Can Cancelling a Credit Card Affect My Credit Score?Cancelling a credit card will affect your credit score, especially if you have had that card for several years. 15% of your FICO credit score is based on how long you have had that line of credit. The older the better. Once you cancel that card, you will lose that long history you had with the card and your score will go down.How Do Credit Cards Affect My Credit Score?Credit cards affect your credit score with two factors:The balance on … [Read more...]
Disputing a Credit Report
FACT: Credit reporting is a voluntary and for-profit enterprise. FACT: The US government does not endorse, or promote the credit reporting industry. FACT: Credit reporting companies (also known as credit bureaus) are not part of the federal government. If the credit reporting agencies, (most notably Equifax, Experian, and TransUnion) are no more part of the federal government than say FedEx or Wal-Mart; why are we so intimidated by them? The main reason is because they wield so much power and … [Read more...]
What Is A Good Credit Score?
We have all seen the advertisements, such as: “0% APR”, or “No interest, no payments for 90 days”, or “90 days same-as-cash” offers. Then the kicker (On Approved Credit). So what EXACTLY does this mean to you and I? What Is A Credit Score? A credit score is the mathematical opinion about your ability to repay any loan generated by a credit scoring company. There are many different credit scoring companies out there, all of them use their own proprietary mathematical credit scoring algorithms … [Read more...]
How to Re-Build Your Credit After Bankruptcy
So you’re walking out of the bankruptcy court thinking to yourself, “What have I just done?” Not to fear! There is a light at the end of that tunnel. The light at the end of that tunnel is new-found HOPE and DISCIPLINE. First Things First Jump back into the credit game! You’re probably saying to yourself, “Well this is what brought me to bankruptcy court.” True, it is what brought you there. This time, you are going to actually be a player in the game and not get played by the game. You need … [Read more...]
How to Build Credit When You Don’t Have Any
Ahhhh, the age-old question, “how can I get credit when I don’t have any?” Well there’s no time to start like the present. The first question you need to ask yourself is: What TYPE of Credit Should I Get? There is a difference in types of credit. If you are just building credit, you are going to want to get the most “bang for your buck.” Since 30% of your FICO score is based on amounts owed, this also goes to say that 30% of your credit score is based on CREDIT CARDS and how you use them. Now … [Read more...]
