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...]
Best Savings Accounts
You've heard the saying, "Keeping Up with the Jones'" but what if you could surpass the Jones? With the right bank, that has the best savings account rates, you can set the new standard that all of your neighbors will try to keep up with. Finding the Best Savings Account There are hundreds of different banks that offer some type of a savings account to get you to become one of their customers. The differences between savings accounts is usually the interest rates offered on the account. … [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 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...]
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