January 7, 2020Shawn LaneConsumer Credit Expert How to Shop for a Mortgage Without Hurting Your CreditWhether you’re buying a new home or refinancing an existing mortgage, shopping around for a good interest rate might save you money. At the very least, rate shopping can help you confirm you’re getting a good deal. But there’s an art to shopping for a mortgage …
Do Medical Bills Damage Credit Scores?
November 12, 2019Shawn LaneConsumer Credit Expert Lenders use credit scores to help predict risk. Credit scores are designed to calculate the odds that you’ll become 90 days late (or more) on any credit obligation within the next 24 months. The more likely it is that you might pay something 90 days late within that time frame, the lower your scores …
How to Add Positive Information to Your Credit Reports
October 8, 2019Shawn LaneConsumer Credit Expert It’s important to make sure the information on your three credit reports is accurate. Errors and mistakes on your credit reports can potentially hurt your credit scores and make it difficult or even impossible to qualify for new financing when you need it. But what if positive information is missing from your credit reports? Is …
Does Paying a Collection Help Your Credit Score?
September 10, 2019Shawn LaneConsumer Credit ExpertCredit has a huge influence over your day to day life. When your credit is in good shape, it can save you money on everything from your mortgage payment to your auto insurance premiums. On the other hand, bad credit can cost you money and may make it hard to qualify for loans, insurance policies, and …
Should You Use a Credit Card or a Debit Card?
August 21, 2019Shawn LaneConsumer Credit Expert When it comes to credit cards, people have strong opinions. You’re probably either a fan of credit cards and the perks they provide, or you may prefer not to use them at all. If you’ve ever struggled with credit card debt in the past, you may be afraid to trust yourself with them again. But …
How Good Credit Can Save You Money on Insurance Premiums
July 9, 2019 Shawn Lane Consumer Credit Expert The benefits of good credit are seemingly endless. There’s the obvious — good credit can help you to qualify for loans, credit cards, and other types of financing. Solid credit can also help you pay lower interest rates when you’re approved. But low rates and high approval odds are only the tip …
What Makes Up Your Credit Scores? Part 5: New Credit
June 4, 2019 Shawn Lane Consumer Credit Expert When you apply for a new loan or credit card, you give the lender permission to check your credit report. This credit report access is known as an inquiry. What you might be surprised to learn is that inquiries have the potential to hurt your credit scores. Keep reading for a breakdown of …
What Makes Up Your Credit Scores? Part 4: Credit Mix
March 21, 2019 Shawn Lane Consumer Credit Expert Your credit scores are a tool lenders use to predict the risk of doing business with you. FICO credit scores specifically are designed to predict the likelihood that you will become 90 days late on any credit obligation within the next 24 months. When your credit scores are low, it can be …
What Makes Up Your Credit Scores? Part 3: Length of Credit History
March 7, 2019 Shawn Lane Consumer Credit Expert You know your credit scores are important. They can make or break your applications for loans and credit cards. When you’re approved for financing, your scores can impact how much you’ll pay and the terms you are offered. Of course, you can know that your credit scores matter without understanding how they …
What Makes Up Your Credit Scores? Part 2: Amounts Owed
February 21, 2019 Shawn Lane Consumer Credit Expert Many people think that paying your financial obligations on time is all it takes to earn great credit scores. The truth, however, is that credit scoring is more complicated than that. Believe it or not, the majority of the points in your credit scores don’t have anything to do with how …