Credit card benefits depend on a lot of factors, though most importantly, they depend on the credit card that you choose to use. To find the one with the best benefits for you, you’ll have to do a bit of research. Today, we’re going to dive in and check out some of the ways in which everyday people benefit from credit cards.   Most Common Credit Card Benefits Here are a few of the most common ways credit card users get benefits: Travel rewards, including miles and points Shopping discounts or credits Promotional cash payments when users reach required spending…

Is it better to use a debit card or a credit card? People often ask us that at Boost Credit 101, though the ultimate answer depends on what benefits or features are most important to you. Let’s dive in and explore the differences between the two so you can figure out the best choice for your needs. How Do Debit and Credit Cards Work? A debit card is linked to a checking account. Whenever a consumer uses a debit card to pay for something, the money is withdrawn directly from your bank. With a credit card, your money isn’t withdrawn…

When it comes to the risk obtained by lenders and consumers, secured credit and unsecured credit are two very different things. Come with us as we explore these two different types of credit and how they can have an impact on your credit score. What Is Secured Credit? Any form of credit that is backed by a physical asset for collateral is what we call secured credit. If you borrow with secured credit and default on your loan, the lender can strip you of your asset to recover the loss they endured. Whenever you take an auto loan out, for…

Unfortunately, credit myths aren’t uncommon. Even people who repair credit often deal with credit myths. In this article, we’re going to explore the top three credit myths in 2021 so that you can better understand your credit and how it works. Myth #1: Credit Utilization Is 30% of Your Credit Score 30% of your FICO score is made up of how much debt you owe, though that is only the general category. The entire piece of the pie is much more complex. Within this category, you’ll find several other metrics, including: ● The total amount of what you owe on…

While credit bureaus are typically pretty thorough in making sure consumers have clean and organized credit files, mistakes can happen. You might find that your credit file is fragmented, duplicated, or mixed up with someone else’s credit file. If you aren’t checking your credit report regularly, this could become a serious problem. However, if you are quick to catch these mistakes, you could end up avoiding one of these devastating downsides.   Lowered Credit Scores If you have large periods of your credit score missing, meaning you have a fragmented credit score, then your credit score might look more sparse…

Credit bureaus are typically pretty good at making sure they only have a single credit report per person. Of course, credit bureaus aren’t immune from making mistakes. Sometimes, you’ll have to deal with fragmented credit files, duplicate credit files, or mixed credit files. While people often use these credit file type terms interchangeably, there are some very notable differences to be aware of. It is important that you are aware of what these terms mean so that you can make the best decision when determining the proper course of action.   What are Fragmented Credit Files? Fragmented credit files are…

Even the slightest bit of debt can feel like a looming and lingering black cloud that you can’t escape. Reclaiming your peace of mind means freeing yourself from debt and freeing up your income. Here at Boost Credit 101, our goal is to help everyday people like you dig themselves out of debt so that they can live financially healthy lives. Here are a few ways that you can work to pay off debt quickly. Reduce Spending When is the last time you looked at your budget? Trying to figure out where you can reduce spending is important to climbing…

When people come to us here at Boost Credit 101, they are often looking for ways to improve their credit scores with tradelines. Of course, credit scores are complex. You need to understand just what it is that you are trying to improve before spending money, right? At least, that would be the smart thing to do. Essentially, improving your credit score means understanding the components found within it.   What Is A Credit Score? At its most basic definition, a credit score is a three-digit number that lenders use to determine whether a person is creditworthy or not. Not…

Over the past ten years, there has been another alternative that has come out of the weeds for credit providers and lenders to check the creditworthiness of consumers. That alternative is known as VantageScore. VantageScore was born thanks to three major credit bureaus who decided they wanted to create their own proprietary model as an alternative to the popular FICO score. While a number of credit users are starting to see the VantageScore pop up, not all people know how it differs from the FICO score. To make sure you have an understanding of these two scores, we’re here to…

In the digital age, account hacking and identity theft are prevalent. If you aren’t monitoring your credit score already, you’re taking a risk. There are many people and institutions, such as banks, lenders, credit card companies, and employers, who will make credit inquiries on someone to find out about their creditworthiness. It is important to note that there are some credit inquiries that will hurt your credit score, while there are some that won’t have any effect. The question is, How do you know which kinds of inquiries will hurt your score and which ones won’t affect it? Let’s dive…