Building Credit from the Ground Up

Turned down for credit cards in the past, or scared that you will be? This post is for you.
Turned down for credit cards in the past, or scared that you will be? This post is for you.

A friend of mine asked me for some advice the other day. She admitted to me that she hadn’t ever had a credit card, but was starting to think it might be a good idea to start building her score. She is certainly not alone! A whopping 63% of millenials have never had a credit card (read more). She, like many others, has always felt she gets along just fine without one. She also mentioned to me concerns that using credit cards would make her more cavalier with her spending, citing recent studies like this one. While these were very valid considerations, equally valid are the advantages of building a good credit score. My friend decided that at this point in her life, it might be good to start building her score to prepare for her future. However, having been rejected for the first card she applied for through her banker, she wasn’t sure how to proceed. Read more to find out the strategy I laid out to help my friend get started in the world of credit, despite her lack of previous cards and existing student loan debt. Continue reading

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Acorns: Investing Your Spare Change

Acorns: put your spare change to work in the stock market!

Note: I don’t get paid for making these recommendations, these are actually just stuff I’ve found that I think is cool and want to share with you!

Those of you who have been with my blog for a little while might remember when I talked about Digit, a cool little application that squirrels away your extra money, a few dollars and cents at a time, into a savings account. In that same vein, I recently discovered an application called Acorns. In the same spirit as Digit, Acorns (currently a mobile app, with a web application on its way very soon) pulls small amounts of money from your accounts over time. However, instead of depositing it in a plain-old savings account, Acorns invests it.

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When a Car Loan Might Be Ok

Should you take out a loan so you can look as cool as this guy? No, but there might be another reason to do so.

Conventional wisdom re:car loans in personal finance literature is “DON’T DO IT!!” This overexcited and often underinformed knee-jerk reaction is a result of the typical scenario everyone has heard about. Young guys or gals going off to their first real jobs, getting starry-eyed after seeing their first real paycheck, running to the dealership and buying that flashy new Mustang/Mercedes/Tesla/whatever. I’m not saying this doesn’t happen, in fact I’ve seen it with my own eyes. Don’t be one of those guys. That said, there are situations where a car loan might be a good idea. Read more to figure out if yours is one of them.

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