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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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 …
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 …
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 …
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 …
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