Debt Utilization and Your Credit Scores

While the amount of debt you owe is important, even more important is how you are managing your revolving accounts such as credit cards. Learn more now.

Credit Checks — How Credit inquiries Affect Your Credit Scores

Whenever someone accesses your personal credit reports or scores, the credit reporting agency that fulfilled that request must, by law, record that “inquiry” on your credit report. Because certain inquiries have been found to be associated with greater credit risk, they may affect your credit scores. In other words, recent inquiries on your credit reports can cause your credit scores to drop. That said, there are a few important things to keep in mind with inquiries. The impact of a Read More

Types of Credit Accounts & Your Credit Scores

Just like being able to demonstrate a variety of previous responsibilities at work can help you land a better job, consumers with the best credit scores tend to have a wider range of experience with credit. In other words, they don’t just have a single credit card or a car loan. Instead, their credit reports list a mix of different types of credit accounts (ideally paid on time, of course). Specifically, many credit scoring models are looking for a mix Read More

Credit History — How Your Credit Age Affects Your Credit Scores

When it comes to building strong credit scores, experience helps. Credit scores are designed to evaluate information from your credit history to predict how likely you are to pay on time in the future. To do that, they require information about how you’ve handled your accounts in the past. If you don’t have much in the way of credit references on your credit reports, you’ll have what’s called a “thin file” and it will be harder to earn a high Read More

Do Business Credit Cards Report to Personal Credit?

If you are looking for a small business credit card, you’ll probably focus on the benefits and rewards you can earn, as well as the annual fee and interest rate you’ll pay. How that card will affect your credit scores probably won’t be top of mind, but it’s worth considering. Having business credit cards that do not report to personal credit can help your personal and business credit ratings. (See how your business credit cards are impacting your personal scores Read More

What is a Thin Credit File?

You pay your bills on time, you don’t have any credit card debt, and overall, you consider yourself fairly responsible when it comes to spending. You’re ready to apply for a credit card or loan to help you get your future business off the ground and all of a sudden you hit a road block. Your request is denied and, upon further research, you find that you have thin credit file. Now what? This is a really frustrating situation for Read More

What is a Bad Credit Score?

Credit scores. They’re the be-all and end-all of the financial world. They’re widely recognized on a high-level, but often shrouded in mystery when you get down to the nitty gritty. They’re an essential part of our lives (consumer or business), and yet, while we know we should strive to achieve a good one, we’re often left to question what exactly is a bad credit score. To complicate things more, most of us are hyperaware of the impact of good or Read More

The Truth about Business Credit Repair

Today, businesses and consumers around the world fall victim to the limitations of a poor credit score. From cars and houses to new jobs and business opportunities, a poor credit score can stop you dead in your tracks. This harsh reality often makes promises of “guaranteed” credit repair or “clean” credit reports appear as beacons of hope. And as we’ll discuss later, even business credit repair is getting in the act. Because it’s so vital to financial freedom, credit repair, Read More