Credit scores are the gatekeepers to many of the things people want in life such as loans, apartments, and cars. But, not everyone understands how credit works exactly. With 22 years of experience in teaching people how credit works, Rod Griffin, senior director of consumer education and advocacy, debunks five […]
I created a spreadsheet to manage my family’s rewards credit cards to make sure we never miss a payment. It worked until one of my credit cards was closed because I hadn’t used it in a while. When a credit card account is closed, it can negatively impact your credit […]
I recently received a letter from American Express telling me that it reduced the credit limit on one of my cards because there hadn’t been much activity on my account over the last year. A lowered credit limit can have a negative impact on your credit utilization ratio, which accounts […]
Credit repair agencies can help you remove incorrect information from your credit reports, in exchange for a fee. But you can also file a credit report dispute on your own, for free. These companies generally give you access to your credit report for an an additional fee, but you can […]
If you’re unable to pay your bills, one option is to look into your bank’s credit card forbearance program. Credit card forbearance is an agreement you make with your lender. It essentially lets you pause or lower your account payments for a specified amount of time. If you enter into […]
Being rejected for a credit card won’t cause great harm to your credit score. You’ll likely see an initial ding to your score due to a hard inquiry being placed on your credit report, but the impact won’t last for more than a few months. If you’re denied for a […]
There are many reasons why a credit card issuer could decide to reduce your credit limit, from a change in your spending habits to missed payments. You should never charge anywhere near your spending limit on your cards; ideally, you’ll keep your utilization ratio under 30%. But having a higher […]
If you’re looking to build and improve your credit score, opening and using a credit card could be a great strategy, but only if you’re able to pay it off each month. Credit scores are calculated using a variety of factors, including your payment history, amounts owed, length of credit […]
After getting engaged, I started aggressively paying down debt and working to raise my credit score – I didn’t want money to be an issue in my marriage. I paid off more than $US8,000 in 10 months, but my credit score seemed to be stuck at 652. Then, I noticed […]
It’s important to keep your credit in good standing to get better rates, apply for exclusive credit cards that offer top-tier benefits, and save money overall. You don’t have to take on debt to do it – there are plenty of ways to increase your score without increasing your debt. […]
I added my sister as an authorised user on my rewards credit card to earn extra points on the Chase Sapphire Preferred Card. In turn, she saw her credit score go up by 20 points. However, adding an authorised user – or being one – can be risky if you […]
At the beginning of the year, I had a credit score of 568 out of 850, a score lenders would consider to be bad, and which wouldn’t secure me favourable rates. To increase my score, I started by figuring out exactly how much credit card debt I had and where, […]
Credit Karma members will be happy to learn that the company protects users with 128-bit encryption, a dedicated security team, and a bug bounty program. It also promises to never share or sell your personal information to third parties without your consent. Credit Karma can alert its members when their […]
The most popular credit score – and the standard in the industry – is the FICO score. This credit score is used by 90% of top lenders around the globe. Factors that make up your FICO score include your payment history, how much debt you have, the type of accounts […]
The author, Holly Johnson, has 26 credit cards and a consistently high credit score. The most important factors that make up your FICO score include your payment history (35%) and how much you owe in relation to your credit limits (30%), she wrote. Hard inquiries from new cards usually cause […]
The highest credit score is 850. You don’t need a perfect score to qualify for the best interest rates on loans, but your score will need to fall within the Good to Excellent range. If you’re looking to improve your score, making on-time payments is most important. But you’ll also […]
Americans rely on credit and credit scores to give lenders an idea of their trustworthiness when they want to open a credit card, get a mortgage, or take out a loan. But for every strategy to increase your credit score and improve your credit, there’s a sneaky misstep that can […]
