Being debt-free means you donât owe any outstanding debt. However, carrying no debt other than your mortgage payment or a credit card you pay in full each month could make sense. For most people, living debt-free is a meaningful goal that represents a level of financial freedom. Student loans, car loans and credit card debt … Read more
FICO Score 8 is one of the many different versions of FICO credit scores. Since FICO Score 8 was launched, two newer versions of base scoresâFICO Scores 9 and 10âhave been released. However, FICO Score 8 remains one of the most widely used FICO credit scores. Learn more about FICO 8, including how itâs calculated, … Read more
When it comes to your finances, having an accurate credit report and credit score is extremely important. Your credit report and score are used by lenders, creditors, insurance companies, landlords and even potential employers to help determine your creditworthiness and risk level But with your credit information coming from multiple sources, it can be confusing … Read more
When you apply for credit, such as a new credit card or a home mortgage loan, the lender will request to review your credit report. This is what’s called a hard inquiry, or credit inquiry, and it can impact your credit. So how long does a hard credit inquiry stay on your credit report before … Read more
Debt cancellation is when a lender agrees to relieve you of your obligation to repay your debt. When a creditor cancels a debt, you no longer have to pay what you owed. However, you may face a tax bill and potential damage to your credit score. Debt cancellation occurs when a lender forgives some or … Read more
Having a good CIBIL score is essential for availing loans and credit cards in India. But have you ever wondered what the highest CIBIL score in India is? Let’s find out! What is CIBIL Score? CIBIL or Credit Information Bureau (India) Limited is India’s premier credit information company. It collects and maintains records of an … Read more
It can be tempting to pay off your mortgage early, especially if you have the funds readily available. You can retire debt-free, save on interest and even divert those savings to higher-earning investments. But there are drawbacks to consider, too, and paying off your mortgage early isnt the right move for everyone. If youre looking … Read more
Paying off the mortgage after 30 years was a rite of passage for Americans approaching retirement age, but this once-common scenario is no longer the norm. According to research from Fannie Maes Economic and Strategic Research Group, baby boomers, those born between 1946 and 1965, are carrying more mortgage debt than earlier generations and are … Read more
Banks don’t disclose internal methodologies for determining creditworthiness and American Express is no different. The most reliable way we’ve found to ascertain which credit bureau a bank or financial institution uses to pull reports is by asking those who’ve applied for cards from a bank which of their credit reports showed a hard inquiry following … Read more
While paying off your debts often helps improve your credit scores, this isn’t always the case. It’s possible that you could see your credit scores drop after fulfilling your payment obligations on a loan or credit card debt. However, that doesn’t mean you should ignore what you owe. The benefits of paying your debts are … Read more