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Catch up on some of the latest posts with this week's roundup:
How Can I Build My Credit Score to 850?by Phillip S. Gibson, Elation Wealth LLC
Having a good credit score is important for many individuals who use or plan to use consumer loans, as well as those who might work in certain fields which value employees having 'good' credit. Ultimately the value of ‘good’ credit is access to better loans in the form of lower interest rates. Being able to access and obtain lower interest rate loans may save you thousands, if not hundreds of thousands in interest payments. Below are some tips for increasing your credit score.
Credit Card Debt and a Good TSP (or 401k) Loan
I wrote a previous article that discussed reasons not to take a Thrift Savings Plan (or 401k) loan. Even though I am generally against taking a loan from your retirement plan, there are times when it can make sense.
There are many reasons not to take a loan, but I will refer you back to my previous article for those reasons. Justification of a TSP loan calls for a dire situation, such as high credit card debt. In a scenario where a family has a significant amount of credit card debt, it may make sense to take a loan from your retirement plan.
Your Credit Fundamentals
Have you protected yourself from the recent Equifax breach? Ben and I got our credit freezes with Experian, TransUnion and Innovis done really easily. Equifax took several tries (they were overloaded with requests), but I got that done on Monday.
From what I’ve heard from you folks, seen on social media and read online, it sounds like most of you took the credit freeze approach as well. It also seems some of you could use a refresher on just what your credit report is, how it relates to your credit score and some easy ways to improve your score. I’ll tackle that today.
How Can You Build Your Credit Score?
by Choncé Maddox, XYPN Archives
New to establishing credit and want to build your score? You’ve got the right idea, because your credit score is an important factor that impacts your finances in either a positive or negative way -- and your actions help determine the outcome.
Credit often comes into play when you’re making huge life decisions like buying a house or even starting a business. Having a high score is highly sought after because it helps build trust with lenders and keeps interest rates low.