Student Loan Administrative Forbearance Extends Until October

If you have federally held student loans, you’re getting a break on making payments — again.

On his first day in office, President Joe Biden signed an executive order directing the Education Department to extend its freeze on interest rates and payments for federally held student loans through Sept. 30, 2021.

Here’s what you need to know.

What Is Student Loan Administrative Forbearance?

The pause on payments and interest accrual is an extension of the administrative forbearance that originated with the Coronavirus Aid, Relief, and Economic Security Act — aka the CARES Act — passed in March 2020 to address economic issues due to COVID-19.

Directed by emergency legislation designed, the Department of Education announced that all federally held student loans would be placed in administrative forbearance through Sept. 30, 2020. Interest rates were automatically set to 0% and all payments were suspended.

Then-President Donald Trump later signed an executive order to extend the administrative forbearance period until December 31, 2020, and the Secretary of Education extended those measures until Jan. 31, 2021.

Biden directed the extension yesterday amid a flurry of executive orders he signed on his first day in office.

What Loans Does This Legislation Cover?

The interest waiver covers all loans owned by the U.S. Department of Education, which includes Direct Loans, subsidized and unsubsidized Stafford loans, Parent and Graduate Plus loans and consolidation loans.

If you happen to have Federal Family Education Loans (FFEL) and Perkins loans held by the federal government, they’re covered, too. But the vast majority of those loans are commercially held, which makes them ineligible for the benefit.

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What Does This Legislation Mean for My Student Loans?

There are four things to know about how administrative forbearance affects student loans through Sept. 30, 2021:

  • It suspends loan payments.
  • It stops collections on defaulted loans.
  • It sets the interest rates to 0%.
  • Each month of the suspension will count as a payment for the purpose of a loan forgiveness program.

Note that the suspension does not mean that the federal government is making your student loan payments for you — you’ll just be free of making loan payments for eight months without accruing interest or incurring late fees during that period.

Biden did not, despite some hopes, forgive thousands of dollars in student loans in his initial executive orders. That request will need to go through Congress and faces opposition — which means if student loan balances are wiped out permanently, it won’t be for a while.

Here are five ways to know if you can benefit from the forbearance period.

Tiffany Wendeln Connors is a staff writer/editor at The Penny Hoarder. Read her bio and other work here, then catch her on Twitter @TiffanyWendeln.

This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.

Source: thepennyhoarder.com

Personal Finances: Prioritizing and Paying off Debt

This page may include affiliate links. Please see the disclosure page for more information. When the calendar says it’s the first of the month, do you get excited about the opportunities that may arrive with the new month, or do you have panic attacks on how you are going to survive another month living in debt?  If…

The post Personal Finances: Prioritizing and Paying off Debt appeared first on Debt Discipline.


Personal Finances: Prioritizing and Paying off Debt was first posted on December 27, 2019 at 6:00 am.
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How to Request Debt Validation from Debt Collectors

Under the FDCPA, you have the right to “debt validation“. This means a consumer can demand that a creditor reporting information to the credit bureaus prove the account is really your responsibility and that the…

The post How to Request Debt Validation from Debt Collectors appeared first on Crediful.

Source: crediful.com

Dave Ramsey’s Baby Steps Explained

Whereas Dave Ramsey’s Baby Steps have often been dissected one at a time, my goal in this post is to give an overview of the steps as a unit and explain why the order is essential.

dave ramsey baby steps explained

Hopefully, these steps can help you create a focused life plan for your finances, regardless of your age or financial well being.

First, the Baby Steps:

  • Step 1: $1,000 in an emergency fund.
  • Step 2: Pay off all debt except the house utilizing the debt snowball.
  • Step 3: Three to six months of savings in a fully funded emergency fund.
  • Step 4: Invest 15% of your household income into Roth IRAs and pre-tax retirement plans.
  • Step 5: College Funding
  • Step 6: Pay off your home early.
  • Step 7: Build wealth and give.

The Power of Focus

Dave’s premise with the Baby Steps is that people can accomplish great things IF they can just be focused. When you read over these seven steps, you think, “Yes. I need to be saving. But I also need to be investing for retirement. I should get my house paid off early. But I also need to be getting out of debt and saving for my kid’s college.”

You would readily agree that all of these goals are important for successful financial planning. The problem is that your stress level kicks into overdrive with the prospect of doing them all. You clench your jaw and do what you are capable of doing while feeling anxious about the goals you place on the back burner.

The Baby Steps plan works because when you stay focused on one step at a time, you can knowingly put some important goals on hold without the nagging feeling that you are leaving something undone.

You can also check out my YouTube video where I break down each of Dave’s Baby Steps here:

Why?

Because accomplishing each step puts you in a great position to accomplish the next one.

You begin to feel an empowerment and a sense of control as you get one step behind you and start the next one. You are making progress instead of treading water.

Why Are the Baby Steps in the Order They Are In?

Dave Ramsey's Baby Steps

Steps 1 and 2: $1,000 Emergency Fund and Debt Snowball

Notice that Steps 3 through 7 are all about using your money to do something positive for you and your family. Of course this money comes from your income, but the problem with most of America is that we are using our income on debt payments.

Because we are paying others instead of ourselves, we need to get rid of our debt (Step 2) in order to free up our income for Steps 3-7.

Ask yourself,

“What if I could use all the money I am currently paying to creditors to start “paying myself”?

For many people this is $1,000 to $3,000 a month.

Baby Step 2 debt snowball is designed to do just that. Step 1 is necessary before Step 2 because you don’t want to start paying off debt without having a small cushion to absorb the little unplanned expenses that will occur during Step 2.

Step 3: 3 to 6 months of Savings

After completing the first two steps, you are out of debt (except for your house) and now have that cash flow you dreamed about: all of the money you used to pay others is at your disposal. The temptation is to start investing for retirement or saving for your kid’s college or pay off your house early.

NOT SO FAST! You will get to those, but doing so prematurely is way too risky.

Stop, take a deep breath and use that cash flow to build up your emergency fund so you will indeed be ready for emergencies. This fund needs to be liquid (in a top savings account or money market account).

If you skipped the step and started any of the ensuing steps, how would you handle emergencies? Pull money from your retirement account? Rob the kid’s college savings? Borrow money against your house? All bad ideas.

Step 3 is therefore always ahead of the following steps

Steps 4, 5, and 6: Saving for Retirement, College Funding, Pay Off Home

dave ramsey baby steps

You may be asking,

“Why is retirement ahead of college funding? Wouldn’t a good parent put his children ahead of himself?”

Good question. But what if you end up without sufficient retirement income because you made college funding a higher priority? Who will you be depending on in your later years? Your kids!

The thing about retirement planning is that you only get one shot at it. The years go by and you will someday be retirement age. You don’t have a choice. On the other hand, college funding is full of choices: kids can get scholarship, they can work, they can attend community colleges, they can find work/co-op programs, etc, etc.

Step 4 is therefore ahead of step 5. But notice that Step 4 is 15% of your income. If you have cash flow greater than 15% you can apply that to college funding immediately, and if you have more than enough cash flow to accomplish both steps 4 and 5, you can use all of the extra to pay off your house early (step 6).

Note that Step 6 comes behind retirement and college funding because reversing the order could possibly give you a paid for house at the expense of a dignified retirement or helping your kids through college. Most of us wouldn’t want that.

Not sure where to start investing for retirement? Here are some tips:

  • Best Places to Open a Roth IRA – Figuring out where to start investing your 15% of income can be confusing. A great place to start is a Roth IRA, but deciding a broker is confusing. This list will help you pick the best broker for your Roth IRA.
  • Best Online Stock Broker Sign Up Bonuses – You can get hundreds of dollars or thousands of airline miles just for opening up a brokerage account.
  • Beginner Investing Strategies – If you’ve never invested before it can be overwhelming. This list breaks down getting started into manageable pieces.

Step 7: Build wealth and give.

Life is now very good! You have no debt, a great emergency fund, and a paid for house. All of the cash flow that used to go toward debt reduction and house payments is now at your disposal.

This, by the way, is the step Mandy and I are on. Being semi-retired, we don’t have a huge income, but it is very sufficient because we also don’t have any debt. We continue to invest every month and we are able to give more than we have ever given before.

Once we got our house paid off, we started to budget “bless” money, which we put into an envelope every month just to have available so we can bless others as we see the needs. We are also able to help our grown daughter and daughter-in-law cash flow their college.

As I said, life is good. Mandy and I are experiencing great financial peace and we are very grateful for Dave Ramsey’s Baby Steps.

I wish the same for you.

This article is a general overview of what Dave Ramsey has to offer and is not intended to replace his course, nor is this sponsored or endorsed by Dave Ramsey or the Lampo Group.

The post Dave Ramsey’s Baby Steps Explained appeared first on Good Financial Cents®.

Source: goodfinancialcents.com

3 Ways to Beat Debt Burnout

3 Ways to Beat Debt Burnout

Paying off debt with “gazelle intensity” is a great way to get rid of debt quickly. Cutting your budget to a nearly bare-bones level and working hard to increase your income, speed up debt payments and save up for retirement will help you make great progress on your financial goals, but most people can only live on a strict budget for so long before they begin experiencing debt burnout.

Find out now: How much do you need to save for retirement?

What is Debt Burnout?

Burnout is feeling exhausted with your day-to-day routine or the lack of flexibility in your budget. Some people get tired of not having extra money in their food budget to go out to eat occasionally or buy a wider variety of foods at the grocery store. Others grow tired of having little to no budget for entertainment and fun. Burnout leaves you feeling fatigued, frustrated and ready to give up on your debt-free dreams.

Beating Debt Burnout

After you’ve diagnosed yourself with debt burnout, it’s important to take immediate steps to correct it so you don’t end up un-doing all the progress you’ve made toward paying off your debt. The steps to beating burnout don’t have to be drastic. It’s possible to do it by making a few simple adjustments.

1. Reassess Your Budget

After you’ve paid down some of your debt, it’s common to start feeling some burnout from the lack of flexibility in your budget. This may be a good time to reassess your budget and perhaps give yourself a little more money for things you enjoy, like increasing how much you spend on entertainment or giving yourself a little more money for going out to eat with friends and family. This may decrease the amount of money going to debt payments, but that’s better than getting burnt out and going on a crazy credit card shopping spree down the road.

2. Plan a Fun Trip or Event

While your family is paying off debt, it’s common to give up all vacations, trips and fun events. But when you start experiencing debt burnout, planning for one of these events is a great way to stay motivated and give your family something to look forward to. The trip or event doesn’t have to be a huge and expensive ordeal. Even a short day or weekend trip is something to look forward to when you are living on such a tight budget. Try planning for when you hit a milestone – paying off half of your debt or even for when the whole thing is paid off.

3. Find Some Support

When you start to feel burnt out and unmotivated to continue your debt payoff journey, seeking out an accountability partner is a great way to help you stay on track. Single people can especially benefit from having someone to confide in and bounce ideas off of. But even couples and families can use the outside perspective of an accountability partner to help them keep focused on their financial goals and beat debt burnout.

Debt burnout is a real thing that many people struggle with as they work their way out of debt. The more debt you have to begin with and the longer the time frame for paying it off, the more likely it is that you’ll face burnout at some point.

Find out now: Should I get a fixed or adjustable rate mortgage? 

What other ways can you think of to help beat debt burnout?

Photo credit: flickr

The post 3 Ways to Beat Debt Burnout appeared first on SmartAsset Blog.

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Credit 101: What Is Revolving Utilization?

Aerial view of a young woman with brown hair contemplating her revolving utilization. She has a pen in her mouth and an open notebook on her desk.

According to Experian, the average credit score in the United States was just over 700 in 2019. That’s considered a good credit score—and if you want a good credit score, you have to consider your revolving utilization. Revolving utilization measures the amount of revolving credit limits that you are currently using, and it accounts for a large portion of your credit score.

Find out more about what revolving utilization is, how to manage it, and how it impacts your credit score below.

What Is Revolving Credit?

To understand revolving utilization, you first have to understand revolving credit. Revolving credit accounts are those that have a “revolving” balance, such as credit cards.

When you are approved for a credit card, you are given a credit limit. If you have a credit card with a limit of $1,000 and you use it to buy $200 worth of goods, you now have a $200 balance and an $800 remaining credit limit.

Now, if you pay that $200, you again have $1,000 of open credit. If you pay $150, you have $950 of open credit. But your credit revolves between balance owed and how much open credit you have available to use. How much you have to pay each month—known as the minimum payment—depends on how much your balance owed is.

Other forms of revolving credit include lines of credit and home equity lines of credit. They work similar to credit cards.

What Isn’t Revolving Credit?

Unlike revolving credit, installment loans involve taking out a lump sum and paying it back in an agreed-upon fashion over a set term of months or years. Typically, you agree to pay a certain amount per month for a certain number of months to cover the amount you borrowed plus any interest.

With an installment loan, the amount of your monthly payment is determined by your loan agreement, not the balance due. Common types of installment loans include vehicle loans, personal loans, student loans, and mortgages.

What Is Revolving Utilization?

Revolving utilization, also known as “credit utilization” or your “debt-to-limit ratio,” relates only to revolving credit and isn’t a factor with installment loans. Utilization refers to how much of your credit balance you’re using at a given time.

Here’s how to determine your individual and overall credit utilization:

  1. Look at your credit reports and identify all of your revolving accounts. Each of these accounts has a credit limit (the most you can spend on that account) and a balance (how much you have spent).
  2. To calculate individual utilization percentage on an account, divide the balance by the credit limit, and multiply that number by 100.
    1. $500/$1,000 = 0.5
    2. 5*100 = 50%
  3. To calculate overall utilization (all revolving accounts), add up all of the credit limits (total credit limit) and all of the balances (total spent) on your revolving accounts. Divide the total balance by total credit limit, and multiply that number by 100.

If you have a credit card with a $1,000 credit limit and a balance of $500, your utilization rate is 50%, for example. For the same card, if you have a balance of $100, your utilization rate is 10%.

When it comes to your credit score, revolving utilization is typically calculated in total. For example:

  • You have one card with a limit of $1,000 and a balance of $500.
  • You have a second card with a limit of $4,000 and a balance of $400.
  • You have a third card with a limit of $3,000 and a balance of $600.
  • Your total credit limit across all three cards is $8,000.
  • Your total utilization across all three cards is $1,500.
  • Your revolving utilization is around 19%.

How Can You Reduce Revolving Utilization?

You can reduce revolving utilization in two ways. First, you can pay down your balances. The less you owe, the less your utilization will be.

Second, you can increase your credit limit. If you apply for a new credit card but don’t use it, you’ll have more open credit, and that can reduce your utilization. You might also be able to ask your credit card company to review your account for a credit increase if you’re an account holder in good standing.

Find the Right Credit Card for You

What Is Revolving Utilization’s Impact on Your Credit Score?

Your revolving utilization rate does impact your credit. It’s the second-largest factor in the calculation of your credit score. Your utilization rate accounts for around 30% of your score. The only factor more important is whether you make your payments on time.

Why is credit utilization so important to your score? Because to lenders, it can say a lot about you as a borrower.

If you’re currently maxed out on all your existing credit, you may be struggling to pay your debts. Or you might not be managing your debts in the most responsible fashion. Either way, lenders might see you as a riskier investment and be less inclined to approve you for loans or other credit.

How Do You Know If You Have a Revolving Utilization Problem?

Sign up for Credit.com’s free Credit Report Card. It provides a snapshot of your credit report and gives you a grade for each of the five areas that make up your score. That includes payment history, credit utilization, age of credit, credit mix, and inquiries. The credit report card makes it easy for you to see what might be negatively affecting your credit score.

You can also sign up for ExtraCredit, an exciting new product from Credit.com. With an ExtraCredit account, you get a look at 28 of your FICO scores from all three credit bureaus—plus exclusive discounts and cashback offers as well as other features—for less than $25 a month.

Sign Up Now

The post Credit 101: What Is Revolving Utilization? appeared first on Credit.com.

Source: credit.com

How To Save Money On Textbooks + Campus Book Rentals Review

How To Save Money On Textbooks + Campus Book Rentals ReviewIf you are looking for tips on how to save money as a college student, then one of the top things you need to learn is how to save money on textbooks such as through cheap textbook rentals. In this post, I will be including a Campus Book Rentals review because I used this textbook rental company throughout college and was able to save a great amount of money with cheap textbook rentals.

P.S. I also have a Campus Book Rentals coupon code at the end of the post, so do not miss out on this valuable Campus Book Rentals coupon for the best textbook rental company out there!

When I was in college, I always made sure to save as much money as I could. College is expensive, and everyone knows that. The costs can quickly add up. Between the tuition, lab fees, parking fees, textbook costs, and more, college costs can quickly get out of hand.

I know and understand this. I graduated with around $38,000 worth of student loan debt, and that was even with me carefully managing my costs. Thankfully I paid off my student loans (read about how I paid off my student loans within 7 months), but I do like to help others in as many ways as I can.

According to the National Association of College Stores, the average college student spends around $700 per year on the cost of textbooks.

That could be a total of a little less than $3,000 for a 4 year degree just for the cost of textbooks, and as everyone knows, the cost can actually be much higher than that.

I actually think this number that is estimated is wrong, because I don’t really know anyone who bought their college textbooks and only spent $350 or less from their college bookstore on the cost of textbooks. That wouldn’t have even covered two college textbooks for me from my college bookstore.

When I was in college, many of my college textbooks were around the $200 price for just one textbook, and I often took 7 or 8 classes a semester. This means if I paid full price for each book (whether I bought them online or from my college book store), I would have sometimes paid around $1,600 each SEMESTER!

Or $3,200 a YEAR!

That is just insane.

Below are my tips on the best ways to save money on college textbooks:

 

Rent your college textbooks through cheap textbook rental websites such as Campus Book Rentals.

When I was in college, I saved a great deal of money by renting my college textbooks. As I said above, college textbooks for me were expensive if I were to not shop around and just stick with the expensive books at the college bookstore. Who wants to waste a ton of money on the cost of textbooks by buying them at full price?

NOT ME! You can save a lot of money on the cost of textbooks by renting them instead.

I often rented my college textbooks that were $200 at my college bookstore for less than $50 for the semester. There are definitely some cheap textbook rentals out there!

I often found cheap textbook rentals for $25 as well That is a STEAL! I always used coupon codes as well, as they can be found everywhere. Lucky you, if you keep reading I have a CampusBook Rentals coupon code as well! 🙂

It was easy to rent textbooks online. Here is the step by step process of renting textbooks online and my Campus Book Rentals review:

  • I just had to find my college textbooks online such as on CampusBookRentals. Campus Book Rentals is the best textbook rental I used when I was in college. They made it easy and have a large college textbook selection for students to choose from so that you find the exact textbook you need.
  • I would then order the textbook for whatever time frame I needed. You can usually rent them for 45 days, two months, a full semester, or even longer. The longer the time frame, the more expensive they are, of course.
  • I would use the textbook for a class. Of course, this is not a surprise!
  • Once you are done with the textbook, all you have to do is return it. You will be provided a return label, so the return shipping is absolutely free. You don’t have to worry about the textbook being outdated, a new edition being published, losing money, etc.

I also have a Campus Book Rentals coupon code for 5% off your total purchase plus FREE SHIPPING if you need one as well. I genuinely believe they are the best textbook rental company out there right now, or else I wouldn’t be writing this whale of a Campus Book Rentals review post. The Campus Book Rentals coupon code is snowfall5. All you have to do is click on my affiliate link (the Campus Book Rentals coupon code only works with the affiliate link) and once you are ready to check out, enter snowfall5 as the Campus Book Rentals promotional code.

 

Skip the college bookstore for cheap textbook rentals or buy textbooks used.

The college bookstore can be a big rip off. Sorry to everyone who has ever worked at one.

I have three college degrees, and have visited the college bookstore many times to compare prices, and I do not think there was a single occurrence where the price at the college bookstore was cheaper than the price I found somewhere else, such as through CampusBookRentals.

 

Sell your college textbooks.

Some of you might be saying, well why didn’t you just buy your textbooks used and then sell them back, instead of renting college textbooks? Well, this is because it often turned out that whenever I bought a textbook, the very next semester they would be considered “old” because a new edition would be published. No one really buys old editions of finance books as they are considered “outdated” by many professors.

However, there are many instances where selling your college textbooks can be a great idea, and you can make some money as well.  If you are looking to save money in college, then you should learn how to sell your college textbooks back so that they aren’t just hanging out in your house collecting dust.

Thank you for reading, I hope you enjoyed this Campus Book Rentals review and that you learned how to save money on textbooks and a new way on how to save money as a college student.

How do you save money on your college textbooks?

 

Campus Book Rentals coupon code for the best textbook rental company!

P.S. Here is the Campus Book Rentals coupon again as well since you took your time to read my Campus Book Rentals review. I have a Campus Book Rentals coupon code if you need one for even cheaper cheap textbook rentals. The discount will give you 5% off your total textbook purchase rental plus FREE SHIPPING. The Campus Book Rentals coupon code is snowfall5. All you have to do is click on my affiliate link (the Campus Book Rentals coupon code only works with the affiliate link) and once you are ready to check out, enter snowfall5 as the Campus Book Rentals promotional code. This coupon code is good until April 30, 2015, so you have plenty of time to use it for this semester’s classes.

 

The post How To Save Money On Textbooks + Campus Book Rentals Review appeared first on Making Sense Of Cents.

Source: makingsenseofcents.com

The Homebuying Journey with Love and Renovations

Join bloggers Amanda and Corey Hendrix as their family embarks on a new homebuying journey. From previously living in older homes that require plenty of love (and renovations), they’re looking at opening up their option into new build territory.

The post The Homebuying Journey with Love and Renovations appeared first on Homes.com.

Source: homes.com

Boost Your Credit Score: 8 Helpful Credit Monitoring Apps

Two smiling women look at credit monitoring apps on their cellphones.

Maintaining a healthy credit score requires a good bit of focus, determination and hard work. There’s a lot to keep up with: We need to pay our bills on time, reduce debt and maintain a low debt-to-credit ratio, among other requirements—all to ensure a top-notch credit score. We can use all the help we can get! To that end, here are eight credit monitoring apps that can help keep your credit building on track.

1. Credit.com

One of the only truly free credit monitoring apps—most others require you to have a paid subscription to their digital service in order to use the “free” app—the Credit.com mobile app allows you to access your entire credit profile, including your credit score and insight into how it compares to your peers. You’ll see where you currently stand, see how your score has changed—and why—and get credit information and money-saving tips tailored to your score.

Availability: Apple and Android

Cost: Free

2. myFICO

The myFICO app is free, but it requires an active myFICO account, which means it effectively costs $20 per month or more, depending on which features you want. With this app, though, you can view and monitor your FICO scores—the most widely used credit score—and credit reports. They also provide a FICO Score Simulator, which shows you how your score may be affected if you take certain actions.

Availability: Apple and Android

Cost: Free, but requires an active myFICO account

3. Lock & Alert from Equifax

Lock & Alert from Equifax lets you lock and unlock your Equifax credit report to protect against identity theft and fraud. You’ll get an alert any time your account is locked or unlocked so you know you’re the one in control. A credit lock is not as secure as a credit freeze, but it does offer some level of protection and is generally easier to turn on and off. This app works only for your Equifax credit report, so if you want to lock all three reports, you’ll have to work with TransUnion and Experian separately.

Availability: Apple and Android

Cost: Free

4. Experian

The Experian mobile credit monitoring app lets you track your Experian credit report and FICO score, with an automatically updated credit report every 30 days. The app also comes with Experian Boost, which can help you boost your score. The app alerts you when changes to your report or score occur, and offers suggested credit cards based on your FICO score.

Availability: Apple and Android

Cost: Free, but some features require a paid Experian account

5. Lexington Law

If you’ve signed up for credit repair services with Lexington Law, you can use their free mobile app to keep track of your progress. In addition to providing access to your credit reports from all three credit bureaus and updates on ongoing disputes, the money manager feature, similar to Mint, helps you track your income, spending, budgets and debts.

Availability: Apple and Android

Cost: Free, but requires a paid Lexington Law account

6. TransUnion

The TransUnion mobile app allows you to refresh your credit score and credit report daily to see where you stand. It offers instant alerts if anything changes and offers Credit Lock Plus, which allows you to lock your TransUnion credit report to avoid identity theft and fraud. The Debt Analysis tool lets you calculate your debt-to-income ratio, and it allows you to view public records associated with your name.

Availability: Apple and Android

Cost: Free, but requires a paid TransUnion Credit Monitoring account

7. ScoreSense Scores To Go

ScoreSense offers credit scores and reports from all three credit bureaus and daily credit monitoring and alerts to changes on your reports. This app also provides creditor contact information so you can address errors on your report quickly and efficiently. Score tracking features let you review how your score changes over time and how it compares to your peers.

Availability: Apple and Android

Cost: Free, but requires a paid ScoreSense account

8. Self

Self helps you build—and track—your credit, making it great for people just establishing their credit profile or trying to rebuild damaged credit. Self offers one- and two-year loan terms, but instead of getting the money up front, the amount is deposited into a CD. You make regular payments for the term of the loan (at least $25 per month), and then get access to the money. There is no hard inquiry to open the account, but your payments are reported to all three credit bureaus, helping build your credit. Plus, while you are repaying your loan, you will have access to free credit monitoring and you VantageScore so you can track your progress.

Availability: Apple and Android

Cost: Free, but requires a Self loan repayment of at least $25 per month

Credit Monitoring Apps to Fit Your Needs

With so many different options, you’re sure to find a credit monitoring app that meets your needs. And don’t forget: you can always check your score for free using Credit.com’s free Credit Report Card.

The post Boost Your Credit Score: 8 Helpful Credit Monitoring Apps appeared first on Credit.com.

Source: credit.com

Is Being Debt Free Worth it?

I had a great talk with Millennial Money Man yesterday and my favorite piece of advice he gave me was to “write what you’re passionate about.” It took me literally five seconds to think of the one thing I’m really passionate…

The post Is Being Debt Free Worth it? appeared first on Modern Frugality.

Source: modernfrugality.com