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Weekly Credit Scores & Credit Reports Tips

Weekly Credit Scores & Credit Reports Tips

  • How do I get my free credit report?
    Aug 06, 2013
    Many consumers aren't aware that, by law, Americans are entitled to one free credit report per year. And for those that are aware of this important fact of finance, fewer still know where they...
  • House Hunting? Keep an Eagle Eye on Your Credit Score
    Oct 01, 2012
    As rates on 30-year fixed mortgages hover around 3.5 percent and home prices in many parts of the country are starting to rise again, it may finally be time to take the plunge and purchase the home...
  • What Makes Up Your FICO Score?
    Oct 01, 2012
    Perhaps the most common question about credit is, "What makes up my FICO Score?" That may not surprise you since you're reading this article to answer that very question. But what may...
  • Beware of Double Negatives on Your Credit Report
    Sep 25, 2012
    The only thing that's worse than a negative account on your credit reports is a negative account that shows up twice. Unfortunately, double entries can happen quite easily in the credit reporting...
  • Poor Credit Scores Influence More Than Lenders
    Sep 13, 2012
    People with good credit are finding it difficult to get many types of loans these days, especially mortgages. For those with poor or damaged credit, the task is even more daunting. But what about...
  • Employer Credit Checks Don't Hurt Credit Scores
    Aug 01, 2012
    It's no secret that some employers will conduct credit checks as part of their hiring process. Whether or not you agree with it, it happens all the time. However, many people seem to believe that...
  • Leaving Monthly Balances Won't Boost Credit Scores
    May 24, 2012
    You've probably had friends tell you how they established their credit history faster by leaving monthly balances on credit cards instead of paying balances in full. Hope you didn't fall for this...
  • How to Build Credit from Scratch
    Jan 01, 2011
    It really is a classic Catch-22. You've got to have credit to get credit. So if you have no credit history at all, how should you go about building a good credit score from scratch? The tactics...
  • Will Breaking a Lease Hurt My Credit?
    Sep 14, 2011
    Breaking your lease may seem like the easiest way out of an apartment you can no longer afford, but it's important to remember that it could do some major damage to your credit scores too. Breaking...
  • FTC and Fed Broaden Free Credit Score Rules
    Jul 10, 2011
    Consumers are now closer than ever to having the right to a free credit score. In fact, there's a good chance you'll receive free copies of your scores the next time you apply for any type of credit...
  • Using Debit Cards for Car Rentals Hurts Credit Scores
    Jun 08, 2011
    It's a little known fact that most car rental companies have a clause in their agreement that says they have the right to pull your credit reports if you use a debit card to rent a vehicle. What...
  • Rent Payments Now Included on Experian Credit Reports
    Feb 28, 2011
    Experian recently announced that it began including residential rental payment data on credit reports as of January 2011. In the past, the only way rental payment information would ever show up on...
  • Missing Accounts on Credit Reports
    Feb 07, 2011
    Did you know that your credit reports may not reflect all your credit accounts? The truth is creditors aren't required to report anything to the major credit bureaus, so many lenders simply choose...
  • How Loan Modifications Affect Credit Scores
    Jan 31, 2011
    The extent of a loan modification's effect on your credit score first depends on whether your lender reports the loan to the credit bureaus as a new loan or the same loan with changes. If it's...
  • Don't Fall for the In-Store Credit Card Spiel
    Dec 20, 2010
    A recent survey by myFICO, creator of the almighty FICO credit score, reports that 1 in 10 shoppers will sign up for an in-store credit card when offered a discount at the cash register. You know...
  • 3 Credit Reporting Agencies You've Never Heard Of
    Nov 14, 2010
    Everybody knows about the "Big 3"—Experian, Equifax, and TransUnion. But did you know there are 3 other companies out there keeping track of your personal information and selling it to those...
  • 720 FICO Score Marks New Threshold for Best Rates
    Nov 07, 2010
    Real estate values continue to drop around the country while interest rates remain at historic lows. If you've had your eye on that perfect home for the past few years, this may seem like the...
  • Top 10 Things You Can Do Today to Improve Your Credit
    Oct 06, 2010
    The most difficult part about beginning a new exercise routine is getting your butt off the couch to go to the gym. Yes, those endless reruns of "America's Next Top Model" can be quite hypnotizing...
  • Small Collection Accounts Ignored by FICO '08
    Sep 19, 2010
    Too many credit scores have been wrecked by something like an annoying $50 medical bill that falls through the insurance cracks and ends up on your credit report before you ever receive a bill. We...
  • The Minimum Requirements for FICO Scores
    Sep 13, 2010
    Individuals new to credit are often concerned about how long it will take to actually obtain a FICO credit score. Most think that as soon as some kind of credit is acquired, they will automatically...
  • How Long Will Inquiries Stay on My Credit Report?
    Sep 06, 2010
    A hard inquiry, which occurs when you apply for credit and your credit reports are pulled as part of the application process, will remain on your reports for two years. Your credit score may also...
  • HELOCs and Your FICO Scores
    Aug 23, 2010
    Unlike mortgages, which are installment loans, the amount of available credit on a home equity line of credit (HELOC) will increase when you pay down the balance. Sounds like a credit card, right?...
  • Will Disputing an Account Hurt My Credit Score?
    Jul 18, 2010
    Credit bureaus are large organizations that process enormous amounts of data. They will undoubtedly make mistakes. Fortunately, the FCRA (Fair Credit Reporting Act) provides you with the right to...
  • Can I Add an Account to My Credit Report?
    Jun 08, 2010
    It can be quite frustrating for consumers to discover that a credit card, auto loan or mortgage they've been paying on time for several years doesn't even show up on their credit reports. If this...
  • Too Much New Credit Bad for Scores
    May 30, 2010
    While it's true that the FICO scoring model rewards consumers who responsibly use various types of credit, applying for too much all at once will likely have a negative effect on your credit scores...
  • Paying Off Car Loan Could Hurt Your Credit Score
    Apr 26, 2010
    It may sound counterintuitive, but paying off your car loan probably won't improve your credit score. In fact, if it's the only installment loan you have, your credit score could take quite...
  • Closed Credit Cards Can Still Affect Utilization
    Apr 11, 2010
    Credit utilization, which accounts for a large chunk of your overall FICO score, measures how much of your available revolving credit is being used each month. The higher the ratio, the more it...
  • Credit Scores That Matter
    Mar 30, 2010
    Credit scores can be confusing enough without having to worry about whether the score you just purchased is a "real" credit score. Major Credit Reporting Agencies (CRAs) unfortunately add to the...
  • Credit Counseling: Will it Ruin Your Credit Score?
    Mar 14, 2010
    It's a common belief that credit counseling can trash your credit score. In fact, some people even claim that enrollment in a credit counseling program is as bad as filing bankruptcy, which can...
  • FICO Score is No Respecter of Income
    Jan 24, 2010
    The common belief that income directly impacts the strength of one's FICO score is perhaps the longest-living credit myth on record. The truth is whether you make $25,000 or $250,000, your FICO...
  • 5 Ways to Protect Your Credit Score in 2010
    Jan 12, 2010
    The financial crisis of 2007-2009 changed the world of consumer credit forever. So what will 2010 bring to the credit industry? To sum it up it one word—reform. In fact, the...
  • Considering a Charge Card? Keep Your Credit Score in Mind
    Jan 10, 2010
    Charge cards can be a great way to avoid racking up debt while still enjoying the convenience of paying with plastic. But if you're considering switching your spending from credit cards to a charge...
  • How ChexSystems Works
    Nov 23, 2009
    If there's one report in the financial world you definitely don't want your name on, it's ChexSystems. Utilized by U.S. Banks and credit unions as a way to determine if potential customers are too...
  • To Co-sign or Not?
    Oct 05, 2009
    If you have good credit, there will likely come a time in life when a close friend or relative asks you to cosign a loan. Should you say yes? The easy in answer is "no", and here's why. Since you'...
  • Credit for Paying the Bills
    Sep 06, 2009
    I find it hard to believe there are still millions of Americans that don't exist within our nation's credit-scoring system. Since credit has played an integral role in my personal financial life...
  • Credit Reports May Be Accessed Without Your Permission
    Aug 16, 2009
    It's a common myth to believe that your credit reports can only be accessed with your exclusive permission. So, you may be surprised to find out that the Fair Credit Reporting Act (FCRA) actually...
  • How Many Points Will My Credit Score Drop From Hard Inquiries?
    Aug 09, 2009
    Hard inquiries are recorded on your credit reports when you apply for new credit products, cell phones, insurance, or maybe even a new job. They are essentially a record of every time a business has...
  • Closed by Consumer vs. Closed by Creditor
    Jun 30, 2009
    A closed credit card account will show up on your credit report as either "Closed by Consumer" or "Closed by Creditor". The words may not be exactly the same, but a close variation should easily be...
  • How Many Credit Scores Do I Have?
    Jun 22, 2009
    Unless you don't exist in the credit system for some reason, you actually have three credit scores. And you have three credit scores because you also have three credit reports — one from...
  • Why Credit Still Counts
    Jun 04, 2009
    It's easy to despise the credit issuers. Who else should we blame for the ugly state in which our credit card industry exists today? Should we blame consumers for making poor financial decisions...