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New Year’s Resolution: Stop Doing These 5 Things That Are Negatively Impacting Your Credit Score
With the buzz of the holidays, it’s easy to overlook that 2022 is just around the corner. And with the New Year comes new resolutions. If you are among the segment of Americans looking to tap into the hot housing market, purchase a new car or work toward other credit goals, now is the time to start paying attention to your credit. 5 Things Negatively Impacting Your Credit Score 1. One Late Payment All it takes is just one late payment to affect...
Does Venmo and Other Money Transfer Apps Affect Your Credit Score?
Paying a friend back is easier than ever now. With the rise of money transfer apps such as Venmo and PayPal, sending money from one place to another is quite literally as easy as clicking a button. For this reason, money transfer apps have quickly gained traction as one of the most convenient methods of transferring money. According to a recent survey by payment industry adviser Mercator Advisory Group, mobile transfer apps are used by 70% of...
What’s the Ideal Credit Score to Buy a Car?
Ready to purchase a new vehicle but worried about getting approved for a car loan? There are multiple items that lenders consider when deciding to approve an auto loan. One of the most important items is your credit score. A credit score is a number that’s based on how you use debt. The most popular model uses to calculate credit scores is the FICO® Score. The FICO® Score is used by 90% of top lenders, according to Fair Isaac Corp. The model...
How Holiday Credit Card Spending Can Affect Your Credit Score
Holiday expenses can stack up quickly, with gifts, food and travel costs all contributing to your spending. But if you’re charging all your expenses to a credit card and planning to pay it off later, there can be consequences for your credit score. Make sure you’re using your credit card wisely this holiday season. How Holiday Credit Card Spending Can Affect Your Credit Score Credit Utilization Ratio One important factor that affects your...
How Do I Budget for Holiday Shopping?
Holiday shopping is always a stressful experience. One reason behind this is the delays and shortages in the supply chain that start to occur near the holidays. As a result, there can be severe product shortages and price increases when the supply chain is not working correctly. So, naturally, this can make shopping around the holiday season more expensive. But even with an early shopping year, you can still achieve a holiday shopping budget....
Does Shopping Around for a Mortgage Lower Your Credit Score?
The term “shopping around” doesn’t just apply to getting the best deals on winter clothes or home appliances. It's an excellent idea to shop around when finding the right mortgage loan to buy a home. Getting mortgage preapprovals from multiple lenders can help you find the loan that’s right for you, preferably with the lowest interest rate possible. This can pay off big in the future, as a lower interest rate can save you thousands of dollars...
4 Credit Myths About Late Payments
Payment history is the single most important factor that makes up your credit score. Paying all your bills on time builds a positive credit report, demonstrating that you are a low-risk borrower who can responsibly manage your credit. On the flip side, late payments on your credit report can significantly lower your credit score and indicate that you have trouble managing your finances. 4 Myths About Late Payments and Your Credit Myth #1: Late...
Does Marriage Affect Your Credit Score?
When you get married, you agree to share your life with the one you love. However, does getting married mean that you’ll also share other parts of your life, like your credit score? If your partner has a poor credit score, do you know if that impacts your credit? Here’s what you need to know about your credit after getting married. Do You Share a Credit Score with Your Spouse After Getting Married? Even after you’re married, your credit score...
How Frequently Should You Check Your Credit Score?
A credit score is a number that predicts the likelihood that you repay a loan on time. A few different scoring models are used for credit scores, but the range for most models is between 300 and 850.The average credit score is 711. Lenders use your credit score to decide whether to approve a loan and to determine the term and interest rate for your loan. It’s important to regularly check and know your credit score so that you’re aware of any...
How Is Your Credit Card’s Minimum Payment Calculated?
When it comes to your bills, the minimum payment on your credit card statement is one of the most important numbers you need to pay attention to. If you carry a balance on your credit card, the card issuer can calculate a minimum payment that you must make that billing cycle to keep your account in good standing. The minimum payment is the lowest amount you are allowed to pay to stay current. The amount of your balance can affect how it is...
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