When it comes to understanding your credit score, it can be tricky to figure out how it all works. Should you use your credit card for purchases and pay it off, should you keep a balance for a little while, should you get a new credit card or cancel old ones you don’t use? It can be confusing. If you don’t currently have any credit card balances, you might be wondering what you can do to maintain or even boost your current credit score a little. Should you consider making a few purchases and charging them to your card and paying it over a few months vs. in full? After all, you don’t want the credit bureaus to forget that you know how to be responsible with credit. But how is carrying a balance really affecting your credit?Continue reading “Carrying a balance on your credit card – how does it affect your credit score?”
Over the past decade, filing for bankruptcy has become far less taboo – good, bad or indifferent it’s become far more mainstream for both businesses and individuals.
For individuals, there are 2 types of Bankruptcy – Chapter 7 and Chapter 13. With Chapter 7 you must have an insufficient income to allow you to pay at least a portion of your debts. Under Chapter 7, you either pay for or give up your property for secured debts. You surrender any nonexempt property in order to pay off as much of your other debt as possible. You keep all of your other exempt property and are forever released from any obligation to repay the remaining dischargeable debt.Continue reading “Bankruptcy 101 – Pros and Cons”