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If you don’t have a credit history in the U.S., or you haven’t used credit recently, you might not be scoreable by the main credit scoring models. As a result, it could be difficult to qualify for new credit cards or loans with favorable terms. But there are several ways to establish your credit or […]
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Credit utilization is one of the most important factors contributing to your credit score. Your credit utilization ratio refers to how much available credit you have at a given time. Credit utilization is critical because it signals to lenders whether you can use credit responsibly and pay your debts. In fact, credit experts say that
How Much Available Credit Should I Have? Read More »
Lauren Schwahn writes for NerdWallet. Email: lschwahn@nerdwallet.com. Twitter: @lauren_schwahn. The article What Is the Average Credit Score by Age, and What Is a Good Score for My Age? originally appeared on NerdWallet.
What Is the Average Credit Score by Age, and What Is a Good Score for My Age? Read More »
The average FICO Score in the United States was 715 in 2023, according to Experian data, increasing by one point from its 714 average in the third quarter (Q3) of 2022. It marks the 10th consecutive year that average FICO Scores in the U.S. haven’t decreased on an annual basis. The last annual decline occurred
What Is the Average Credit Score in the US? 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 »
If you have no credit score, there are options available specifically to help you start a credit file so you can get new credit in the future. You can get a secured credit card, a credit-builder loan, join another person’s credit card account as an authorized user and more. When choosing the best way to
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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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If you’re pursuing a modification to your home loan payments, you’re already experiencing some financial difficulty. But while a loan modification can help make your payments more affordable, it’s important to understand how restructuring your debt in this way can impact your credit score and what you can do about it. Can a Loan Modification
How Does a Loan Modification Affect Your Credit Scores? Read More »
Buying a car delivers plenty of thrills, but can it also help improve your credit? Auto loans can positively or negatively affect your credit, depending on whether you make your payments on time and repay the loan in full as agreed. Experian’s State of the Automotive Finance Market for the second quarter of 2023 reports
How Does Buying a Car Affect Your Credit? Read More »
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 »
Many factors can affect your chances of getting approved for a new credit account, including your credit score, income and existing debt obligations. Creditors can set their own minimum eligibility and requirements for loans and lines of credit as well. There are a few steps you can take to quickly improve your chances of getting
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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
What Is the Equal Credit Opportunity Act? Read More »
Wondering why your credit score seems different every time you check it? Credit scores can change frequently, reflecting updates to your credit files at the three national credit bureaus. In general, you can expect your credit score to update at least once a month. But if your lenders report to the bureaus more frequently, you
How Often Is My Credit Score Updated? Read More »
Finding out how much your credit score really matters can be a hard blow. Fortunately, diligently paying down a small, short-term loan gradually increases your credit score over time. And following these steps, you can potentially have the funds in your hand in a day or two. The post How to Use a Personal Loan
How to Use a Personal Loan to Improve Your Credit Score Read More »
Being creditworthy has a massive impact on your life, from your ability to get credit cards and borrow money to signing up for utilities. But what does it mean to be “creditworthy”? The post Creditworthiness Meaning — How to Build & Maintain Your Credit Score appeared first on Money Crashers. https://www.moneycrashers.com/creditworthiness-build-maintain/ #financialliteracy #financialfreedom #finance #financialindependence
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Your credit score can change for many reasons, and it’s important to understand what’s going on if you’ve noticed a drop in your score. Follow these steps to understand why your credit score might have changed, what you can do about it and how to prevent future credit score drops. 1. Understand the Reasons Why
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Your record of paying debts on time, as agreed under the terms of your loans or credit cards, is the single most important factor used in calculating your credit scores. So maintaining a pristine payment history (or rehabbing a spotty one) can help improve your credit standing over time. Here’s how to improve your payment
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Suddenly need a major infusion of cash? A line of credit may be a cheaper and more convenient option than loans or credit cards. But it comes with its own downsides. Find out more about credit lines before opening one. The post Line of Credit — What It Is, Meaning, Types (HELOC & Others) appeared
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There are many reasons to use your debit card responsibly. Doing so can help curb overspending and prevent you from overdrawing your bank account. And while being careful with your debit card is certainly important in protecting your finances, it won’t typically help you build credit or affect your credit score in any way. Loans
Can You Build Credit With a Debit Card? Read More »
America is both on the move and not—depending on which set of data one is looking at. For example, Americans are moving less often than they have in prior decades, when one looks at U.S. Census data tracking interstate migration. On the other hand, Americans are swelling the size of some cities, as new residents
How Credit Is Faring in the Fastest-Growing Large U.S. Cities Read More »
