Category: Credit Score

Revolving, Installment and Open Accounts: What to Know About the Three Types of Credit

Not all credit is created equal. The credit bureaus, along with each of their scoring models, all take into consideration the types of credit accounts in a portfolio. While credit mix only accounts for 10 to 20 percent of a credit score, it’s important to familiarize yourself with the three basic types of credit accounts…

SmartCredit® Action Buttons: A Big Leap Forward for Consumers

Here’s something most Americans probably don’t know. Up until the FICO® score was created in 1989, people couldn’t actually see their credit score much less do anything to change it. Even worse, they were often denied credit because there was no unbiased standard for evaluating them fairly. Which meant creditors could refuse loans based on…

Missed House Payments and Evictions: How Do They Affect Credit Scores?

Many households across the nation continue to face economic uncertainty, so what are the short and long-term effects of missing a rent or mortgage payment? Can an eviction or a missed mortgage payment affect a credit score? Factors That Contribute to a Credit Score Let’s first have a look at the factors that contribute to…