Most people believe if they make all of their credit cards, car loan, and mortgage payments on time, they can expect their credit score to be great. However, focusing on your payment history alone will not give you a complete breakdown of what actually goes into your credit score.
When it comes to New Year’s resolutions, saving more money and improving one’s financial standing always come out near the top of the list. And having a great credit score can help you accomplish both.
It’s no secret your credit score is important. But many are surprised how great a role it can play in the overall cost of your loan.
It’s usually not until you attempt to get a loan that you realize just how valuable a great credit score can be. Lenders typically price loans based on your creditworthiness. Lower credit scores lead to higher interest rates.
Building credit is a process that remains a mystery to many people. How can you build credit if no one extends credit until you have credit? The good news is that it is not that difficult to build credit. The bad news is that it takes time, patience, and persistent effort to make your payments on time, keep your payments current, and avoid the temptation to spend beyond your means.
As a college student, you’re probably beginning to plan for the future, making sure you are fully prepared for what life after college has in store. And, if you’re like most, you’ll want to make sure this process is as streamlined as possible.
Making the transition from high school to college means you're in store for some significant changes in your life. Among those changes is the need to establish credit and build a solid credit score.
We all hear the horror stories of identity theft. Even when we take extra steps to protect our identities and finances, situations outside our control, such as major retailers being hacked, still happen.
That moment, when you FINALLY pay off a credit card that has plagued your thoughts and haunted your monthly bottom line for years, or even decades, can be a moment when you want to tell the company good riddance and leave them behind forever. But, is that the right move to make for your credit score?
Your credit report offers lenders a glimpse into your finances, offering a window into your spending and repayment habits over time. Maintaining an excellent credit score takes some hard work, diligence, and patience, but the payoff is big.
