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How Co-Signing Impacts Your Credit

Posted by on Jul 29, 2018 in Credit Reports, Credit Scores, and More! | 0 comments

How Co-Signing Impacts Your Credit

Most credit questions asked of me can be answered exactly the same. “It depends…” Question: How will an inquiry impact my credit? Answer: “It depends” Question: How will opening a new credit card impact my credit? Answer: “It depends” Asking how co-signing impacts your credit is no exception. The effect which co-signing for a loved one is going to have on your credit will vary based upon a variety of factors. However, when it comes to co-signing, the potential for a negative credit impact is extremely high. Potential Credit Score Damage The idea that being “just a co-signer” does not mean that you are somehow less responsible for the debt than the primary borrower. In fact, when you co-sign for someone else, the account will show up on your credit reports as if you were the sole borrower. There are several ways in which co-signing could damage your credit scores. 1. The Inquiry Merely applying to be a co-signer...

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3 Steps to Overcome Identity Theft

Posted by on Jul 8, 2018 in Credit Reports, Credit Scores, and More! | 0 comments

3 Steps to Overcome Identity Theft

Identity theft isn’t a 4-letter word, but it probably should be. If you have ever been a victim of identity theft then you are sure to agree. It is a scary unsettling crime, which can haunt you for many years, unless you take control of the situation. What Is Identity Theft? Identity theft occurs whenever someone steals your personal identifying information (e.g. name, address, social security number, date of birth, etc.) and then uses the information without permission to commit fraud. It is a crime that has become more and more common over recent years, aided in part by the many large-scale data breaches which seem to occur on practically a weekly basis. Unfortunately, in addition to the stress it may cause you, identity theft can also have a horrible impact upon your credit. Until you clean up the effects of identity theft from your credit reports your scores will likely suffer and you may find it very difficult...

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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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