MoC 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
What is a credit score? A credit score is a number that tells financial institutions how likely you are to pay them back for an obligation. A low credit score tells lenders you may be a risky person to lend to while a high credit score tells them you can be trusted to pay them … Read more
For years, FICO scores have been the dominant credit score used by lenders to evaluate creditworthiness. However, the introduction of Vantage scores, also known as “FAKO” scores, created some confusion among consumers who were unsure about their validity and whether they were worth paying attention to. Initially, Vantage scores were seen as less reliable and … Read more
It is important to acknowledge the concerns of individuals who are hesitant to obtain a credit card or incur debt. Many individuals fear the potential for accumulating excessive debt and losing control over their spending habits. However, avoiding credit altogether is not a viable solution. Without credit you cannot get a mortgage or receive favorable … Read more
We have seen many consumers with 20 cards and scores over 800. It is a common misconception that having too many credit-card accounts is a bad idea. It is very rare to be denied credit due to too many cards being opened. Having multiple accounts can provide ample benefits and options, as long as the … Read more
It is far too common that people wait to seek credit when they absolutely need to, instead of building it up over time. They seek access to more credit when they are almost at the maximum limit on their current credit cards. However, this approach is counterproductive. Creditors tend to view such applications unfavorably, as … Read more
Credit card issuers are fighting to earn the top-of-wallet position, meaning they want their card to be the go-to option for your spending needs. To achieve this, they are more inclined to offer credit limits that are equal to or higher than your existing limits. It is unlikely that you would prefer to use a … Read more
Navigating the waters of credit scores and loan approvals can be tricky, especially for prospective homeowners. One key concern revolves around hard inquiries from banks and their effect on credit scores. A hard inquiry is an instance where a financial institution checks your credit history to make an informed lending decision. Although these inquiries can … Read more
Disclaimer: Some of the information is not publicly disclosed by the scoring companies. We have compiled this information from both public sources and anecdotal evidence. Scenario FICO 8 FICO 9 FICO 10 FICO 10T Vantage 3 Vantage 4 Ignores Paid Collections Yes if reported amount is less than $100 Yes Yes Yes Yes Yes Ignores … Read more
What Is a Credit Report? A credit report is a comprehensive summary of your credit history. It provides a snapshot of the data that the credit bureau has on you, such as your identifying information, credit account types, payment history, and other info like credit limits and bankruptcies. The three major credit bureaus that provide … Read more
A consumer statement is an area on a credit report that allows the consumer to make a comment about negative items on his or her credit report. Mandated under the Fair Credit Reporting Act, the credit reporting agencies are obligated to supply consumer statements to anyone requesting the consumer’s credit report. Consumer statements should only … Read more
A credit report is a collection of credit accounts, usage and payment history that is analyzed by credit grantors to determine the creditworthiness of a consumer. The information on a credit report comes from credit grantors, such as financial companies, lenders, credit card companies and mortgage companies. Credit grantor credit information, as well as status … Read more