Are you worried that your medical bills will harm your credit score? The answer is that determining the impact of your medical bills on your credit report and credit scores is not a perfect science. It depends on an individual’s credit history which will be factored into the formula for determining one’s credit score. Here we are going to examine how unpaid medical bills can impact your credit score.  The Danger of Ignoring Medical Bills You may maintain good health insurance and do everything you are supposed to do like choosing in-network doctors…continue reading →
There are many reasons why a business credit card can be invaluable for small business owners. Besides building commercial credit and earning rewards for office supplies it can also make cash flow easier to manage and allows them to put expenses on credit that can be paid later when they are paid by their customers.  No doubt business credit cards offer rewards and benefits that are more suited to the needs of small companies, but how does its use affect your credit scores? The answer is not just a simple “yes” or “no.”…continue reading →
The apparent “American Dream” of owning a home is changing.   For many people, renting not only suits their need for flexibility but it is also an economic necessity due to soaring student loan debt and rising prices. Credit History and Rent Payments Credit history plays a vital role in your life and it is necessary for accessing bank loans, credit cards, mortgages, and auto loans. About 45 million people in the US who have a solid track record of paying rent on time (which constitutes 35% of their income) lack a credit score. …continue reading →
Credit Scores and credit reports play a vital role in the life of most Americans today. It determines the interest rates consumers pay for the credit card, mortgages and car loans and can ascertain if they qualify for a loan or not.  Your credit report may get a makeover as the three big reporting agencies (Experian, Equifax, and TransUnion) are doing things a little differently and have started excluding certain items from your credit report that used to damage your credit. This comes in the wake of a study by the New York…continue reading →
While we all hope that we will never be in a situation where we can’t afford to keep up with our payments, things do happen. Rising debt can cause excessive stress, especially if you are facing financial hardship due to circumstances beyond your control like health issues, unemployment, sudden major expenses or any other change in income. Even if your financial hardship is temporary it does not mean it is easy to handle. Things can become tricky if you rely on your credit card to make ends meet on your bills. This strategy…continue reading →
  Credit Cards are a keystone of Americans’ purchasing habits. They are no doubt the best financial tool available today as it is easy to carry, provides funds for an emergency and increases your credit scores. However, like any other financial product credit cards do seem to create a certain amount of anxiety. A Nerd Wallet survey found that a surprising number of Americans are struggling with basic credit card issues ranging from credit scores to revolving debt to reward cards. This is due to the fact that credit cards are surrounded by…continue reading →
For the past 27 years, FICO Credit Scores have been the bedrock of most consumer- lending decisions in the US. These scores were based mostly on consumers’ history of paying mortgages, credit card balances and loans. The FICO model has been periodically updated to help lenders to be more informed about credit-granting decisions and help the consumer get access to the credit they need. The most widely used version is FICO Score 8. The latest update is that Fair Isaac Corp. (the company behind FICO) has decided to test out a new type…continue reading →
Millennials (people aged 18-34)  don’t fully understand what impacts a credit score than older generations but according to a recent study it does not stop them from trying to improve their credit. They check their credit scores most and are trying actively to build and improve their scores according to Discover’s 2018 Credit Survey of US consumers. If your credit score is lower than what you would like it to be then you are not alone as credit scores are influenced by many factors like   a long credit history (35%,), level of debt…continue reading →
Well a lot of people actually do not understand what exactly credit repair is. So, how can one deal with it? Dealing with credit repair may not seem to be an easy procedure, but in reality it is not that complicated too. Just read on to get a fair idea about how you can do so in the long run. The first thing that you need is to get a Credit Report from any of the well known credit agencies like Experian, Equifax or TransUnion. You can get one from each if you…continue reading →
To fix credit score individuals think that registering themselves with bureaus helps them manage their bad credits so here are some Awesome tips to fix credit score.   Credit scores can be fixed with the following two-fold process: 1. It helps to understand credit scoring and how to skew credit rating system in the favor of individuals. 2. Using credit repair techniques to clean out bad credits.   Practical application one can find in everyday scoring health is simple and one can find it fruitful. Here are a few tips for credit improvement:…continue reading →