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If you’re worried a recession could impact your credit score, your fear isn’t completely unfounded. While credit scores are not directly affected by recessions, if your financial situation changes due to a downturn in the economy, your scores could change as well. Because credit scores are based on how you manage your debt, financial conditions […]
How to Protect Your Credit During a Recession 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
Why You Shouldn’t Stop Caring About Your Credit Score Read More »
Good credit scores are made, not born, so after you establish your first score it’ll take some time to reach a level that will qualify you for the best borrowing terms. Exactly how long depends on the types of credit you use and how capably you manage your accounts. Here’s how it all works. What
How Long Does It Take to Build a Good Credit Score? Read More »
When a loan or credit card account is closed, it doesn’t simply vanish from your credit reports. An account can stick around for as long as 10 years and, depending on the nature of the account and the reason it was closed, it can help or hurt your credit scores as long as it persists.
When are Closed Accounts Deleted? Read More »
Your credit score is a crucial indicator of the health of your credit history and can impact your ability to qualify for affordable credit and even low insurance rates. To help you improve your creditworthiness and overall financial well-being, here’s a guide on everything you need to know about credit scores. What Is a Credit
The Complete Guide to Understanding Credit Scores Read More »
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 »
Debt consolidation can help you save money and get out of debt faster, and it’s possible to use the process to build your credit along the way. That said, debt consolidation can have a positive or a negative impact on your credit, depending on various factors. Here’s how to take advantage of the opportunity to
How Debt Consolidation Can Improve Your Credit Read More »
Using automatic bill payment tools can help ensure your bills are paid by their due dates every month and save you from the damaging effects of late payments on your credit. Automatic payments, sometimes called autopayments or just autopay, are available from many lenders, credit card issuers and financial institutions that can ensure you never
Can Automatic Bill Payments Help My Credit Score? Read More »
Think of all the differences in personal finance that Generation Z will soon encounter as they enter adulthood. Even setting aside the economic and social disruptions the pandemic caused for everyone, the generation coming of age today is encountering a dizzying array of new financial offerings. On top of the age-old milestones like a first
Generation Z and Credit in 2023 Read More »
An active-duty alert tells potential creditors and lenders you’re deployed and they should verify your identity before giving you credit. It’s a handy tool when you’re serving your country away from home. But there are other options for locking down your credit report. Which one’s right for you? The post Active-Duty Alert (Fraud Prevention) —
Active-Duty Alert (Fraud Prevention) — What It Is & How to Set Up Read More »
As an American consumer, you have rights when it comes to your credit. From credit score access to the right to prevent fraud, learn about each right you have under the Fair Credit Reporting Act and how to protect them. The post Fair Credit Reporting Act (FCRA) — Rights You Need to Know appeared first
Fair Credit Reporting Act (FCRA) — Rights You Need to Know Read More »
A CreditStrong credit builder loan can help you improve your credit score with lower requirements than a traditional loan. Find out how it can help you improve your financial future. The post How to Build Credit With CreditStrong Credit Builder Loans appeared first on Money Crashers. https://www.moneycrashers.com/build-credit-loan/ #financialfreedom #money #entrepreneur #business #finance #investing #financialliteracy #success
How to Build Credit With CreditStrong Credit Builder Loans Read More »
There’s no set minimum credit score required to get an auto loan. It’s possible to get approved for an auto loan with just about any credit score, but the better your credit history, the bigger your chances of getting approved with favorable terms. Here’s what you need to know about how your credit score affects
What Credit Score Do I Need for an Auto Loan? Read More »
Your debt-to-credit ratio is the amount of credit you’re using on your credit cards relative to your credit limits at a given time. It’s an important factor in your credit scores, and lenders will usually consider it when they review your application for a loan or credit card. Understanding how your debt-to-credit ratio works and
What Is a Debt-to-Credit Ratio and Why Is It Important? Read More »
Requesting a change or update to your credit report—a process known as filing a dispute—has no direct impact on your credit. But certain changes made in response to disputes can affect your credit scores. Read on to learn how disputes work and why they may or may not impact your credit. When Can I Dispute
How Credit Report Disputes Affect Your Credit Read More »
The Credit Karma Guarantee promises to pay you $50 if you act on one of Credit Karma’s eligible personalized credit card recommendations and your application is denied. It sounds like a good deal, but are there hidden risks? The post The Credit Karma Guarantee – Good for Business and Bad for Consumers appeared first on
The Credit Karma Guarantee – Good for Business and Bad for Consumers Read More »
Taking out credit cards and loans can impact your financial profile in numerous ways, two of which are your debt-to-income ratio (DTI) and your debt-to-credit ratio. Credit scoring companies factor your debt-to-credit ratio into your credit score, and lenders often consider both your credit score and DTI when reviewing your application for new credit. While
Debt-to-Income Ratio vs. Debt-to-Credit Ratio: What’s the Difference? Read More »
You can’t read an article about your credit score without someone telling you to contact the credit bureaus to notify them of errors. But what are credit bureaus, how do they get their information, and what does it mean for you? The post Credit Bureaus — What They Are & the Top 3 Reporting Agencies
Credit Bureaus — What They Are & the Top 3 Reporting Agencies Read More »
A decision that’s been eight years in the making, the Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac have approved the use of the FICO 10 T and VantageScore® 4.0 credit scores. After a multiyear transition period, lenders will be required to deliver these scores to Fannie Mae and Freddie Mac
New FHFA Credit Scoring Model Could Help More Homebuyers Qualify for a Mortgage Read More »
Lauren Schwahn writes for NerdWallet. Email: lschwahn@nerdwallet.com. Twitter: @lauren_schwahn. The article 5 Ways to Build Your Credit Score in 2023 originally appeared on NerdWallet. https://www.nerdwallet.com/article/finance/5-ways-to-build-your-credit-score-in-2023 #financialfreedom #money #entrepreneur #business #finance #investing #financialliteracy #success #investment #wealth #motivation #financialindependence #passiveincome #personalfinance #realestate #stockmarket #debtfree #entrepreneurship #invest #bitcoin #creditrepair #debtfreecommunity #investor #trading #workfromhome #stocks #credit #financialeducation #bhfyp
5 Ways to Build Your Credit Score in 2023 Read More »
