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The New York Federal Reserve reported that U.S. consumer debt, including home loans, car loans, credit cards, and college loans, peaked at the all-time high of $16.51 trillion during the third quarter of 2022. Americans have been motivated to come up with solutions for managing their growing credit card balances after a 2.2 percent increase […]

Buying a house is a major financial commitment for most people. As it’s usually impossible to pay for it outright, most people have to get a mortgage loan to finance the purchase. If you have poor credit and a high income, it can be difficult to get approved for a loan. This can be very […]

An persons credit mix, which includes mortgages, loans, and credit cards, is taken into consideration when calculating their credit score. The amount of impact it has may depend on the credit scoring model used. Different types of credit accounts are beneficial for establishing and maintaining a good credit score. To prove financial responsibility, lenders and […]

Introduction Missing or delaying payments can dramatically lower your credit score by up to 180 points and stay on your report for 7 years, so making on-time payments is essential in keeping a good credit score. Lenders generally only report late payments after 30 days have passed, thus ensuring that your credit score won’t be […]

Can You Improve Your Credit After a Bankruptcy? Deciding to file for bankruptcy can be tough and have a long-term effect on your credit score. It’s essential to understand that this damage is not lasting and will reduce with time. While you wait, there are strategies for increasing your credit score. To start fixing your […]

Introduction The COVID-19 pandemic has had a significant impact on the global economy, leading to widespread job loss, financial hardships, and economic uncertainty. One of the areas that has been affected by the pandemic is credit scores. A credit score is a numerical representation of an individual’s creditworthiness, and it is used to determine their […]

Credit plays a major role in personal finance, which can affect your chances of getting loans, credit cards, and even an apartment or job. Factors such as payment history, credit utilization, and credit mix are used to determine your credit score, a numerical representation of your financial background. Establishing and keeping a good credit rating […]

A Foreclosure is a legal action that occurs when someone hasn’t paid their mortgage and the lender takes control of the property. This form of debt collection can have a devastating effect on a person’s credit score, making it hard for them to get loans, rental agreements, and even regular credit cards. A foreclosure can […]

Declaring bankruptcy is a major decision that can severely affect one’s credit score and report. When a bankruptcy is reported to the credit bureaus, it may stay on a person’s credit report for up to 10 years. This can make it hard to get credit, loans, or even leases. However, it’s possible to remove a […]

What is a Judgement? A judgment is a court order that states that a person owes a debt to another party. A judgment against you can drastically lower your credit score and stay on your report for as long as 7 years, making it hard to get loans, credit and even rent an apartment. With […]