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Category: Credit Scores

Whether you’re trying to buy a car, rent an apartment, or take out a small business loan, there’s one common metric that lenders will judge: your credit score. Credit scores can range from 300-850, and the higher your score is, the better. Dealerships, landlords, and banks use this score as an easy way to access how trustworthy you are, because, in the financial world, your word and your promise isn’t always enough.

Three major credit bureaus determine your credit score, and they rarely negotiate. One mistake can decimate your score, while it will take several years to climb back up. This can be particularly frustrating, as your credit score determines your financial success. If you’re aiming to understand your credit score more, there are plenty of resources available below.

What Is an Average Credit Score?

lap top on a table and a credit score graphic on it

Your credit score is one of the most influential numbers in your life. It can determine whether you get a loan for a car or house and what interest rate you will pay on that loan. It can also affect your ability to get a job, rent an apartment or even sign up for cell […]

What Is myFICO and How Does It Work?

myfico logo

Your personal credit history indicates your trustworthiness for paying your debts and bills on time and in full, regardless of which institution you obtained the financing from. You build credit when you take out a loan to buy a car, apply for a retail credit card, or get approved for student loans to finance your […]

Building Great Credit: What Is the Highest Credit Score You Can Have?

coloring pencils on white paper

According to Equifax, one of the major credit bureaus in the United States, the average American credit score is 698. What does this mean for you? If you have begun the process of buying a house, leasing a car, or renting an apartment, you may have been informed that your lender ran a “credit check” […]

Why Your Mortgage Credit Score Is Lower Than You Think

toy house and a key on a table

If you’re like most people, you probably think that your mortgage credit score is the same as your FICO score. Unfortunately, this isn’t always the case. Creditors use scoring models specific to their industries, and this is especially true of mortgage lenders. After all, home loan lenders provide the largest loans most people ever have. […]

Repo and Credit Score 101: How Long Does a Repo Stay On Your Credit?

Repossession text on a white paper inside an envelope and a person watching the credit score graphicsgraphics

Going through a repossession can make you feel powerless. Not only do you lose your property, but your credit score may be left in poor shape. Your credit report lists your bill payment history, current debt, and loans. Additionally, lawsuits, bankruptcy, and repossessions appear on the report. Before you ask, “how long does a repo […]

Pros and Cons To Using a Credit Builder Account

A credit report paper showing an excellent credit score of 790.

About one in ten adults in the United States have no credit record. An additional 19 million Americans have a credit histor too brief or out of date to have a credit score. Building a positive credit history is important if you want to buy a home, car, rent an apartment or start a business. […]