The term credit can mean many things. For most people, it is the ability to borrow today and pay later. The idea of “credit-worthiness” defines our personal finances, and reaches out to all parts of our financial lives. Credit can be an accounting term. You can talk about credit cards, your credit history, your credit score, or the three credits you got in college for taking Bowling. This page is the credit nerve center of ThinkGlink.com. From this page you can learn more about what credit means and how having good, bad, or mediocre credit affects your personal finances.
Consumers now have easy access to their credit reports and credit scores. However, now that they can access all the information, it's up to the consumer to understand what makes up their credit score, and to know how to improve the credit score. Paying on time, the length of your credit history, and how much debt you carry will help creditors determine whether they should give you more credit or not.
A couple wonders if transferring their credit card balance to a lower rate card will hurt their credit score. Transferring a balance to save money and paying off the debt is the best strategy. Transferring a balance shouldn't lower your credit score, especially if it means paying off your debt sooner and cheaper.
Consumer Credit Counseling Services can help you budget for free or at a very low cost. Using credit counseling to pay off bills may negatively affect your credit history, so it's a good idea to see if you can come up with a budget first to get you back on track