Do You Have to Pay a Loan Application Fee? 

When you’re preparing to submit a loan application, the lender may inform you they charge a loan application fee. These fees reduce out-of-pocket processing costs for the lender and make their borrower transactions more profitable. Loan application fees are common for...

What is a Tradeline on Your Credit Report?

A tradeline is simply a term used to describe a credit account found on a credit report. Tradelines are always visible on the credit report in the form of loans, credit cards and mortgages. They are used for generating credit scores. Here is more information about...

How Do I Make Sure My Medical Bills Are Accurate?

According to Consumer Financial Protection Bureau, millions of Americans struggle to afford their medical debt with $88 billion in outstanding medical bills currently in collections in the United States. Many unpaid medical bills can land on credit reports, which can...

How To Check Credit Scores Without A Social Security Number?

A Social Security number (SSN) is a term used for a nine-digit number assigned by the U.S government to its legal residents. Your SSN is mainly used to monitor employment and earning rates for Social Security benefits. However, both citizens and non-citizens also use...

Why Are There Multiple Names on My Credit Report?

You might be surprised to see multiple names listed when you get your credit report. You probably don’t need to worry. In fact, there are often multiple names listed on a credit report. So why is this the case? There are several reasons why someone might have multiple...

Does Applying for a Debit Card Affect Your Credit Score?

When it comes to your credit scores, it’s essential to pay attention to what can impact them. Depending on your credit, you can get better rates on loans, mortgages and credit cards. But does applying for a debit card negatively impact your credit? Here’s everything...

Can Working Remote Help My Credit?

Remote work isn’t a brand-new concept, but it became commonplace during the COVID-19 pandemic. As a result, many employers have continued to embrace it, allowing their employees to work remotely full-time or part-time, even as COVID restrictions have become relaxed....

Can Old Addresses Be Removed from Your Credit Report?

It makes sense for your credit report to contain old credit account information or even loans you settled years ago. But, sometimes, you might be surprised to find old or inaccurate addresses. Don’t worry – most people often find themselves in this situation. So, why...

What Credit Score is Needed for a Travel Credit Card

Among the many benefits of a good credit score is the travel credit card. After all, it helps you earn points toward vacations! So, if you feel like taking a cruise to the Bahamas this year and want to utilize your creditworthiness, here’s what you need to know about...

How Does a Divorce Affect Your Credit Score?

A broken marriage can leave your financial life in shambles, especially if you have to take care of commingled accounts and accumulated assets. Assuming that you’d split everything equally, your finances will drop by half. But, if you are in for a rocky road, then...

Recent Articles

Why Medical Debt May No Longer Negatively Affect Your Credit Scores

Why Medical Debt May No Longer Negatively Affect Your Credit Scores

Medical debt is a burden carried by millions of Americans, weighing down their credit scores even though this debt often arises from a single incident related to a critical medical issue. And concern over the impact of this debt has only grown since the start of the pandemic. But now, the three major credit reporting agencies are taking a collective step to stop medical debt from marring a person’s credit, announcing in March that they would no...

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Does Refinancing Your Car Look Bad on Your Credit?

Does Refinancing Your Car Look Bad on Your Credit?

Refinancing your car could help lower your monthly car payment, but does it negatively affect your credit? Credit scores are important as they significantly impact your financial dealings. If you want to refinance your car but are unsure of its effects on your credit line, then here’s what you need to know. How to Refinance Your Car Loan? Refinancing your car loan means taking a new loan to pay off whatever is left over from the previous loan...

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Can I Get a Business Loan with a Bad Credit Score?

Can I Get a Business Loan with a Bad Credit Score?

You need money for your business, but you’re concerned that your poor credit score can impact your ability to secure approval for a business loan. It’s possible to get a business loan with a bad credit score, but the process might be complicated. Due to your low credit score, banks might turn you away. Or, if you are approved, you might have to pay a higher interest rate than someone with good credit. Here’s what you need to know about getting...

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What Does the Credit Utilization Ratio Mean?

What Does the Credit Utilization Ratio Mean?

You may have heard the term “credit utilization ratio” or “credit utilization rate” before. Credit utilization ratio refers to the amount of revolving credit you currently use divided by the total available revolving credit.  Generally, you express the credit limit as a percentage. Here is more information on credit utilization ratio and how it plays an essential role in the perception of your credit profile. How Does Credit Utilization Work?...

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How Do I Address an Inaccuracy on My Credit Report?

How Do I Address an Inaccuracy on My Credit Report?

Whether it is a mortgage you are preparing for or an auto loan you need, the rate you borrow to make major life purchases is tied to how healthy your credit score is. So, it pays to keep an eye on your credit to make sure everything is in order. Credit reporting plays a critical role in consumers’ lives and has an enormous reach beyond consumer financial services. More than 200 million Americans have credit files, and lenders rely on this...

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What’s a Digital Wallet?

What’s a Digital Wallet?

Digital wallets make it possible to shop without using plastic cards. So, if you left your physical wallet at home, it wouldn't be a problem because you can still make purchases on your phone. Here's more information about a digital wallet and if it's right for you. What is a Digital Wallet? A digital wallet, also known as an e-wallet, is a system that stores the payment methods and passwords you use with various websites in one place on your...

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Buy Now, Pay Later Activity to Appear on Credit Reports

Buy Now, Pay Later Activity to Appear on Credit Reports

This month, Equifax® is adding “buy now, pay later” (BNPL) activity to their consumer credit reports. These point-of-sale financing options can increase the number of consumers who can positively impact payment history without turning to traditional options like credit cards or bank loans. What is Buy Now Pay Later? BNPL plans are usually offered at the point of sale, such as on the checkout page of a retail website. They allow consumers to pay...

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Does My Credit Score Go Down If I Close My Bank Account?

Does My Credit Score Go Down If I Close My Bank Account?

Going cold turkey with your bank account isn't a bad idea if you're trying to curb overspending or if you're relocating. However, you don’t want to negatively impact your credit scores if you decide to say goodbye to your bank, right? All that effort in maintaining good credit scores on your credit reports can't go down the drain like that! How Closing a Bank Account Impacts Your Credit Score Your bank account isn't the only mediating factor...

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How to Help Shrink Your Student Loan Debt

How to Help Shrink Your Student Loan Debt

Student loans are a significant financial issue for Americans. For example, the Federal Reserve estimated Americans owed $1.73 trillion in student debt in the second quarter of last year. Large student loan payments can make it difficult to pay your bills and establish financial independence once you’re a college graduate. And excessive debt balances might mean you’ll be paying down your loans for decades. But if you’re still enrolled in...

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Does Inflation Affect Your Credit Score?

Does Inflation Affect Your Credit Score?

In recent months, inflation has been a major topic in the news with rising prices putting an additional financial strain on Americans.  If you’re worried about the effect of inflation on your finances, you’re not alone. But if you’re concerned that inflation could affect your good credit score, there’s good news – inflation has no direct impact on your credit. However, there are some ways that inflation can affect your credit indirectly. What...

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