If you’re on a tight budget, you might consider going with buy-now-pay-later services, as you can space your payments out over a certain period of time to make them more manageable. Of course, before solidifying this type of service for yourself, you should consider what kind of impact this service will have on your credit score. One of the ways that a buy-now-pay-later service could have an impact on your credit score is through the hard inquiry process. Hard inquiries can negatively impact your credit score. The more hard inquiries you have on your credit score, the worse it can…

When it comes to your credit score, there are several factors that can have an impact. Of course, there are more obvious factors, such as the length of your credit history and your history of making on-time payments. However, there are also factors that are much easier to miss, such as the number of credit inquiries you have. Come dive in as we explore whether or not having too many credit inquiries can hurt your credit. The Impact Of Credit Inquiries On Your Credit Score An inquiry gets added to your credit report whenever you apply for a new credit…

Your credit card has a due date on which it needs to be paid off each month. If you miss this due date, it can have some severe negative consequences on your credit report. Not only will the credit card company probably charge you a late fee, but you will also likely see an increase in your interest rate. A late payment can go on your credit report after 30 days. Because your payment history makes up a whopping 35% of your overall credit score, missing even one payment can do some serious damage. This is especially true if you…

If you’ve read any of our blogs at Boost Credit 101, then you know how often we talk about the different scenarios that can have a negative impact on your credit. Sometimes, however, it’s the things that are right in front of you that are having a negative impact. One of the main reasons people seem to have trouble raising their credit scores is due to inaccurate information on their credit reports. Luckily, there are ways to remedy this situation and improve your credit score without making too much of a fuss. Come dive in as we explore more about…

Getting rid of debt is one goal we hear about often. Of course, paying off debt is not a one-size-fits-all situation. It’s important that you find the right strategy for paying off debt that works for you. Come with us as we explore a few methods you can use for paying off your debt. Different Debt Strategies Here are a few of the most common strategies for paying off debt fast. Debt Snowball Method With the debt snowball method, you focus on paying your smaller amounts of debt off first while paying the minimum amount on your higher debts. Then,…

If you don’t pay debts when they are owed, you can seriously damage your credit report. The question many people ask us is: What happens if a single instance of debt multiplies and fills my credit report with multiple negative items? Michael Bovee, who is the founder of the Consumer Recovery Network, notes how Double Jeopardy works: “You fall behind on an account and your creditor charges off your account. Your credit report lists a charge off, which is very negative. Then the creditor sells the debt to a collection agency who also reports it as a collection account. Now…

Sometimes referred to as “credit piggybacking,” the authorized user credit-building strategy is a very common method where you build credit as an authorized user on someone else’s account. While this method has been around for quite some time, it has gained popularity in the past decade, especially with those who have low or no credit and want to build their credit fast. Today, we’re going to explore the ins and outs of the authorized user credit strategy to help you determine if it’s the right move for you in your quest to boost your credit. [caption id="attachment_3250" align="aligncenter" width="1053"] The…

If one of your financial goals this year is to reduce your overall credit utilization rate, then any additional credit payments you’re able to make can be a significant help. Of course, there are many other factors that impact the credit card you choose to pay off first. Some of the most important factors to consider include: Paying off the card that has the highest interest rate could save you money in the long run. Paying off the card with the highest utilization ratio could boost your credit score. Your individual account utilization is an important element used by the…

If you want to secure a credit card, yet your credit isn’t that great, there are a few credit cards out there that might fit the bill. Remember, having a credit card is a wonderful way to build your credit score. You can find plenty of great credit card options that are essential for people with bad credit as well! Come dive in as we explore our favorite three!   Capital One Platinum Secured Credit Card Capital One is a major credit card issuer and offers a secured personal credit card to consumers that don’t have a great credit history.…

Even if you pay a collection account at one point or another, you may find it incredibly difficult or next to impossible to completely remove it from your report. However, those looking to remove a zero balance collection account from their credit report may have come across a method known as the “pay to delete” strategy. With the pay-to-delete strategy, you can go into negotiations with the debt collector so that they stop reporting the collection account to the credit bureaus. The exchange, in your case, is payment. You may either have to settle the debt for a lesser amount…