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 …
Using Your Tax Refund to Improve Your Credit
Shawn Lane Consumer Credit Expert It’s easy to treat a tax refund like free money – and many people do. When a check for hundreds or even thousands of dollars show up in the mail, who wouldn’t feel like they’ve just won the lottery? But a tax refund is just that – a refund – and because that money was …
Credit and Couples
Shawn LaneConsumer Credit Expert With Valentine’s Day approaching, it’s natural to start thinking about all the factors that go into a successful relationship – trust, commitment, passion and a compatible approach to managing your credit.OK, that last one might be a stretch.But while talking about your credit score might seem decidedly unromantic, financial compatibility is a very real factor in the …
The Best New Year’s Resolutions to Improve your Credit!
Shawn LaneConsumer Credit Expert New Year’s resolutions have a bad track record. They tend to fail, not through lack of effort, but because they’re usually too broad and overly ambitious. It’s difficult to formulate a strategy for a vaguely defined goal, and it’s even more difficult to stay motivated when your goal is unrealistic. That’s why financial goals are perfect …
How to Maintain Good Credit if You’ve Been Laid Off
Shawn LaneConsumer Credit Expert 2020 has put a lot of people in financial positions they never imagined being in. Entire industries have dried up as a result of the Covid-19 pandemic, and even the most reliable jobs now carry the risk of being laid off or furloughed.Those who have never been in this situation might be worried about how it …
Best Alternative to Payday Loans
Shawn LaneConsumer Credit Expert Payday loans get a lot of flak – and rightfully so. They have outrageous interest rates and often use predatory practices to lure in financially vulnerable borrowers. But if you think avoiding payday loans is easy, you’ve probably never been in a situation where you need money immediately. When you live paycheck to paycheck, even a …
Credit for Kids
Shawn LaneConsumer Credit Expert If you take an informal survey of people struggling to manage their finances as adults, they’ll probably have one thing in common. Disregarding any socioeconomic factors, there’s a good chance they had very little personal finance education as children.It’s not surprising that 36% of college students have managed to rack up some amount of credit card debt. …
What is a Credit Builder Loan?
Shawn LaneConsumer Credit Expert Starting from the bottom is always hard. With no upward momentum, just getting started can feel like a monumental task.That holds especially true for your finances. Money tends to make more money, and good credit lends itself to even better credit. All the best loan products – credit cards, mortgages and personal loans, for example – require …
3 Ways You’re Accidentally Sabotaging Your Credit Score
Shawn LaneConsumer Credit Expert Good credit is a lifelong journey. It’s not something you can work to earn and then forget about once you reach your goal. Just like you need to constantly take care of your health by eating right and exercising, your credit requires constant attention. Learning good credit habits is a great place to start. However, it’s …