Video: The Big Mistake This Instagram Star Made With Her Credit Score

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You learned reading, writing and arithmetic in school, but did you learn anything about credit? Watch award-winning wellness author Nikki Sharp share with MoneyTips Consumer Advocate Kristin Malia the credit score insights she wishes she’d been taught at school.

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

Long-Term Mortgage Rates Hit A Seven-Year High

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It Will Cost You More to Buy A Home

The housing market topped a new threshold over the past week. Buoyed by a strong economy and a series of interest rate increases by the Federal Reserve, thirty-year fixed mortgage interest rates reached 4.61% – the highest number since May of 2011.

Rates crossed the 4% threshold in the week of January 11 and they have been on a relatively steady rise since then. If this pace continues, we’ll hit 5% before the year is out.

Should rising interest rates deter you from buying a home? Not necessarily, but it may cause you to re-think your definition of an affordable home.

How Much More?

To see the effect of higher interest rates, consider this example. Let’s assume you’re buying a $200,000 house with a 20% down payment. Your monthly principal and interest payment will be $764 at 4% interest, $821 at the current 4.61%, and $859 at 5%. For the $160,000 you are borrowing, the difference between 4% an…

Higher Credit Scores Needed For Home Purchase

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Welcome to the 2018 home-buying market. Rising demand and an extremely tight supply of homes, especially in the critical starter-home market, make it difficult to realize your goal of home ownership.

In this buyer’s market, you’ll need two important things to land your dream home – more money and a higher credit score.

Data from the Joint Center for Housing Studies (JCHS) at Harvard University highlight the credit score issue. According to the 2017 JCHS study, “The State of the Nation’s Housing – 2017,” the median credit score for successful mortgage loan applications increased from a FICO score of 700 in 2005 to 732 in 2016. Lenders are still conservative in their risk assessments – aided in part by regulations put in place during the housing crisis.

In the pre-crisis market of 2005, around 10% of conventional first lien mortgages went to borrowers with a credit score below 620. That number fell to nearly zero by 2009, and as of 2016, it…

Who Lives At Home?

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We know the stereotype of the unmotivated millennial, living at home with their parents without any long-term plan or concern about their situation. Is that a fair representation? Do millennials disproportionately live with their parents? If so, is this from necessity, lack of motivation, or part of a grander strategy?

It’s logical that younger generations are more likely to live with their parents in a non-caretaker capacity, even in the best of times. Millennials suffered the added indignity of coming of age during one of the worst recessions in history while dealing with prohibitive student loan debt.

Previous information from the Pew Research Center found that in 2016 – after years of economic recovery – 15% of millennials surveyed still lived with their parents. That’s well above previous generations at that same point in their lives (10% for generation X, 11% of late ba…

Risks Businesses Take With Credit Cards

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Many businesses make use of credit cards for daily purchases, and some new small business owners even finance their entire business on credit cards in the beginning. A business can make use of various reward points and other perks to save money and build up its credit score, but there are some downsides to using business credit, too. Just as with individual credit cards, there are risks. Here are a few things a business needs to be wary of.

Multiple employees can have credit cards connected to the same account, making it easy for businesses with several employees who need to make regular purchases. However, these employees can abuse their credit cards by using them for personal purchases. The business is respons…

3 Top Reasons Why Rentals Are Denied

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Has your rental application just been rejected? Determined to make lemonade out of lemons, you resolve to find out why you were rejected and change the situation so that your next application is approved.

Assuming that you filled out the application correctly and made no obvious mistakes such as bringing your pet rattlesnake or a running chainsaw to the rental office, what are the most likely reasons for your rejection? Rent Café recently released their findings on the top reasons for rental rejection – and the results may surprise you.

1. Neglecting to Make Payments – Sean McQuay, Credit and Banking Expert at NerdWallet, says, “A lot of rental agreements require a credit check. They are not checking your credit score per se, but they are going to make sure that you pay your bills on time.” It’s one thing to be late on your bills, but it’s another …