Identity theft is used in countless movies and TV shows where secret agents become someone else in order to gain access to spy labs and formulas. Or maybe you’ve seen that episode where a child fills out a credit card application in the name of a relative and goes on a spending spree. While identity theft certainly can be creative to move along a plot, it is more devastating in real life, not to mention illegal. Take the latter example – a child with a credit card belonging to someone else can be a danger to that person’s bank account, credit history and credit score. Always monitor your free credit reports and scores on a regular basis to make sure no unusual credit activity is occuring.
These days, if your credit score is in shambles, then so is the rest of your life. Of course, we all know pretty well that the banks will check your credit score for mortgages, and dealerships will check it for auto loans, but the rabbit whole goes even further downward.
hankfully, we aren’t born with a credit score. However, trying to establish credit can be challenging, so it is important to know that you can set yourself up to be an ideal candidate for a loan or credit card long before you are eligible.
Times are tough, money is tight and every month comes a holiday with commercials telling you to go out and buy chocolates, flowers, gifts, clothes, jewelry and food for a holiday family feast. And when you load up that shopping cart and hit the check out aisle, an in-store credit card sounds too good to be true (“Save 15 percent on my purchases today? Sounds great!”). But before you begin saving $10 here and $25 there, take a few minutes to find out if an in-store credit card is worth owning or even applying.
Of all the numbers that dominate our lives, none may be more important than a credit score. A credit score is a three-digit numerical representation of a person’s creditworthiness, which lenders use to determine how likely a person is to default on or pay off a loan or debt. The majority of credit scores range between 300 and 900, but for favorable credit consideration, a person needs a score of 720 or higher.