This content may include information about products, features, and/or services that SoFi does not provide and is intended to be educational in nature. A lot of the time, opening a checking or savings account won’t affect your credit score because it won’t be reported to the three main credit bureaus. The same holds true for … Read more
Buying a house is an exciting milestone in life. But for many, concerns about credit scores can cast doubt on achieving this dream. If your score is around 630, you may be wondering – can I buy a house with a 630 FICO score? The answer is yes, you still have options, but your mortgage … Read more
Getting a new car is an exciting experience. But for most people, getting a car means getting a loan. This brings up an important question: is a car loan debt? The short answer is yes. A car loan is a type of debt called an installment loan. When you finance a car, you are borrowing … Read more
Building good credit can seem like a daunting task, especially if you’re starting from scratch Many people wonder, “Can I realistically build good credit in just 6 months?” The short answer is yes, you absolutely can build the foundation for a good credit score within 6 months by following some essential strategies In this complete … Read more
The purpose of this content is to teach, so it may include details about products, features, or services that SoFi does not offer. When you piggyback on someone else’s credit card, you become an authorized user on their account. Usually, this is in service of establishing credit for the first time or building your credit … Read more
Paying off collections could increase scores from the latest credit scoring models, but if your lender uses an older version, your score might not change. Regardless of whether it will raise your score quickly, paying off collection accounts is usually a good idea. Although it’s possible that paying off a collection account will raise your … Read more
The stakes are high for first-time homebuyers applying for a mortgage. It’s only natural to wonder how your credit scores will impact your mortgage application. Buying a house is an exciting milestone in life. However, it also involves a lot of financial planning and preparation. One of the key factors lenders consider when approving a … Read more
“Expert verified” means that our Financial Review Board thoroughly evaluated the article for accuracy and clarity. The Review Board comprises a panel of financial experts whose objective is to ensure that our content is always objective and balanced. The advice in this article is offered by the team independent of any bank or credit card … Read more
How Can I Clean My Credit in 60 Days? A Comprehensive Guide Having a good credit score is essential for getting approved for loans, credit cards, mortgages, rental applications, and even jobs Unfortunately, mistakes can happen that damage your credit – late payments, collections, foreclosures, and bankruptcies all negatively impact your score The good news … Read more
It might seem like the easiest way to change your mortgage is to refinance with the same lender, but is that always the best choice? A question that comes up a lot is whether they should keep their current lender or look for a new one. While there are pros and cons to both options, … Read more