Have a Late Payment Penalty on Your Credit Report? Keep Calm & Read On! 35 percent weightage of your credit score comes from your payment history, which means late payment penalties could pretty much make or break your credit score. While the long-term solution to avoid the problem is budgeting your expenditure and streamlining your…
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Exploring the Nexus between Foreclosures and Credit Score Foreclosure has become a harsh reality for millions of Americans, with many still struggling to reverse the damage it caused to their credit score. That explains the increasing number of people seeking “fix my credit” solutions. A foreclosure, on an average, drops the defaulter’s credit score by…
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4 Credit Score Boosting Tips for Students Students generally think FICO scores are primarily important for adults, who have to deal with mortgages, auto loans, high monthly credit card bills, and other such financial perils. Ignoring your credit score is a big mistake, as this three digit number may turn out to be more important…
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Repair Credit Score After Chapter 7 Bankruptcy: Learn How Filing bankruptcy makes it difficult for the individual to get credit, but it is still a possibility. The mention of Chapter 7 bankruptcy puts the borrower into subprime category, which implies that the borrower needs to pay higher interest rates and penalties for defaults. It usually…
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4 Factors You Didn’t Know Impact Your Credit Score Every financial decision you make has a positive or negative impact on your credit score. Your credit score takes a hit every time you use a credit card in an unassuming way or make a financial inquiry of some sort. If your credit score gets too…
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Wondering How to Fix Your Credit and Impress Lenders? Here’s How Many borrowers believe that a credit report without any mention of bankruptcy, late payment, charge-off or high balance is enough to help an individual get through the stressful loan process. Many borrowers, however, are unaware of the presence of red flags in the credit…
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Paying “Minimum Amount” on Your Credit Cards? Think Again! Contrary to common notion, paying the “minimum amount” due on the credit card every month doesn’t help in clearing off debt. Many people live under the myth that a small amount paid every month is enough to keep them in the good books of lenders and…
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Credit Repair 101: Drafting an Effective Credit Report Dispute Letter Although financial experts regard a high credit score as one of the most important financial assets for any individual; many a time, credit bureaus and creditors falter in reporting important details, which affects the credit score. The good news, however, is that you have the…
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Impact of Delinquent Debt Payment on Credit Score More than one-third of Americans have one or more types of debt in collections – which implies they are behind in paying their bills – with the average debt owed by people being approximately $5,178. A delinquent debt arises from missing out a credit card payment or…
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Credit Card Cancellation: Is it a Wise Decision? A question that troubles individuals the most, when they are in the process of cleaning up credit report, is whether to ditch their old credit card. It is always better to understand how the cancellation might impact the credit score in such circumstances. Therefore, if you are…
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