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Category: Credit

You will make important financial deals with many people that don’t know you throughout your life — people like bankers or landlords. Since they don’t personally know you, to determine if you are a “safe” investment, they turn to a metric called “credit”. Your credit score is a measure of your financial reliability; the higher the number, better. There are three credit bureaus, Equifax, Experian, and TransUnion, who create your credit report, which is used to determine your credit score.

However, the credit system isn’t as simple as it might seem. Credit scores can plunge unexpectedly, your credit score might differ depending on who checks it, and there are several different agencies all governing different aspects of the credit business. In order to take control of your own finances, you’ll need to understand the role that the credit bureaus play in your life. It can be a nightmare for anyone to navigate on their own. Luckily, you don’t have to.

VantageScore vs. FICO: What’s the Difference?

VantageScore vs FICO Credit Score

You may hear the terms FICO and VantageScore interchangeably when mentioning credit scores. While both companies offer a credit score based on data reported by the three main credit reporting agencies (Equifax, Experian, and TransUnion), and both scores are currently based on the same numerical scale of 300 to 850, there are differences between  how the two companies […]

VantageScore & FICO: How to Fix Both Credit Scores

vantagescore

Misconceptions abound when it comes to improving your credit score. You’ve probably heard basic advice such as that using credit cards is good, letting bills go to collections is bad, and that if you generally borrow and spend responsibly, your credit is probably fine. But you might be sabotaging your credit score without realizing it. […]

Negative Versus Positive Credit

When you’re trying to break down your credit score, it’s easy to get confused. There are so many variables that can affect your score! Unfortunately (or fortunately, depending on your score), your credit debt can have a major effect on almost every large purchase you will be making in your life. Home loans, car loans, […]