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…
Is there a more sophisticated way to build up your credit score beyond paying off accumulated debts every month? Perhaps you need to accelerate the improvement of your credit score to qualify for a personal loan or mortgage. Or you might only have a little leeway to play with, depending on your current financial situation….
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…
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…
If you’re looking to meet additional expenses or expand into new ventures and don’t want to rely on credit cards, one option is to apply for a personal loan. One of the criteria that lenders will take into account is your credit score. Find out what credit score is needed for a personal loan, what…
