint addressed, complaints call into question the underlying data contained in consumers' credit reports," the report read. Navigating the credit reporting system in the United States requires skill and often a good deal of patience. Democratic Rep. Maxine Waters of California, who chaired the panel at the time, said during the hearing that a public credit reporting agency "would be a major upgrade over today's broken, biased credit reporting system." Consumer advocates stress that not only should credit reports be easily accessible but that Americans should be able to scrutinize the information contained in credit reports.

☆ There is more of a sense of comfort with EV auto loans, says Experian's Melinda Zabritski
▼ + stars: | 2023-02-10 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThere is more of a sense of comfort with EV auto loans, says Experian's Melinda ZabritskiCNBC's Phil LeBeau reports on the realities of electric vehicle monthly loans.

Identity theft protection services can protect you against various forms of fraud, such as credit-related fraud or criminal identity theft. With three individual identity theft plans and additional options for families, Identity Guard can offer you the peace of mind that your identity is secured. Identity Guard ReviewIdentity Guard is an identity theft protection service owned by Aura, another credit monitoring and theft protection company that made it to our guide for the best identity theft protection services for the best family plan. Identity Guard Identity Theft PlansIdentity Guard has three plans: Value, Total, and Ultra. Identity Guard Frequently Asked Questions (FAQ)Does Identity Guard offer a trial period?

☆ Auto loan delinquencies are rising. Here's what to do if you're struggling with payments
▼ + stars: | 2023-02-04 | by ( Sarah O'Brien | ) www.cnbc.com time to read: +4 min

Fotostorm | E+ | Getty ImagesFor a rising share of car owners, monthly auto loan payments appear to be evolving into a problem. High prices, interest rates have led to bigger paymentsLoan delinquencies can harm your credit scoreWhile the auto loan delinquency rate is edging higher, the default rate is not, according to Cox. "If you're 30 days late, it impacts your credit score," said Brian Moody, executive editor of Kelley Blue Book. What to do if you're struggling with auto loan billsFor car owners who are pretty sure they're heading toward delinquency, it's important to try preventing the problem from snowballing. If you're struggling to keep up because you don't budget well, that's at least potentially fixable, experts say.

During the pandemic, mortgage rates plummeted below 3%, flooding the real estate market with homebuyers trying to snag a good rate. "Mortgage rates have trended down in the past couple of months," he says. So... [for] someone waiting for a 3% or 4% mortgage rate, it's not going to happen." For example, Rocket Mortgage is currently offering a mortgage rate buydown program called Inflation Buster. Evaluate whether you're buying for the right reasons and determine if you and your budget are ready for this important milestone.

Here's what credit score you'll need to qualify for the various Delta SkyMiles American Express cards. Small business owners have three Delta SkyMiles cards to choose from: Delta SkyMiles® Reserve Business American Express Card, Delta SkyMiles® Platinum Business American Express Card and the Delta SkyMiles® Gold Business American Express Card. Luckily, the business and personal Delta cards are considered separate products so if you had the Delta SkyMiles® Platinum American Express Card, for example, you'd still be able to earn the welcome bonus with the Delta SkyMiles® Platinum Business American Express Card. Bottom lineTo qualify for an Delta SkyMiles American Express card, you'll probably need a FICO® score of 670 or higher. For rates and fees of the Delta SkyMiles® Blue American Express Card card, click here.

Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. Personal Info Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. Continue Income Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. Continue Dependents Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. Continue Deductions Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

A bad credit score with FICO is below 670, while a bad VantageScore credit score is below 661. FICO breaks its risk categories into the following:Poor: Below 580Below 580 Fair: 580-669580-669 Good: 670-739670-739 Very good: 740-799740-799 Excellent: 800 and aboveUnder FICO, any credit score below 670 is considered a bad credit score or a subprime credit score. What's the Difference Between Having a Bad Credit Score and No Credit Score? That's why having no credit score is, in many ways, better than having a bad credit score because you're starting from a clean slate. Bad Credit Score Frequently Asked Questions (FAQ)What goes into credit score calculations?

That's when personal loans can really shine as a valuable financial tool. These loans come with all sorts of different terms and conditions, which can stick even the shrewdest shopper with unnecessary fees and interest payments. Select a lender that doesn't charge origination or application feesSome — but not all — personal loan lenders may charge fees for submitting an application and originating the loan. It involves replacing your current loan with a new one that carries a lower interest rate, saving you money on your interest payments. Bottom lineKnowing how to save money on a personal loan can help you get the most from this flexible financial tool.

Sign up for a credit monitoring service such as Credit Karma to keep tabs on updates to your credit report. Even the best identity theft companies and best credit monitoring services usually stop short of reporting errors on your credit report to the credit bureaus. Credit report dispute frequently asked questions (FAQ)How common are credit report errors? Experian credit freeze: To freeze your credit at Experian, you can visit Experian's online Freeze Center. TransUnion credit freeze: You can request a TransUnion credit freeze through their online portal.

The survey also shows that most credit card users are charging everyday expenses to pay for things they can no longer afford due to inflation. Instead, put yourself in the good graces of your credit card, utility, or mortgage company by reaching out proactively, she says. Consolidate your credit cards into one personal loanCollado also recommends taking out a personal loan to consolidate your credit card bills. When you carry a balance from month-to-month, it can be difficult to get out of credit card debt. A credit card that offers a 0% introductory APR can help you pay off your debt faster if you're carrying a credit card balance.

An increasing number of people have a very good or excellent credit score, with over half of consumers possessing a FICO credit score over 700. Credit scores, on the whole, have risen for decades, partly due to the abundant access to educational resources. According to "Credit Scores Uncovered: Consumer Relationships with their Scores," Gen Z lags behind other generations significantly when it comes to credit education. 29% of Gen Z consumers said they either don't have a credit score or don't know if they have one, compared to 8% of baby boomers who said the same. Just 45% of Gen Z consumers said they completely understand credit scores, compared to 66% of baby boomers. Many Gen Z consumers only recently turned 18, old enough to apply for credit products on their own, so they have had less time to learn about credit products and credit scores.

A TransUnion survey found 5.8 million people opened their first credit account in 2021, up from 5.1 million in 2020. New credit users, primarily led by Gen Z, are recovering to pre-pandemic levelsThe TransUnion survey reports that 5.8 million consumers opened their first credit account in 2021, nearly reaching pre-pandemic levels. The survey found that credit consumers generally perform at comparable levels to more established credit consumers across the nine countries surveyed. In some cases, though not in the US, new credit consumers had lower delinquency rates than older credit consumers. High interest rates can make it challenging to build a positive credit history, but you need a positive credit history to qualify for lower interest rates.

☆ Tesla's demand problem may turn into a key advantage — if Elon Musk's 'strategic poker move' pays off
▼ + stars: | 2023-01-21 | by ( Nora Naughton | Alexa St. John | ) www.businessinsider.com time to read: +4 min

Price slashes and piled up inventory at Tesla pose a big problem for rival startups. The electric-vehicle company is grappling for the first time with a bloated inventory and softer demand for its cars. Tesla's move "represents a significant setback" for the company's EV competitors, Garrett Nelson, a vice president and senior equity analyst at the investment-research firm CFRA, said in a January 13 note. "This move from Tesla is going to have a huge impact on the EV market but especially on the startups." "Instead, we believe this likely is a bold offensive move, which secures Tesla's volume growth, puts its traditional and EV competitors in great difficulty, and showcases Tesla's considerable pricing power and cost superiority."

If your car is broken into, comprehensive and full coverage car insurance will cover damage or theft of the car. Car insurance, renters insurance, and homeowners insurance all come into play. Comprehensive car insurance covers theft from break-insThere are three main types of car insurance: comprehensive, collision, and liability. Steps to file a claim for car theft or break-insIf personal items are stolen from your car, comprehensive coverage car insurance, full coverage car insurance, and homeowners or renters insurance will cover your personal belongings. If your car itself has been stolen, you will need comprehensive or full coverage car insurance.

☆ Morning Bid: Ugly duckling
▼ + stars: | 2023-01-17 | by ( ) www.reuters.com time to read: +3 min

A look at the day ahead in European and global markets from Anshuman DagaWhile Chinese economic data didn't come in worse than markets had feared, investors still couldn't come to terms with the scale of the economic pain being felt in the world's second-largest economy. Asian stock markets dipped and the broad-based MSCI's Asia Pacific share index outside Japan (.MIAPJ0000PUS) retreated away from seven-month highs, and Chinese equities stocks also retreated. European and UK stock futures, however, pointed to a steady start. The FTSE 100 (.FTSE) is just a whisker away from its record high of 7,903.5 points. Tuesday's batch of economic data coming up include UK jobs numbers, German inflation and Germany's ZEW economic sentiment survey.

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