5 Opportunities to Set a Good Credit Example for Your Kids

If you’re trying to raise money-smart kids, providing a good model for them to follow is one of the most powerful things you can do. But setting a good credit example is tough – after all, teachable moments are hard to come by!

Don’t worry: The Nerds identified a few opportunities to teach your kids about building credit that you may not have thought of. Take a look at the details below and get started today!

1. When you’re filling out the family’s monthly calendar

To help keep track of schedules and activities, most busy families have a calendar that’s prominently displayed somewhere in the home. It might sound strange, but the monthly task of filling out the calendar is a great time to teach your kids an important, credit-related lesson.

The next time you’re marking your calendar with soccer practices and piano recitals, think about adding in the due dates of your monthly bills. Then, follow through with crossing off each as you pay it. This will show your kids that making timely bill payments is an important priority. Since payment history makes up 35% of our credit scores, the example your kids will take away is likely to have a big impact on their future credit scores.

2. Swiping your credit card for a big purchase

The next time you’re using your credit card to buy a TV or a home appliance, use your card. Use this as a jumping-off point to teach your teen about the importance of spending responsibly with credit cards.

The key point here is that rolling a balance from month to month is a dangerous habit to get into, and that credit cards shouldn’t be treated as extra income to buy the stuff you want. Point out that credit card interest is expensive, and that charging too much can hurt your credit score. The important takeaway is that you’re going to pay off the big purchase right away – then make sure to follow through!

3. Swiping your credit card for a small purchase

If making a big purchases is a chance to get into detail about controlling credit card spending, small spends are a chance to talk about building credit.

Your child might be surprised to see you buy a pack of gum or a $10 fast-food lunch with your credit card; if so, point out that using a credit card carefully and consistently is a great way to build your credit score. Emphasize that credit cards aren’t dangerous, as long as they’re being used responsibly. This will help plant seeds of credit confidence in your child’s mind, which will empower her to make good choices in the future.

4. Your annual review of your credit report

Looking over your credit report is an annual chore that most people don’t enjoy. But if you turn it into an occasion, it will be less tiresome and teach your kids about the importance of the task.

The day you plan to review your credit report, order a pizza, pour a few sodas and call the family together to join in on the activity. While you’re enjoying the meal, explain the document you’re looking at to your kids and discuss why you’re scrutinizing it so carefully. Let them see the report and ask questions if they have them.

When you’re finished, head out for a movie or a round of mini golf together. This approach will simultaneously introduce your kids to what a credit report is and show them that checking it is nothing to be intimidated by. Plus, you might start a new yearly tradition to look forward to!

5. When you’re turning down a retail credit card

At some point, your child will see you get offered a retail credit card at the checkout line. When you turn it down, use the opportunity to make it clear that it’s only a good idea to apply for credit you actually need. Follow up by explaining that doing otherwise can hurt your credit (new credit inquiries count for 10% of your score) and make it hard to keep track of your finances.

The bottom line: It may not seem like it, but there are a lot of opportunities out there to set a good credit example for your kids to follow. Use our tips above, and you’ll soon find yourself surrounded by credit experts!

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How do I stop my brain shrinkage?

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One of the very important questions that should be answered is: If my brain while I simply shrinks with age, is there a way to compensate for that? Yes! There are ways to maintain the health of your brain, even when advancing age, has shown that your body starts to decline, while advancing age, and one of the examples of what is going on while aging is the loss of a large amount of muscle mass, which is directly related to the process of offering our bodies "standard" age. All However, there are ways to prevent this collapse., for example, can reduce the size of the muscle mass that lose together regularly in the activities of lifting weights. despite the fact that your brain is the member most complex in humans, but if you trained him, like the rest of your muscles, can ease the contraction. Although the training process is somewhat different, but the concept of systematic attention stays the same, and almost similar to the allocation of time you spend in the game room, or lifting weights, or a walk, which helps to ensure the health fixed, we also need to train our brain.

You might ask yourself: Is it possible to train a wimp that really affects the brain and my intention to compensate for the loss of the crust? First, it is important to say as we have noted previously that there is an inherent variability, and may require training of some individuals more than others to achieve a level comparable to their peers. Regardless of this, the current evidence suggests that adults enjoy, on an individual level, the ability to change the structure of production of new brain growth. In fact, the researchers from the University of Hong Kong to make the adults involved in the task of learning a simple (similar to those used with children, with one simple adjustment), offering a colorful card and asks the participants to determine the name of the color, resulting in the growth of nervous. Researchers adjusted the task to provide the names of each of the vehicle colors shown, then make the participants learn the new names for later. Photos participants of university students MRI before three days of training, which consisted of five sessions the whole period of only two hours. It is worth noting that the magnetic resonance images that have been implemented after the training showed that all of the nineteen participants may have developed a new gray matter in the left half of their brains (mainly visual cortex) in this period is very short. What should be seen also on these results is that the job did not require effort or a lot of time, noting that the element of the job is important to the seriousness of the names of the words associated with colors are known, with the introduction of new names for the standard colors, it took new links, facilitated the need to re-learn the links , by contrast, thought that they stimulate the growth of the brain. Is also important to note that these participants were not children, proves that it can be seen in the growth of real people nervous adults.

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Different cognitive ability !!

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Like most things in our world, there is an inherent variability in our progress in life, which means in this case that all individuals are not either. When individuals advancing age, they change rates varied, and this includes, of course, one's cognitive ability, so it can not be assumed that if you made ​​in life, this or that kind of specific cognitive deficits. Individuals are persons, and the strengths and weaknesses that have in the course of your youth are likely to be similar to those that you see while advancing age. Is age factor that makes this more common, or life experience that you recognize what is good or witty it is that makes your disability more visible? It may be that a lot of individuals age applicants are fully aware of the deficit infected, but this does not even try to accomplish tasks they know they are not proficient in, people may wonder why.

Well, it may be lack of a sense of pleasure in doing something you do not want to do, or that they have accepted their poor performance (in any task that may performed by that person) and do not have the time or the will to challenge themselves, especially when they can another person or machine completed (Example: Calculator simple math). Generally, individuals are ahead is not affiliated with the school age, and no one of their duties, so if there is no challenge, you will not have a reason or desire to complete the tasks they know it is not fun. Are these the reasons for the infection of certain individuals with disabilities? Possible. But this does not appear clearly even now, then this boot has ensured that the material to think about them while I made some research on cognitive abilities in a variety of age during our progress below.

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New Account Bonuses Draw Bank Hoppers Trying to Cash In

Gone are the free thermoses and knife sets that once rewarded new checking or savings accounts. Now, banks and credit unions are using cash to attract depositors. The incentives may convince some people to switch banks, but others may be opening accounts just to collect the bonuses.

While the promotions may only bring you in the door, banks and credit unions are hoping they will spur the start of lasting relationships.

Bonuses are most often associated with opening checking and sometimes savings accounts. Neither are big money makers for financial institutions, but customers are more likely to shop for loans and other services where they bank, which can mean more income for the lender. Further, it doesn’t hurt the bottom line when new accounts are subject to a litany of fees or are required to use online services to cut costs.

Switching banks versus ‘churning’ accounts

Consumers who take advantage of these promotions generally fall into two groups: those who want a new primary bank or credit union and those who just want the bonuses.

The former will invest more time and consideration into choosing a new account, as they intend to use it for everyday needs, including depositing paychecks and paying bills. Issues with their current bank or a long-distance move could send this type of consumer in search of a lender with some very specific needs in mind. Bonus seekers, on the other hand, often will do only the minimum necessary to fulfill the terms and reap the rewards, closing the account after they’ve been collected.

`Switchers’

From 2008 to 2012, as many as 24 million customers abandoned big banks and went to smaller institutions, MarketWatch reported in April, citing data from Moebs Services, a research firm in Lake Bluff, Illinois. It said the flow has slowed considerably since then, to no more than 2 million a year. People switch banks for a variety of reasons, including location, cost and poor service. While down from 24% in 2010, 16% of consumers surveyed by J.D. Power said they had a problem with their bank this year. Bankers know – all other things being equal – a bonus may be all that’s needed to pry loose some disgruntled depositors.

`Churners’

“Churning” accounts usually refers to credit cards, where customers transfer balances to cards with more favorable rates and rewards for new business, but the term can also apply to those opening bank accounts based on proffered incentives. Message boards and personal-finance blogs are awash with chatter about promotions sought by deal chasers.

Because some banks, like JPMorgan Chase and Capital One often run several new business promotions in a month, a bank-hopper can open multiple accounts, add features to those they already hold and refer friends to maximize returns. If churners can deal with any restrictions, they may wind up with a few hundred dollars a year for their efforts.

How common is it?

Yet depositors are generally reluctant to change financial institutions where they have their primary accounts because it’s a hassle. Bain consultants estimated that banks in developed countries formed new relationships at a rate of only about 3% last year. Google Analytics show a sharp drop in web searches for “new account promotions,” “checking account bonuses” and similar terms since 2012, which may reflect a decline in the number of deals being offered as the U.S. economic recovery strengthens.

But you don’t have to look far to find a bank or credit union offering new account bonuses.

Here are highlights of some recent offers:

Capital One 360: Open a new 360 Checking account and receive a $50 bonus. It requires three debit card purchases within the first 45 days.

Citibank: To collect up to $100, a depositor who opens a new Citibank regular checking account must do so before July 31 and then engage in at least one of three online activities to get $10 each month, including making payments online, depositing a check with a mobile device or transferring funds using PopMoney. Those who opened an account on June 1 could reap the full $100 by satisfying all the terms by Dec. 31.

U.S. Bank: Newly enrolled depositors in U.S. Bank’s S.T.A.R.T. money-market savings program can get up to $100, provided they also open a new checking account, which both require small minimum deposits. By setting up recurring transfers from the checking into the money-market account, a new customer can get a $50 rewards Visa card once the transfers reach $1,000. The depositor must maintain a $1,000 minimum savings balance for a year to get a second $50 card.

Before jumping in, keep in mind that penalties may apply to accounts that are closed too soon. For example, both PNC Bank and Branch Banking & Trust charge $25 on accounts closed within 180 days.

Despite alluring bonuses, it may be difficult for most Americans to play this money-moving game with their primary account, even if they wanted to – which most don’t. Switching banks isn’t as simple as changing grocery stores. But cash incentives may be convincing for those who aren’t happy with their current institution.

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Story of a little Girl with His Parent ABOUT MASTERCARD !!!!!!!

My Mom Tells Me I Need a Credit Card, But My Dad Thinks I Should Wait — Help! When you’re a young adult trying to navigate a complicated financial world, getting conflicting financial advice is never easy. To make matters worse, there’s an important financial issue that seems to polarize people more than any other: credit cards. So what should you do if your mom is telling you to get a credit card, but your dad thinks you should wait? Take a look at the information below – the Nerds will help you sort through the details! Both of your parents have your best interest at heart First and foremost, it’s important to understand that both of your parents have your best interest at heart.

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My Mom Tells Me I Need a Credit Card, But My Dad Thinks I Should Wait — Help!

When you’re a young adult trying to navigate a complicated financial world, getting conflicting financial advice is never easy. To make matters worse, there’s an important financial issue that seems to polarize people more than any other: credit cards.

So what should you do if your mom is telling you to get a credit card, but your dad thinks you should wait? Take a look at the information below – the Nerds will help you sort through the details!

Both of your parents have your best interest at heart

First and foremost, it’s important to understand that both of your parents have your best interest at heart. There are valid reasons for suggesting both courses of action when it comes to time to consider getting a credit card.

On the one hand, your mom is probably concerned about you building your credit score. Since good credit is essential to renting an apartment, getting a good rate on an auto loan, and someday qualifying for a mortgage, she has valid reasons for encouraging you to get a credit card. This is because using a credit card responsibly is one of the easiest ways to start creating a good score.

On the other hand, your dad is probably concerned about the potential danger posed by credit cards. Getting into credit card debt is a common phenomenon – as of April 2014, the average household credit card debt in the United States stood at $15,191. This is problematic because interest rates on this type of plastic tend to be in the double digits; plus, carrying a balance can do damage to your credit score. It’s likely that your dad wants to help you avoid the pitfall of debt by recommending against credit altogether.

When it comes to credit, earlier can be better

Objectively speaking, building credit as soon as you can is usually a good idea. We’re not saying your mom is necessarily right, but there is a strong case to be made for getting a credit card as soon as you’re able to qualify.

For one thing, 15% of your credit score is determined by the length of your credit history. If you get a credit card in your late teens or early 20s and use it carefully, you’re helping bolster this portion of your score. Plus, with a demonstrated track record of handling borrowed money responsibly, getting other loans will be easier in the near term. Being able to access credit when you need it will make your financial life easier, and give you more opportunities to boost your score even further.

There are also long-term benefits to getting started with credit as soon as you can. Assuming you follow good credit card habits, you could have an entire decade of conscientious credit use under your belt by the time you’re ready to apply for a mortgage. This will put you in a good position to qualify for the best terms on your first home loan.

How to decide if getting a credit card now is right for you

There are definitely good reasons for getting a credit card as early as you can. But that doesn’t mean that this is the right course of action for every individual. If you’re on the fence about whether or not you’re ready for a credit card, here are a few questions to help make it clearer:

• Am I financially disciplined? Getting a credit card to build good credit only works if you pay your bills on time and in full. If you need to work on your money habits, do so before applying for your first card.


• Do I make enough money? According to the CARD Act of 2009, you’ll need to demonstrate that you have the ability to pay before you’ll be approved for a credit card. If you don’t make a big enough income, a cosigner might be necessary. In the event you can’t find one, holding off on getting a credit card until you have a full-time job may be your best bet.


• Do I understand how credit cards work? It’s easy to make mistakes with your card when you don’t totally understand how it works. Get educated before you submit your application.

The takeaway: There are good reasons to consider getting a credit card as soon as you can, but it’s important to think hard about your own habits and finances before pulling the trigger. And remember, the Nerds are always here to guide you through tough financial decisions – check back often for more helpful tips!

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3 Credit Score Blunders Even the Financially Savvy Might Be Making

If you’re financially savvy, you may smirk when you come across articles with titles like “How to Build Your Credit From Scratch” or “How to Fix Your Credit Score.” After all, you make good financial decisions and surely have great credit. However, due to misinformation and mistakes, you may be hurting your credit without realizing it. Here are three credit mistakes you and other financially savvy people might be making.

#1. Assuming your credit is fine

When you’re doing everything right financially, it can be easy to disregard advice like “check your credit reports each year.” After all, you’re financially responsible. Why would you need to verify that fact by pulling your reports? Well, credit agencies and reporting lenders are far from infallible, and mistakes occur on credit reports all the time. These mistakes are then used when calculating your credit score.

Check all three of your credit reports each year by going to annualcreditreport.com. One mistake could mean the difference between a fair credit score and an excellent score — and an excellent one will get you much better terms on future credit accounts.

#2. Carrying a small balance on your credit cards from month-to-month

You know what goes into their credit score — payment history, credit utilization, length of credit history, types of credit in use and new credit. But you may misunderstand credit utilization to mean you should carry a balance over from one month to the next. Technically, your score will benefit more with a utilization of 1-30% than 0%, but you can still attain this without paying interest. Here’s how it works:

enders report credit card balances once a month, usually in the middle of a statement period. This means as long as you’re using your card regularly, a balance will be reported for utilization’s sake without costing you any interest. Always pay your entire balance by the due date — your credit will be fine.

#3. Not using credit at all

The financially savvy avoid debt that doesn’t provide a better return than the interest rate of said debt. However, you don’t have to avoid credit entirely in order to keep from paying interest. By using a credit card and paying off the balance in full each month, you can get a short-term interest-free loan, earn cash or travel rewards and enjoy the perks that come along with many credit cards — like extended warranties on purchases and fraud protection.

Another major benefit of regular credit card usage is building a good credit history. A solid credit score can get you approved for the best credit terms, an apartment, a cell phone, a low car insurance rate or a job. The truth is, good credit is generally how lenders and other companies determine whether or not you’re financially savvy.

Use credit. Even if you’re debt averse, a good credit score will open up a world of opportunity for you.

Bottom line: Everyone has something to learn about credit, including the financially savvy. Make sure you’re checking your credit regularly, paying off your credit card balances in full each month, and using credit — responsibly, of course!

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