Is My Credit Karma Score Accurate?

Can you trust the credit score provided by Credit Karma and similar tools provided on your credit card’s smartphone app? It seems that with just a click of a button, you can view your credit score—but does that number match what an actual credit reporting bureau has? It is a common misconception that there is …

Installment Credit Versus Revolving Debt

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 …

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 …

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 …