Closed Accounts Affect Credit Score: What You Need to Know
Closed accounts affect credit score more than many people realize, even when the account was paid off and closed in good standing. While closing an account doesn’t automatically ruin your credit, it can quietly lower your score by changing key factors like credit utilization and credit history length. In this guide, you’ll learn exactly how […]
Why Your Neighbor’s Credit Limit Keeps Growing — And Yours Doesn’t
If you’ve ever wondered why your neighbor’s credit limit increase seems effortless while yours stays the same, the answer lies in how lenders evaluate financial behavior. Credit limits aren’t assigned at random—they are carefully determined based on a mix of factors, including credit history, income, debt-to-income ratio, utilization, and overall credit card management. Understanding these […]
Cracking the Code: Understanding Credit Reports for Pre-retirees
Gain insight into decoding credit reports to make informed financial decisions as a pre-retiree. Understand how credit reports impact your retirement planning.
Can I Get a Car Loan with No Credit History?
Q: I recently found a car I really liked and could afford, however, when auto dealer at Toyota wanted to run my credit, (over phone, by the way) with my approval, he called back and said, no credit history is coming up on all three reports…I just pulled all three credit history reports with scores, with no […]
10 Surprising Things That Are and Are Not In Your Credit Report
You likely already know that it’s a smart idea to check your credit reports annually. In fact, by law, you’re entitled each year to one free copy of your credit reports from each of the country’s largest credit bureaus – Equifax, Experian and TransUnion.
Making a Financial Comeback After a Setback
So you first messed up your finances in your 20s, then made matters worse in your 30s. But now you’re ready to act your age, get serious about the business of fixing your credit and start writing your financial comeback story, right? Whether you went on a few too many credit card-fueled shopping sprees, missed […]
The Story of Bill and Skip: Why Your Credit Score Matters
Here’s a tale about two 40-year old guys who are best friends. We’ll call them Bill and Skip. From the time they were teenagers both Bill and Skip dreamed of becoming successful corporate sales executives and enjoying the finer things in life—you know, nice house, sporty cars, designer suits, the whole works. Bill and Skip […]
Top 10 Financial New Year’s Resolutions from The Money Coach
If you’re ready to improve your economic situation in 2011, here are my recommendations for the Top 10 financial New Year’s resolutions that will help you in the coming year: 1. Eliminate credit card debt. Tired of being in debt and living paycheck to paycheck? Then it’s time to knock out those credit card bills […]
What’s the Best Way to Get Negative Information Removed From My Credit Report
Question: One of my subscribers had a question. She asked, “What’s the best way to have negative information removed from my credit report?” Answer: Negative information can legally stay on your credit report for seven years. For some negative information, such as a bankruptcy, it can be as long as 10 years. The subscriber didn’t […]
Fact Versus Fiction About Credit Scores
FICTION: If I check my credit report often, all those “inquiries” will lower my credit score.
Financial Reform Bill Will Give Free Credit Scores to Some
You’re already entitled to one free copy of your credit report each year, via annualcreditreport.com. But thanks to the Financial Reform bill Congress just passed, you may be able to get a free credit score in the future too. Who is entitled to the free credit score? You’ll qualify anytime a company takes “adverse” action against you based, at least in part, on information it got from your credit file.