Does having a credit monitoring service submit credit scores to you twice a month ding your credit?

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September 7th, 2011 - Posted by Tasha

Q:  Does having a credit monitoring service submit credit scores to you twice a month ding your credit? Also, I want my credit scores from all 3 credit bureaus; how easy is it to cancel after I get them?

A: When you sign up for a credit monitoring service, having them check your credit reports and scores will NOT hurt your credit score. This is because you can check your own credit report and scores as many times as you want without having it affect your credit scores. When you subscribe to a credit monitoring service you authorize them to act on your behalf to monitor your credit reports, so they can check your credit reports and scores too. Ultimately, the credit monitoring service you sign up for can provide you with as many credit reports and/or scores a month without harming your credit score in any way.

If you'd like a credit monitoring service that provides monthly updates to your 3-bureau credit scores, we recommend PrivacyGuard.  At just $14.99 per month it's a great deal, as paying for your reports and scores separately will cost you $50 elsewhere. Right now PrivacyGuard is even featuring a $1 30-day trial, during which time you'll get your 3-bureau reports and scores. If you find the service isn't for you, you can call them to cancel within the trial period and only pay the $1 price.

Which airlines can be used in redeeming airline miles with the Escape by Discover® Card?

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September 2nd, 2011 - Posted by Erik

Q: Which airlines can be used in redeeming airline miles with the Escape by Discover® Card?

A: You can redeem your miles for credit on any airline with the Escape by Discover® Card. This flexibility is one reason why the card is one of our favorites. It's also very easy to redeem the miles. You simply book your travel with your Escape Card on any airline, cruise, vacation package, hotel or car rental through any airline, travel agent or online travel site. Once you've booked, you have 90 days to redeem your miles for travel credits to your account. (Note you need to redeem in 10,000 mile increments).

Of course, the Escape by Discover® Card really differentiates itself versus other travel cards by offering 2 miles for every dollar you spend on all purchases, while most competing cards offer around the equivalent of 1 mile.  See our comparison of travel rewards credit cards for more details.

Am I better off paying my credit card balance early and foregoing the interest in my savings account if I am applying for a loan and about to have my credit checked or should I wait until closer to the due date?

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September 2nd, 2011 - Posted by Erik

Q: I have savings in the bank. I pay my credit card balance each month. I have recently used my credit card to make a large purchase. Am I better off paying the credit card balance early and foregoing the interest in savings if I am applying for a loan and about to have my credit checked or wait until closer to the due date?

A: Great question.  The short answer is you are probably better off paying paying your credit card balance early and foregoing the interest you could have earned on that balance in your savings account.  Here's why: About 30% of your credit score is based on the amounts you owe creditors compared to the amount of total credit you've been extended.  Since you just used a credit card to make a large purchase, you probably just significantly increased the percentage of your available credit that you're using.  This may very well lower your credit score if the credit card company happens to report your balance to the credit bureaus before you've paid off your card.  Since you're about to apply for a loan, you want to do everything you can to keep your credit score high because a high score will get you the best rate on the loan, saving you a significant amount of money in interest payments.

There are a lot of variables in this scenario that could change this decision.  For example, if you could wait until a full month after you paid down your credit card balance to apply for the loan, you could be fairly certain the high balance would not be on your credit report any more.  Or, if your credit limits are still very high relative to your credit card balance (5x or more), even a report of the high balance would probably not affect your credit score.  All that being said, given that the best savings accounts are only paying about a 1% annual yield, the amount of interest you'd earn on keeping the money in your savings account for another 20 days or so will probably be very small.  Conversely, your loan probably has a term measured in years.  Even a small increase in your interest rate due to a lower credit score can cost you a significant amount of money since you're paying that interest for so long.

Since you're about to apply for a loan, we'd recommend you know what's on all three of your credit reports and what all three of your credit scores are before you apply.  If you find any issues bringing your score down, you can try to address them before you apply for the loan.  A good credit monitoring service will give you all three reports and scores as well as keep you up to date on any changes to your reports and scores over time.  If you're looking to upgrade your credit card, there are also some great credit card offers these days that will give you some fantastic rewards as well as long 0% intro APR periods.

Does Audible work with the ANDROID operating system (Motorola DROID smartphones)?

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September 2nd, 2011 - Posted by Tasha

Q:  Does Audible work with the ANDROID operating system (Motorola DROID smartphones)?

A: Yes, it does. Audible has a free app for the Android that allows you to listen to books on your smartphone. For that matter, they also have free apps for iPhone and Blackberry….and of course, you can always download the audiobook and listen to it on your iPod via iTunes. To install your Audible app on an Android smartphone, just search the Android Market for "Audible" or visit the Audible website to download the app.

We really like Audible due to their wide selection of audiobooks, straightforward subscription plan and pleasant shopping and download experience. But there are other fish in the sea, and if want to consider another provider take a look at our audiobook comparision chart.

15% off SugarSync this Labor Day Weekend

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September 1st, 2011 - Posted by Tasha

SugarSync is offering NextAdvisor visitors a special 15% discount on their annual plans for a limited time only.  Today through September 4th if you sign up for a SugarSync personal plan via the NextAdvisor site you'll automatically get 15% off.  Plus, this offer includes a 30-day free trial.  Get it now while it's hot!

NextAdvisor Launches Travel Rewards Program Analysis

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September 1st, 2011 - Posted by Tasha

If you have a travel rewards credit card and have wondered what those points you're earning are really worth, look no further. Today NextAdvisor released the results of its in-depth study on the value of travel program rewards. Our Travel Rewards Program Analysis features the real-life point values of many popular airlines and hotel reward programs.

Top honors went to the Starwood Preferred Guest® program, which at $0.021 per point had a value of more than twice its competitors. Readers interested in this program can reap it's rewards by applying for the Starwood Preferred Guest Card® from American Express. The Starwood Preferred Guest Card helps users rack up valuable program points by giving them up to 5 points for every dollar spent at Starwood hotels (think Sheraton, Westin, Four Points, W and more), and 1 point per dollar spent on everything else. Users will also enjoy bonuses like earning a free night at an upscale Category 4 hotel after their first purchase, and getting the third night free at Sheraton hotels.

Coming in a close second was the Southwest Rapid Rewards® program, with a value of $0.017 per point. Southwest frequent flyers should strongly consider signing up for the Southwest Rapid Rewards® Plus Card from Chase to take advantage of this travel program. Card users earn 2 points per dollar spent on all Southwest flights, Southwest hotels and Southwest Rental partners, as well as 1 point per dollar spent on all other purchases. In addition users will earn a free Southwest flight after their first card purchase.

To learn more about which travel programs ranked the highest, take a look at our Travel Rewards Program Analysis. To read up on all our travel card reviews, see our Travel Card Comparison.

Do I need cloud backup AND an external hard drive for my new computer, or will I be OK with just cloud back up or just an external hard drive back up?

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September 1st, 2011 - Posted by Tasha

Q:  Do I need cloud backup AND an external hard drive for my new computer, or will I be OK with just cloud back up or just an external hard drive back up? I have an iMac.

A:  Cloud backup is the best choice.  The difference between cloud backup and external hard drive backup is the difference between the virtual and the physical. With a cloud backup, your important files, music and images will be backed up via the Internet at a secure offsite location—safe from fire, viruses, hard drive failures and other potential issues. Although an external hard drive is a nice way to backup your files onsite, if something were to happen to your hard drive…say you dropped it, it stopped working or there was a flood or fire, your files would be lost. Because of this we recommend cloud backup (or "online backup") to protect your files. You could use both online backup AND an external hard drive, but we don't feel it's necessary as online back is safe and secure.

There are some great online backup solutions for the Mac available, including Carbonite and Mozy.  Or if you're not sure exactly what you need, try out our Online Backup Chooser, which will make recommendations based on your requirements.