How Does a Loan Forbearance Affect My Credit History?

As the COVID-19 public health crisis continues to cause chaos in the U.S. economy and job market, more families are struggling to make their mortgage payments. This reality has led to much discussion on the topic of mortgage forbearance. But how does a loan forbearance affect my credit history? How does a loan forbearance affect …

National Credit Education Month

March is National Credit Education Month, so there is no better time to educate yourself and others on the importance of understanding the ins and outs of your credit score! March is National Credit Education Month — the perfect time to consult with Scorewell, Inc. about how to achieve your optimal credit score. Did you …

New FICO 10 Scoring Model

Have you heard about the new FICO 10 scoring model launching this summer? The credit-scoring system is updated every five to seven years, and it’s up for review now. Here are the big changes this time around. Under the new FICO 10 scoring model, creditors will be able to see back 24 months of payment …

Increasing your credit limit can boost your credit score

Making on-time payments on all of your debts and maintaining low balances on your credit cards are two proven paths to a good credit score. There’s one more step you can take to improve your credit score quickly: Increasing your credit limit can boost your credit score. When you ask your existing creditors to increase …

Is a zero balance credit utilization good for my credit score?

Credit utilization refers to how much of your credit line(s) is in use; it’s also called your debt-to-limit ratio. If your cumulative limit across your three credit cards is $10,000 and you carry a cumulative balance of $1,500, then your credit utilization is 15 percent. (Less than 30 percent is recommended.) Is it better to …