Blog Archives - Prime Credit Advisors

4 Ways Taxes Can Affect Your Credit

February 16, 2018 By Jakub Jancek Leave a Comment

If you don’t have enough money to cover your tax bill come April 15th, don’t freak out. Late payments to the IRS only affect your credit score if you don’t address the issue within 30 days or more. The best thing to do is to speak with the IRS and negotiate an affordable payment option or to request an extension. Unfortunately, if you leave tax bills unpaid or take on more credit or loan debt to cover your unpaid taxes, your credit score could be negatively affected.

Read on to find out how your tax bills might affect your credit score, and how you can protect your credit from any negative consequences this tax season. [Read more…]

3 Easy Ways to Build Credit Fast

January 5, 2018 By Jakub Jancek Leave a Comment

3 easy ways to build credit fast are a must. Whether you’re buying a home, a car, or going back to school, you’ll probably need a loan which means you’ll definitely have to worry about your credit score. If you have a high credit score (700 or higher), you’re more likely to receive low interest rates and better repayment terms on any loans you apply to, whether they be for a home, car, or education.

On the other hand, if you have a low credit score (648 or under) any and all loans you apply to will either be outright rejected or approved with high interest rates and harsh penalties for missed or late payments. The only way to avoid a 13% interest rate on your newly-approved credit card is to start building your credit score fast.
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5 Essential Questions to Ask Before Refinancing Student Loans

December 22, 2017 By Jakub Jancek Leave a Comment

Paying off student loans is never a pleasant process, especially if you have a high interest rate, loan life, or monthly payments. Just ask the 44 million debtors in America who owe over $1.48 trillion in student loan debt.

As depressing as those numbers look, at least you’re not alone! Millions of Americans are struggling to pay off their student loan debt, and millions more have already paid it off with smart savings strategies such as refinancing loans. In this article, we’ll be taking you through 5 essential questions to ask before refinancing your loans. [Read more…]

Credit Card Traps

July 7, 2017 By Jakub Jancek Leave a Comment

According to the seemingly-innocent envelope sitting on your kitchen table, you’ve been pre-approved for a new credit card. The bold type, flashy colors, and excited exclamation points lure you into a daze. You are The Chosen One. Obviously, the credit card gods have singled you out as someone worthy of high rewards and low fees, someone who deserves free trips to Ibiza and back on the 25,000 miles you earned shopping at the grocery store. Or maybe, just maybe, you haven’t been chosen at all.

Maybe you’ve been targeted. [Read more…]

How Student Loans Affect Your Credit Score

June 16, 2017 By Jakub Jancek 2 Comments

At over $1.4 trillion, student loan debt in America is right up there with mortgage debt in the category of Things We Wish We Could Live Without. However, if you have a student loan or are considering applying for one, don’t be scared off by statistics! Student loans are annoying and frustrating and expensive, yes, but they’re also an opportunity to pursue higher education, to increase your future salary, and to start building your credit score. Paying off your student loans responsibly will provide your credit reports with a solid basis for creditworthiness, and everyone from your lender to your landlord to your cellphone provider will be friendlier towards you in future dealings.
If you’re smart enough to get into college, you’re also smart enough to put your otherwise-annoying loan payments to good use! Just don’t forget: student loans, like every other type of loan, will always have an effect on your credit score, and it’s up to you to decide whether that effect will be positive or negative. [Read more…]

Building Credit With a Secured Credit Card

May 26, 2017 By Jakub Jancek Leave a Comment

Whether you’re new to the soul-sucking credit realities of adulthood or simply trying to improve a bad credit score, you might want to check out a secured credit card.

1. What is a secured credit card?

These specialized cards, great for building credit, require a down payment up-front, usually in the form of a cash deposit of around $300 to $500, though it’s ultimately up to you and your card-carrier. This payment acts as your credit limit, as well as your safety net against credit damage due to missed or late payments.
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Buying a Car With Bad Credit: Applying for Auto Loans

February 14, 2017 By Jakub Jancek 5 Comments

This article will be the first in a 3-part series about buying cars with bad credit. Here, we tackle the what you need to do before you buy a car—primarily, that you successfully apply to and are approved for an auto loan at a decent interest rate. Before reading on, however, keep in mind that if you can avoid buying a car with bad credit, please do. [Read more…]

Use Your Tax Refund to Build Credit

January 27, 2017 By Jakub Jancek 3 Comments

Another new year, another round of tax refunds—everybody’s favorite topic! The average tax refund check is around $3,000 which is enough for a shopping spree, a week’s vacation, or (even better) a higher credit score.

Obviously, this last course is the one we suggest and probably the one you’re considering—why else would you be reading this post? So let’s assume that you’re going to use your tax refund to tackle your debt and build your credit score, but you don’t know how.

Well, we’ve got a few suggestions! [Read more…]