Inactive credit cards—those that are accounts available to use but that you’re not regularly using to pay for items—can damage your credit score in a few ways. Impacts to your credit utilization ratio First, your credit utilization on the account will be zero percent. That sounds like a positive thing, right? Well, yes and no. …
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If global health pandemic was not enough to put a damper on 2020, then the recession declared in June sure got our attention. With so many changes to your life right now, it is understandable that keeping an eye on credit scores may feel less important. But, as rocky and uncertain as things may be …
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What’s the difference between installment credit accounts and revolving debts? The answer impacts your credit score and/or the way a potential lender evaluates your financial picture. Let’s unpack these credit buckets. Installment Credit Installment credit is a loan that offers a borrower a fixed, or finite, amount of money over a specified period. Examples are …
Many home buyers do not realize that the tools they use to monitor their credit scores may not provide the complete picture, so your credit score may be lower than you think. The score a mortgage lender considers in evaluating your loan application may be lower than the one you see when you check it yourself. …
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