Understanding your credit report is one of the most important first steps you can take when you want more control over your credit and your financial future. For many people, opening a credit report feels a little like reading a document written for someone else. Additionally, there are account numbers, balances, dates, status codes, payment histories, inquiries, old addresses, and …
The Relationship between Credit Cards and Credit Scores
The relationship between credit cards and credit scores is important to understand because the way you use a credit card can influence several of the major factors used to calculate your credit score. A credit card can be a useful financial tool. It can help you establish a payment history, demonstrate responsible credit management, and maintain available revolving credit. But …
Which Credit Score Really Counts for Approval? FICO vs. VantageScore
Understanding the FICO vs VantageScore Debate When consumers check their credit, they often run into a common source of confusion: FICO vs VantageScore. These are the two most widely used credit scoring models in the United States, and while both generate a three-digit score based on your credit history, they aren’t identical. Because of this, you might notice your score …
Top Payday Loan Alternatives: Smarter Financial Solutions
When money is tight and the bills are piling up, many people turn to procuring a payday loan as a quick solution. But what feels like relief often leads to a deeper financial hole. If you’re looking for the best alternative to payday loans, you’re not alone—and you’re making a wise move. There are safer, more sustainable options that won’t …
How to Boost Your Credit Before Getting a Mortgage
Shawn Lane Consumer Credit Expert For many people, a home is the largest purchase they’ll make over the course of their lifetime. That’s why getting the lowest possible interest rate on a mortgage is so important. To do that, you’ll need to get your credit score as high as possible. There are no quick, overnight fixes for a low credit …
How Credit Bureaus Are Mishandling Customer Disputes
Shawn Lane Consumer Credit Expert For many people, credit bureaus seem like static, unchanging entities. It would certainly be comforting to think that the organizations in charge of determining credit scores have everything under control. But these companies are anything but perfect – and that may be putting it mildly. Credit bureaus have been receiving an increasing number of consumer …
Can Holiday Spending Hurt Your Credit Score?
The holidays are not a time to pinch pennies. There’s nothing wrong with loosening the purse strings, giving generously, and using this time to focus on friends and family instead of money. But you at least want to make it through to the end of the year with your finances intact, which means avoiding any big hits to your credit. …
How does a credit card limit increase work?
When you take on any form of debt, there are limits to how much money you can borrow. For a loan, that limit is represented as the total sum offered to the borrower. For a credit card, it’s represented as the credit limit.If you want the ability to spend more money with a particular card, you’ll need to ask for …
What Consumers Don’t Know about Free Credit Score Companies
If you’re trying to actively monitor your credit, paying for a copy of your credit score can be a frustrating expense. In this situation, companies offering a free copy of your credit score probably seem like a godsend. But while these services can show you a free credit score, it might not be the score you’re actually looking for. Here’s …
FICO vs Vantage – Which score will my lender use?
Shawn Lane Consumer Credit Expert You’re probably aware that a high credit score is the single most important factor in securing a loan. But did you know that you have more than one credit score? FICO and VantageScore are the two main credit scoring models used by lenders. They each take a similar, but slightly different approach to calculating your …