Why Did My Score Drop After Paying My Installment Loan?

Many individuals are puzzled when they notice a decline in their credit score after making what seems to be a positive financial move – paying off an installment loan. If you’re among those wondering why your credit score dropped after paying off an installment loan (student, auto, installment, mortgage), this article is here to provide … Read more

Why did my credit score drop when I paid my credit card off?

This is one of the most common questions we receive. This is a valid concern, and it can be confusing when what seems like a positive financial move negatively impacts your credit score. It’s important to remember that credit scores were designed to calculate the risk of you defaulting on a loan, not to save … Read more

ITIN vs. SSN

In the United States, an Individual Taxpayer Identification Number (ITIN) and a Social Security Number (SSN) are two distinct identifiers primarily used in the administration of tax laws. An ITIN is a nine-digit tax processing number issued by the Internal Revenue Service (IRS) to individuals who are required to have a U.S. taxpayer identification number … Read more

30% Credit Utilization is Way Too High

Imagine your credit card as a big box that you can fill with water. The total capacity of the box is your credit limit, and the amount of water you’ve poured into the box represents your spending. For instance, if your box can hold $10,000 worth of water and you’ve filled it with $2,500, you’ve … Read more

Does a credit freeze prevent soft inquiries?

It does not. A soft credit inquiry can be pulled even if your credit is frozen. A credit freeze only prevents hard inquiries. Note: Most lenders will not approve you for new credit with a credit freeze, even if they are able to initiate a soft pull. Related Posts: Ultimate Guide to Credit Reports: Freezing … Read more

Official Credit Pull Search

Discover which credit bureau your bank uses in your state or find banks that pull specific bureaus. This information helps you maximize your chances of approval and manage credit inquiries effectively. The data powering our tool is based on a wealth of user-generated evidence and anecdotal experiences from thousands of consumers like you. By combining … Read more

Don’t close that card just yet

Closing a credit card may seem like a straightforward solution to managing credit, but it can have a significant impact on your credit score. Two crucial issues can arise from closing an account: changes in your utilization ratio and the removal of the account from your credit history. Utilization ratio is the amount of credit … Read more

Don’t let them shut your card down

Keeping a credit card active is one of the simplest ways to maintain good credit health. Inactivity can lead to account closures, which could result in a negative impact on your credit score. Creditors are always looking for ways to cut costs, and closing inactive accounts is one way they achieve this. Therefore, it’s essential … Read more

Banks Chasing the Balance

Balance chasing is a practice that credit card companies use to minimize their risk when lending to borrowers who are risky. It involves reducing the credit limit on a credit card to just above your current balance, making it appear as if the customer has maxed out their card. This practice can have a negative … Read more

Protect Yourself From Your Spouse

In a world where divorce rates are high, it’s important for both spouses in a relationship to establish their own credit history by having their own credit cards. Many couples have joint accounts and only one person takes the lead in acquiring credit, leaving the other person without a credit history of their own. Importance … Read more