All Posts made by FreeScore

Are You Buying a New Car? Should You Lease Instead?

May 3, 2011, by FreeScore

leasing vs buying a carCar shopping can be so exciting. You cruise into the dealership, dazzled by the sunshine bouncing off the hoods of the latest models. You think about all of the accessories you’d like to add and the first drive you’ll take to show off your new baby.

Then reality sinks in. Can you afford the car of your dreams? What if you just lease it instead of buy? There are people in two separate camps: those that swear they’ll never lease, and those that swear they’ll never buy. Where do you fit?

Leasing a car allows you pay off the car’s depreciation instead of its full value, typically allowing you to take advantage of monthly payments that are lower than buying over the same term. This also means at the end of the lease term, you’ll return the car to the dealership and have to select another vehicle. Leases also typically come with mileage restrictions, and the car will need to be in reasonable shape when it is returned.

Buying a car will ensure that once that car is paid off, you own it and can be payment free. The car is also yours, meaning you can get a custom paint job and take as many cross-country road trips as you please without worrying about paying extra fees.

At the end of the day, only you can make the final decision on whether to buy or lease a car. Just remember to weigh your options carefully and to always ask questions if you’re unsure about payment options or legal agreements. Also be sure to check all 3 of your credit scores so you have a general idea of what kind of financing terms you’ll be offered. Bear in mind that whether you choose to buy or lease, your credit scores are likely to be a key factor when you try to negotiate a deal. People who assume that their credit scores won’t be a consideration when they apply for a lease may be in for an unpleasant surprise . The higher your credit scores, the greater your chances of being approved for the best lease rate or low-interest car loan.

Do you have any car buying or leasing advice to share?

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Sony Security Breach Reminds Us of the Importance of Credit Monitoring

May 2, 2011, by FreeScore

Just in case you hadn’t heard, Sony’s Playstation Network (PSN) went offline mysteriously on April 20, 2011. The company’s Qriocity music service also went offline. With little to no word on the cause from Sony, millions of gamers were left to speculate about such massive and prolonged outages. However, PSN users recently received an email which stated the following:

Sony security breach “We have discovered that between April 17 and April 19, 2011, certain PlayStation Network and Qriocity service user account information was compromised in connection with an illegal and unauthorized intrusion into our network.”

Names, addresses, PSN/Qriocity logins, email addresses and birthdates were obtained by the intruder(s). Also, Sony states that there is a possibility that credit card numbers stored on the server may have been obtained.

While this news is certainly alarming, the company does provide some information that can help those affected prevent identity theft. Sony recommends that PSN users review financial statements and credit reports for unusual activity.

If you’ve been affected by this security breach, FreeScore can help put your mind at ease with its around- the-clock credit monitoring feature, which automatically alerts you to fraud and errors in your credit information. In addition, at FreeScore.com you’ll be able to easily access and review your credit scores from all 3 major credit bureaus – Equifax, Experian and TransUnion. By being vigilant, you can make sure that no one is trying to steal your identity, and that the only person using your credit is you. After all, it only takes one bad score to ruin everything.

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You’re Not Finished Spring Cleaning Yet – Check Your File Cabinet

April 28, 2011, by FreeScore

record retention monthAfter you’ve dusted the ceiling fans and scrubbed the baseboards, it’s time to take your spring cleaning efforts in another direction. April is Records and Information Management Month – the perfect time to open your file cabinet (or computer folders) and ensure all of your tax documents, personal paperwork and credit scores are in order.

Are your files bursting at the seams with tax documents dating back to the first Bush administration? It’s time to purge that paper. The IRS has guidelines on how long to keep your records for different situations, but the longest recommended time period is seven years. Be sure that your files are complete with all supporting documents and forms in case of an audit. After the time period has passed, feed the paper through a cross-cutting shredder.

Now is also a great time to make sure all of your personal paperwork is in order. Are your family’s passports, birth certificates and Social Security cards stored in a secure place, like a safe deposit box? How about an inventory of your household items in case of fire, flood or burglary? If you have an inventory of items on your computer, be sure the information is backed up. There are many free programs that let you store documents on the Internet, which will be helpful if your computer is destroyed or stolen. Also be sure to back up cherished family photos, videos and other important documents stored on your computer.

Records and Information Management Month is the perfect time to start monitoring your credit score. When you sign up with FreeScore, you have access to all three of your scores – one from each of the 3 national credit bureaus: TransUnion, Experian and Equifax. Knowing your credit scores gives you a good glimpse at your financial health. In addition, FreeScore’s monitoring feature, which automatically tracks credit activity at all 3 credit bureaus for signs of fraud and errors, is like spring cleaning for your credit – all year round.

Credit scores change frequently. By checking your scores regularly and protecting your credit with around-the-clock monitoring,  you’ll be able to keep a handle on your credit worthiness.

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High Credit Scores Could Help You Pay Less for Your Education

April 27, 2011, by FreeScore

The cost of higher education can empty your savings account and leave you buried in debt before you ever cross that stage to accept your diploma. AOL reports that the amount of debt owed in student loans now tops the amount of credit card debt Americans are saddled with. Americans currently owe $829.8 billion dollars in student loans, $300 billion of which has been taken out in the past four years.

paying for collegeAn Associated Press-Viacom survey shows that nearly half of students polled are uncomfortable with the amount of student debt they hold. The survey also found that students are more likely to consider dropping out of college because of money trouble than bad grades.

Before you begin to evaluate schools and programs, take a minute to look at the different ways you can finance your degree. Federal loans are available for students based on need. If you want to take advantage of them, you’ll first need to complete a FAFSA form. Often, especially if you are attending college in another state, the federal loans offered will not cover the cost of tuition, room and board and student fees. Many banks offer students private loans which, unlike federal loans, are based on credit-worthiness. Another option is to pay for college on a credit card to finance your education on a monthly basis. But bear in mind that your eligibility for the lowest interest rate and highest credit limit on a credit card is likely to be dependent on your credit scores.

Will you need to take out loans or pay for college on a credit card? Be sure you know your three credit scores you check your updated credit scores each month at FreeScore and track changes to your credit profile with FreeScore’s automatic credit monitoring feature, you shouldn’t be surprised at the rates offered you on loans and credit cards. Being able to see your scores and work on a plan to get the most out of them before you start applying may give you access to better rates and terms, saving you money and sparing you headaches in the long run.

How did you finance your education? Did the cost of college alter your plans for undergraduate or graduate degrees?

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Set a Vacation Budget to Avoid Debt and Stress Later

April 11, 2011, by FreeScore

vacation budgetIf you’re hoping to take a spring-break trip or, really, any kind of vacation that requires travel, one of the most important things to remember is financial responsibility. While the hassles of everyday life can often cause vacationers to try to make up for lost fun, over-indulging while on break can lead to even more stress when the trip ends and reality kicks back in — especially if you go way over your budget.

To help you avoid spending what you don’t have, here are three tips to remember:

1.    Make a budget — and stick with it.
Before you leave for your trip, go online to familiarize yourself with area restaurants and attractions. This will help you set daily budget limits for meals and entertainment. Keep track of your receipts throughout the day for everything from coffee to souvenir t-shirts. Be sure you’re sticking with your budget, and make daily adjustments as needed to stay within your total trip limit.

2.    Go mobile.
With all of the apps available for your smartphone, finding deals while on vacation is easier than ever. From cheap dining spots to local shops, checking prices and reviews before you leave the hotel can save you money while still letting you enjoy everything the area has to offer.

3.    Take advantage of credit card rewards.
Paying for expenditures on your trip with a credit card isn’t a bad thing, as long as you’re sure you can pay off that debt. Many credit cards offer flight miles or reward points. Find out which credit card you have that gives you the best rewards, and take advantage of them.

By setting a budget and finding ways to stay within it, you can enjoy a fun, relaxing vacation with the family — and avoid the stress of looming, unaffordable bills upon your return.

Posted in General Economy, Personal Finances | No Comments »

11 Things You Can’t Get With Bad Credit [INFOGRAPHIC]

April 6, 2011, by FreeScore

Wondering what a poor credit score can do to you? Check out the infographic below which highlights 11 things you may be missing out on if you suffer from bad credit!

Click on the image to enlarge and use the embed code below to post to your blog!

11 Things You Can't Get With Bad Credit

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Freescore iPhone App Tracks Credit Scores and More

April 5, 2011, by FreeScore

FreeScore credit score appDo you ever wonder how people with bad credit scores started down such a treacherous path in the first place? Perhaps it began with a simple bounced check, or even just a late credit card payment. If only this kind of financial irresponsibility could be avoided in the future — oh, wait, there’s an app for that (several, in fact).

FreeScore has an iPhone app that lets you see your credit scores and credit reports from the three major bureaus. You can even compare your scores to those of people in other cities. And if you’re looking to refinance, the FreeScore app includes a mortgage calculator that will estimate the cost of refinancing a home based on credit score, mortgage criteria, loan term, amount, zip code, and more.

To make sure your financial goals stay on track, there are also several apps that help you keep an eye on your day-to-day finances:

  • PocketMoney from Catamount Software is available on iPhone and Android devices and helps you keep tabs on your spending. Built-in charts separate purchases by category and payment method. You can track multiple accounts and export the data to software such as Quicken, Microsoft Money, or Excel.
  • Pageonce Pro from Pageonce Inc. lets users find out where their money is going and when it’s going to leave. By tracking banks, credit cards, bills, and investment accounts, this app gives you real-time alerts and reminders telling you exactly when that next payment is due. As an added perk, Pageonce Pro can monitor your frequent flyer miles, cell phone usage, and other rewards. The app is available on several mobile platforms, including iPhone, Blackberry, and Android.
  • The Mint.com Personal Finance app is great for people who have several accounts that need attention. The app tracks checking accounts, credit cards, investments, and more. It even pulls in transactions automatically and categorizes them. And if you want to start down the road to financial responsibility but aren’t quite sure where to start, Mint can create a budget based on your actual spending. This app is available on iPhone and Android devices.

What are your favorite digital ways to track your finances? Do you use an app for that?

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Posted in Personal Finances, Promotions | No Comments »

Will Paying My Taxes Late Affect My Credit Score?

April 4, 2011, by FreeScore

paying taxes lateWhen it comes to income-tax season, there are generally two types of people: those who expect a refund, and those who are pretty sure they owe. People who expect a refund tend to file early so they can get their money back as quickly as possible.  Those who expect to owe often hold off on filing as long as possible, either to find ways to reduce their tax liability or to figure out how to come up with the money they owe.

If you owe the government money this tax season, you need to be aware that not paying on time — or worse, not filing at all — can result in a blemish on your credit report.

The wisest move is to pay your tax debt as soon as you know you owe it. If you don’t, according to IRS Publication 594 (PDF), the IRS will send a “Notice of Tax Due and Demand for Payment.” The amount in this bill will include your tax liability as well as the interest payment and any penalties owed.

If your tax debt isn’t paid in full, the federal government may file a “Notice of Federal Tax Lien” against your property. A tax lien is a public record, which means it will be reported to the credit agencies —TransUnion, Experian, and Equifax.

A lien can affect your ability to take out a loan, get a credit card, or even sign a lease. Once a lien is on your credit report, it will remain there for seven years unless you can successfully dispute it and have it removed. If you have a lien placed on your property and later removed, you may want to check your credit reports to ensure that the information in your files is accurate and up-to-date.

Knowing what your credit scores are and what’s in your credit reports is vital to helping you make informed decisions about your purchases.

Have you ever had a lien placed on your property?  If so, what were the consequences you faced?

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Posted in Credit Problems | 2 Comments »

iPad 2 Giveaway for FreeScore Fans

April 1, 2011, by FreeScore

ipad 2 giveawayHave you been dreaming of getting your hands on the latest Apple iPad?  Well, it just may be your lucky day!

As part of a new social media campaign, FreeScore.com is giving away an iPad 2 to a lucky Facebook fan once 2,000 “likes” are reached.  The goal of this campaign is not only to grow the fan base, but also to increase user engagement.

To enter the giveaway, simply visit the Facebook Sweepstakes tab, “like” the page and provide your contact info.

We encourage you to spread the word to your friends and families, as the faster we reach our 2,000 “like” goal, the faster we select a lucky winner from the pool of entries.

“Like” us and Enter the Contest NOW!

Good luck! For more details please visit our official rules page.

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Posted in Promotions | 2 Comments »

IRS Offers Tax Payment by Credit Card Through Third-Party Providers

March 31, 2011, by FreeScore

tax payments by credit cardHave you ever worried about paying a tax bill before? Whether it’s a hundred dollars or several thousand, owing unexpected taxes can throw a wrench in almost anyone’s budget. However, if you’re faced with a tax liability that you can’t pay immediately, the IRS lets you pay with a credit card.

To pay your tax bill with a credit card, you’ll need to go through one of the IRS-certified service providers, which are conveniently listed on the IRS website. Service providers accept payment over the phone or Internet, and they charge fees based on the amount of your tax bill. Integrated online payment options are also available through various e-file and e-pay service providers. Your fee will be a percentage of your tax bill if you choose this route, too.

While credit cards charge interest, those rates may be less than paying the penalties and late charges imposed by the IRS. The late-payment interest rate that the IRS charges is equal to the federal short-term rate (which is determined each quarter) plus 3 percent. The interest charges generally begin to accrue after the tax-bill due date.

On top of interest payments, late taxpayers are charged a penalty of one-half of 1 percent (0.5%) of the outstanding amount owed each month (or partial month). That rate rises to a full 1 percent if the tax remains unpaid ten days after the IRS issues a “Notice of Intent to Levy,”, but it can drop to one-quarter of 1 percent (0.25%) for taxpayers who file by the return due date and have an installment agreement in effect.

In any event, the late-payment penalty is capped at a maximum of 25 percent of the unpaid tax bill, but both the interest payment and the penalty charge will continue to build up until the tax bill is paid off in full.

If you’re thinking about applying for a credit card to pay your taxes, you may want to consider checking your credit reports and scores. Since credit card companies tend to give better rates to borrowers with good credit, it’s in your best interests to know what’s in your credit history.

Have you ever paid your taxes late?  If so, what sort of financial damage did you face as a result?

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Posted in Credit Problems, Personal Finances | No Comments »

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