Latest news with #MichaelSullivan
Yahoo
09-07-2025
- Business
- Yahoo
Can I get a loan with a 550 credit score?
It's possible to qualify for a loan with a 550 credit score. However, the lower your credit score, the higher your personal loan interest rate will be. Consider using a cosigner or applying for a secured loan to increase your approval odds. If you improve your credit score before applying, you may qualify for more attractive loan terms. Compare offers from multiple lenders and prequalify if possible to find the best deal. One of the benefits of having a high credit score is that it's easier to qualify for loans— and at better terms. While it is still possible to get a loan with a 550 credit score, it's often more difficult to get approved, and you'll likely face less favorable rates and terms. Lenders use your credit score to assess your risk as a borrower. Lower scores may mean that you've missed payments or have defaulted on loans in the past, and may be less likely to repay your debt as agreed. Most lenders require a minimum credit score between 600 and 650 to minimize that risk. However, some have lower score requirements. Before you apply for a bad credit loan, consider your current financial situation, when you need the loan and the financing options you may have. Yes, you can get a loan with a low credit score. But just because you can, doesn't mean you should. 'This type of loan is a specialty for very few lenders who have forceful collection arms and a capacity for risk,' says Michael Sullivan, the director of education with nonprofit credit counseling agency Take Charge America. 'Any lender dealing in such loans expects many defaults and losses, and acts accordingly. The result is that a personal loan is almost always a bad deal for the consumer with poor credit.' Having a credit score of 550 might affect your borrowing experience in a number of ways. A higher interest rate: Your credit score is the top factor determining your interest rates with most lenders. Charging a higher APR helps lenders minimize possible losses. A smaller loan amount: Lenders think a low credit score means a borrower is more likely to fail to repay a loan. As a result, they may limit the amount you can borrow to reduce the chance that you'll stop repaying the debt. A shorter repayment term: With a low credit score, you're unlikely to qualify for a lender's maximum terms since extended repayment means more time to default. Unfortunately, a shorter repayment term means higher monthly payments, which could be harder to keep up with. Aggressive debt collection tactics: Lenders who knowingly take on higher risk may be prepared for potential consequences and may be more apt to utilize debt collection to get what's owed. Payday loans are notorious for making incessant and harrassing phone calls and threatening legal action if you fail to make your payment. Know your rights Even if you've fallen behind on payments, you still have consumer credit protection. The Fair Debt Collection Practices Act (FDCPA) specifically protects borrowers from unfair, deceptive or abusive practices by debt collectors. For example, it sets time limits on when collectors can contact you and prohibits harassing language. While it's not the worst possible credit score, 550 is not considered a good credit score. The Fair Isaac Corporation (FICO), which is one of the most widely used credit scoring models, categorizes credit scores of 579 or lower as poor and the Consumer Financial Protection Bureau (CFPB) considers a 550 FICO Score 'deep subprime' — in both cases, the lowest credit tier. If you have a low credit score, you aren't alone. According to Experian, one of the three major credit bureaus, 13.2% of consumers had a poor credit score in late 2024. Still, you'll want to do the work to repair your credit as a low score can affect your finances in several ways, including costing you more money to borrow, if you even qualify. Lenders view a lower score as a sign of risk. To offset loss from potential missed payments or a defaulted loan, they tend to charge a higher interest rate if the borrower has bad credit. Average personal loan interest rates reflect this practice, with bad credit borrowers getting rates up to 35.99 percent at many lenders — or even into the triple digits. Learn more: Today's average personal loan rates A realistic look at the cost of bad credit Suppose you need to borrow $15,000. With excellent credit, you may receive a rate of 11 percent. Over a 48-month repayment term, your monthly payments would be about $388, and you'd pay $3,608 in total interest. That same loan with bad credit is significantly more expensive. With a 550 credit score, you may receive a lender's top-end rate, which is often 35.99 percent. Your monthly payment would be $594, and you'd pay a whopping $13,492 in interest. In this example, you'd pay an additional $10,000 in interest over the life of your loan if you have bad credit. Personal loans: If you need to borrow a large sum of money, a personal loan may be the best option. While rates can be as high as 36 percent, the repayment term is typically longer than other financing options. Personal loans are available through banks, credit unions and online lenders. Secured loans: Some lenders allow you to secure your personal loan with collateral, like a house, car or other item of value. You'll generally get better loan terms, but you risk losing your asset if you default on the loan. Small loan from a credit union or bank: Some banks may offer existing members a small loan with a short term. 'Often, having an existing relationship with a community institution is helpful, as they usually have more flexibility and may be willing to take a holistic look at your finances and evaluate your application based on more than just your credit score,' says debt attorney and finance expert Leslie Tayne, founder of Tayne Law Group. Joint loans: Consider using a cosigner or co-borrower with a solid credit score if you're unable to qualify on your own. 'Many lenders will provide loans if they are guaranteed by someone with good credit,' Sullivan says. Just make sure you manage the loan responsibly. If not, you'll negatively impact your cosigner's credit. Buy now pay later (BNPL): Depending on how much you need and what you're financing, you may be able to use buy now pay later, which offers short-term financing typically with no credit check or interest charged. But beware: a recent BNPL survey from Bankrate found that about half of BNPL users have experienced issues. Additionally, if you miss payments, you could be charged a late fee and be reported to the credit bureaus. Payday alternative loans (PALs): A safer option than payday loans, PALs are offered by federal credit unions and often come with high interest rates, capped at 28 percent. They typically have lower fees and longer repayment terms than payday loans, but you'll likely need to be a member of the credit union offering this option. Payday loans: With APRs that can exceed 400 percent, payday loans are dangerous. The max amount you can usually borrow from a payday loan is $500, and the balance is due in full by your next pay day. With such a short repayment term and exorbitant rate, payday loans are a risky option for any borrower. If you decide to get a personal loan, finding one with a 550 credit score will be more challenging. It's important to be thoroughly prepared to navigate the process. Do your research. Eligibility guidelines and products can vary widely by lender. It's important to research and compare personal loans and their lenders to find out which lender and loan product is best for you. Shop around and prequalify. Compare rates and terms to get the best deal for your situation. Some lenders allow you to prequalify for a personal loan, which provides you with more customized loan offers without hurting your credit score. Choose a lender and apply for your loan: Once you decide to apply, a full application will result in a hard credit check, which can temporarily drop your score. Make sure you understand the terms of the loan, as you'll likely have more limitations and higher interest rates because of your score. Make on-time payments: Consistently making on-time payments for at least the minimum amount due each month and paying down that debt can help rebuild your credit score. Remember, payment history and credit utilization are the two biggest factors in credit scoring. Bankrate tip Repaired credit doesn't happen overnight. It may take several months to see a meaningful improvement, but taking these actions may help you get speedier results: Review your credit score for errors and dispute any your find. Pay down credit balances to improve your credit utilization. Become an authorized user on a responsible person's account Use credit-building apps and services, like Experian Boost, to report on-time rent payments and utility bills Getting a personal loan with a 550 credit score is possible, but you'll need to invest time in shopping around to find lenders willing to work with you. This is time well spent, as it will also allow you to find the best personal loan interest rate possible for your situation. If you cannot get a personal loan with bad credit, consider redirecting your efforts toward improving your credit score. When your credit profile has improved, reapply for a loan. Sign in to access your portfolio
Yahoo
02-07-2025
- Business
- Yahoo
7 Dangerous Assumptions You Should Not Make When Using a Credit Card
Using a credit card is something many Americans do on a regular basis. According to the latest data from the Federal Reserve, 82% of U.S. adults have a credit card, and according to FICO, nearly half the U.S. population (46%) opened at least one new account over the past year. Find Out: Read Next: Although credit card use is common, many Americans don't really know all the ins and outs of how they work. Here are some of the dangerous assumptions you should not make when using a credit card. There are many reasons you may no longer use a credit card. Perhaps you opened a store credit card and find you don't really shop there anymore, or maybe you opened a card with better perks and you no longer need your older one for everyday purchases. Your instinct might be to close your unused card out, but this is a mistake. 'Closing a credit card decreases available credit and also erases some history from your credit report,' said Michael Sullivan, a personal finance consultant at Take Charge America, a nonprofit credit counseling agency. 'Both of these harm your credit score. Unless a card has an annual fee, the best solution for an unused card is to cut it up.' Be Aware: You might assume that the due date is the best time to pay a credit card bill, but this isn't necessarily the case. 'It is never good to be late with a payment, but there are many times when it is smart to make a payment before the due date,' Sullivan said. 'Sometimes it can free up needed credit, but it always improves credit scores by lowering credit utilization.' Sullivan said that some consumers go so far as to make a payment after every use to make sure the balance doesn't grow out of control, while also maximizing their credit scores. 'They are really paying cash for each purchase while still getting the benefits of a credit card, such as warranties, the convenience of not carrying cash and credit card rewards,' he said. Not all credit card reward structures are the same, so it's worth to do some shopping around before deciding on the card that's best for you. In general, Sullivan believes you should opt for a cash-back card versus one that offers points. 'Rewards points have only the value that the credit card company assigns,' he said. 'Travel points often become devalued as airlines increase mileage or point requirements. Points also need to accumulate over time to enable major purchases or trips. In the interim, many things can happen.' Cash-back cards, on the other hand, provide more flexibility. 'Cash can be used for any trip or any purchase,' Sullivan said. 'But all cash-back cards are not created equal. Some provide a flat percentage on all purchases, while others offer more for gasoline purchases, groceries or other categories. 'A highly organized consumer can use one card for gasoline and a different card for groceries, or just use one card and plan to balance out returns,' he continued. 'In any case, consumers should get a cash-back card and have the rewards applied or refunded monthly.' When money is short, you might assume that credit card payments are the bills to pay late, since one missed payment does not generate much harassment. 'Credit card companies may not mind a missed payment, but it is because they collect a significant fee,' Sullivan said. 'In addition to the high interest, most companies charge $35 or more for missing a payment. In addition, they notify the credit reporting agencies of the missed payment after 30 days, and that notice will affect the consumer's credit score for 84 months.' It is often less costly to miss a payment with a lender that does not report late payments. 'Many small companies, utilities and public services do not report,' Sullivan said. When an unexpected expense pops up, you might think that using a credit card is your best bet since you don't have to pay it off right away. However, this is likely not the best option. 'While a credit card can be helpful in emergencies, this shouldn't be your go-to protection,' said Andrea Woroch, consumer finance expert and writer for 'You should have an emergency fund with three to six months of living expenses to avoid using a credit card and digging yourself into debt.' Nearly half of all American households (46%) have credit card debt, according to the latest available data from the Federal Reserve Bank of St. Louis. While having credit card debt is 'normal,' this does not mean it's OK. 'Debt is stealing from your future,' said Jay Zigmont, Ph.D., CFP, founder of Childfree Trust. 'Credit cards are some of the highest interest debt out there. If you carry a balance on your credit card, you are effectively paying 20% to 30% more each year for each thing you buy. Try to pay off your credit cards completely each month, and don't carry debt.' Some Americans believe they are using their credit cards responsibly if they are able to make the minimum monthly payment on time every month. However, you should be aiming to pay your bill in full each month. 'If you pay just the monthly minimum payments, it may take you 10 years or more to pay it off,' Zigmont said. 'In some cases you aren't even covering the interest. Credit card companies love when you make minimum payments because it maximizes how much interest they can get from you over years.' More From GOBankingRates Here's the Minimum Salary Required To Be Considered Upper Class in 2025 This article originally appeared on 7 Dangerous Assumptions You Should Not Make When Using a Credit Card Sign in to access your portfolio
New York Times
20-06-2025
- Lifestyle
- New York Times
Drinking Glasses Are a Great Gift. Here Are 14 Truly Special Ones.
In this edition of The Gift, we dish on our favorite glassware for gifting. Plus: more ideas for a beautifully set table, a great deal on a 'holy grail' white T-shirt, and what to give a classroom helper. A few years ago, I was fresh off a breakup, living in a new place of my own. Everything around me was new: I was in an unfamiliar part of town, my bangs were freshly shortened (as is the age-old tradition of any breakup), and I was even starting a brand-new job — this one, actually. All this newness was by design. I thought that surrounding myself with novelty would speed up the process of dealing with the change I was most trying to ignore. I needed (or at least felt like buying) some new drinking glasses, and without thinking too much about it, I ordered a set of basic bistro-style cups, which came highly recommended by Wirecutter kitchen expert Michael Sullivan. When they arrived, though, I realized I had accidentally veered from my perfect plan of new-things-only. In my hands were the exact same drinking glasses I had grown up with. I had somehow cosmically stumbled toward an ever-present fixture of my childhood home. I tucked the glasses into my barren cabinets, and my new apartment suddenly felt more familiar. And familiarity felt surprisingly good. There is a quiet beauty in giving an elevated, everyday home item as a gift. Good glassware, for example, might delight your recipient in the gift-giving moment, maybe because it's unique, beautiful, or, as in my case, even a bit sentimental. But then? It just does its job, fading into the background of your recipient's life. Your giftee will hopefully use your present for years and years — and it can become a comforting fixture in their lives, just as these tumblers have been in mine. To that end, here are some truly special glasses, mugs, and cups that we think would make great gifts: If it's whimsy you're after, gifts expert Mari Uyehara loves these unique tumblers: these fruit and animal ones are catching our eyes in particular — and they have a new set of dog offerings (which are going to be a problem for me, personally). For impressing your coolest, most aesthetic friend, home-decor writer Ivy Elrod recommends these unique face vessels that are, as she puts it, 'nothing short of a true delight.' Each one is handcrafted, resulting in a one-of-a-kind, multi-colored, cheery, smiling face. Kitchen editor Gabriella Gershenson loves these colored coupe glasses for jazzing up cocktails and sparkling wine. 'I bought a pair for my husband for our anniversary. The blue tint is luminescent, and they're thin and wonderfully delicate,' she says. And for injecting a splash of color into your everyday drinking glasses, I'm eyeing the shorter, multi-colored version of my prized Duralex glasses. Your favorite beer aficionado might appreciate these glasses shaped like beer cans. They're simple, but something about drinking out of one might make you feel like you're grabbing dinner at your local brewery. And on a similar note, these Wirecutter-favorite Teku beer glasses are a nice way to class up your pizza-and-beer nights at home. (Or pizza-and-hop-water nights?) For a bit of a splurge, gifts editor Hannah Morrill is eyeing a few Japanese Kimura Glass vessels that are striking in their simplicity: This martini glass is, in her words, 'perfection.' They make coupe glasses, too, which Hannah says would be a great gift 'for the couple who enjoys a drink together every night.' And this crumpled old-fashioned glass would be good for a certain unwinds-in-their-armchair type. Let's not forget the morning joe: These porcelain tumblers look like crushed Solo cups — and when they're not busy moonlighting as a piece of home decor, would do well as a coffee cup by morning. This cheeky cup, the ceramic version of the classic New York City takeout coffee cup, doesn't look too shabby on display, either. I have one on my desk most days, and it somehow makes me feel sentimental for a place I've never lived. Wirecutter's guide to the best drinking glasses→ Whether you're setting a candlelit table for a party, a date with your honey, or mac and cheese for one, our favorites make any occasion feel special. From festive melamine and bamboo plates to classic enamelware, our favorite outdoor tableware pieces are perfect for taking dinner outside. These durable enamelware tumblers are ideal for outdoor dining, but they're also great indoors — whether on a desk, at a well-set dining table, or by your bedside. I'm a third-grade teacher. And I want to get something special and fun for my classroom TA as an end-of-the-year gift. He's been with my class since January and is so helpful, smart, and a joy to work with. I want to thank him with something fun for the summer, preferably something he can enjoy with his husband and their 8-year-old daughter. Thank you! — E.D. From gifting expert Mari Uyehara: For amusement, the storytelling card game Dixit is a fave of many Wirecutter staffers. I've played it with ages 7 to 77 years old many times over — and when we've tried it with kids' friends, we usually get a text from parents asking for the name of the game that their child is now evangelizing. My almost-8-year-old, crazy-smart niece is also a big fan of the Crazy Forts building set. On the noshing front, my boyfriend's tween daughter loves their air-popping popcorn machine; pair it with this excellent movie night what-should-we-watch solver. Multiple subsets of my extended family have had a blast tasting and debating our way through this sampler of hard-to-find Japanese snacks. If you can tease out your TA's address and freezer-space situation, this gift pack of hulking chip ice cream sandwiches would make for some magical summer nights. But if you're not sure of what's in their game room or kitchen, a Target or Dunkin' Donuts card is always a nice summer treat. And make sure you include a good-looking card telling him exactly what you valued about his work this year. As a teacher, I bet you already know how a little appreciation goes a very long way. Our present-hunters are here to answer your questions. By completing this form, you agree that we may add your address to our list for the newsletter The Gift. What I Cover Haley Jo Lewis is the lead editor of newsletters and programming for Wirecutter. She brings experience from the Los Angeles Times and The Seattle Times. When she's not writing newsletters, you can find her cooking, scouring the estate sales of Los Angeles, and spending time on her beloved sectional couch.
Washington Post
12-06-2025
- Politics
- Washington Post
Ex-Phoenix chief Michael Sullivan named head of U.S. Capitol Police
A former top police executive in Phoenix, Baltimore and Louisville will become the first chief of the U.S. Capitol Police from outside the Washington area in decades, as the 2,300-officer police force confronts mounting threats to lawmakers four years after the 2021 Capitol riot. Michael G. Sullivan, a 30-year law enforcement veteran, will be sworn in June 30 after serving as interim Phoenix police chief from 2022 until this April, according to congressional officials who announced his selection. He previously served three years each as deputy chief in Louisville and as deputy commissioner in Baltimore.
Yahoo
12-05-2025
- Sport
- Yahoo
Cross-country run for veterans travels through Northwest Arkansas
SILOAM SPRINGS, Ark. (KNWA/KFTA) — A 3,000-mile cross-country run for veterans in the United States traveled through Northwest Arkansas. The Siloam Springs Police Department and the local chapter of Team Red, White & Blue welcomed a team of runners into Arkansas that are making their way to Washington, D.C. Team RWB is a non-profit focused on the health and wellness of veterans across the country. On May 2, a select number of veterans picked up the flag for the Old Glory Ultra Relay, aimed at raising $1 million in donations. The group entered NWA through Siloam Springs and celebrated at the halfway point in Springdale. 'Getting out here and going across the nation has been incredible. It's an amazing way to see the United States,' said Michael Sullivan with Team RWB. Alex Warren coming to Walmart AMP later this summer The runners will continue east through northern Arkansas, eventually reaching the nation's capital city. 'We've had cross-country kids come out and run with the flag, people with signs on the side of the road,' Sullivan said. 'It's just inspiring to see the nation come together to rally around this flag, moving from one side to the other.' To keep up with these runners' journey before they make their descent on D.C., click here. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
