Freezing Your Credit

In the age of paperless transactions, identify theft is something that virtually all of us are susceptible to. If your identity is stolen, the consequences can be severe, and in some cases, can take years to recover from. One way to be proactive against fraud and defend yourself from identity theft, is to freeze your credit report with each of the three major credit bureaus—Experian, TransUnion, and Equifax. 

Placing a credit freeze on your credit report will stop identity thieves from being able to open new accounts, lines of credit, or make any large purchases in your name, regardless of whether or not they have your Social Security number or any other sensitive information. 

What a credit freeze means

A credit freeze is a process that shuts off access to your credit reports at your request. Without your verified consent, your delicate information cannot be acquired. This means that if someone were to attempt to apply for credit in your name, your report would come up as “frozen,” and therefore the creditor would not be able to see the information needed for the application to be approved.

You can unfreeze your credit at any time by using a PIN or a password. 

Reasons to freeze your credit

It might be a good idea to freeze your credit if you’re experiencing any of the following situations:

  • Your data has been compromised in a data breach: It happens. If you’ve been a victim of a data breach and personal information related to your identity has been leaked or made vulnerable to cyber criminals, a credit freeze can offer you some extra protection. 
  • You have reason to think you’ve been a victim of identity theft: Perhaps you’ve checked your credit recently and noticed open accounts that you don’t recognize. Maybe you’ve been getting phone calls from collections agencies requesting payments from accounts you know you didn’t open. While a credit freeze won’t be able to stop them from using accounts a thief has already opened, it can stop them from opening any more. 
  • You want to protect your child from identity theft: According to the Economic Growth, Regulatory Relief and Consumer Protection Act, parents and legally guardians of children 16 years old and younger have the right to open a credit account for their child with the sole purpose of putting a freeze on it to protect them from identity theft. 

How to freeze your credit 

The process of freezing your credit is simple but does require a few steps. You will need to get in touch with each of the three major credit bureaus one by one and request a credit freeze:

  • Experian: Contact by phone at 800-349-9960 or go to their website.
  • Equifax: Contact by phone at 888-397-3742 or go to their website.
  • TransUnion: Contact by phone at 888-909-8872 or go to their website.  

The credit bureaus will ask you for your Social Security number, your date of birth and other information to verify your identity.

Once you freeze your credit, your file will be unattainable even if a thief has sensitive information such as your social security number or date of birth. If you need to use your credit file, you can unfreeze your credit report at any time. 

How to unfreeze your credit

Once you’ve frozen your credit file, it will be remain blocked until you decide that you would like to unfreeze it. You will need to unfreeze your credit report in order to open a new line of credit or make a major purchase. 

Unfreezing your credit file is simple. All you will need to do is go online to each credit bureau website and use the personal identification number (PIN) that you used to place the freeze on the account. If you don’t want to complete this task online, you can also unfreeze your credit file over the phone or through postal mail. 

When the unfreezing process is done online or by phone, it is completed within minutes of submitting the request. However, if you send your request via mail, it will take much longer. 

Keep in mind that you don’t necessarily need to unfreeze your credit through all three of the major credit bureaus if you don’t want to. For instance, let’s say you plan to apply for credit somewhere. You can ask the creditor which credit bureau it will go through to pull up your report, and only unfreeze that one credit bureau. 

You may also have the option to unfreeze for a specific amount of time. Once the time is up, your credit file will automatically freeze again. 

Credit freeze pros and cons

There are a few reasons why you might want to freeze your credit in this day and age, but just like with anything else, there are pros and cons to credit freezing. Here is a general breakdown of the benefits and downfalls of putting a freeze on your credit report:

Pros:

  • It prevents thieves from opening new lines of credit: With a credit freeze placed on your account, no one will be able to open a new line of credit or any other type of account requiring a credit check using your personal data. Anyone trying to commit fraud will be stopped in their tracks as soon as lenders notice that the report is frozen. 
  • It won’t affect your credit score: Freezing your credit report will not damage your credit score. Additionally, if you’ve been a victim of identity theft, freezing your credit report could actually protect your credit score from being damaged due to fraud. 
  • It’s free: It used to be the case that some credit freezes would cost a fee, but that is no longer the way it works. 

Cons

  • It requires some effort: Putting a credit freeze on your credit report takes some effort. You will need to get in touch with all three credit bureaus. 
  • You will need to remember your PINs: A PIN is required to lift or freeze your credit report. If you lose it, you will need to jump through extra hoops to create a new one.

It can’t stop thieves from accessing your existing accounts: Credit freezes can only stop fraudsters from opening new accounts using your information. If you’ve already been a victim of identity theft, a credit freeze can’t block thieves from committing fraud with your current accounts. This means that thieves can still make a purchase using a credit card they stole from you.

Freezing Your Credit is a post from Pocket Your Dollars.

Source: pocketyourdollars.com

5 Steps to Take When Budgeting for a Career Break

Not everyone’s career path is a 40+ year marathon working full time until you can finally come up for air in your golden years.

Sometimes you need a little break along the way.

Taking time away from the workforce — whether it’s to travel, take care of loved ones, learn a new skill or whatever — can be a beneficial thing. But money — or the lack thereof — is what stops many people from even considering it.

With some significant planning and budgeting, however, it’s possible to make your career break dreams a reality. Here are five steps you should take when budgeting for a career break.

5 Steps for Career Break Budgeting

1. Think About What Your Career Break Will Look Like

People take career breaks for a number of reasons. Take some time to reflect on why you are planning time away from the workforce and what you intend to do.

When thinking about what your new day-to-day will look like, try to get as detailed as possible. Hone in on aspects that will affect you financially.

How long will your break last? When would you like it to start? Will you be staying at home or traveling the world? What adventures would you like to experience?

While it’s nice to dream about your best life ever, you’ve got to be practical too. Ranking what you want to do with your newfound free time will be helpful if you have to cut your list down to fit what you can afford.

2. Explore What Your Costs Will Be During Your Break

After you’ve fantasized what your work break will look like, it’s time to focus on the numbers. You’ve got to know what your expenses will be in order to determine whether your plans are realistic.

If you don’t already budget your income and track your expenses, now’s the time to start. Your budget will give you a good idea of how much you spend on essentials and where you can cut costs as you save up for leave.

Research all the additional costs you expect to incur during your break. If you’re taking extended parental leave after the birth of a child, you’ll be dealing with a ton of new baby-related expenses. If you’re taking time off to travel, you’ve got to pay for transportation and lodging.

The length of your break will also be a big factor here. Obviously, the longer you’re away from the workforce, the more money you’ll need saved up.

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3. Set Up a Sinking Fund to Cover Expenses on Your Break

If you haven’t heard the term “sinking fund,” that’s just personal-finance speak for a stash of savings that you regularly contribute to over time to break up a big expense.

Once you’ve estimated the overall expenses for your leave, divide that by how many months you have left to come up with your target monthly savings goal.

Pro Tip

Switch to a bare-bones budget or try these other ways to save money fast so you can free up cash to add to your sinking fund.

If you already have existing savings you want to use to fund your career break, that will cut down on how much you’ll need to put aside each month — just make sure you don’t touch your emergency fund!

Your emergency savings should only be used on an actual emergency — like if you get into a car accident or Fido needs to be rushed to the pet hospital. Being away from work won’t make you immune to emergencies, so do not plan to use your emergency fund to tide you through your break.

In fact, before you focus on building up your sinking fund, you ought to have adequate savings in an emergency fund first.

A woman helps her mother up from a chair outside in their garden.

4. Explore Opportunities to Make Money On Your Break

If you’re able to make money while you’re away from work, you’ll be less financially burdened. You won’t have to save up as much or worry about burning through your entire savings.

The first income stream you should explore is your current job. Taking a career break doesn’t necessarily mean calling it quits where you work now.

Depending on what type of leave you’re taking, your job may be protected and you might be able to continue collecting your salary — or a percentage of your current pay.

The Family and Medical Leave Act (FMLA) provides eligible workers with up to 12 weeks of leave after the birth or adoption of a child, to deal with a serious health condition or to care for an ill or injured family member. While this type of leave is unpaid, you’ll continue to be covered under their workplace health insurance plan and there may be the possibility of coupling this leave with short-term disability pay.

Pro Tip

President Joe Biden’s proposed coronavirus stimulus package includes extending the expired paid time off policies for sick workers and those needing to care for family members due to COVID-19.

Find out if your employer offers any other paid leave programs — whether that’s parental leave, unlimited PTO or sabbaticals. According to the Society for Human Resource Management’s 2019 Employee Benefits Survey, 27% of employers offered paid parental leave, 6% offered unlimited paid leave and 5% offered a paid sabbatical program.

Another 11% of employers surveyed offered an unpaid sabbatical program. While unpaid leave isn’t as ideal as paid leave, it gives you peace of mind that you’ll have a job to come back to after your break.

Other options to make money during your leave include picking up a side gig, bringing in passive income, renting out rooms (or your entire place) on Airbnb or selling your belongings.

If you need to pick up a little work while you’re on a career break, just make sure it doesn’t conflict with the reason you needed to take leave in the first place.

5. Develop a Re-Entry Plan

You need to plan for all aspects of your career break — including your transition back to the workforce.

Your budget needs to not only cover your expenses while you’re backpacking through Europe or nursing your elderly mother back to health. You’ve got to add a cushion for that period at the end where you’re actively seeking your next gig.

While data from the U.S. Bureau of Labor Statistics shows the average length of unemployment is about 23 weeks, how long it’ll take you to find new work will vary depending on your industry and the position you’re seeking.

Plan to keep up with contacts in your field and engage in relevant volunteer work or continued education while you’re away to improve your chances of quickly finding a new job.

If your savings run low toward the end of your leave, don’t brush off finding a bridge job — a temporary role to help you pay the bills while you search for better opportunities.

Pro Tip

A resume gap isn’t the kiss of death it used to be. You can even craft a way to include side gigs on your resume.

A career break should provide you with freedom to pursue something outside of your typical work life. You don’t want that freedom to drag you deeper into debt or put you in a worse financial position if you can avoid it.

Do your best to budget for more time than you’ll need so you can enjoy your career break stress free.

Nicole Dow is a senior writer at The Penny Hoarder.

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

By: Angela Evans

I just received an advertisement letter from lawyers stating a recent lawsuit was filed against me. I went to that counties magistrate record search and saw there was a continuing wage garnishment for a daycare debt from 2001. I never knew of this debt or judgement until now and it is not on my credit report. I never received any notice about the debt verbally or in writing. The status of limitations in my state is 7 years. Is this even possible? What should I do?

Source: credit.com

How Often Can You Check Your Credit Score, and How Do You Get It?

A woman sits on a couch with her laptop in her lap.

Do you keep a close eye on your personal finances? Or maybe you’ve never given them much thought. Either way, it’s time to start paying more attention to your credit score. Your credit score can control a lot—what loans you qualify for, the credit cards that are available to you, etc. To keep on top of it all, it’s important to check your credit score. But how often can you check your credit score, exactly?

You know what they say: knowledge is power. Find out how often you can check your credit score below so you can arm yourself with knowledge about your personal finances.

The Difference Between Your Credit Score and Credit Report

Before looking into how often you can check your credit score, it’s important to understand the difference between a credit score and a credit report. They can be easy to confuse, so you might think they’re the same—but they’re not.

Your credit report is a detailed document about your credit history. It shows active and past accounts, whether you paid on time and how much credit you’ve used compared to open balances. Other information might include names of your past employers if you’ve ever included them on a credit application, as well as negative records such as collections accounts and bankruptcies.

Your credit score is a three-digit number, typically between 300 and 850, that’s calculated based on all the information in your credit report. There are many credit scoring models, including popular models such as FICO and VantageScore.

While credit scoring models all work toward the same goal—providing an overall picture of how likely you are to pay your debts—they do so with slight variations in the formulas. That means your credit scores might vary between these models.

You also have more than one credit report. Not every lender or business reports to all three of the major credit bureaus, for example. So the information in your credit file can also vary slightly. That also means that you have different credit scores, too.

How Often Can You Check Your Credit Score for Free?

Here’s where the difference between credit score and credit report comes in. You can get your free credit report from each of the three major bureaus via AnnualCreditReport.com.

Usually, the reports are available once every year. Which means you could get a look at your credit information every four months by spreading out your requests for each of the bureaus. However, due to personal financial stress related to COVID-19 and to help consumers best manage credit and finances during this time, AnnualCreditReport.com and the three credit bureaus are making reports available weekly through April 2021.

Unfortunately, a free credit report doesn’t mean a free credit score. When you order your report you get the detailed information in your file. You don’t get the score the bureau might show lenders when you apply for credit. To get regular access to your credit scores, you typically have to pay for it.

Reasons to Check Your Credit Report and Score

So why do you need to keep tabs on your credit score and credit report? Here are a few reasons:

  • Keeping a regular eye on your credit report helps you identify inaccurate negative items that might be dragging down your score. The faster you catch and challenge the accuracy of these items, the more likely you’re able to prove they’re not correct. The credit bureaus have to remove them if they can’t be proven correct.
  • Checking your credit report regularly helps you see whether suspicious activity is occurring, which can indicate that you’re a victim of identity theft or fraud. Again, knowing and acting early can save you a lot of hassle in the long run.
  • Knowing your credit score and how it moves up and down over time can also help you understand whether there might be issues with your report. If you see the score moving in a negative direction and aren’t sure why, you can investigate further.
  • You might want to check your credit before you apply for a loan, especially one with greater qualification requirements such as a mortgage. That way, you can fix any possible issues before a lender evaluates you for approval.
  • You may also want to ensure there aren’t any surprises on your report before you apply to rent an apartment, get auto insurance quotes or send your resume in for a job opportunity, as some of these opportunities can depend in part on your credit history.
  • If you’re working to improve your credit history and score, you may want to see that your efforts are having a positive impact.

How Can You Get Your Credit Score?

You might have access to your credit score via your credit card provider. If this is a benefit you get as a card holder, you can typically see the score by logging into your credit card account online or via a mobile app. The downside is that this is only one possible version of your score.

You can see another version of your score by signing up for Credit.com’s Credit Report Card. You’ll get a score that updates every 14 days as well as information about the five major factors that go into determining credit scores and how you’re faring with each.

If you want to get more bang for your buck, it might be time to look at ExtraCredit. You’ll get access to five useful services, including TrackIt, which will give you a look into 28 of your FICO Scores. 

How Many Points Does Your Credit Score Go Down for an Inquiry?

Requesting your own score or credit report doesn’t impact your score at all. That’s because this is considered a soft inquiry. Only hard inquiries impact your credit score. Hard inquiries occur when a lender pulls your credit to evaluate you for a loan or other credit.

So, whether you’re requesting your credit report via AnnualCreditReport.com or investing in a service such as ExtraCredit, get as much information about your credit as you can. It won’t hurt your score to do so.

Sign up for ExtraCredit today!

The post How Often Can You Check Your Credit Score, and How Do You Get It? appeared first on Credit.com.

Source: credit.com

How To Add Positive Accounts To Your Credit Reports

Most people focus on removing negative items from their credit reports in order to improve their credit scores. While clearing up damaging items is an effective means of improving your credit score, you can also…

The post How to Add Positive Accounts to Your Credit Reports appeared first on Crediful.

Credit Sesame Will Give You A Free Credit Score, Credit Monitoring And Identity Theft Insurance

Credit Sesame is a service that gives you FREE monthly credit scores and credit monitoring. Here is what they have to offer, and why you should sign up.

The post Credit Sesame Will Give You A Free Credit Score, Credit Monitoring And Identity Theft Insurance appeared first on Bible Money Matters and was written by Peter Anderson. Copyright © Bible Money Matters – please visit biblemoneymatters.com for more great content.

Source: biblemoneymatters.com

How Long Does It Take To Get a Credit Card?

Generally speaking, it takes seven to 10 business days to get a credit card once you’re approved. The specific amount of time can vary as many factors throughout the process affect how fast you receive your card. Getting approved can happen in a matter of seconds or days, depending on what kind of card you apply for. Whether you apply online or in person may also affect how fast you’ll receive your credit card in the mail.

How Long Does It Take to Get My Card in the Mail?

The longest step in getting a credit card is waiting for it to come in the mail. Shipping time frames can vary depending on which credit card you apply for. Here are the average time frames of many popular credit card companies today:

  • American Express: seven to 10 business days
  • Wells Fargo: seven to 10 business days
  • Discover: three to five business days
  • Capital One: seven to 10 business days
  • Bank of America: seven to 10 business days
  • Chase: three to 5 business days
  • Citi: seven to 10 business days

Unfortunately, the time it takes for the credit card to go through the mail can be impacted by many factors out of your control. You may get your card sooner than stated above, or later if there are external mail carrier issues.

How to Get a Credit Card Right Away

Unfortunately, most credit cards aren’t made available to you the same day you apply. Even though you can get approved for a card almost instantly, you must still wait for the card to come in the mail. However, credit card companies sometimes offer options to help speed up the process.

Most banks offer expedited shipping if you need your card delivered faster than usual. Depending on what type of card and bank you apply with, they may charge you an extra fee for this option. Some banks will make things easier for you by giving you your credit card number right after approval. This allows you to start making purchases while waiting for the physical card to arrive. American Express typically allows this with all of their cards to increase their user satisfaction.

What to Do If You Haven’t Received Your Card Yet

If you notice that you haven’t received your card after some time, reach out to your bank or credit card company. By reaching out, you minimize the risk of the card getting lost or stolen. Your bank may also be able to provide you with a temporary card while they sort everything out. Not all lenders, but if they do they may charge you an additional fee.

How To Apply for a Credit Card

To get a credit card, you must first apply either online or in person for approval. Receiving the credit card itself and waiting to be approved are two separate steps. Therefore, the time it takes to receive your card can vary from person to person.

What Do Creditors Look for in Applications?

Credit card applications typically ask for your personal information as well as your financial background. To determine your financial background, they’ll ask for your Social Security number and source of income.

Your Social Security number will allow the creditors access to your credit report. After close evaluation, you’ll either be approved or declined for the card. When looking at your report, creditors typically pay close attention to data such as your debt-to-income ratio, hard inquiries, and any delinquent accounts you may have.

What Do Creditors Look for In a Credit Report?

Your debt-to-income ratio refers to how much of your card’s limit is spent. Consistently using too much of your limit may cause creditors to view you as more of a high-risk borrower. Similarly, too many hard inquiries can make you seem risky. Finally, a delinquent account is another red flag. This shows that you may not have been paying off your credit card bills on time. Lenders won’t be as willing to approve you for a credit card if you have a history of account delinquency, as it’s not a good sign for them that you’ll be a reliable borrower.

Some credit card companies pre-approve users who they think may be a good fit based on a soft version of their credit report. A soft version of your report gives lenders a glimpse of your financial background, but won’t affect your credit score. When your report shows that you meet a few requirements, they’ll send a card in the mail for you to use if you apply. Receiving the card in the mail doesn’t mean that you are automatically approved. It just helps speed up the process of getting a credit card. Pre-approving users is a way companies market their cards to users, in hopes of them applying later on.

How to Build Credit With a Credit Card

When you use a credit card, you build credit simultaneously. The way you manage and use your card can have either a positive or negative effect on your credit score.

How Long Does It Take to Build Credit?

If this is your first time using a credit card, then you are most likely building credit from scratch. Building a credit score doesn’t happen overnight. It usually takes about six months or so to build enough credit to have a credit report. Beginning early can be of great benefit to you down the line. A major factor in the calculation of your credit score is the length of your credit history. The longer you’ve spent building your credit, the more of a positive impact it can have on your score.

Ways to Keep Your Credit Score Healthy

When using a credit card, it can pay off in the long run to follow some best practices. You can do this by having a good understanding of what exactly factors into your credit score. The following are good habits to establish for maintaining a healthy score:

  • Make on-time payments to avoid a delinquent account.
  • Aim to only use 30 percent of your credit limit at a time to show you can manage your card wisely.
  • Avoid applying to too many cards or loans in a short time, as it can result in a hard inquiry. Too many hard inquiries can be the reason you are getting declined for your financial requests.
  • Stay on top of monitoring your credit score and report, so you can identify any mistakes before it’s too late to fix.

Buildig Credit Best Practices

While the most common time frame for getting a credit card is seven to 10 days, it can vary from person to person. If this seems like a long time, try reaching out to your bank. They may be able to expedite shipping or give you access to your credit card number in advance. Each credit card lender is different, so it’s important to do your research before applying. Take a look at our guide on the best credit card offers to help start your search.

The post How Long Does It Take To Get a Credit Card? appeared first on MintLife Blog.

Source: mint.intuit.com

How to Build Credit with Fingerhut

If you’ve been wanting to make a big purchase, but your credit is less than spectacular, you might have looked into Fingerhut as an option. 

Fingerhut is an online catalog and retailer that showcases a multitude of products. On this website, customers can shop for anything from electronics to home décor to auto parts. Fingerhut offers financing through their own line of credit, making it appealing to shoppers with poor credit or a nonexistent credit history. Many consumers have a better chance of getting approved by Fingerhut, than they might have of getting approved through most other credit card companies. It’s an option worth looking into if you want to improve your credit score through credit utilization.  

The major difference between Fingerhut and credit cards that cater to low credit scores is that Fingerhut credit is exclusively available for use with its own company’s products and authorized partners. You’ll also find that the company’s products are pricier than they would be through most other retailers, while also bearing the weight of higher interest rates. While it might seem like a good idea if you don’t have good credit, it’s best to familiarize yourself with the ins and outs of the company beforehand so that you know what you’re signing up for. 

How Fingerhut credit works

When you apply for a Fingerhut credit account, you can get approved by one of two accounts:

  • WebBank/Fingerhut Advantage Credit Account.
  • Fingerhut FreshStart Installment Loan issued by WebBank.

As it happens, by submitting your application, you are applying for both credit accounts. Applicants will be considered for the Fingerhut FreshStart Installment Loan issued by WebBank as a direct result of being denied for the WebBank/Fingerhut Advantage Credit Account. In other words, you won’t have a way of knowing which one you will be approved for prior to applying. Both credit accounts are issued by WebBank and are set up so that customers can purchase merchandise by paying for them on an installment plan with a 29.99% Annual Percentage Rate (APR). These are the only things that the different Fingerhut credit accounts have in common.

The WebBank/Fingerhut Advantage Credit Account

The WebBank/Fingerhut Advantage Credit Account works very much like an unsecured credit card, except that it’s an account that you can only use it to shop on Fingerhut or through its authorized partners. 

This credit account features:

  •  No annual fee.
  • A 29.99% interest rate.
  • A $38 fee on late or returned payments.
  • A possible down payment; it may or may not be required. You won’t know prior to applying. 

If you get denied for this line of credit, your application will automatically be reviewed for the Fingerhut FreshStart Credit Account issued by WebBank, which is both structured and conditioned differently.

Fingerhut FreshStart Installment Loan issued by WebBank

If you get approved for the Fingerhut FreshStart Installment Loan, you must follow these three steps to activate it:

  • Make a one-time purchase of no less than $50.
  • Put a minimum payment of $30 down on your purchase, and your order will be shipped to you upon receipt of your payment. You may not use a credit card to make down payments, but you can use a debit card, check, or a money order. 
  • Make monthly payments on your balance within a span of six to eight months.

You can become eligible to upgrade to the Fingerhut Advantage Credit Account so long as you are able to pay off your balance during that time frame or sooner without having made any late payments. Keep in mind that paying for the entire balance in full at the time you make your down payment will result in you not qualifying for the loan as well as being ineligible for upgrade. 

How a Fingerhut credit account helps raise your credit score

The fact that it can help you improve your credit is one of the biggest advantages of using a Fingerhut credit account. 

When you make your payments to Fingerhut in full and on-time, the company will report that activity to the three major credit bureaus. This means that your good credit utilization won’t go unnoticed nor unrewarded. If you use Fingerhut to improve your credit score, you will eventually be able to apply for a credit card through a traditional credit card company—one where you can make purchases anywhere, not just at Fingerhut. 

Additional benefits of a Fingerhut credit account

Besides using it as a tool to repair your bad credit, there are a few other benefits to using a WebBank Fingerhut Advantage Credit Account such as:

  • No annual fee.
  • Fingerhut has partnerships with a handful of other retailers, which means you can use your Fingerhut credit line to make purchases through a variety of companies. Fingerhut is partnered with companies that specialize in everything from floral arrangements to insurance plans.
  • There are no penalties on the WebBank Fingerhut Advantage Credit Account when you pay off your balance early.

How to build credit with Fingerhut

Fingerhut credit works the same way as the loans from credit card companies work: in the form of a revolving loan. 

A revolving loan is when you are designated a maximum credit limit by your lender, in which you are allowed to spend. Whatever you spend, you are expected to pay back in full and on-time through a series of monthly payments. This act of borrowing money and paying off bills using your Fingerhut account causes your balances to revolve and fluctuate, hence, its name. 

Your credit activity, good or bad, gets reported to the three major credit bureaus and in turn, will have an effect on your credit report. Revolving loans play a large role in your credit score, affecting approximately 30% of your score through your credit utilization ratio. If your credit utilization ratio, the amount of available revolving credit divided by your amount owed, is too high then your credit score will plummet. 

When using a Fingerhut account, the goal is to try to keep your amounts owed as low as you possibly can so that you can maintain a low utilization ratio, and as a result, have a higher credit score.

Alternatives to Fingerhut

If you’ve done all your research and decided that Fingerhut isn’t the right choice for you, there are other options that might serve you better, even if you have bad credit. There are a variety of secured credit cards that you can apply for such as:

  • The OpenSky Secured Visa Credit Card: You will need a $200 security deposit to qualify for this secured credit card, but you can most likely get approved without a credit check or even a bank account. It can also be used to improve your credit, as this card does report to the three major credit bureaus. While this card does come with an annual $35 fee, you can use it to shop anywhere that will accept a Visa. 
  • Discover it Secured:  For all those opposed to paying an annual fee of any sort, this card might just be the one for you. With a $0 annual fee and the ability to earn rewards through purchases, there’s not much to frown about with this secured credit card. One of the best perks, is that it allows you the chance to upgrade to an unsecured card after only eight months. 
  • Deserve Pro Mastercard: This card is a desirable option for those with a short credit history. There is no annual fee and no security deposit required and, if your credit history isn’t very long-winded, that’s okay. The issuers for this card may use their own process to decide whether or not you qualify for credit, by evaluating other factors such as income and employment. This card is especially nifty because you can get cash-back rewards such as 3% back on every dollar that you spend on travel and entertainment, 2% back on every dollar spent at restaurants, and 1% cash back on every dollar spent on anything else. 

Final Thoughts 

Fingerhut is an option worth looking into for those with bad credit or a short credit history. If you want to use a Fingerhunt credit account to improve your credit score, be sure to use it wisely and make all of your payments on time, just as you would with any other credit card.

Even though it might be easy to get approved, the prices and interest rates on items sold through Fingerhut are set higher than they would be at most other retailers, so it’s important to consider this before applying. 

There are a ton of options available, regardless of what your credit report looks like, if you are trying to improve your credit. If the prices of Fingerhut’s merchandise are enough to scare you away, you might want to consider applying for a secured credit card. 

How to Build Credit with Fingerhut is a post from Pocket Your Dollars.

Source: pocketyourdollars.com

February Class-Action Settlements Involve Godiva, Walmart and More

Sometimes, you notice right away if you have been overcharged for an item. If you pick up a box of cereal marked $2.99 and see it listed at $3.22 on your receipt, that error is pretty easy to spot.

In other cases, price discrepancies aren’t so obvious, as seen in a new pre-filled propane tank class-action settlement offer.

Check out this month’s highlighted class-action settlement offers, some of which have taken years of litigation, to see if you can benefit.

AmeriGas Propane Tanks

If you bought an AmeriGas or Blue Rhino pre-filled propane tank between Dec. 1, 2009 and Nov. 30, 2020, you could be eligible for a portion of a $6.5 million settlement.

AmeriGas and Blue Rhino allegedly agreed with each other to reduce the amount of propane in the pre-filled tanks they sold from 17 pounds to 15 pounds without reducing the price, according to court documents. The lawsuit accused the companies of colluding to reduce the amount of product in the propane tanks while keeping the cost the same in order to increase their profit margin by more than 13% per pound.

AmeriGas admitted no wrongdoing but agreed to the settlement to end litigation. Even though consumers who bought either AmeriGas or Blue Rhino propane tanks may be affected by this settlement, it only resolves claims made regarding AmeriGas because the Blue Rhino case is ongoing.

There are two settlement classes:

  • The Indirect Purchaser Settlement Class is made up of those who purchased AmeriGas or Blue Rhino propane tanks, other than a wholesale purchase directly from AmeriGas or Blue Rhino for resale, in Arizona, California, Iowa, Maine, Michigan, Minnesota, Nevada, New Mexico, North Carolina, North Dakota, South Dakota, Utah or West Virginia between Dec. 1, 2009 and Nov. 30, 2020.
  • The Direct Purchaser Settlement Class is made up of consumers nationwide who purchased one of the propane tanks directly from AmeriGas or Blue Rhino through a vending machine at retailers or other locations, or paid one of the companies directly through a vending machine to exchange a previously purchased propane tank, other than a wholesale purchase intended for resale.

Consumers can claim a cash payment of $5 for each tank when they provide proof of purchase along with a completed claim form. If no proof of purchase is submitted, the payment is $2.50 each for a maximum of 50 propane tanks.

Submit your valid claim by March 8, 2021.

ABB Optical Group LLC Contact Lenses

You may be eligible to share in a $30.2 million settlement reached with contact lens distributor ABB Optical Group LLC over allegations of a conspiracy to increase the cost of contact lenses.

If you purchased disposable contacts made by Alcon, Johnson & Johnson Vision Care, CVI or Bausch & Lomb between June 1, 2013 and Dec. 4 ,2018, you may be eligible for compensation. However, Bausch & Lomb contact lenses bought through 1-800-Contacts after July 1, 2015 are not included in this settlement.

The suit alleged contact lens manufacturers, independent optometrists and ABB agreed to “unilateral pricing policies” that prevented competition from online and discount contact lens retailers. This agreement purportedly began in June 2013.

The settlement money provided by ABB will be added to the claims made under previous settlements with contact lens manufacturers. The estimated amount that will be provided to each consumer is not available at this time.

See if you qualify and submit your valid claim by March 10, 2021.

Synchrony Bank

If you received a call from Synchrony Bank between June 1, 2016 and Oct. 19, 2020, you could receive a portion of a $2.9 million class-action settlement.

Synchrony Bank allegedly violated the Telephone Consumer Protection Act (TCPA) by calling individuals who did not have an account with the bank. These unsolicited calls were made by an automatic dialing system or artificial/pre-recorded voice, which is in violation of the TCPA unless the caller has prior written consent from the recipient.

Payment amounts will vary, but are estimated between $25 and $50.

Submit your valid claim by March 1, 2021.

Stonefire Naan Bread

You may be eligible for a portion of a $1.9 million settlement from the maker of Stonefire Naan products, FGF Brands, if you bought their naan bread that was marketed as baked in a tandoor oven between Nov. 16, 2013 and Oct. 23, 2020.

If you bought any of these products within that time period, you may claim $2.50 for each item purchased:

  • Stonefire Original Naan
  • Stonefire Roasted Garlic Naan
  • Stonefire Whole Grain Naan
  • Stonefire Organic Original Naan
  • Stonefire Original Mini Naan
  • Stonefire Ancient Grain Mini Naan
  • Stonefire Naan Dippers

Consumers alleged FGF Brands bakes its naan in a conveyor-style, gas-heated oven even though the company claims the breads are baked in a tandoor oven, which is a clay oven that uses charcoal heat that produces smoky flavors.

The lawsuit alleges FGF Brands used fraudulent and deceptive advertising to market its use of a tandoor oven. FGF Brands denies that it has violated any laws.

Consumers may receive $2.50 for each product purchased, but only five may be claimed without a receipt. With proof of purchase, consumers can claim an unlimited number of products.

Submit your valid claim by Feb. 18, 2021.

21st Century Oncology

If you are one of the 2.2 million patients whose personal information was accessed through a 2015 data breach of 21stCentury Oncology, you could be eligible for compensation from a $12.5 million class-action settlement.

In October 2015, hackers accessed names, Social Security numbers, doctors’ names, medical diagnoses, treatment plans and insurance information. Patients whose data was breached should have received a notice from the cancer treatment center in March 2016.

Several affected consumers filed lawsuits alleging 21st Century Oncology failed to take reasonable cybersecurity steps to protect personal data. 21st Century Oncology admitted to no wrongdoing, but agreed to the settlement to resolve the litigation.

Several forms of relief are available, including:

  • Two years of credit monitoring through Identity Guard.
  • Cash payments up to $40 for lost time without any documentation (two hours valued at $20 per hour.)
  • Cash payments of up to $260 for lost time with documentation (13 hours valued at $20 per hour.)
  • Cash payments of up to $10,000 for any fraud and out-of-pocket expenses incurred because of the data breach.

Submit your valid claim by the May 10, 2021 deadline.

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Walmart, Sam’s Club Sales Tax Refund

Customers who returned an item bought at Walmart or Sam’s Club between July 17, 2015 and Nov. 25, 2020 may be eligible for part of a $5 million settlement.

Walmart and Sam’s Club were accused providing some customers with incomplete refunds by not including the sales tax paid on the original purchase.

The exact cash payment per customer is not available and will depend upon the number of claims filed and the net settlement fund after attorney’s fees, costs and other expenses are deducted.

Complete and submit your valid online claim form by April 1, 2021.

Godiva Chocolatier

If you made a purchase at a Godiva Chocolatier retail store between April 6, 2013 and Nov. 20, 2015, you may be eligible to share in a $6.3 million class-action settlement.

The settlement benefits customers who made a debit or credit card purchase and received a point-of-sale receipt that displayed more than the last five digits of the card number.

The Fair and Accurate Credit Transactions Act (FACTA) prohibits any more than the last five digits from appearing on such a receipt in order to protect consumers.

The complaint alleged Godiva receipts contained 10 digits, including the first six and the last four of the card numbers on its point-of-sale receipts.

Eligible class members might have received a notice regarding a Godiva settlement in 2016 as the case was pending in U.S. District Court in Florida. The case was later refiled in Cook County, Illinois, so if you submitted a valid claim response to the 2016 notice, you do not need to file a new claim in order to receive a payment.

Potential awards are expected to be between $55 and $60.

If you did not submit a valid claim response to the 2016 notice, but you do qualify for this settlement, submit your claim by March 22, 2021.

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

By: Elisaris colon

I lost my job and couldn’t pay my car when i went to return it he say that i have to pay anyway and he said lets do this just keep the car and try to oay 100$ every 2 weeks and i say ok i found a job and was release of it too and they call a friend from my church and left a voicemail saying the days of delinquency and left a comment saying “i don’t know why this christians would do that? ”
Can some one give me end advice

Btw i call and told them my address so they can pick up the van since my new job i work long hours and the dealer close down they just have an office.

Source: credit.com