Recent Articles
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...
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...
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...
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?...
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...
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...
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...
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...
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...
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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