What’s the Difference Between No Credit and Bad Credit?
It is common to lump together no credit and bad credit, but they are two distinct situations. You can reach your credit goals by understanding the differences between the two. Whether you have no credit history or bad credit can affect your ability to positively impact your credit. Your credit file does not […]
What Effect Does Credit Card Use Have on Your Credit Score?
One of the most important things you can do to set yourself up for financial success is to establish good credit. A good credit score makes it easier for you to be approved for a loan to purchase a car, home, and other expensive items at much lower interest rates. Remember: for more tips on […]
MISS A BILL PAYMENT? HERE’S HOW TO PROTECT YOUR CREDIT SCORE
Sometimes, life is hectic, and it’s easy to overlook a detail, even when it’s a bill that is due. If you have financial difficulties or are juggling a lot of responsibilities, it can be difficult to make your payments on time. Keep your credit healthy by paying your bills on time. Late payments can lower your […]
Credit Utilization Ratio: What Does It Mean?
You may have heard the term “credit utilization ratio” or “credit utilization rate”. In credit utilization ratio, the amount of revolving credit you currently utilize is divided by the total amount of revolving credit that’s available. The credit limit is generally expressed as a percentage. Here is more information on the credit utilization ratio and how […]
The Benefits of Securing Business Credit at Any Level
You might not know it, but business credit isn’t just for small business owners and those who work for large corporations. In fact, if you are self-employed or running a side business that earns you extra income, business credit can be a good option for you. There are several reasons why business credit is […]
FICO TO RELEASE NEW CREDIT SCORE VERSIONS 10 AND 10T
FICO® has announced its newest credit score models – the FICO Score 10 and FICO Score 10T – with a focus on consumer personal loans and credit trends. With the new FICO Score, lenders will be rewarded for paying their lenders on time and have more precision and predictability when making lending decisions, according to Jim Wehmann, […]
A GUIDE TO MAKING SMARTER CREDIT DECISIONS IN THE NEW YEAR
Do you want to improve your finances in the New Year? Improving your credit habits should be a key part of your strategy. Creditors view your ability to effectively manage debt based on your credit report and how you use credit responsibly. An effective financial wellness plan should include a credit plan. Here are five […]
A STEADILY DECLINING KNOWLEDGE OF CREDIT SCORE AMONG CONSUMERS
A recent survey conducted by the Consumer Federation of America and VantageScore Solutions LLC shows Americans’ knowledge of credit scores has been steadily decreasing since 2012. The survey was conducted by phone and posed questions about credit scores to 1,002 Americans. An improved economy may have contributed to the decline; people may not be as […]
Is Your Credit Score Affected by Layaway?
If you don’t have the cash to buy an item outright, you still have a few choices. A credit card is one of the most common methods, as you can receive the item immediately and pay it off over time. Layaway is another option. Layaway programs allow you to pay off an item over […]
To Buy a Car, What Credit Score Is Ideal?
Do you want to buy a new vehicle, but are worried about getting approved for a car loan? A lender considers a number of factors when deciding whether to approve an auto loan. Your credit score is one of the most important factors. Your credit score is based on how you handle debt. FICO® […]
Credit Scores and Marriage: Does it Matter?
You agree to share your life with the person you love when you get married. Is getting married also a sign that you’ll share other aspects of your life, such as your credit score? Does the credit score of your partner affect yours? Here’s what you need to know about your credit after marriage. […]
Do You Need to Check Your Credit Score Frequently?
Your credit score predicts how likely you are to repay a loan on time. Credit scores are calculated using a few different scoring models, but most fall between 300 and 850. The average credit score is 711. Your credit score is used by lenders to determine whether to approve your loan and to set the terms […]
How to Prevent your Credit from being ruined by a Natural Disaster
Your credit can be saved by creating an emergency response plan for your finances during times of flux, such as when you are evacuated during a natural disaster. Natural disasters have devastated Americans from coast to coast this summer in an unusually intense way. Even as people are rightfully focusing on rebuilding their lives […]
Credit Scores for Businesses – What Are They?
Consumers aren’t the only ones assigned a credit score. Businesses also have credit scores, and creditors and other third parties use them to evaluate their financial health. To decide whether to extend a loan to a business and determine its terms, a lender pulls the business’s credit score. It’s not uncommon for companies to […]
6 Common Inaccuracies in Credit Reports
Your credit report should contain accurate and fair information. Ultimately, it determines your credit score and helps lenders, creditors, and other companies determine whether to do business with you. Inaccuracies in credit reports are unfortunately very common. In 2013, the FTC reported that one in five Americans discovered an inaccuracy on their credit report – […]
A Credit Report Can Be Checked by Whom?
Your credit report is primarily intended to demonstrate your creditworthiness to lenders and creditors. Your credit report allows companies to decide whether you are eligible for a loan or credit card based on your credit report. However, lenders and credit card companies aren’t the only ones who can pull your credit report. Your credit report […]
Select Your Credit Report Now for 7 Reasons
You could lose a lot of money if you are unfamiliar with your credit report. Your credit report determines your ability to qualify for credit cards, loans, and even employment in some cases. Having negative information on your credit report can hurt your credit score and prevent you from obtaining the financial products you need. […]
Do Missed Rent Payments Affect Your Credit Score?
Unless there is a new stimulus bill or executive action to renew the temporary protections put in place last year, landlords will be able to evict tenants for non-payment of rent beginning July 31. As a result, millions of Americans may be at risk of missing rent payments or facing eviction. Although a rent arrears […]
Your Credit Score Can Be Affected By Holiday Credit Card Spending
Gifts, food, and travel costs can all add up quickly during the holidays. It can be detrimental to your credit score, however, if you charge all your expenses to a credit card and plan to pay it off later. Use your credit card wisely this holiday season. Here’s how holiday credit card spending can impact […]
Don’t do These 5 things That Are Negatively Impacting Your Credit Score in the New Year
In the midst of the holiday rush, it’s easy to forget that 2022 is right around the corner. With the New Year comes new resolutions. It’s time to start paying attention to your credit score if you want to tap into the hot housing market, buy a new car or work toward other credit goals. […]