Credit scores can be confusing. Our Credit.com experts are committed to demystifying credit for you. Get easy-to-understand explanations of what factors influence your credit scores and tips on how to improve them by setting up your free Credit.com account today. Discover how certain financial decisions & actions can affect your credit score. Learn how to read & interpret your credit score & find out how banks & financial institutions use your credit information to make lending decisions.
If you’re thinking about cleaning up your credit report by closing a credit card account or two that you haven’t used for years, you probably want to reconsider that plan. That’s because closing a credit card account can actually lower your credit score. How? One, by potentially reducing the length of your credit history, especially […] Read More
VantageScore is a credit scoring model that first emerged in 2006 as a joint venture of the big three credit bureaus — Experian, Equifax and TransUnion — and now has the distinction of being one of only two scoring models lenders rely on to make lending decisions (the other being FICO). VantageScore currently claims about […] Read More
If you find yourself wondering “I want to check my credit, but won’t doing so hurt my credit score?,” well, here’s some good news: Contrary to popular belief, checking your own credit score or checking your own credit report doesn’t hurt your credit. Unlike credit-damaging “hard” inquiries that occur when you apply for credit, a […] Read More
A FICO score is a credit score developed by FICO, a company that specializes in what’s known as “predictive analytics,” which means they take information and analyze it to predict what’s likely to happen. In the case of credit scores, FICO looks at a range of credit information and uses that to create scores that […] Read More
Medical bills can be painful, and even more so when they hurt your credit. The damage can be significant. Doctors or hospitals don’t usually report medical debt to credit reporting agencies. Instead, they turn unpaid debts over to a debt collector, and it is the collection agency that reports them. In fact, according to the […] Read More
A good credit score is what each of us aspires to. After all, a credit score is one of the important determining factors when it comes to borrowing money – and getting a low rate when you do. But trying to pin down a specific number that means your credit score is “good” can be […] Read More
The last time I got up in front of a group to talk about my job, no one had questions for me. It was a high school career day a few weeks ago, and the students stared at me blankly as I dropped words like “personal finance,” “credit scores” and “debt.” I could tell they […] Read More
Have you worked hard to improve your poor credit, but not sure what you now qualify for with your new “fair credit” status? As someone with fair credit, your credit score lands you between poor and good credit. While you have not reached good credit score status, you have improved your credit score enough not […] Read More
Most people have a gut feeling about their credit – it’s either great, good or bad. But what is a bad credit score really? First, it’s important to understand that there are many different credit scoring models out there and each may use a different scale – or numbers – to convey information. For example, […] Read More
Looking for an easy way to boost your credit score? Generally, building good credit takes time and good habits. However, there are some steps you can take that can be very beneficial to your credit score. Let’s take a look at a couple of them: Pay Off Debt The amount you owe accounts for 30% […] Read More
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