Archive for the ‘Credit’ Category

If you’re establishing new credit or rebuilding your credit after years of a poor credit score, it’s likely that the credit card(s) you have also have a low limit. Some issuers will automatically increase your credit limit if you have a long history with them and you’ve been making timely payments. But if you haven’t […]

There’s a specific formula that is put in place to determine every consumer’s credit score. This is how your credit rating is broken down: New credit: 10 percent New credit makes up 10 percent of your credit score, and this not only includes the amount of accounts you recently opened, but the pursuit of new […]

When you look at your credit report or read more about improving a credit score, you have likely encountered the term “revolving account.” What exactly is a revolving account? A revolving account is a type of credit that involves monthly payments, interest rates and/or service fees. An example of a revolving account includes department store […]

Homeowners that have fallen behind on mortgage payments will sometimes to turn to a short sale as a way to avoid foreclosure. Although a short sale may not be as harmful to your credit rating as a foreclosure, it can still cause your credit score to drop. However, there are some easy ways to rebuild […]

While many consumers tend to focus on what the highest credit score possible is (which can range anywhere from 850 to 900), many don’t think about what the absolute lowest is, either. If you’re working on building your credit back up, it can be helpful to know how your current credit score ranks.   There […]

Even if it’s just a short trip, it’s easy to put your finances and credit score on the back burner. While you should try not to stress over these types of things while you’re on vacation, there are some precautions you can take to make sure you don’t return home to a financial nightmare. Plan […]

One of the biggest disadvantages is the inability to come up with a lump sum payment for creditors. After all, it’s the structure of credit cards that appeal to many: the ability to purchase something expensive and make much smaller monthly payments. The financial burden of a large, lump sum payment to creditors can be […]

Millions of Americans are in debt, and it is mostly due to credit cards. For many, this amount becomes unbearable to pay, and often results in bankruptcy and total credit score destruction. But did you know that you may be able to negotiate the amount of money you owe on your credit cards? You may […]

Many people wonder if their timely and consistent utility bill payments will do anything to positively impact their credit score.  Unfortunately, utility bills will usually only show up on a credit report when they’re late. In most states, providers aren’t required to report regular payment histories to credit bureaus. As a matter of fact, there are major […]