Category: Credit and Credit Score

How to Establish Credit When You Don’t Have Any

It’s the ultimate catch-22. You need good credit to be approved for a loan or a credit card, but you can’t get good credit without first having a loan or a credit card. This is a frustrating and common problem: one in ten Americans doesn’t have a credit score.

So what’s a person to do? After all, you’ll probably need credit at some point in your life, since the financial world revolves around credit scores. The strength of your credit history is the deciding factor in car loans, mortgages, and qualifying for a credit card. Read on for a few ideas about what to do when you don’t know where to start. Continue reading “How to Establish Credit When You Don’t Have Any”

Home Loans Available by Credit Score

There are many factors that contribute to whether or not you’ll qualify for a home loan. However, one of the most important factors is your credit score. Even a single point can make a huge difference on whether or not you’ll qualify. Because your credit score is a number, it’s been an effective way to create minimum requirements for qualification.

Even though there are some industry standards around minimum credit scores, the final numbers required can be determined by each individual lender. You should use the numbers below as a guide to understanding the loan types that could be available to you given your current score. Let’s take a look at the loan types available by credit score.

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Are credit cards really that evil?

Credit cards are a tool; whether they are used for good or evil is determined by the knowledge and responsibility of the user. In the right hands, credit cards can help to build credit, protect your money, secure discounts and benefits, and assist you in an emergency.

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3 Ways to Raise Your Credit Score in 30 Days

Everyone knows how important your credit score is. It not only affects whether or not you’ll be approved for credit such as an auto or a home loan, but also affects the interest rate you’ll receive on these loans.

Therefore, you should improve your credit score not only because the commercials and billboards tell you to; it can actually save you money. Since I’m all about saving money, I’ve put together these 3 quick ways that can help you raise this score by the next time your score is calculated (usually every 30 days).

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