Bad credit can lead to unfavorable interest rates that will cost thousands when you take out a student loan, car loan, or mortgage. It could prevent you from leasing an apartment or getting your dream job. A credit report is an outline of your borrowing and repayment history. It is important to know and keep [...]
Credit card debt is massive in America and continues to grow. Research has indicated that by the end of 2017 new credit card debt will reach $60 billion. We will owe $1 trillion overall. How do people fall into credit card debt so easily? Well, a lot of credit cards start with 0% interest rate, [...]
When you apply for credit, you allow lenders to request a duplicate of your credit report from a credit bureau. Every time a lender accesses your credit file, they leave an inquiry as evidence of your application with them. When you check your credit report, you will find a part entitled Credit Inquiries or Regular [...]
Good credit will make it easier to achieve what you want. This might be a new car, a new house, a credit card, or a new cell phone plan. Most landlords, cell phone service providers, and lenders will check your credit rating before accepting your application. Good credit will result in getting access to the [...]
Being in debt is an extremely stressful situation. Student loan debts are on the rise compared to any other debt. While not historically the highest it has ever been, consumer debt relative to the gross domestic product (GDP) is still extremely high compared to historical rates. For some people, this debt has become overwhelming. People fall [...]
How new credit affects your credit score The truth is that about 10% of your FICO score is made up of what is called “new credit.” This new credit has a broad range of meanings and impacts on your score. Have you ever wondered how new credit affects your credit score? Individuals today tend to [...]
Have you ever wondered whether that old credit card that you opened up in college still benefits you? Well, lucky for you, it actually can in some ways. That’s because a major aspect of your credit score makeup comes from the length of your overall credit history. As well as the average length of credit [...]
If your credit utilization ratio is low, and your payment history is good, why might your credit score still not be ideal? Many people think that if they only master these two aspects, they will have a perfect credit score. But, those two factors are not the only things that determine your credit score. As much [...]
By now we all know that the total balance of payments is a major factor in determining your credit score. What happens if you keep less of a balance on all your credit cards, but sometimes forget to make payments? Or, even worse, what happens if you have a high balance on your credit card [...]
Have you ever been denied for an auto loan, or had to pay a high interest rate on a credit card? It may be because your credit score was not high enough. The unfortunate reality is that far too many people don’t know their credit score and the factors that come into play in determining [...]
