In terms of money, your FICO score is one of the most important numbers you have. This three-digit number can tell you if you can get a loan, credit card, mortgage, utility service, and more. But what is the FICO score, how is it calculated, and why is it so important? Read on to find … Read more
The steps you take to improve your credit score will depend on your unique credit profile. In general, its important to understand the factors that influence your score, including your payment history, amounts owed, length of credit history, credit mix and new credit. You can raise your credit score in a number of ways, such … 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. Bankrate is always editorially independent. While we adhere to strict , this post may contain references to … Read more
“Expert verified” means that our Financial Review Board thoroughly evaluated the article for accuracy and clarity. The Review Board is made up of financial experts whose job it is to make sure that all of our content is fair and unbiased. Bankrate is always editorially independent. While we adhere to strict , this post may … Read more
This can be both a good and bad thing: good because late payments dont always automatically count against you, and bad because your on-time payment history doesnt help your score. That is changing, however: As youll see, on-time utility payments can now actually help your credit score. Utility payments like electricity, gas, water, cable TV, … Read more
Imagine having the golden key to unlock the doors of financial opportunity—a 700 credit score. Your score is a numerical summary of your creditworthiness, akin to a financial report card that lenders use to evaluate the risk of lending you money. A score of 700 is often considered a threshold to better loan terms and … Read more
Theres not a one-size-fits-all solution for the number of credit cards a person should own. However, its generally a good idea to have two or three active credit card accounts, in addition to other types of credit such as student loans, an auto loan or a mortgage. Just remember: The number of credit cards you … Read more
Your credit score may have gone down because you missed or paid a bill late, recently applied for new credit, ran up a big credit card balance, or closed a credit card account. Your credit score can drop for a number of reasons, including a recent late or missed payment, an application for new credit … Read more
Your debt-to-income ratio (DTI) is an important part of how mortgage lenders evaluate your financial health. DTI ratios represent how much debt you have compared to your income. It’s important to know your DTI as you consider buying a home. If your debt is higher than your income, you might want to pay it off … Read more
These cards can be a smart financial move for those who manage their budget and payments carefully but can become a costly affair for consumers who carry revolving balances or who frequently incur additional fees. Lifetime-free credit cards are highly promoted as a cheap source of credit with neither annual nor joining fees. Although they … Read more