With MyScoreIQ, you get more than just your FICO® Scores. We give you peace of mind with industry-leading credit monitoring, financial fraud protection, identity theft insurance underwritten by AIG, and tools to help you build your credit.
A FICO® Score fluctuates due to various factors, reflecting changes in an individual’s credit behavior and financial circumstances. These scores are widely utilized by lenders to assess the risk associated with extending credit or loans to consumers. By evaluating factors such as payment history, credit utilization, length of credit history, new credit inquiries, and credit mix, FICO® Scores offer insight into an individual's financial habits...
Understanding your credit score can seem like decoding a complex puzzle, but with the right knowledge, it becomes much simpler to navigate. Your credit score holds the key to your financial health, influencing everything from loan approvals to interest rates. In this article, we discuss credit scores and decode the complexities that surround them. What Is a Credit Score? A credit score is a 3-digit number reflecting your creditworthiness. The...
During times of high inflation, rising costs can put consumers under greater financial stress. High inflation can make it harder for you to pay for the things you need, more expensive for you to borrow money, and slow down economic growth on a large scale. If you’re worried that inflation could negatively impact your credit, the good news is that your credit score is not directly affected by inflation or the state of the economy. But there are...
If your business has faced financial hardship, you may have considered filing for bankruptcy. It's a tough decision, but sometimes it's the only way forward. However, there's a looming question for most people when it comes to business bankruptcy: Does business bankruptcy affect your personal credit? Let's delve into the different types of business bankruptcies and how each of them can affect your credit. What Are the Types of Business...
Car accidents can have a substantial impact on various aspects of life. One of those consequences is the potential for your credit score to be affected. Accidents can cause not only physical and emotional repercussions, but financial implications as well. Car repairs, medical bills, and other costs can have a detrimental impact on one’s well-being. These unexpected expenses can strain your budget – leading to missed payments, collection...
Few feelings are worse than when you go to a bank or lender to apply for a mortgage or loan and they turn you down because you have a "poor credit score." Worse still is when you don't know what they're talking about or don't even have a credit score. Whether you know it or not, credit scores determine your creditworthiness and can play a significant role in your financial well-being. Therefore, it's essential to learn everything you can about...
If you want to apply for a mortgage, take out a new credit card, or apply for an auto loan, any reputable lender will probably look up your FICO® Score before giving you a loan. FICO® Scores are important indicators of your credit health and will largely determine mortgage terms and lending rates. However, because there are different scoring models, it's essential to know which one your lender will use. In most cases, the FICO® Score they use...
Have you ever wondered why you even need to check your credit report? If so, you’re probably not alone. In this article, we answer the question of “Why do I need to check my credit report?” and break down how it impacts your day-to-day life. So, let’s dive into the intriguing world of credit reports. What is a Credit Report? Let's start with the basics. A credit report is like a financial report card. It's a detailed record of your credit...
Building a strong business credit score is crucial for any business owner. It not only separates your personal and business finances, but also provides access to better financing options and establishes credibility with suppliers and lenders. That’s why in this article, we walk you through five essential steps to help you build a solid business credit foundation. What is a Business Credit Score? A business credit score is a numerical...
Just as a personal credit score reflects an individual's financial health, a business credit score is an important indicator of a company's financial well-being. In this article, we explore what a business credit score is, why it's important, how to improve it, and the long-term benefits of maintaining a good business credit score. So, if you're a small or medium-sized business owner, an entrepreneur, or simply curious about business credit,...
