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Most of us enjoy Cyber shopping. Some of us do it to avoid crowds, some to save gas, and some for the convenience of shopping at any time of day or night. When you're ready to make an online purchase, pay close attention to the information you need to enter. Should you decide to pay by credit card, make your cyber shopping experience safe. NEVER supply personal information, such as your Social Security number or your mother's maiden name.
Sometimes people get in over their heads. They rack up so much debt that they're unable to make consistent interest and principal payments. When you're late or unable to make payments, your credit rating suffers. This reduces creditworthiness, and ultimately, it inhibits your ability to access financing.
The ability to "charge it!" is as American as hot dogs, apple pie and baseball. Credit is issued with the understanding that you'll use it wisely and make payments in a timely manner. Unfortunately, it's easy to mess up the relationship. Avoid these habits.
1. Charge away! Don't worry about credit limits.
Times have changed. In the past many decades, credit has become a financial tool very different than it was in the past. Many older adults today have paid cash for most of the things they have acquired in their lives. Many decades ago, loans were more likely to come from family members or friends than from financial institutions. The result of this is that many Seniors do not have a lengthy or strong credit history, if they have one at all. Lack of a
Fortunately for today’s consumer, half a century ago Congress realized the system of credit reporting needed legislation. The practices of the credit bureaus and the agencies using the credit reports they provided were shocking. American consumers were being taken advantage of by a system they had no way of influencing and no way of keeping in check.
What’s in your FICO® score
FICO Scores are calculated from a lot of different credit data in your credit report. This data can be grouped into five categories as outlined below. The percentages in the chart reflect how important each of the categories is in determining your FICO score.
These percentages are based on the importance of the five categories for the general population. For particular groups - for example, people who have not been using credit long - the importance of these categories may be somewhat different.
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