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Financing a cellphone could help you build credit, but only if your account gets reported to Experian, TransUnion and Equifax—the three credit bureaus that maintain your credit reports. Most commonly, this happens if you take out a loan or use a credit card to finance the purchase. Phone carriers may check your credit before approving […]
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There are several ways you can improve your credit score, including making on-time payments, paying down balances, avoiding unnecessary debt and more. But depending on your unique situation, it can be difficult to know where to start. Whether you’re building credit from scratch or rebuilding after some credit missteps, understanding the factors that go into
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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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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
What Should I Do When My Credit Score Drops? Read More »
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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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
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Bank accounts can help you manage your money and keep it safe, but banking activity is not reported to credit bureaus, so it won’t help you build credit. That said, keeping a healthy balance—or an emergency fund on hand—can indirectly help protect your credit by ensuring that unexpected expenses don’t result in missed payments. In
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Having a thin credit file can make it harder to qualify for credit and services when you need them. Even if you are approved, a thin file can keep you from getting the best rates and terms available. Here’s what you need to know about thin credit files and how building a robust, positive credit
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