Credit Rating | Credit Card Topics

What is Creditworthiness? How Your Credit History Affects Credit Card Approval

By: Eric Bank, 9/30/2024

Creditworthiness is all about trust. It’s about having confidence that you will repay what you borrow, and lenders take it very seriously. Paying your bills on time is like returning your friend’s car with a full tank of gas. But if you’ve been dodging payments or maxing out your credit, that’s like returning the car with a flat tire and an empty tank — your friend probably won’t be lending it to you again anytime soon! Creditworthiness is simply a lender’s... read more »

What is Credit Monitoring? How to Safeguard Your Credit Reports & Scores

By: Zina Kumok, 9/18/2024

I definitely sympathize if you’re not much of a numbers person, but certain numbers can tell us a lot about where we are — and where we want to go. If you want to track how your diet is doing, you step on a scale or take your blood pressure. If you’re wondering why you're tired all the time (besides general adulting), you count up how many hours of sleep you're getting per night. If you want to track your financial standing, you monitor your credit. Credit monitoring is... read more »

What is Equifax? How Credit Bureau Reports Impact Credit Card Approval

By: Jon McDonald, 9/5/2024

Oh, the ever-important credit score. It ranks at the top of my protected numbers list, which includes my Social Security number, Robinhood PIN, and essential Netflix password. But protecting and managing credit scores takes work. One of the top ways I manage my credit is by monitoring it and viewing my credit report, which is the document used to calculate your credit score. Equifax is one of the three nationwide credit reporting companies in the U.S. These providers are also... read more »

What is TransUnion? A Closer Look at One of America’s Three Major Credit Bureaus

By: Mike Senecal, 9/3/2024

I will admit, I never really thought about credit scores before I started writing about financial services. But if I did, I would have characterized TransUnion and the other major credit bureaus (Equifax and Experian) as part of a surveillance system with Big Brother at the helm. I mean, it’s easy to think that, right? TransUnion distills your personal information, financial data, and payment history into a credit report that judges you as a financial consumer. They’re always... read more »

17 Credit Scoring Secrets Exposed (By a FICO Expert)

By: John Ulzheimer, 5/4/2023

Your credit scores play an important role in your financial life. That’s certainly no secret. But credit scoring systems are complicated, and there is no shortage of mystery behind those three-digit numbers. Since 1991, I have been a part of the consumer credit industry with time spent at both Equifax and FICO as an employee and at dozens of other credit-related entities as a contractor and expert witness. If I've learned anything in my more than 30 years in the credit business,... read more »

What is the Average Credit Score in America?

By: John Ulzheimer, 9/13/2022

Your credit scores aren’t something that you should just set on a shelf and forget about for any extended period. It’s important to keep an eye on the health of your credit — that includes your credit reports from Equifax, TransUnion, and Experian and the various credit scores associated with each of those reports. And, just to see where you rank nationally, you may want to pay attention to how your credit scores stack up relative to the average FICO Score. Let’s... read more »

9 Best Credit Cards For Rebuilding Credit (2024)

By: Eric Bank, 5/29/2024

Did you know that besides making purchases, you can use credit cards to rebuild credit? It's been my experience that folks are more familiar with how credit card mistakes can destroy credit rather than help it. But the redemptive powers of credit cards are available to anyone willing and able to pay their bills on time. Of course, a credit card can't heal your credit history if you don't own one. We've rounded up the best cards you can get even with very poor credit. Use one... read more »

How Much Will a Secured Card Raise My Score? (2024)

By: John Ulzheimer, 5/16/2024

If you’ve done any research on how to build or rebuild your credit, you’ve undoubtedly stumbled across online forums or blogs that indicate that secured cards are a practical approach in that endeavor. As with most of these credit-building strategies, there’s a little bit of myth and truth circulating the web. So, exactly how much will a secured card increase credit scores? A Secured Card Doesn't Guarantee a Specific Credit Score Increase Consumers have lots of... read more »

What Would Student Loan Forgiveness Do to Your Credit Scores?

By: John Ulzheimer, 7/11/2022

The forgiveness of student loan debt is almost always in the news. The issue has become a lightning rod for controversy among supporters and those who oppose the concept. Regardless of where you stand on the topic of the government allowing people to walk away from their debts, there is another practical issue to consider: How would student loan forgiveness impact your credit reports and credit scores? Credit Reporting and Student Loans Student loans are similar to other... read more »

Can My Credit Card Issuer Update My Credit Report?

By: John Ulzheimer, 11/15/2023

Most credit card issuers report their cardholder’s accounts to the three major credit reporting agencies. As a result, there's a good chance your credit card account shows up on your credit reports from Experian, TransUnion, and Equifax. What you may be surprised to learn, however, is that the credit card information on your credit reports does not update in real time. It begs the question, “Can I ask my credit card issuer to update my credit report more often?” Your... read more »

8 Ways Your Credit Score Affects Important Life Milestones

By: Andrea Woroch, 11/15/2023

Your credit score is more than a number — it’s a magic key needed to unlock the door to a better life. When managed wisely, your credit can help you reach various goals and milestones, like buying a house or starting a business, and it can provide access to many conveniences that allow for a more comfortable life. On the flip side, poorly managed credit can keep you from getting ahead in life by limiting access to important daily essentials and increasing the cost of borrowing... read more »

Why Closing a Credit Card May Be a Risky Move for Your Credit Score

By: John Ulzheimer, 1/24/2020

There’s no question that your credit card accounts influence your credit score, so closing a credit card may be a risky move. If you open a credit card account when you have little to no established credit history, the new account can help you build a better credit score. If you over-utilize your credit cards, they can negatively impact your credit score. And yes, if you close a credit card account, you may damage your credit score. We'll explore why in the article below,... read more »

8 Most Common Credit Scoring Myths Dispelled

By: Erica Sandberg, 1/22/2019

Myths about credit scores abound. They tend to get passed on from one person to the next, and by the time the stories get to you, they can be hard to shake. However, if you believe them, your credit scores and financial health may suffer. It’s time to learn the correct information. Here are eight of the most pervasive credit scoring myths. 1. There is Only One Real Score, FICO, and the Rest are Fake FICO may be the most widely known and used of all the credit scores, but it is... read more »

How to Freeze Your Credit Reports in 2024

By: John Ulzheimer, 11/6/2018

In a country where over 1,500 reported data breaches occurred last year and where you freely disclose your personal information to third parties, it is virtually impossible to keep your personal information completely safe from people with bad intentions. Identity theft has been a huge problem for many years, and it likely will not be going away anytime soon. In 2017 alone, the Federal Trade Commission indicated over 370,000 reports of identity theft were made by US consumers to... read more »

9 Expert Solutions: Build Credit Without a Credit Card (Oct. 2024)

By: Ashley Fricker, 10/1/2024

It may seem a bit paradoxical, but here, we'll take a look at how to build credit without a credit card. No matter how tasty others find a dish, if you've had a horrible experience with a particular food, chances are you'll avoid it like the plague thereafter. Similarly, regardless of how many people extol their virtues, if you've been burned by credit card use before, chances are you're not too keen to give them another chance. Unfortunately, while there are thousands of... read more »

12 Best Credit Cards for Building Credit (Oct. 2024)

By: Ashley Fricker, 10/1/2024

Finding the right cards for building credit is a crucial step on the journey to establishing, or re-establishing, good credit. People looking to build credit are starting their credit journey for the first time, while others may be resuming a journey derailed by a financial mistake (or three). Either way, building -- or rebuilding -- a positive credit history can have substantial benefits for your financial future. Why? Because credit reports are used by everyone from potential... read more »

5 Facts: Capital One® Credit Tracker (Now CreditWise from Capital One)

By: Mike Randall, 8/13/2024

Capital One is one of the largest and most respected credit card issuers in North America, with more than 70 million customer accounts. In addition to offering a wide variety of credit card choices for consumers, Capital One also provides credit tracking and free access to credit scores through its popular Capital One Credit Tracker tool. Since 2014, Capital One’s Credit Tracker has helped American consumers view and track their credit score whenever they want. Keeping up with... read more »

Walmart Credit Card: Bad Credit OK? (2024)

By: Toby Sembower, 7/25/2024

Walmart is world-famous for its deep discounts on everything from bath soaps to bicycles, making it one of the nation's most popular stores for credit card users. The discount retailer is also known for promoting its own Walmart-brand credit card to its shoppers, which leads many potential applicants to ask the question: "Will Walmart approve me if I have bad credit?" The answer, most likely, is no. While there are a handful of reports from those with credit scores in the 600... read more »

Why Credit Cards Help & Hurt Your Chances of Getting a Mortgage

By: Scott Sheldon, 6/26/2015

Credit cards are a double-edged sword. Depending on the scope of your credit, obtaining and using credit cards may actually improve your credit score. On the other hand, they have the potential detriment of your ability to qualify for a mortgage. Here are the reasons why: A credit card payment eventually becomes an obligation or rather a liability. When a mortgage lender qualifies you for a loan, they take 45 percent of your gross monthly income less any current and present... read more »

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All articles tagged Credit Rating (19)