One of the primary reasons consumers run into credit issues and subsequently suffer with a low credit score is too much credit card debt. Excessive and unmanageable credit card debt not only causes credit and credit score problems but also is a primary cause of personal bankruptcy filings. The use of credit usually involves spending money that is not readily available. Obtaining a home mortgage is one form of credit in which borrowers use the money extended with the credit to buy a … [Read more...]
Managing Money and Credit
March 2, 2010 By 1 Comment
Learning how to manage money the right way is an important step for individuals to take toward controlling their financial position. Understanding where your money is coming from and where it’s going to, not only helps to manage a household budget but can make sure that an individual’s credit remains good as well as helping to improve credit and credit scores that are already weak. One of the first steps toward financial control and sound credit management is to calculate your net … [Read more...]
Credit Scores and Credit Limit Changes
February 28, 2010 By 1 Comment
Credit scores are influenced and change up and down to a number of attributes found in an individual’s credit report. The FICO credit score is the most common credit score used by lenders. In calculating credit scores, the FICO score is derived by analyzing the data in an individual’s credit report and will change as the credit report data changes. A number of factors are weighed in a credit report to come up with the credit score. Factors include length of credit, payment … [Read more...]
Beware of the Little Things that can Hurt Your Credit Score
August 21, 2009 By Leave a Comment
Countless articles regarding credit inform consumers about the big events that can have a negative impact on their credit score. But, many consumers fail to realize all the little transactions or little known transactions that may have a fairly significant and harmful influence on their credit score. We all now the importance of good credit and a good credit score in our society with its wide ranging impact from credit and borrowing to employment to insurance and housing and more. Most … [Read more...]
Simple Myths Regarding Credit Scores
August 3, 2009 By Leave a Comment
Myths and urban legends abound on the Internet, but most of them can't impact your finances. However, there are many financial myths that can cost you a lot of money. Myths about credit reporting and your credit score can take a significant amount of your hard-earned money out of your wallet. Making a lot of money will help your credit report and your credit scores. It is a common misconception that a big salary will lead to spotless credit, low interest rates and a high credit score … [Read more...]