Where Are STEM Salaries Highest?

NerdWallet took a look at average STEM salaries across the country. As expected, the San Jose and San Francisco metro areas came in on top. However, a few interesting (and unexpected) places also made the list, like Bridgeport, CT and Bakersfield, CA. For more information, check out NerdWallet’s study that found the best places for STEM grads.

Looking for more interesting data visualizations? Click here.

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Why is My Credit Card Being Rejected Online?

There are few things more vexing than entering all your credit card info to purchase something online, only to have your credit card rejected. You know the card is good. You know you entered the info correctly. So why was your darn credit card rejected online?

The reasons why your credit card gets rejected for online purchases generally are technology-related, somewhere along all the pinging and ponging of signals from one computer to another. We’ll go over those in a moment.

Credit card rejected online due to: Illegal transactions

First, however, be aware that most systems are pretty attuned to online gambling and other illegal transactions at this point. If you are trying to charge a gambling deposit, you may find your credit card rejected. In other cases, you’ll get accepted but immediately get a call from your card’s security department asking if the charge is legitimate.

The reason is that banks that facilitate illegal transactions can themselves be considered as aiding and abetting an illegal activity. They don’t want the hassle.

Due to: Overseas transactions

Your credit card may be rejected if you attempt an international purchase, especially from China. This is a general security feature that almost all U.S. banks have in place. The first reason is that thieves are more likely to charge fraudulent purchases from overseas to make it more difficult for law enforcement to track them.

The second reason is that most illegal credit card transactions occur in foreign jurisdictions.

Due to: Fraud protection

The double-edged sword of credit card companies being held liable for fraudulent charges (instead of the consumer) is that they are hyper-vigilant over anything that looks suspicious. This could be anything. It might be a very large purchase, because you usually only make small purchases.

It could be a purchase at an electronics store when you normally never charge anything from that category. It may be many transactions in a very short period of time. Whatever it is, it’s based mostly on your spending habits and that you stepped outside the box.

Due to: You have a pending hold

This usually occurs with travel. If you’ve rented a car and checked into a hotel in close proximity, both the car rental company and hotel will tack on deposits to your card to make sure you pay what you end up owing.

In these cases, you may send your card over its limit.

Due to: Your card status changed

Are you an authorized user on someone else’s credit card? Your credit card will be rejected if that person has removed you.

Due to: Everyday mistakes

• You entered the information incorrectly.


• You have an old address or phone number still on file.


• You reached your credit limit.


• You aren’t up to date on card payments and the issuer cut you off.


• Your card has expired.

What to do

First, double-check that you’ve entered all your information correctly. If you still are being rejected, then contact the credit card company — if they haven’t contacted you first. For anything illegal or suspicious, they will likely get in touch with you.

Nobody else will tell you this, but we will – if you’ve been dumped as an authorized user, you may have bigger problems. Somebody de-authorized you without telling you. If it’s a spouse, that may be a tip-off that your marriage is in trouble. If it’s a parent, they may have lost trust in you. Get on top of your personal life situation right away.

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How to Make 3 Good Credit Moves Even Better

If you’re trying to improve your credit score, you’ve probably been poking around the Internet for tips and tricks. But let’s face it: Finding reliable information is tough. As a result, stumbling on a good suggestion can feel like striking gold.

But the Nerds don’t think that good credit-enhancement tips are enough. To take your score to the next level, we’ll help you make those moves even better. Let’s dive in!

Good move: Paying you credit card bill on time

Better move: Making a mid-cycle payment to your card, before your information is reported to the credit bureaus

Paying your bills on time is the most important thing you can do to achieve and maintain good credit. In the FICO scoring model, payment history makes up 35% of your credit score, so it’s wise to make timely bill payments a priority.

But you might also want to consider making an additional, mid-cycle payment to your card. Here’s why: Roughly once a month, your card issuer sends notice to the 3 major credit bureaus about your balance and recent payments. If you’re utilizing more than 30% of your available credit at that time, your score could be taking a hit – even if you end up paying off the whole balance when the bill comes due.

To present the best possible picture to the credit bureaus, pay off your balance about a week before your data is reported, then again when the bill for the rest of your monthly charges is issued. This will ensure that both the payment history and credit utilization portions of your score stay in tip-top shape.

Nerd note: To find out what day of the month your issuer pulls your payment and balance information, place a call to its customer service hotline. They should have no trouble filling you in!

Good move: Increasing your available credit by opening new credit cards

Better move: Applying for a credit line increase on your existing cards

Thirty percent of your credit score is heavily influenced by your credit utilization ratio, which is the amount you owe on your credit cards compared with your available credit. Ideally, you shouldn’t use more than 30% of your available credit on any card at any point during the month.

But if you’re in credit card debt and looking for ways to minimize damage to your score, you might consider opening up new cards to increase your available credit. This will improve your credit utilization ratio, but it might take a bite out of a different part of your score, the 15% that’s made up of the length of your credit history.

When determining this portion of your score, one of the factors the FICO model looks at is the average age of all of your credit accounts. When you’ve just opened a new card, that average age goes down – and so might your score.

Plus, opening several new cards at once could cause a loss of points to yet another part of your score, the 10% that comes from new credit inquiries. In general, applying for a bunch of credit cards in a short time reflects negatively on your score.

To avoid both of these pitfalls, call up the issuers of the cards you have and try to get a credit line increase. This could count as a new credit inquiry and ding your score by a few points in the short term, but over the long term the points you’ll gain by decreasing your credit utilization ratio will be worth it. And, of course, work on paying down your credit card debt at the same time.

Good move: Getting a credit card as soon as you graduate from college

Better move: Getting a credit card while you’re still in college

Again, the length of your credit history makes up 15% of your credit score. This means that the sooner you get started with using credit, the better. Since a credit card is the easiest way to do so, consider getting a credit card and using it responsibly while you’re still in college to step out on the right foot after graduation.

Granted, this might be difficult. The CARD Act of 2009 stipulates that issuers must verify that a borrower’s income is sufficient to make payments before approving his or her application – making enough money to qualify is tough if you’re a full-time student.

Still, there are some credit cards for college students that are worth checking out. You can also try to find a co-signer if you’re having trouble getting a card on your own. Just be sure to pay your bills on time and in full, and you’ll be on your way to credit success!

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My Sister Is 27 and Still Doesn’t Have a Credit Card – How Can I Help Her Get Started?

We’re often told that family and finances don’t mix. But if you’re close to a sibling that’s making a major money mistake, you might feel comfortable stepping in to help.

For example, what if your sister is 27 and still doesn’t have a credit card? If you want to help her get started, take a look at the details below – the Nerds have a few ideas to make the conversation more manageable!

Figure out why she’s hesitating to get a credit card

The first way step toward helping your sister understand why getting started with credit is important is to figure out why she’s hesitating. People have complicated feelings about credit cards, so listen carefully to her concerns.

If she’s having a hard time explaining herself, here are a few questions to get the dialogue going:

• Are you worried about getting into credit card debt?


• Do you understand how credit cards work?


• Do you know the difference between credit cards and debit cards?


• Why did you decide not to get a credit card when your friends got theirs?


• Do you know what your credit score is?

Educate her about the finer points of credit card use

The next step in getting your sister started with plastic is explaining the finer points of credit card use; you’ll want to go over the essentials of both how credit cards work and how using them responsibly can benefit her finances overall. Knowledge is power, so giving her the facts will help her feel ready to tackle this new challenge.

Feel free to use your best judgment and her answers to the questions above to decide which of the following points to elaborate on; however, it’s probably a good idea to at least touch on all of them:

Making payments – Explain credit cards are essentially short-term loans. This means that bills come every month, and paying them on time is essential to building and maintaining a good credit score.

Spending – Clarify that there’s nothing wrong with using a credit card for all of her regular purchases, but that spending more than she can afford to pay off in one month could spell trouble. Credit card debt is expensive, but it can also hurt her credit score if she allows her credit utilization ratio to creep above 30%.

Interest – Discuss the fact that interest is only charged when you roll a balance over from month to month; this will help drive home the point about avoiding overspending.

Fees – Go over a few common credit card fees, such as late fees, annual fees, and foreign transaction fees. Emphasize that nearly all fees are avoidable if she’s managing her card usage properly.

Credit – Explain that using a credit card responsibly (paying bills on time and staying out of debt) is a great way to create a good credit profile. This, in turn, will make it much easier to rent an apartment, set up utilities and qualify for other loans.

Rewards – Aside from the convenience and credit-building opportunities that plastic provides, it’s also worth pointing out that she could be earning rewards on all of her regular spending. Briefly discuss that rewards can come in many flavors, so there’s definitely something out there that’s right for her.

A word of caution: Keep boundaries in mind

The Nerds understand why you’re concerned about an adult sibling that’s shunning credit – after all, she’s missing out on so much! But remember that everyone has his or her own way of managing money, so it’s important not to push too hard.

If your sister becomes uncomfortable with the conversation or listens politely but confesses that she’ll probably just keep doing what she’s doing, drop the subject for now. Respect the boundaries she’s setting and resist the urge to keep prodding her about it. At the end of the day, she’s an adult who’s capable of making her own financial choices – but she’s lucky to have a brother or sister who cares so much!

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Will My Credit Score Increase As I Age?

As you get older — and hopefully wiser — you’re supposed to become more responsible. You’ve likely stopped rotating spaghetti and ramen noodles as your only two “home-cooked” meals, probably traded out your clubbing heels for sensible walking flats, and maybe started getting annual checkups instead of ignoring your aches and pains.

The question is: Does the credit industry recognize this maturity and throw you a few extra credit score points as you age? No, but your age may indirectly affect your credit. Here’s what you need to know about the relationship between age and credit scores.

First things first: Is my age a factor in my credit score?

Your credit score is made up of five factors — payment history (35%), credit utilization (30%), length of credit history (15%), types of credit in use (10%) and new credit (10%). So age isn’t a direct factor. However, the third factor — length of credit history — may be heavily influenced by age. Let’s start with what “length of credit history” really means.

The length of credit history takes into account the ages of your newest and oldest accounts, as well as an average length of all of your credit accounts. The longer the average age of your credit accounts, the better. Which means as you get older, your credit score will likely go up, provided you’re practicing good credit habits.

How do I increase the average age of my credit accounts?

Patience is the name of the game when it comes to increasing the average age of your accounts. However, there are a few things you can do.

• 
  

  Don’t cancel credit accounts, especially your oldest accounts. Let’s say you have one credit card that’s seven years old and two that you applied for this year. If you cancel the oldest card, your score will likely drop quite a bit. Keep your oldest credit cards open. If you absolutely want to cancel a card or two, get rid of younger cards you don’t use much.

  
  


• 
  

  Don’t apply for too many new accounts. Each time you get approved for a new account, your length of credit history will go down. Really think about which credit cards you want and try to use your oldest cards occasionally.

  
  


• 
  

  Get added as an authorized user on an old card of a friend or relative. If someone wants to help you increase the average age of your accounts, you can ask him to add you as an authorized user on his oldest card. This only makes sense if this person has a pretty old credit account — meaning one or two years old is probably not sufficient. Also, make sure he verifies with his card issuer that authorized users are reported to the credit agencies.

  
  

Length of credit history is only part of the equation …

While it’s great to lengthen the average age of your credit accounts, this factor is only 15% of the credit score equation. In order to build an excellent credit score, you’ll need to practice good credit habits all around. Most importantly, you need to make all of your payments on time and keep your debt balance to credit limit ratio below 30%. Don’t rely on the aging process to fix your credit issues — no number of years passing will get you an excellent score if you’re constantly paying your bills late.

Bottom line: While age isn’t a direct factor in your credit score, length of credit accounts can be heavily influenced as the years go by. To increase the average age of your credit accounts, don’t cancel old cards, don’t apply for too many new cards, and/or ask a loved one to add you as an authorized user on his oldest credit account. Also, don’t ignore the other factors that make up your credit score.

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3 Lame Excuses for Overspending on Credit Cards – And How to Conquer Them

If you have a history of overspending on credit cards, you’ve probably gotten pretty good at rationalizing your bad habit. But the truth is that charging too much to your card is no laughing matter; it’s costly (interest really adds up!) and could put your credit score in danger.

With that in mind, the Nerds are here to bust 3 lame excuses for overspending on credit cards. If you need some tough love, take a look at the details below!

1. “My friends pressured me to go to the mall”

Peer pressure doesn’t end in high school – adults can really lay it on thick. If your friends convince you to go shopping when you’re trying to stick to a budget, you could be putting yourself in temptation’s way.

The obvious way to get past this is to simply say “no” to an invitation to the mall. If you still want some social time, invite them over to your place for a cheap cocktail hour or a potluck dinner. There’s no rule that says trimming your credit card balance has to be boring!

If you really want to join in on a shopping trip, a good way to control your swiping is to leave the credit cards at home. Hit an ATM and take out an amount of cash you’re comfortable spending – when it’s gone, it’s gone. This way, your pals can’t talk you into buying an overpriced item that looks so good on you. You won’t be able to!

2. “I had a bad day/week/month and deserve a treat”

Spending as a way to relieve stress is something a lot of us can relate to. But the next time you’re trying to justify maxing out your card for a last-minute getaway or another takeout meal, consider whether you “deserve” the repercussions that will come with the purchase.

For example, let’s say you’re coming off of a stressful month at work, so you decide to max out your credit card to take a last-minute vacation. In an effort to unwind, you drop $5,000 that you can’t afford to pay off when the bill comes due. If we assume that your card’s APR is 15%, you’ll get hit with an interest charge of roughly $63 the following month. If you let that balance linger, you could end up tacking hundreds of dollars onto that $5,000 getaway.

What’s more, maxing out your credit card could cause your credit score to plummet. Since your credit utilization ratio will shoot up – remember, this factors heavily into 30% of your score – you should expect it to drop substantially. This will make it harder to rent your next apartment or qualify for a car loan.

These outcomes are definitely not worth it. You deserve to de-stress and build a healthy financial future; if you’re upset or anxious, put your credit card down and go for a long walk or call a friend. Pretty soon, you’ll forget all about that expensive treat!

3. “I’m getting a bonus soon – I’ll pay it off then”

We all get excited about the future, but spending too much because you’re anticipating a windfall is a dangerous game to play. First of all, there’s always the possibility that a bonus or a raise won’t come through. If you just spent $2,000 on a new flat screen TV in anticipation of a bonus, having it yanked at the last minute could put you in financial trouble.

And again, there’s the interest rate issue to consider. Even if your bonus does come in on schedule, buying something because you want it now will result in paying more if the charge stays on your card for a few months.

The best way to get past this excuse is to remind yourself that you’re a grown-up, and grown-ups are sensible. In this case, the sensible thing to do is be patient and wait for the extra cash to hit your account. That way, you can use your credit card to buy it and pay off the balance right away. Delaying gratification is tough, but it’s an essential part of making good financial choices.

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Know Your Credit Score For These 4 Occasions

Your credit score — the three-digit number between 300 and 850 that determines your creditworthiness — is important for acquiring credit and proving financial responsibility to non-lenders. Here are four occasions when you should know your credit score.

#1. You’re moving.

Whether you’re buying a house or moving to a new apartment, good credit will make it easier and cheaper for you. An excellent credit score will get you the best mortgage terms possible. While it may not seem important, a 1% difference in interest rate can be a huge chunk of money saved.

If you’re renting, a good credit score will help you get approved for a new place. Also, people with good credit will often have to pay a lower security deposit than those with poor credit, as rental managers aren’t as worried about not getting paid in a timely manner with a creditworthy individual.

By knowing your credit score before you make your move, you’ll be better equipped to increase it to get approved and get the best rates, or prepare yourself for what your rates or deposit will likely be.

#2. You’re applying for new credit.

An excellent credit score will get you approved for the best terms on other credit accounts, including personal and car loans. Having poor credit can cost you hundreds, or even thousands, in interest accrued. Check your credit score before you apply for credit and postpone your application to work on improving your credit if necessary and possible.

#3. You’re getting married.

According to a recent study by Experian, 96% of adults put a high priority on financial compatibility with their mates. This trailed behind only family and life goals and ranked higher than sexual, religious and political compatibility. On top of this, half of all respondents said that their potential spouse’s credit score was important to them.

Before you say “I do,” you and your spouse should discuss your respective finances, including credit scores, debt loads, savings balances and financial priorities. Pull your score and ask your future spouse to do the same so there are no surprises when the honeymoon is over.

#4. You’re getting divorced.

If you’re splitting from your spouse, he or she won’t get your credit score in the settlement. However, divorce can hurt your credit indirectly. If any credit accounts are in your name, it doesn’t matter who the judge orders to pay the balances, your credit will be damaged if they go unpaid. Also, you should split your accounts right away. A vindictive ex with access to your accounts can easily run up bills you can’t afford, hurting your credit. Know your credit score so you can monitor it for changes following your divorce due to a non-paying former spouse.

Another credit issue with divorce: Many people are under the impression that if their spouse has good credit, they don’t need to build theirs. This is totally untrue. In the case of death or divorce, you need a good credit score to help you obtain credit or prove your financial responsibility. Know your score and work to improve it if you’ve been relying on your spouse’s good credit.

How do I check my credit score?

While it may be tempting to use a free score service, you should opt for a FICO score — the most widely used score in the United States. Your credit card issuer may offer this for free. If not, you’ll have to purchase your score. You can buy your scores directly from each of the three major credit reporting agencies:

• 
  

  Equifax

  
  


• 
  

  Experian

  
  


• 
  

  TransUnion

  
  

If your score isn’t up to par, use these five steps to build your credit.

Bottom line: Check your credit score if you’re moving, applying for new credit, getting married or getting divorced. Unless your credit card issuer offers a free score, you’ll have to pay for this privilege. You can purchase your credit scores directly from the reporting agencies.

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