JenniferBonanno

25 Contributions 218 People Helped Top Contributor

Member Since: August 2013

About Me: Young-married, nonprofit professional by day and dog-loving, youth group leader by night

Passionate about living a financially-responsible full life and improving the lives of those around me

My Website: http://blog.morethanwheels.info/

Most Helpful Contribution

How Does Being an Authorized User Affect My Credit?

May 02, 2014
Helpful to 50 out of 53 people

Although this article brings up some of the possible negatives for adding authorized users to your accounts (which should be considered before making a decision), I have found it to only be a positive experience.  Before getting married, my husband's credit score was about 100 points below mine. With the dream of securing a mortgage for our own house someday, I chose to add him as an authorized user on my accounts.  After only one month, his score went up 22 points! I know the small steps were taking now to improve our credit will pay off later in lower interest rates.

Activity (25 Total Contributions)

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How Does Being an Authorized User Affect My Credit?

May 02, 2014
Helpful to 50 out of 53 people

Although this article brings up some of the possible negatives for adding authorized users to your accounts (which should be considered before making a decision), I have found it to only be a positive experience.  Before getting married, my husband's credit score was about 100 points below mine. With the dream of securing a mortgage for our own house someday, I chose to add him as an authorized user on my accounts.  After only one month, his score went up 22 points! I know the small steps were taking now to improve our credit will pay off later in lower interest rates.

How Quickly Should I Pay Off My Credit Cards?

Jun 12, 2014
Helpful to 16 out of 16 people

Hi!

When I applied for my last credit card it did show up as a hard inqury and lowered my score temporarily, but once I was approved for the card my score went up even more than before because I had an increased my available credit. With situations like these you have to be patient and wait for things to play out, but hopefully you get approved and it helps you reach your goal!

How Does Being an Authorized User Affect My Credit?

May 08, 2014
Helpful to 18 out of 20 people

In my experience, the only way the card holder's credit would be impacted by this is if the authorized user was misusing the card. For example: 

  • If the authorized user kept maxing out the card, then this could lower your credit score because of overutlization 
  • OR if they charged more debt than you were able to repay that could defintely impact you negatively

Simply adding them as an authorized user will not bring your score down no matter how bad their credit is.

How Does Being an Authorized User Affect My Credit?

Jun 10, 2014
Helpful to 10 out of 11 people

It will definitely help build up her credit because it'll be reported on her credit report as well as yours. My husband's credit went up 49 points in 2 months after I added him as an authorized user to my account.  The only catch is to make sure the account stays in good standing, because if not it could hurt both of your credit scores and you'll be the one responisble for paying for it.

How Quickly Should I Pay Off My Credit Cards?

May 02, 2014
Helpful to 25 out of 30 people

I used to always pay off my credit cards right away thinking that would be the most responsible way to build my credit. Although it is definitely responsible, I disagree with MrJohnCool, that it allows you to have the best credit.

As suggested in this article it isn't necessarily the most effective way to show lenders you can use and repay credit. You want to make sure some usage is being reported on your credit accounts so future lenders will see that you are reliable. This doesn't mean you should carry a balance on your card from month to month, it just means monitoring your credit and then paying off your balance after it has been reported to the credit bureaus 

how do i get my credit score..I already have gotten Experian and now want Equifax

May 08, 2014
Free Credit Report
Helpful to 20 out of 25 people

The only place to get you credit report from all 3 bureaus for free is AnnualCreditReport.com 

There are so many places out there asking you to pay for your report, but it's not worth it.

Can I get an auto loan with a 580 credit score and $1000 down?

Dec 08, 2015
Nonprofit Option
Helpful to 43 out of 57 people

If you are looking for an auto loan and have low or no credit, you might want to consider a local nonprofit that will help you not be taken advatage of by predatory lenders that sell less that reliable cars. In New England there is a nonprofit called More Than Wheels and they save their clients $10K-$15K on  new or low mileage used cars. Their application is here if you want to check them out: http://app.morethanwheels.info/

high intrest auto title loan. 2,000 24mo. 141.23apr =7,500 wtf

Jul 20, 2015
Bed News
Helpful to 3 out of 3 people

I agree with mindjazz, these loans are not in favor of the consumer's interests. Title Loans are often financed to keep someone in a cycle of debt with high interest rates and other fees. They start out at lower interest rate such as 15% and then are continually "rolled over" on a monthly or even weekly basis. This can result in interest rates being compounded to over 300%. Overall, Title Loans are predatory in nature and you should try to consdier all other other options before taking out a Title Loan. Here is more information from a nonprofit organization about the traps of title loans: http://blog.morethanwheels.info/2015/02/14/the-truth-behind-title-loans-video/

Is it better to pay off a credit card every month or make payments toward the balance every month?

Jul 11, 2014
Simply Put
Helpful to 3 out of 3 people

You will save the most money and establish positive credit history by paying off your card entirely each month. Otherwise, you'd be paying for your purchase +interest. The only catch is you want to pay your balance after your card activity has been reported to the credit bureaus, but before the due date. That way creditors will see that you are using your credit responsibly.

high intrest auto title loan

Jul 20, 2015
Title Loans = Predatory
Helpful to 2 out of 2 people

Title Loans are often financed to keep someone in a cycle of debt with high interest rates and other fees. They start out at lower interest rate such as 15% and then are continually "rolled over" on a monthly or even weekly basis. This can result in interest rates being compuded to over 300% (not a typo). Overall, Title Loans are predatory in nature and you should try to consdier all other other options before taking out a Title Loan. Here is more information from a nonprofit organization about the traps of title loans: http://blog.morethanwheels.info/2015/02/14/the-truth-behind-title-loans-video/ 

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