When you’re just starting to build up credit, you may feel stuck with nowhere to turn. After all, you need a credit line to build credit, but many places will turn you down because of your lack of credit history. So where can you turn? Some apply for low-risk credit cards with low limits and special restrictions. Others ask a friend or relative with good credit to co-sign for a loan. If you’ve been asked to co-sign something recently, you may want to consider some of the risks involved.
An article on MSN Money outlines several reasons to avoid co-signing for anything.
For one thing, when you co-sign for a credit card, loan or lease, you’re ultimately responsible for the bill. If the account holder falls behind on the bill, you’ll be on the hook for the remaining balance.
Are you applying for a mortgage or trying to refinance your home? Co-signing for a loan will add that debt to your credit reports. Even if the account holder is responsible and pays on time, your reports will be affected until the loan amount is fully paid off. This increased debt will cause lenders to see you as a greater risk, which could keep you from getting the credit you deserve.
Because you’re ultimately responsible for the bill, any bad credit behavior on the part of the lender will reflect poorly on you as well. Co-signing with someone who can’t manage credit properly could end up wrecking your credit scores as well.
So before you put your name on anything, consider the consequences. And if you’re curious about your own credit history, sign up for FreeScore. This will give you access to your three credit scores and reports, as well as 24/7 credit monitoring and automatic alerts that notify you of any suspicious activity, so you can avoid the consequences of leaving your credit unprotected. To help you stay clear of pitfalls, you’ll find a trove of helpful articles, tools and calculators on FreeScore’s credit information page. Equipped with FreeScore’s suite of benefits, you’ll enjoy smarter, safer credit management.
Did you shop Black Friday or Cyber Monday this year? If so, you weren’t alone. Many people took advantage of doorbusters or online sales to get a jump on their holiday shopping.
Right now, somebody else could be using your hard-earned money to buy a pair of Gucci sunglasses; except you have no idea. That’s what happened to one man whose tax refund debit card was stolen. 
Good credit scores like us are attractive, especially to lenders. If you’re looking for a credit card or loan and your 
Have 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.
While many consumers work for years to build a pattern of good credit behavior, some see their credit tarnished before they even reach adulthood. Too often, this isn’t because of excessive spending on their part, but because they were victimized by theft and credit card fraud. However, a new bill sponsored by Nevada Assembly Speaker John Oceguera (D-Las Vegas) aims to alleviate the burden for young people whose credit has been damaged by criminal activity.
While many students try to cut costs by shopping for books online and searching for affordable housing accommodations, they could still be incurring long-term debt as a result of bad financial credit card habits. Recent research indicates that, despite stricter regulations, nearly one-third of students under 21 have received a credit card since the beginning of 2010.
Over the past decade, credit fraud has become more common, due to recent advances in technology that have made it easier than ever for Americans to make credit card purchases while on the go. However, there are still a few ways that consumers can shop online through a mobile device and while ensuring that their credit reports are protected against unauthorized spending sprees.
While most consumers know that checking a credit report can lead to the early detection of credit card fraud, many are still discovering that their financial information has been compromised through the Internet.
Credit cards offer consumers a number of features, such as the ability to enroll in return and purchase protection, that can help them mediate disputes with retailers. Another benefit to paying with a credit card is a chargeback, a feature that allows customers to dispute and stop payment on purchases that don’t measure up to the customer’s expectations.
