“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
Mortgage lenders consider factors like a strong credit report, steady income and employment, a savings buffer, an adequate down payment and the ideal loan type. Youve found your dream home and youre ready to make whats probably the biggest purchase of your life. While a lucky few can pay for a home with cash, most … Read more
Building and maintaining good credit is crucial for achieving financial goals like getting approved for loans, renting an apartment, or even landing a job. While using credit cards responsibly is foundational, making strategic major purchases can also significantly boost your credit score. This comprehensive guide will explain what types of purchases can help build your … Read more
Buying a house is an exciting milestone – in fact, 94% of Americans say that owning a home is part of the American dream. However, its important to be aware of the things not to do after buying a house. Avoiding common mistakes can save you time, money, and stress. Whether youre a first-time homeowner … 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
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
How much your credit scores are impacted by student loan settlement depends on a variety of factors like: It’s always better to pay the full balance of your debts. Paying off a debt will appear as “paid in full” on your credit. This shows lenders that you fulfilled your obligation, and they’re likely to get … Read more
You’ve started the process to buying a home. You’ve met your lender and have been preapproved. You’ve picked a house and the seller has accepted your offer. You’re well on your way to living in your new home – there can’t be many more hurdles, right?. Often, this is true. But if your finances change … Read more
According to the Government of Canada, a credit score is a 3-digit number that represents how likely a credit bureau thinks you are to pay your bills on time. 1 It can be an important part of building your financial confidence and security. 1 For example, building a good credit score could help you get … 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