Your credit utilization ratio is the total of your credit balances divided by the total of your credit limit. If you have credit cards and a revolving loan that make it possible for you to charge $10,000 worth of purchases and you have spent $5,000 – you have a 50% credit utilization ratio. Your credit [...]
What is Debt to Credit Ratio? In simple terms, debt to credit ratio is the amount you owe on a card to the credit limit on that card. For example, if you have a credit card with a $10,000 dollar limit and what you owe on that card is $5,000, you have a debt ratio [...]
Credit counseling is just one option for those who are struggling with debt problems and credit issues to find relief and a light at the end of the financial tunnel. However, many consumers will shy away from getting the help credit counseling offers because they fear the process will ruin their credit score. This is [...]
People with severe debt problems have many online services to choose from. Run a quick search for “online credit monitoring,” and you’ll receive page after page of links to companies that will work with your creditors and lower your monthly payments. Not everyone needs this severe sort of help, however. Many people have debt from [...]
If age is just a number, does it make a difference in your ability to have good credit or not? Because the length of credit history plays a role in calculating credit scores, it’s common for older adults to have higher credit scores than young adults. People generally have different financial goals and struggles at [...]
One of the important factors of establishing and maintaining a great credit score is based on how you pay your bills. Late payments will certainly have a negative effect on your credit status because it reflects to other lenders that you have difficulties meeting your monthly payment obligations. This does not sit well with people [...]
With so many defaults crippling companies, those seeking credit or loan approval need to step up their game and come to the table with all of their financial ducks in a row. A low credit score indicates a red flag for risk, meaning historically the consumer may not have paid bills on time or have [...]
Vehicles of today are certainly not getting cheaper, especially when you factor in the amount of vehicles that have gone high tech as a way to conserve energy and take the reliance off of gasoline. With that, consumers looking for vehicles that are affordable may have to consider changing the way they finance their new [...]
I remember when I was 18, one of the main reasons I signed up for a credit card right away was because I wanted to begin building my credit. I would imagine a lot of people – both young and old – get credit cards for that same reason. Yet ironically, instead of helping our [...]
In recent years a consumer credit score ranging from 680 or higher was a measure of good credit management. But a lot has happened in the financial sector of the nation and changes have been made in credit cards, the housing market, and other industries which has necessitated the need to raise the ideal three-digit [...]
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