Archive for February, 2012

Filing Joint Taxes Can Negatively Affect Your Credit Scores

February 29, 2012, by Billy Bad Score

taxes and credit scoresI’ve been on my share of dates, but none of them have ever turned into serious relationships. I guess women just don’t think I’m “marriage material.” By now, I’ve heard every excuse in the book. Some people are put off by the hockey mask. Others are more concerned with my lack of responsibility. Recently, I had a woman turn me down because she said that I’d be a huge tax liability.

See, she read this article on SmartMoney  that explained how married couples that file for a joint Form 1040 are liable for any federal income tax underpayment regardless of which spouse is ultimately responsible. And since this woman had obviously seen my recent performances in the FreeScore commercials, she figured I’d be just the type of guy to underpay someone.

I told her I could be trusted, but she didn’t believe me. I guess she didn’t want to be stuck with someone else’s debt. Being responsible for my unpaid taxes could have caused her to miss credit card payments or other bills, resulting in lower credit scores. According to the SmartMoney article, there are methods of damage control like Form 8857 (Request for Innocent Spouse Relief). But this method isn’t always a sure thing because you need to show proof that you were unaware of your spouse’s underpayment. You can also try requesting “equitable relief” to avoid shouldering the responsibility of unpaid taxes. (Like these fancy legal terms? I’m just full of surprises!) But the article says that neither of these measures will restore your credit. It recommends using “married filing separate” status on your tax forms. That seems to be a good way to avoid unwelcome surprises.

If there’s one thing I know, it’s unwelcome surprises. After all, I sneak up on unsuspecting people all the time and ruin their credit scores. But hey, that’s what they get for not checking their credit reports regularly, right? It’s not like I force them to get advances on their income tax refunds and spend recklessly. I simply encourage it.

Unfortunately, those Good Score Guys have been helping people become more informed about their credit scores and reports. FreeScore offers access to all three credit scores and reports from the three major credit bureaus. Plus, the FreeScore blog has articles on the disadvantages of having bad credit. How am I supposed to get by if people keep their credit scores high? Maybe I’ll have to settle down and marry rich. Hopefully the future Mrs. Billy Bad Score doesn’t pay attention to her taxes….

Guest Blogger:

Billy Bad Score
Billy Bad Score

At FreeScore, we like to say that “one bad credit score can ruin everything,” and Billy Bad Score is the kind of guy who will gladly get in the way of a loan, a job application, or make you pay higher insurance rates. Avoid him if you can!

View all posts by

The opinions, findings and suggestions expressed here belong to the sole author and do not necessarily reflect the views of FreeScore.com.

Tags: ,
Posted in Credit Problems | No Comments »

Credit Confusion: What You THINK You Know Can Hurt You

February 27, 2012, by Good Score Guys

credit score confusionThanks to a recent string of appearances in FreeScore TV commercials, we’re getting more recognition than ever. When people see the numbers on our chests, they often become curious about their own credit scores. Unfortunately, many of these individuals have received false information about the dos and don’ts of credit scores. Rather than simply blame Billy Bad Score, we’re here to debunk some of these credit myths and set the record straight. Consider us your personal detectives who help you separate credit fact from credit fiction.

An article on MSN Money outlines some of these common misconceptions about credit. Here are a few we hear on a regular basis.

  • “I don’t check my credit because doing so will lower my scores.” – It’s easy to see why many people believe this popular myth. Certain types of credit checks known as “hard inquiries” will lower your credit scores, but these are only performed by lenders when you apply for a new line of credit. Simply checking your own credit scores and reports through services like FreeScore will not harm your scores. In fact, we tell people to check their scores regularly for errors and inaccuracies.
  • “I carry a balance on my credit cards to help my credit scores.” – If you carry a balance on your credit cards, this could lead to higher interest payments, increased debt and a visit from Billy Bad Score. The balance that you see on your credit reports is usually the amount of your last statement – not the amount left over after you paid the bill. Paying your monthly statement in full each month will keep you from accumulating unnecessary interest charges.
  • “Having lower credit limits shows that I don’t need to spend lots of money.” Credit bureaus don’t generally care if you have a sizable credit limit. They simply care about your debt-to-credit ratio. Having $10,000 in available credit is only a problem if you can’t say “no” to shopping sprees.

If you have a question about how credit scores work, our friends at FreeScore have compiled a number of resources on credit information.

For those of you who want to see how your credit scores stack up against ours, sign up for services from FreeScore. You can do some sleuthing of your own and check your credit reports for inaccuracies or errors. And when using the Power of 3, you’ll gain access to 24/7 credit monitoring and automatic alerts that notify you of any suspicious activity. Don’t be blindsided by that blunderer Billy Bad Score. Remember that when it comes to your credit scores, what you don’t know – or merely think you know – can hurt you.

Guest Blogger:

Good Score Guys
Good Score Guys

Everyone has three credit scores, and we hope yours look as good as the Score Guys! A credit score over 700 is considered Good or Very Good, and will help you get the lowest interest rates and best deals. Listen to what they have to say!

View all posts by

The opinions, findings and suggestions expressed here belong to the sole author and do not necessarily reflect the views of FreeScore.com.

Tags:
Posted in Credit Problems | No Comments »

And the Oscar for Good Credit Scores Goes to…

February 23, 2012, by Good Score Guys

With The Academy Awards creeping up on us, we Good Score Guys have been taking cues from the celebrities. We’ve been getting red carpet ready—hitting the gym, making hair appointments and scheduling spray tans. By now, our trademark tights should be as famous as Armani, so we’re sure to be in style.

But we know that pampering expenses shouldn’t come at the expense of your credit. The credit scandals of some celebrities don’t inspire us. Take actor Wesley Snipes. It was reported that the actor allegedly owes the show-stopping amount of almost $30,000 on his credit cards.

If there were such a thing as an Oscar for credit bloopers, Billy Bad Score would win it. He may be a frequent frenemy of yours—influencing hasty purchases that negatively affect your credit. Keep hanging with him and you might be blacklisted from loan approvals, lower interest rates, and job opportunities. And last time we checked, hockey masks never show up on the best-dressed list.

Remember, though you may never become famous or win an actual gold statuette, but you can still shine as a credit score star this award season. After all, lenders, employers and insurers are more likely to roll out the red carpet for you if you have 3 good credit scores.

An easy way to make sure you have us and not Billy Bad Score at your side is to take advantage of FreeScore’s credit information and identity theft protection services. Offering you instant access to your 3 credit scores, FreeScore also gives you 24/7 credit monitoring and automatic alerts if anything changes in your accounts. Best of all, you don’t need celebrity wealth to manage your credit through FreeScore. Just sign up for a FREE credit trial.

 Do you know if your credit scores are stellar enough for lenders to award you with a low-interest loan?

Guest Blogger:

Good Score Guys
Good Score Guys

Everyone has three credit scores, and we hope yours look as good as the Score Guys! A credit score over 700 is considered Good or Very Good, and will help you get the lowest interest rates and best deals. Listen to what they have to say!

View all posts by

The opinions, findings and suggestions expressed here belong to the sole author and do not necessarily reflect the views of FreeScore.com.

Tags:
Posted in Credit Help | No Comments »

Spare the Credit Education, Spoil the Child’s Credit Scores

February 22, 2012, by Good Score Guys

If you or someone you know has difficulty managing money, chances are good that these bad behaviors were learned early in life. Unfortunately, poor financial decisions can negatively affect your credit scores and make it harder to obtain a mortgage, car loan or even a job. We want to raise everyone’s awareness of the importance of 3 good Credit Scores. Helping children become financially responsible can pay dividends as they grow up and start earning money and establishing credit of their own. Believe it or not, we weren’t born in tights with high credit scores on them. Growing up, our parents taught us the concepts of financial responsibility.

child finances and credit scoresAccording to “Making the Case for Financial Literacy – 2011,” a report on JumpStart.org, more parents and teens are starting to understand the value of financial literacy.

  • A 2010 survey by Visa revealed that 93 percent of Americans believe all high school students should be required to take a financial education class. However, only four states currently have a semester-long personal finance course in their curriculum.
  • A 2010 American Express survey showed that 91 percent of parents with children ages 6 to 16 are committed to instilling lessons of financial responsibility in them. (Hopefully this leads to a whole new generation of people helping us spread the word about benefits of good credit!)
  • A 2011 survey by the College Savings Foundation determined that 73 percent of high school students want to save money for college and 48 percent have already started putting away funds.
  • A 2010 survey by the College Savings Foundation revealed that 76 percent of respondents say they take the time to teach their children how to be financially literate.

So, think of us as tiny angels on a kid’s shoulder, urging him not to listen to that little mischief-maker Billy Bad Score on his other shoulder. If you’re looking for sources of credit information, visit FreeScore.com. You’ll be able to learn about how credit scores are determined; how to dispute errors on your credit report; how the credit bureaus affect you; and more.  There’s even a Credit Score Predictor that helps users foresee what effect various financial decisions will have on their credit scores.

If you’re curious about what your credit scores look like, it’s never too late to find out. We help people discover their credit scores every day. By signing up for The Power of 3 from FreeScore, you can gain access to your three credit scores and reports from the three major credit bureaus. You’ll also receive 27/7 credit monitoring and automatic alerts that will help protect you from identity theft. And don’t forget to teach your kids to steer clear of that credit dunce, Billy Bad Score. Tell them to look up to us Good Score Guys as examples to follow.

Guest Blogger:

Good Score Guys
Good Score Guys

Everyone has three credit scores, and we hope yours look as good as the Score Guys! A credit score over 700 is considered Good or Very Good, and will help you get the lowest interest rates and best deals. Listen to what they have to say!

View all posts by

The opinions, findings and suggestions expressed here belong to the sole author and do not necessarily reflect the views of FreeScore.com.

Posted in Credit Problems | No Comments »

FreeScore TV Bloopers: Funny. Bad Credit: Not So Much.

February 17, 2012, by Billy Bad Score

As the king of credit bloopers, I’m the guy who screws things up when you apply for a loan, job and insurance. Tripping up people when they try to use their credit is something that brings a big smile to my face—right behind my trademark hockey mask.

Maybe that’s why people like it so much when I wind up getting the boot on FreeScore’s TV commercials. If you like laughing at my expense, you’ll LOVE these funny outtakes from the latest commercials starring your truly. (Despite their move-star good looks, I consider the Good Score Guys lowly extras.)



It seems the Good Score Guys don’t take credit bloopers lightly.  You can imagine my joy at watching them try to maintain their composure in these hilarious clips.

Those do-gooders are dead serious when it comes to preventing me from causing mischief in people’s lives. And I hate to admit it, but FreeScore does help people avoid credit bloopers. Not only does FreeScore give you full access to your 3 credit scores, so you can make sure I’m not one of them; it also protects your credit with 24/7 credit monitoring and automatic credit alerts.

Remember: Keep me around your scores and your credit is sure to be the butt of jokes. Bloopers from our commercials may be funny, but bad credit is no laughing matter.

Guest Blogger:

Billy Bad Score
Billy Bad Score

At FreeScore, we like to say that “one bad credit score can ruin everything,” and Billy Bad Score is the kind of guy who will gladly get in the way of a loan, a job application, or make you pay higher insurance rates. Avoid him if you can!

View all posts by

The opinions, findings and suggestions expressed here belong to the sole author and do not necessarily reflect the views of FreeScore.com.

Tags:
Posted in Promotions | No Comments »

How a Good Tax Refund Can Lead to a Bad Credit Score

February 15, 2012, by Billy Bad Score

filing taxesYou’ve worked hard all year. And now you find yourself receiving a tax refund. I, Billy Bad Score, urge you to go out and treat yourself!

In the midst of the heavy filing season, discovering that you’ll receive extra cash flow back from the IRS is a wonderful feeling. Me, I might take a trip to the mall and buy some new black jumpsuits that I don’t necessary need. Living in the moment and spending money carelessly hurts so good, doesn’t it?

Lately, I’ve grown frustrated. It seems you natural consumers out there are listening to the Good Score Guys more than me. New research sited on CNN Money reveals that since the start of this year, you’ve spent less and saved more. Personal spending rose a measly 1.6%. What gives? Consumer spending was up right before the recession began in 2007 to at 2.4%.

If you’re receiving a tax refund, great! I love guiding people down the blind alley of bad credit with their foolish spending. Here are some ways you can blow your tax refund if you want me hanging around your credit profile until next year:

  • Get ahead of yourself – To those of you who pay a fee to get a refund anticipation loan because you need money instantly, I salute you. RAL borrowers, according to The Community Investment Network’s website receive short-term cash advances against their anticipated income tax refund. Didn’t receive as much refund as you anticipated? Then those loans you preconditioned are sure to rack up and lead you to me! It would bring me much pleasure if a refund application loan turns out to be a case you biting off more than you can chew.
  • Don’t pay your debt down or off – Every dollar you pay toward your credit debt attributes to my demise—and makes you wealthier. Some people seem to think that you can earn 10% or more if you invest your tax refund—however, that’s not guaranteed. So go ahead – try your luck. I dare you.
  • Use your refund to take on a major loan with reckless abandon – The Good Score Guys seem to think high scores don’t happen by jumping headlong into major investments like a house or a car. I love unnecessary purchases, but of course the 3-pack (who I’m sure have 6 packs—not that I’m envious or anything) think being spontaneous with your tax refund shouldn’t result in you getting in over your financial head.

With the influence from the Good Score Guys here at FreeScore, you’re sure to spend your tax refund responsibly.

Offering you full access to see your credit scores and reports from the 3 major credit bureaus, FreeScore gives you useful credit knowledge, including information of how paying taxes late can affect your score.  Just remember, making hasty purchases after receiving your tax will keep me lingering in your credit files.

Guest Blogger:

Billy Bad Score
Billy Bad Score

At FreeScore, we like to say that “one bad credit score can ruin everything,” and Billy Bad Score is the kind of guy who will gladly get in the way of a loan, a job application, or make you pay higher insurance rates. Avoid him if you can!

View all posts by

The opinions, findings and suggestions expressed here belong to the sole author and do not necessarily reflect the views of FreeScore.com.

Tags: , , ,
Posted in Credit Problems, Personal Finances | No Comments »

Forget-Them-Nots: A Few Credit Facts for Valentine’s Day

February 14, 2012, by Good Score Guys

Score Guys on Valentine's DayValentine’s Day is here, and that means a day full of candy, flowers and romantic dinners. When you’re a Good Score Guy, finding a date isn’t too hard. Women love our high credit scores because they represent financial responsibility. Unfortunately, some of our friends always seem to find themselves staring at lengthy credit card statements during this time of year. According to the U.S. Census Bureau, dating services alone generated $928 million in revenues in 2007.

But it’s not just matchmaking services that lead to overspending. Here are some other potential dating costs from an article on MSN Money. As good guys, we enjoy treating our dates to a nice evening out. If you’re going out frequently in search of Mr. or Mrs. Right, these expenses can add up over the course of a year.

  • Restaurants: Men spend an average of $1,927; women spend an average of $1,289
  • Alcohol: Men spend an average of $518; women spend an average of $234
  • Hairstyling: $252 to $356
  • Clothing: $900 to $1000
  • Dating self-help books: $120

According to the article, someone who goes on 48 dates per year is likely to spend between $2,400 and $4,800 (with some overlap from restaurant and alcohol costs.) Other potential costs include cards, flowers, gifts and higher phone bills due to increased activity. With all of the costs associated with dating and an estimated 92 million singles in the U.S. alone, it’s no wonder people sometimes go in debt in search of love. Buying new clothes and dining at expensive restaurants might impress your date, but those expenses could also do more harm than good. When your monthly credit card statement arrives in the mail, you’ll wonder where your hard-earned money went.

Remember: Just one missed credit card payment could seriously affect your credit. If you find yourself spending beyond your means, maybe it’s time to search for some date ideas that won’t break the bank. We’re no matchmakers, but our advice to everyone is to simply be yourself.

If you’re worried about the effects of overspending on your credit scores, sign up for services from FreeScore. You’ll be able to view all three credit scores and reports from Equifax, Experian and TransUnion. With the Power of 3, FreeScore will also provide 24/7 credit monitoring and automatic alerts that notify you if suspicious activity is detected on your account. Using these services may not lead to true love, but at least you won’t be paired up with an identify thief masquerading as Cupid.

Guest Blogger:

Good Score Guys
Good Score Guys

Everyone has three credit scores, and we hope yours look as good as the Score Guys! A credit score over 700 is considered Good or Very Good, and will help you get the lowest interest rates and best deals. Listen to what they have to say!

View all posts by

The opinions, findings and suggestions expressed here belong to the sole author and do not necessarily reflect the views of FreeScore.com.

Tags: , ,
Posted in Credit Tips, Personal Finances | No Comments »

Overspending on Valentine’s Day? Kiss Good Credit Goodbye

February 13, 2012, by Billy Bad Score

Billy BadScore on Valentine'sWhat better way to show that special someone in your life how much you care than buying them an overpriced bouquet of roses, a fluffy teddy bear or a nice box of chocolates? Make a reservation at a five star restaurant and you will serve up true love. Why worry about the bill?

It’s mid-February and stores are in full swing promoting one of my favorite holidays: Valentine’s Day.

Retailers are anticipating a repeat of last year’s Valentine’s Day—which turned out to be the holiday’s most successful spending season in the Great Recession to date. According to the National Retail Federation’s 2011 Valentine’s Day Consumer Intentions and Actions Survey, the average person was expected to shell out $116.21 on merchandise—a 12.8 percent increase of 2010 spending on the Hallmark holiday. Total holiday spending was likely to reach $15.7 billion.

With the economy showing some improvement this year, Valentine’s Day spending potentials are high once again. I couldn’t be more thrilled. Not only will romantics feel obligated to prove their love through spending, but the timing of the holiday will also work in my favor. Valentine’s Day occurs a month and a half after Christmas, so it’s unlikely that consumers’ Christmas credit card damage will be fully resolved—causing more debt to pile on. Saying that I, Billy Bad Score, am excited would be an understatement.

Representing a bad credit score has been a breeze for me most days, but the Good Score Guys always seem to break my stride. Influencing consumers to spend more and pay off less has been consistently undermined by the useful advice the undeniably handsome and helpful trio provide. Not that I’m envious or anything.

They’ve not only set up an easy way for you to keep track of your three credit scores on FreeScore, but also offer monthly updates so you stay focused and realistic on larger goals during the heart-themed haze you’ll soon be experiencing. Apparently it’s important to have good credit scores in the long run, if you want to finance such things as a car or house with less stress.

Like a bunch of muscle-bound bodyguards, the Good Score Guys also offer the protection of 24/7 credit monitoring, making my job as a bad influence even harder. There is even a FreeScore app you can download. Refraining from those tempting sweetheart candies at the checkout line that mischievously rack up your bill is something that the app can help you with. The app can be downloaded to your phone, keeping you in the right mindset toward your long-term goal of good credit management. Yes, admitting these realities is painful for me at times.

It’s no surprise that the Good Score Guys disagree with my belief that money buys love. Whether you’re currently in or out of love, more information on managing your credit during such spendthrift holidays can be found in FreeScore’s credit information library. But you didn’t hear it from me!

Guest Blogger:

Billy Bad Score
Billy Bad Score

At FreeScore, we like to say that “one bad credit score can ruin everything,” and Billy Bad Score is the kind of guy who will gladly get in the way of a loan, a job application, or make you pay higher insurance rates. Avoid him if you can!

View all posts by

The opinions, findings and suggestions expressed here belong to the sole author and do not necessarily reflect the views of FreeScore.com.

Tags: ,
Posted in Credit Help, Personal Finances | No Comments »

Don’t Let Divorce Ruin Your Credit Scores

February 9, 2012, by FreeScore

Credit Scores and Divorce

Couples getting divorced have to account for many lifestyle changes. From splitting up assets to seeking new places to live, a break up can feel overwhelming. One way to give yourself an advantage when starting over is to protect your credit scores.

A recent article on MSN Money explains the importance of managing credit, especially during a divorce. Here are some ways to ensure your financial future is bright.

  • Create a post-divorce budget – Even though you may want to keep things as stable as possible, it’s important to remember that you’re now living with a single-income budget. Housing costs should take top consideration when planning a new budget, but there are also several other factors to consider like credit cards, auto payments and cell phone bills. Don’t get stuck trying to pay beyond your means.
  • Take stock of your debts and credit lines – The longer the relationship, the more accounts you probably share with your spouse. Credit cards, home equity lines and other accounts need to be accounted for. To make sure you’re not forgetting about a credit source, pull your credit report.
  • Remove each other as authorized users – People often list spouses as authorized users on credit card accounts. However, some forget to remove them during a divorce. Allowing your ex to have access to your credit cards could have a serious impact on your credit scores. Remember to call your credit card company to revoke access, and make sure your name is removed from your ex’s accounts as well.

If you need access to your credit scores and reports, consider signing up for FreeScore. You’ll be able to see your three credit scores and reports anytime at the top 3 credit bureaus: TransUnion, Experian, and Equifax. And with the Power of 3, you’ll also receive 24/7 credit monitoring and automatic alerts that allow you to stay up-to-date if a change occurs on any of your accounts.

Tags: , , , ,
Posted in Credit Tips | No Comments »

The Unemployment Rate is Dropping; How About Your Credit Scores?

February 8, 2012, by FreeScore

credit scores and employmentAre you searching for a new job? If so, you may be pleased to hear that the U.S. unemployment rate has fallen to a near three-year low. According to an article on MSNBC.com, the nation’s unemployment rate fell from 8.5 to 8.3 percent in January.

While the unemployment rate has improved, making it more likely for you to get an interview, a credit check could still make or break your job application. Many employers perform credit checks on potential employees to measure financial responsibility. Having bad credit scores could be interpreted as a sign of recklessness and poor judgment, keeping you from getting the job you’ve always wanted. Of course, good credit scores may help you stand out from other qualified applicants. So what will a company see on your credit report?

If you’ve ever been curious about what your credit history looks like, consider signing up for The Power of 3 from FreeScore. You’ll receive access to your three credit scores and reports from Equifax, Experian and TransUnion. Be sure and check these reports for accuracy throughout your job hunt, bearing in mind that your credit profile could change at any time. After all, it would be a shame for you to miss out on a great job opportunity just because of an error on your report. You’ll also receive 24/7 credit monitoring and automatic alerts that notify you of any suspicious activity on your accounts. Even if you think you have excellent credit, an identity thief could quickly ruin everything. In the event that your identity is stolen, FreeScore will put you in touch with licensed investigators who can help restore your good name.

Don’t let one bad score keep you from getting the job you’ve always wanted. FreeScore can provide the information you need to understand your credit scores and reports. With this knowledge in hand, you’ll be able to make better credit decisions and be confident when a potential employer says, “We need to check your credit scores before we can hire you.”

Tags: ,
Posted in Economy | No Comments »

  2. 1
  3. 2