With MyScoreIQ, you get more than just your FICO® Scores. We give you peace of mind with industry-leading credit monitoring, financial fraud protection, identity theft insurance underwritten by AIG, and tools to help you build your credit.
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...
Even though credit cards are one of the most common ways of making transactions, not many people understand the mechanism through which they work. That’s why credit cardholders can, unfortunately, make bad financial decisions that can ultimately lead to being stuck in tricky financial situations. One such financial problem that can arise, and one that many people aren’t aware of, is that of an overdraft. Here is more information about...
Americans are familiar with debt. Around 80% of them are caught in the chains of debt with that debt totaling a record $14.96 trillion, according to the Federal Reserve. Before we get into the details, debt is owing money to anybody for any reason. If you have debt, then you’re also likely have an agreement on terms of repayment. While that’s simple enough to understand, what makes things more complex is the different types of debt. Here is...
When you need to buy an item, but you don’t have the cash to buy it outright, you still have a few options to make the purchase. One of the most common methods is a credit card, which allows you to receive the item immediately and pay it off over time. Another option is layaway. Layaway programs allow you to pay the item off over time. For a layaway item, you won’t get to access your purchase until it is paid off in full. There are also some...
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...
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...
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...
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...
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...
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...
