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Trended credit data refers to how some companies are able to draw insights from the trends in your credit history. Two of the most recently released credit scores, VantageScore® 4.0 and FICO Score 10 T, use trended data when determining your scores. Creditors can also analyze your credit report directly for trends, or purchase products […]
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A credit check is when a lender or other organization reviews your credit information to better understand your history managing financial obligations. It typically involves obtaining your credit report from one or more of the three national credit bureaus (Experian, TransUnion and Equifax) and possibly a credit score based on each requested credit report. What
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Charge cards can affect your credit scores in many ways, but they generally won’t impact your credit utilization rates. Credit utilization rates depend on the balances and credit limits on your revolving accounts. Unlike credit cards, which allow you to make a minimum monthly payment and revolve the rest of your balance, you generally have
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Using your debit card to withdraw cash generally doesn’t affect your credit scores. In fact, most debit cards don’t help or hurt your credit at all—even if you choose the “credit” option when paying. Why Debit Cards Generally Don’t Affect Your Credit Score Debit cards are not usually considered a form of credit: You use
Does Withdrawing Cash From a Debit Card Affect Your Credit Score? Read More »
Credit scores and credit-based insurance scores serve similar purposes—to help companies understand risk. Both types of scores can vary depending on the information in the credit report used to calculate them. However, the two scores are used by different types of companies, have different scoring factors and predict different outcomes. What Is a Credit-Based Insurance
What Is the Difference Between Credit-Based Insurance Scores and Credit Scores? Read More »
Losing your job can be discouraging, and covering your debts when your income is cut can be downright frightening. If you avoid panic and focus on what’s most important, you may be able to get by until you find new work—and keep your credit in good standing, to boot. Does Losing Your Job Affect Your
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Buying a car with bad credit isn’t always easy to do, but you may not have many other options. Getting approved for a loan could be challenging, and if you are approved, you’ll likely have a high interest rate that could make monthly payments difficult to manage. To better position yourself to buy a car,
Should I Buy a Car if I Have Bad Credit? Read More »
The Equal Credit Opportunity Act (ECOA) is a federal regulation that forbids lenders from discriminating against loan applicants based on personal criteria. The purpose of the law, which was enacted in 1974, is to make sure that creditors’ decisions are based strictly on financial factors, such as income, debt and credit history. Additionally, the act
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When you apply for a loan, the lender typically checks one or more of your credit reports and credit scores. When a lender accesses your credit report, a so-called hard inquiry is added to your reports. If your loan application is denied, the inquiry will remain, but the lender’s decision will not appear on your
Does a Declined Loan Appear on Your Credit Report? Read More »
It’s never a great idea to stop caring about your credit score entirely, but you may reach a point where your credit score takes up less mental real estate. If you have a good score and no plans to borrow money or apply for credit again, you may be able to dial back your level
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You won’t accrue interest on your purchases if you pay your credit card bill in full each month, and the on-time payments can help improve your credit score. However, paying in full doesn’t guarantee you’ll have a low credit utilization ratio, and a high utilization ratio could hurt your credit scores. If you want to
Does Credit Utilization Matter if You Pay in Full? Read More »
Your credit report can contain many types of credit accounts, including credit cards, auto loans, personal loans, student loans and mortgages. They can help or hurt your credit score depending on how you use the account and your overall credit profile. An additional type of account, collection accounts, can also be part of your credit
Which Accounts Appear on Your Credit Report? Read More »
Defaulting on a loan or other credit obligation places a severe negative entry in your credit reports. In most cases, it also signals additional credit damage and financial challenges to come. Default typically occurs if you go 90 days without making a scheduled debt payment. Depending on the type of loan, defaulting typically triggers a
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The interest rates you pay on loans and credit cards do not factor into credit score calculations in any way. But the current climate of rising interest rates can affect your credit scores in several indirect ways. Here’s what you should understand about interest rate hikes and your credit. How Can Rising Interest Rates Affect
Do Rising Interest Rates Affect Your Credit Score? Read More »
Dear Experian, How do I check to see if my children have open credit reports? – WMV Dear WMV, Experian does not knowingly maintain credit reports on minor children. However, a parent may add a child as an authorized user or joint account holder, in which case the minor may have a legitimate credit history.
How Do I See if My Child Has a Credit Report? Read More »
You can have a credit score—even a good or excellent one—without a credit card. Any credit product that is reported to the credit bureaus in your name can help put you on the credit radar. Read on to find out how you can begin your credit journey without applying for a credit card. How to
Can You Have a Credit Score Without a Credit Card? Read More »
