Recent Articles
Can Someone Check Your Credit Without Your Permission?
Under the Fair Credit Reporting Act (FCRA), strict guidelines dictate what parties can run a credit check on consumers and what circumstances allow them to do so. Generally, only businesses and organizations with specific, legitimate purposes may check your credit scores. In most cases, they must get your permission, but there are a few instances where that isn’t the case. Who Can Check Your Credit? When you submit certain applications or...
How To Positively Impact Your Credit as a College Student?
An excellent credit score allows you to enjoy financial opportunities, especially after graduating. For example, it can help you rent an apartment, secure a car loan, and even be approved for a mortgage. While it might seem hard to earn a good credit score while you’re a college student, it’s not impossible. Below, we’ve provided you with four tips to help you positively impact your credit while you’re still in school. Open A Student Credit...
Does Retirement Affect My Credit Score?
Once you've cashed your last paycheck and start enjoying your retirement, you might start wondering if this new chapter will alter how your credit report turns out. Here’s the answer to that question: being retired does not directly affect your credit scores. A credit report doesn't contain your age or employment status. Since your credit report doesn't explicitly label you a retiree, it won't impact your credit report. With that said, your...
How Does a Repossession Impact Your Credit?
Keeping a good credit score is paramount to enjoying the most benefit you can as a consumer. However, there are a lot of different factors that can negatively impact your credit score. One of these occasions is a repossession, and often the most common tend to be auto repossession. If you’re looking to lease a car from the bank, you must understand auto repossession and how it can impact your credit score. What is an Auto Repossession, and How...
Does Having Student Loans Affect My Credit Score?
Student life is tough on many people, especially those with financial challenges. If you're in the same boat, you may have signed up for student loans to get through your student life without feeling deprived of any of its perks. College students can find student loans quite helpful in setting their career path right by assisting them financially through their higher education. While the word “loan” may sound intimidating, being able to use...
What Credit Score Does Everyone Start With?
If you’re a young adult just entering the world of credit, the first question that might come to mind is what is my starting credit score? When you’re first applying for a credit card – or any loan – most individuals wonder what number they’re starting their credit score journey from. If you’re in the same situation, we have a short guide below that details everything you need to know about your starting credit score. What Is Your Starting...
Why Medical Debt May No Longer Negatively Affect Your Credit Scores
Medical debt is a burden carried by millions of Americans, weighing down their credit scores even though this debt often arises from a single incident related to a critical medical issue. And concern over the impact of this debt has only grown since the start of the pandemic. But now, the three major credit reporting agencies are taking a collective step to stop medical debt from marring a person’s credit, announcing in March that they would no...
Does Refinancing Your Car Look Bad on Your Credit?
Refinancing your car could help lower your monthly car payment, but does it negatively affect your credit? Credit scores are important as they significantly impact your financial dealings. If you want to refinance your car but are unsure of its effects on your credit line, then here’s what you need to know. How to Refinance Your Car Loan? Refinancing your car loan means taking a new loan to pay off whatever is left over from the previous loan...
Can I Get a Business Loan with a Bad Credit Score?
You need money for your business, but you’re concerned that your poor credit score can impact your ability to secure approval for a business loan. It’s possible to get a business loan with a bad credit score, but the process might be complicated. Due to your low credit score, banks might turn you away. Or, if you are approved, you might have to pay a higher interest rate than someone with good credit. Here’s what you need to know about getting...
What Does the Credit Utilization Ratio Mean?
You may have heard the term “credit utilization ratio” or “credit utilization rate” before. Credit utilization ratio refers to the amount of revolving credit you currently use divided by the total available revolving credit. Generally, you express the credit limit as a percentage. Here is more information on credit utilization ratio and how it plays an essential role in the perception of your credit profile. How Does Credit Utilization Work?...
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