The Looming Credit Crisis: How Student Loan Delinquencies Can Drop the Credit Score of Millions of Americans

Millions of Americans are on the brink of a credit crisis as student loan delinquencies are now starting to appear on credit reports for the first time since the pandemic. According to a recent analysis by the Federal Reserve Bank of New York, more than 9 million...

Do You Have to Pay a Loan Application Fee? 

When you’re preparing to submit a loan application, the lender may inform you they charge a loan application fee. These fees reduce out-of-pocket processing costs for the lender and make their borrower transactions more profitable.  Loan application fees are common...

What Are the Basic Types of Credit Cards?

IDIQ is not a bank, lender, tax advisor, or insurance company. Offers made on this page may come from our advertising affiliates, and we may earn a commission when you purchase products or services. There are many credit cards to choose from, which might be...

Can Old Addresses Be Removed from Your Credit Report?

It makes sense for your credit report to contain old credit account information or even loans you settled years ago. But, sometimes, you might be surprised to find old or inaccurate addresses. Don’t worry – most people often find themselves in this situation. So, why...

When Is Debt Relief Necessary? 

Are you drowning in debt, struggling to keep up with payments? Debt relief can be a lifeline. But what exactly is debt relief? When is debt relief necessary?   This article explores what debt relief is, the signs that you might need it, and the different options...

Why Credit Monitoring is Essential for Veterans 

Veterans and service members face unique challenges, especially when it comes to credit health. Strong credit is essential, as it affects access to important needs like housing, loans, and a secure financial future.   Credit monitoring helps veterans and active duty...

What Happens If You Go Over Your Credit Card Limit?

Trying to keep your spending under your credit card limit can be stressful. Sometimes, using up almost all of your available credit might be necessary. But what happens if you go over your credit card limit?   Credit cards are crucial for managing daily expenses and...

What is Credit Monitoring and Why is it Important?

Credit monitoring refers to a tool that alerts you of changes in your credit report and credit scores. It’s a great tool if you want to work on your credit and financial health because it allows you to watch your progress and adjust your behavior to reach your credit goals.

How to Improve Your FICO® Auto Score

Looking to buy your dream car? Having a strong credit score is an important early step in the process. Your creditworthiness determines the terms of your auto financing, making it crucial to understand how to enhance and maintain a strong credit profile. The most...

Does Debt Relief Hurt Your Credit? 

Are you struggling with debt, overwhelmed by multiple payments? You're not alone. Many people find themselves in this situation, and debt relief programs may seem like a tempting solution. But before diving in, a critical question emerges: does debt relief negatively...

Recent Articles

How Does Taking Out a Mortgage Affect Your Credit Scores?

How Does Taking Out a Mortgage Affect Your Credit Scores?

For many people, securing a mortgage marks the beginning of an exciting new chapter. However, considering the scale of such a large purchase, it's only natural to wonder about its potential impact on your credit scores. In this blog, we explain how taking out a mortgage can affect your credit scores. We also introduce you to a powerful tool – the FICO® Score Simulator offered by MyScoreIQ – that can help you plan for significant financial...

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What are the Benefits of Financial Coaching?

What are the Benefits of Financial Coaching?

Have you ever found yourself spending more time on Amazon than you’d like to admit? Taking a daily coffee run to Starbucks when you have coffee at home? Wondering why you aren’t able to save as much money as you’d like to? If you can relate, you might benefit from financial coaching. In this blog, we break down the benefits of financial coaching, so you can better understand if it’s the right solution for you. What is a Financial Coach?...

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Is It Better to Use a Credit Union or a Bank?

Is It Better to Use a Credit Union or a Bank?

Banks and credit unions offer many similar financial products and services. But if you’re looking for the best financial institution to open a new checking or savings account, take out a loan or open a new credit card, there are some key differences between banks and credit unions that you should know. Here’s how to help decide whether a bank or credit union is better for you. Credit Unions vs. Banks The biggest difference between banks and...

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What is an FHA Loan and How Does It Work?

What is an FHA Loan and How Does It Work?

FHA loans can help you buy a home when you have low-to-moderate income, a lower credit score or limited funds for a down payment. Compared to other loan types, FHA loans have more lenient requirements that allow first-time homebuyers and less qualified borrowers to attain homeownership more easily. In this blog, we discuss how an FHA loan works and how to know if it’s right for you. What is a Federal Housing Administration (FHA) Loan? FHA loans...

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Understanding Finance Charges: What You Need to Know

Understanding Finance Charges: What You Need to Know

What Is a Finance Charge? Finance charges refer to the costs associated with borrowing money or obtaining credit from a lender. It is the fee or interest that a borrower pays for the use of the lender’s funds or the extension of credit. The charges can vary depending on the type of loan or credit arrangement and the terms agreed upon between the lender and borrower. They are typically expressed as a percentage of the loan amount or credit...

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How Can Applying for a Credit Card Affect Your Credit Score?

How Can Applying for a Credit Card Affect Your Credit Score?

Getting a new credit card can be exciting, but it’s important not to get carried away. Having too many credit cards can lead to things like multiple card inquiries and falling into debt, which can directly impact your credit score. This is why you need to find the right balance to help you manage your credit wisely to avoid these potential risks. In this article, we explore factors you should consider when determining how often to apply for a...

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What Happens If You Don’t Use Your Credit Card?

What Happens If You Don’t Use Your Credit Card?

Credit cards can be a useful financial tool, making it easy to make purchases and help your credit. But, what happens if you don't use your credit card for a long time? In this blog, we explore what can happen if you don’t use your credit card and provide tips to help keep your account active and in good standing. We also discuss how neglecting your credit card can negatively impact your credit score, lead to fees and penalties, and even result...

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Cash Stuffing: The New Way to Save and Budget Your Money

Cash Stuffing: The New Way to Save and Budget Your Money

Cash stuffing is a new trend that is quickly gaining popularity. It is a simple and effective way to save and budget your money. And it can help you to stay on track with your financial goals. What is Cash Stuffing? Cash stuffing is a budgeting method where you physically take cash out of your bank account each month and divide it  into envelopes with each  labeled for a different expense. For example, you might have an envelope for rent, one...

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How Do You Build Credit in the Military?

How Do You Build Credit in the Military?

May is Military Appreciation Month, a time to honor the contributions of our military members. Managing finances and building their credit can be challenging for those serving in the military, especially when they are deployed and gave to spend a significant amount of time away from home. Here are tips on how to help improve your credit during your military service so that you can establish a solid financial foundation for the future. 1. Build...

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What Is Soft Savings? The New Trend You Should Know

What Is Soft Savings? The New Trend You Should Know

In recent years, there has been a growing trend of "soft saving." This refers to a less restrictive and more flexible method of saving money than traditional methods, such as setting up a savings account or investing in stocks or bonds. There are several reasons why soft saving has become so popular. One reason is that it is more accessible than traditional methods. With soft savings, you can save money without making a large initial savings...

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