10 Best Practices for Managing Your Credit Utilization
Your credit utilization ratio is one of the most influential factors used in calculating your credit score. It is made up of the percentage of your available credit you are currently using and serves as a measure of your credit management habits. High credit utilization has the potential to negatively impact your credit score, signaling […]
Avoiding High-Interest Credit Traps – 8 Strategies to Consider Today
High-interest credit products such as payday loans can often be attractive and appear to be a quick solution during financial challenges. However, these options often lead to a cycle of debt that’s difficult to escape. The good news is that you can avoid falling into these costly traps by understanding the risks and adopting smarter […]
13 Credit Myths Debunked – Get the Facts
Credit scores and reports are vital to your financial well-being, influencing everything from loan approvals to interest rates. Despite their importance, myths about credit scores and reports persist, often leading to misconceptions that can harm one’s financial health. Keep reading as we debunk some of the most common credit myths, helping you understand what truly […]
Negotiating with Creditors: 9 Tips & Tactics
Debt can be overwhelming, and you’re not alone if you struggle to keep up with payments. Negotiating with creditors can be a great strategy for managing your debt, reducing interest rates, securing better payment terms and setting up your financial future. When approached correctly, these negotiations can alleviate financial stress and put you back in […]
Dealing with Credit in a Divorce – 7 Key Considerations
There’s no denying divorce is one of the most emotionally draining processes a person can go through. On top of the emotional challenge, a significant amount of financial stress comes with it. If you are separating from your spouse, it’s important to understand how divorce may affect your credit and what steps you can take […]
The Impact of Late Payments on Your Credit
You’re probably aware that your credit score holds a lot of weight in determining your financial health and can influence a lot of major life decisions. It affects everything from loan approvals to interest rates. Among the factors influencing your credit score, payment history is the biggest one, accounting for about 35% of your total […]
Is Your Credit Report Full of Mistakes? Here’s What to Do
Your credit report should be a source of absolute truth. After all, this is supposed to be an overview of your borrowing behaviors with creditors. When you apply for a credit card, mortgage, car loan, or even some non-financial application (such as for jobs and rentals), lenders pull your credit report to judge your creditworthiness. […]
The History of Credit Scoring
You need a credit score to qualify for several different types of loans: home, auto, and personal loans, as well as credit cards. Insurance companies, in some states, use credit scores to calculate your premiums. You may even have to provide your credit scores to utility providers before you can start service. Although credit scores […]
Navigating Credit in Retirement: 6 Strategies
You work hard all your life to get to retirement and live a comfortable lifestyle in those golden years. When people plan for retirement, they often focus solely on the numbers. They think about how much their pension might be, how much they might have in savings, and what they need to survive. And these […]
Credit Limit Increases: How to Get Them and Use Them Wisely
When you get approved for a new credit card, the issuer assigns a credit limit based on your income, credit score and other factors. Your limit is the maximum amount of money you can spend on one credit card. Once you reach your limit, you can’t spend more money unless you make a payment to […]
