When it comes to building and maintaining good credit, most people know the main factors that make up their credit score – payment history credit utilization, credit history length, credit mix and new credit inquiries. But what about your bank balances? Do your checking and savings account balances play a role in determining your credit … Read more
For most people, the mortgage rate theyre offered plays a significant role in whether or not it makes sense to buy a home. Since the interest rate on your mortgage is lower, your monthly payments will usually be lower and you will pay less in interest over the life of the loan. So, waiting for … Read more
Although it may vary between lenders and credit-scoring models, FICO® scores between 660 and 719 are considered prime credit scores. When looking at borrower risk profiles, a prime credit score is one level below super-primeâthe highest rating. Lenders and creditors view prime borrowers as a low risk. Working toward a prime credit score can help … 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
Anytime anyone offers you something free, you should think twice if it’s safe to accept it. That’s true even if that something is coming from a legitimate business with millions of users. We’re talking, of course, about Credit Karma – a free credit checking service. Is Credit Karma useful? Of course! Is it free? Absolutely! … Read more
There’s no doubt that not having any debt can give you a certain sense of freedom. If you don’t owe anyone anything, you can spend your money however you want. This is a great way to imagine retiring. But as we all know from experience, reality can be a bit different. In an ideal world, … Read more
You can refinance an FHA loan to a conventional mortgage, and it may be worth it if you’ll reap a specific financial benefit — like lowering your monthly mortgage payments, saving on overall interest charges or reducing your mortgage insurance costs. There are, however, stricter requirements you must meet in order to switch from an … Read more
If you have a collection on your credit report, you may be wondering how it may impact your FICO® Scores. Below we share answers to the most commonly asked questions about collections. As with any derogatory information, when reported, its impact on a FICO Score will gradually lessen over time as they age off the … Read more
Taking out a $2,000 personal loan can provide quick access to funds when you need them. But lenders will look at your credit profile to determine if you qualify and what rate you can get. So how much credit do you really need to get approved for a $2,000 personal loan? The short answer is … Read more
Credit score calculated based on the FICO® Score 8 model and is provided for educational purposes. American Express and other lenders may decide whether to give credit based on a FICO® Score version other than FICO® Score 8 or on some other type of credit score and other data. FICO is a registered trade mark … Read more