Credit Score Archives - Consumer Boomer

Why Ignoring These 5 Refinancing Tips May Affect Credit Score

The COVID-19 crisis brought about a significant change in the way people handle their finances. Below are some numbers recently reported by Forbes: Personal loan debt growth had slowed by 6%, primarily owing to lenders being hesitant to offer loans as millions were losing jobs left and right. The average borrower’s loan debt was almost the same in 2020 as in 2019, though loan accounts have increased by a modest 8%. Average loan sizes dropped by almost USD$ 1,200, from USD$ 6,012 in January 2020 to USD$ 4,815 by yearend. Debt consolidation and refinancing accounted for over 60% of loan …

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Can You Get A Business Loan With Bad Credit?

If you’re an entrepreneur or a business owner, there will come a time when you’ll need more funding. Whether it’s for launching a startup or expanding an existing one, business loans can give you access to the funding you need. But what if you have a poor credit history? Can you get a business loan with bad credit? Yes, you can. You’ll find various sources of a business loan with bad credit, such as business credit cards, short-term loans, microloans, invoice financing, and merchant cash advance. Let’s dive in. What Is The Credit Score Needed For A Business Loan? When applying …

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How To Get Rid Of Closed Accounts On Credit Report

Your credit report is a crucial record of your credit worthiness, and contains your credit score which is a quantitative measure by which you will be assessed by many financial institutions. As such, why wouldn’t you want to have a clean report? After all, credit agencies look at your credit report and score to determine whether you qualify for a loan or a credit line. Your credit report contains details about all your credit accounts, including payment history. When you have closed accounts, they will show up on your credit history between 7 and 10 years. Closed accounts can continue to affect your credit score. …

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Building Credit Using a Personal Loan: Dos and Don’ts

Building your credit score is important for several reasons. When your credit is in good standing, it will be less hassle to obtain a loan with a low-interest rate and advantageous repayment term. Moreover, many employers today look at your credit profile as part of the hiring process. There are different approaches to build your credit score, and one of them is to take out a personal loan. Compared to credit cards, personal loan lenders like Personal Money Store offer more advantageous annual percentage rates to borrowers with no credit. The repayment scheme also makes it easier for you to …

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Checking Your Credit Score

Your credit score is a rather important number. It can determine whether or not you are approved for a loan. It also impacts everything from applying for a home mortgage loan to getting approved for a O% balance transfer credit card. Once you are approved, your current credit score is the main factor that lenders use to decide the interest rate you will get. The higher your credit score, the lower your interest rates — and the lower your payments. You pay less overall when you have a good credit score. While scoring varies according to the specific scoring formula used by the …

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Credit Reporting Rules

Credit reports and credit scores govern our lives, from applying for jobs to trying to get financing for a loan, what your credit report says about you can make a difference. There are rules regarding our credit reports and how items are reported, how often you can check your report, and how to get wrongful items removed. Most of this is governed by the Fair Credit Reporting Act of 1970 or the Fair and Accurate Credit Transactions Act of 2003. Credit Reporting Agencies There are three main credit reporting agencies, Equifax, Experian, and TransUnion. When items are reported to your …

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What is a Good Credit Score Scale?

Your credit score is one of the most important pieces of financial information about you. It is something that will fluctuate but will be with you forever. Where you fall on the credit score scale will determine a lot in your life. It also shows to others what you are like in managing your financial life. Lenders, and many others in your lifetime, will look at where you are on the credit score scale and treat you in respect to this. This is primarily financially wise and in money matters yet it can affect other areas of life as well. So don’t …

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Free Credit Score with Credit Sesame NO CREDIT CARD NEEDED

One of the better sites that I’ve come across lately is Credit Sesame. What’s so special you ask? Well, it’s one of the first sites that I’ve come across that will help you manage your debt AND allow you to get a free credit score. I know, I know. What’s so special about that? Well, you get a free credit score and you don’t even have to provide your credit card. See, I told you it was special Credit Sesame also helps you find ways to optimize your debt. How exactly? You’ll just have to keep reading to find out…. Credit …

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How Important Is Your Credit Score

The three numbers that make up your credit score can have a significant impact on several areas of your life. While most people understand the importance of having good credit, not every consumer is aware of just how many people will view this number in your lifetime. If you have bad credit or no credit at all, you have undoubtedly run into trouble getting approval for credit or good terms on the credit for which you are approved. Here we look at the importance of your credit score and how you improve your score to better your life. What is a credit …

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How to Check Your Credit Score

A credit score is an important aspect of a personal financial profile. The score is a reflection of a person’s use of credit in the past and is used to determine creditworthiness of an individual by lenders, banks, and credit card companies. It can also be used by insurance companies and even employers to gauge your responsibility. Credit Score Calculations Every individual with a credit history has a right to receive a free annual copy of their credit report from the three credit reporting bureaus: Experian, Equifax, and TransUnion. Each agency will offer a credit score that differs from the other …

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