Credit scoring systems comb and analyze credit reports to evaluate how you manage credit. They focus on factors such as your payment history, your total debt, usage of available credit, length of credit history, credit mix and new credit. Credit scoring systems such as the FICO® ScoreÎ 8 and VantageScore® analyze credit report information to … Read more
Nearly a quarter (22%) of Americans have a FICO Score of 800 or higher, which the credit scoring company describes as exceptional. “Exceptional.” Depending on ones frame of mind, the word may conjure up anything from a mint condition rookie card to possibly being asked, again, to stay after class. But in the world of … Read more
In this post, we’re going to touch upon unfortunate circumstances: death. The death of a loved one is incredibly hard to go through. We hope that we can, at the very least, make navigating these tragic circumstances a little bit easier. We’re going to be discussing what to do if, when your spouse has died, … Read more
If youve ever checked your credit score and wondered what it takes to reach a perfect 850, youre not alone. An 850 FICO® Score is the holy grail of creditworthiness, but what does it actually mean and does it even matter? While hitting 850 is an impressive milestone, you dont need a perfect score to … Read more
Your 810 FICO® ScoreÎ falls in the range of scores, from 800 to 850, that is categorized as Exceptional. Your FICO® Score is well above the average credit score, and you are likely to receive easy approvals when applying for new credit. Less than 1% of consumers with Exceptional FICO® Scores are likely to become … Read more
In addition to your credit score, your debt-to-income (DTI) ratio is an important part of your overall financial health. Calculating your DTI may help you determine how comfortable you are with your current debt, and also decide whether applying for credit is the right choice for you. When you apply for credit, lenders evaluate your … Read more
A credit score of 720 is right on the border between a “prime” and “super prime” credit score. Whether 720 is considered prime or super prime depends on the credit scoring model used. Let’s take a deeper look at what makes a credit score prime or super prime, and whether 720 meets the criteria. What … Read more
If youre considering closing one of your credit cards because you dont use it anymore, think twice before contacting your card issuer. While it might seem like holding fewer credit cards could help your credit, losing the available credit limit on the closed account can increase your utilization rate, which can hurt credit scores. If … Read more
It’s every home-owner’s worst nightmare. Already drowning in debt, and with a rampaging cost of living crisis causing many families to barely be able to make ends meet, they get a notice from their mortgage company that says something to the effect of: You have 30 days to pay back your entire mortgage balance in … Read more
An IVA (Individual Voluntary Arrangement) is a formal agreement between you and your creditors to pay back some of what you owe over a set period. It can help you take control of debt, avoid bankruptcy and protect your assets. However hiding a bank account from an IVA is risky and can have serious consequences … Read more