Credit Reports, Credit Scores, and More!

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Why Paying Your Credit Card On Time Isn’t Enough

Posted by on Jun 16, 2018 in Credit Reports, Credit Scores, and More! | 0 comments

Why Paying Your Credit Card On Time Isn’t Enough

Basic credit common sense tells you that paying your bills on time is essential to maintaining a good credit rating. What you may not realize, however, is that your payment history is only one component of good credit. Payment history absolutely matters, but keeping your payments on time alone is not enough to earn and keep great credit scores. Great credit goes much deeper than that. The 2 Primary Ways Your Credit Card Impacts Your Scores Credit cards have the potential to influence your credit scores more than some other types of accounts. The reason why this is true is due to the fact that a credit card account can impact your credit scores in 2 big ways – your payment history and your utilization. Payment History Your payment history on any account (credit card or otherwise) will have a big influence over your credit scores. FICO credit scoring models base 35% of your credit scores on the “Payment...

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Your Rights According to the Fair Credit Reporting Act

Posted by on May 31, 2018 in Credit Reports, Credit Scores, and More! | 0 comments

Your Rights According to the Fair Credit Reporting Act

As consumers, there is a lot about the world of credit reporting which feels unfair. For starters, the fact that the credit bureaus are permitted to collect information about you, compile that information into reports, and sell your information to others for a profit – all without any permission being required from you – can be downright infuriating. Yet the 3 major credit bureaus (Equifax, TransUnion, and Experian) earn billions of dollars every year doing just that, and there is nothing inherently illegal about any of it. You may not be able to stop the credit bureaus from collecting and selling your information; however, you do at least have some protections, which are afforded to you in an effort to keep things fair. The federal government realizes the importance of your credit reports and the significant impact those reports can have upon your financial well being. As a result, Congress enacted the Fair Credit Reporting Act (FCRA) in 1970...

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4 Credit Mistakes You Can Teach Your Children to Avoid

Posted by on May 19, 2018 in Credit Reports, Credit Scores, and More! | 0 comments

4 Credit Mistakes You Can Teach Your Children to Avoid

As a parent, you are responsible for teaching your kids many different important life lessons. When they are young, you help them learn how to walk and talk. A few years later, you start teaching your kids about reading, writing, and arithmetic. Yet somewhere between lessons about the golden rule and the sex and drugs talks, a lot of parents forget to educate their children about finances and credit responsibility. Talking to your kids about credit and money is critical to their future well-being. While teaching your children about saving and budgeting, it is also a good idea to educate them about credit mistakes which they will need to avoid. Mistake #1: Overspending on Credit Cards Credit cards themselves are not inherently evil (although there are some people who mistakenly have a different opinion on the subject). However, credit card debt is absolutely something that should be avoided and taught early in life. When used properly, credit cards can...

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How a Good Credit Score Can Improve Your Life

Posted by on Apr 1, 2018 in Credit Reports, Credit Scores, and More! | 0 comments

How a Good Credit Score Can Improve Your Life

There is no sugar-coating the fact that life can become a lot more complicated whenever you are faced with credit problems. Sure, you can get by with bad credit and low credit scores, but living like that can be expensive, not to mention stressful. On the other hand, when you work hard to rebuild your credit, the payoff for your efforts can be huge. Here are 4 different ways that earning a good credit score could realistically improve your life. 1. Good Credit May Help You Qualify for Lower Interest Rates One of the most obvious ways that good credit can potentially improve your life is by helping you to qualify for more attractive interest rates. Whether you are opening a new credit card account, a new auto loan, a mortgage, or practically any other type of financing, a lender is going to evaluate your credit history and credit score(s) as part of your application process. The condition of...

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Why Your Credit Score Suddenly Dropped by Over 100 Points

Posted by on Apr 1, 2018 in Credit Reports, Credit Scores, and More! | 0 comments

Why Your Credit Score Suddenly Dropped by Over 100 Points

In my line of work, I am asked questions everyday like this one I received last week: “Shawn, I have been working hard for a while now hoping to raise my credit scores. I was making good progress, but when I logged into my credit monitoring to check my credit this month I found out that my credit score just dropped over 100 points! What could have possibly caused my credit score to drop that much so quickly?” Sudden, drastic credit score drops are never a very pleasant surprise. If you have been working hard to improve your credit scores, either on your own or with the help of a professional, then a credit score decrease can be downright infuriating. Unfortunately, there is not always an easy answer to the question “why did my credit score suddenly drop?” The answer to that question will depend upon a variety of factors, all of which can be found in the same...

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Don’t Fall for These Credit Myths!

Posted by on Feb 9, 2018 in Credit Reports, Credit Scores, and More! | 0 comments

Don’t Fall for These Credit Myths!

The world of credit is overflowing with myths and plain bad advice. Unfortunately, when it comes to your credit, believing the wrong myth could really hurt you. Before you blindly follow the advice you received from your well meaning loved one or the credit tip you read online from your favorite financial “guru”, it might pay to do a little research of your own. To help you get started, here are 5 dangerous credit myths which you need to stop believing today. Myth #1 – Closing a Credit Card Helps You Closing a credit card account is almost always a bad idea from a credit score perspective. Instead of helping you, this dangerous credit myth can backfire and might send your credit scores sliding downward. Closing a credit card will NOT cause you to lose points by reducing the age of your credit history (this is another myth in and of itself); however, closing a credit card account could...

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