Your credit score defines you financially. Establishing and maintaining good credit will make your life infinitely easier. To establish a good credit score you must make your payments on time and in full every month. You can also improve your credit score by minimizing your debt. Learn more here about your credit score and what it means for you.
Is the U.S. shifting from a nation of homeowners (and aspiring homeowners) to a nation of long-term renters? It may depend on your perspective of homeownership. Homeownership has been trending down, while renters are snapping up vacant properties. In fact, according to the U.S. Census Bureau, homeownership may be at its lowest rate since the [...]
Mortgage interest rates are rising. But it's not too late to refinance your mortgage and hit a home run while you do it. While interest rates aren't quite at rock bottom, it's still a great time to refinance. If you have the ability to refinance, do it. Even if you have already refinanced, if you can [...]
Last year, I found myself shopping at a major retailer. The store was having a great sale, and I found a fair number of clothes that fit me, all at an excellent price. When I was checking out, the cashier offered me a big discount if I opened up a major credit card co-branded with [...]
Dave Ramsey says credit scores are irrelevant. Are they? A WSB listener claims Dave Ramsey says to get out of debt and that FICO credit scores are not what they seem. Dave Ramsey says FICO credit scores are the "I love debt" score because there's no way to get a great FICO credit score without getting into debt and staying in debt. While I agree with a lot of what Dave Ramsey says, I disagree with that premise. Here's why I think FICO credit scores are relevant to your life today.
Credit scores, on the scale assigned by FICO, range from 300 to 850. Who has an 850 credit score and what canyou do to get one? Less than 1 percent of the population has a credit score above 800, so it's very unlikely you will have an 850 credit score. However, if your credit score is above 720, you will probably still receive the best rates. Watch more credit and identity theft videos from Expert Real Estate Tips to learn how to raise your credit score.
Does it hurt your credit score if you close credit card accounts? Credit bureaus monitor how long you've had each credit card in determining your credit score so closing a long-held credit card could have a negative impact. But if you're generally responsible with your credit cards by paying them off every month and thus not carrying a balance your credit score may not drop significantly. It's important to know your credit score when you're applying for a home loan.