Your Low Credit Score Could Cost You $21,000


How much does your credit score affect your mortgage rates? A recent study by Zillow shows that the higher interest rates from a poor credit score can have a profound impact on the amount of interest you’ll pay over the life of a mortgage.

Zillow analyzed over 100,000 mortgage quotes offered on Zillow Mortgages across the nation between March 25 and May 5. Using the nationwide median home price of $213,100 and a 20% down payment as a reference point, Zillow found that potential borrowers with excellent credit (above 760) could qualify for a 4.5% interest rate on a thirty-year fixed-rate mortgage. Borrowers with merely fair credit scores (640-679) could only qualify for a 5.1% rate. You can check your credit score and read your credit report for free within minutes using Credit Manager …

1 In 4 Kids Will Be Victims Of ID Fraud Before Age 18


It’s hard for young Americans to leave the security of their childhood home and find their way in the real world. It’s even harder when identity thieves have stolen their identity and ruined their credit before they even have a chance to establish their own record.

The Federal Trade Commission (FTC) reported just under 14,000 cases in 2017 and over 15,000 cases in 2016 involving identity theft of Americans age nineteen and younger. The credit bureau Experian reports that around 17% of their annual fraud cases target children, and they estimate that 25% of children will experience a form of identity theft or fraud before they turn eighteen.

Identity thieves consider a child’s ID a gold mine. Parents don’t think to check for fraudulent accounts established in their minor child’s name. They may not find out about the identity theft until bills or collection notices arrive or tax forms are rejected – perhaps years after the damage is done.

How do thieves ge…

Video: How Will Meghan Markle Get Out Of Debt?


Meghan Markle has become Her Royal Highness The Duchess of Sussex, but has her new title and castle given her a free pass out of debt? We’re not sure, but considering her stance as a self-proclaimed feminist, we wouldn’t be surprised if she still wants to pay off her own credit card. Watch Professor MoneyTips Jeff Hoyt explain how Debt Optimizer can help Meghan – and you – minimize debt payments in our exclusive video above.

If you want to reduce your interest payments and lower your debt, try the free Debt Optimizer by MoneyTips.

Why Check Your Credit Report and Credit Score? Why Wouldn’t You?


Sometimes people ignore important warning signs – such as a stop sign, the expiration date on their yogurt, or that rapidly spreading rash. You might ignore those signs and come out okay, but why take that chance?

Your credit report and credit score act as similar warning signs for your financial health. Ignore them at your own risk.

Your credit report contains your collective credit history as well as your current credit activity. Lenders use algorithms that distill all that information into a single credit score for ranking purposes. You can check your credit score and read your credit report for free within minutes using Credit Manager by MoneyTips.

A low credit score tells potential lenders that it’s risky to lend money to you…

Video: Considering Borrowing From Your Retirement To Pay Off Debt? Don’t!


Let’s say you’re tempted to make a withdrawal from your 401(k) plan to pay off some debts. You can always catch up by paying that money back into your retirement savings later, right? Unfortunately, it doesn’t work that way. Don’t rob your future to pay for your past! Watch Senior VP and Chief Analyst Greg McBride explain how a decision like that will affect your retirement outlook over the long term in our exclusive video above. Let the free Retirement Planner by MoneyTips help you calculate when you can retire without jeopardizing your lifestyle.

If your credit is good, you may be better getting a loan to pay off your debts. You can check your credit score and read your credit report for free within minutes using

Video: How To Get Lower Mortgage Insurance Premiums


Is your mortgage lender insisting you get mortgage insurance? In our exclusive video above, Mortgage Advisor Casey Fleming explains how your premiums will be calculated and shares tips on how to get the lowest premiums possible. The higher your credit score, the lower your premiums will be.

You can check your credit score and read your credit report for free within minutes using Credit Manager by MoneyTips.

5 Credit Tips For New College Grads


Congratulations! You made it through college armed with a degree, and hopefully a job. Now it’s time to move on to the next stage of your education: life. The tests are all open book, the deadlines are varied, and some lessons are much harder and carry higher stakes than others do. Worst of all – there is very little grading on the curve.

Sure, you know your GPA, but do you know your credit score? You can see it for free right now using Credit Manager by MoneyTips.

One of your first post-graduate lessons should be on the proper use of credit. Poor early decisions regarding credit can have adverse effects for years. In the words of millennial money expert Stefanie O’Connell, “It’s really important for millennials to understand what a critical role cr…

Video: The Dangers Of Co-Signing A Loan


They say, “No
good deed goes unpunished,” and that certainly applies to kind-hearted
people who co-sign for a loan. In our exclusive video above, Nav Head of Market
Education Gerri Detweiler explains what you’re risking when you co-sign a loan.

If you are interested in a personal loan, visit our curated list of top lenders.

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Lenders Pulling Back on New Subprime Loans


It’s tough living on the lower end of the credit score scale. If you have a credit score below 640 or so, you are generally given “subprime” lending offers for any form of credit that you request. From credit cards to auto loans and mortgages, you will be hit with higher interest rates and potentially other restrictions and fees.

According to credit bureau TransUnion’s Q2 2017 Industry Insights Report, you now have another problem to deal with – difficulty in getting credit at all.

TransUnion found that overall originations for subprime consumer credit have dropped sharply over the past four quarters. Total subprime originations dropped from a post-crisis peak of just under 6 million consumers in Q2 2016 to just under 4.6 million in Q1 2017. The last two quarters represent the first consecutive year-over-year decreases in overall subprime ori…