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People often vilify credit cards because they have such high interest rates. When it comes to consumers who aren’t able to pay off their balance each month, these interest rates can end up being extremely costly. In this article, we’re going to go through a few ways in which you can have a good experience as a credit card user.   Understanding APR Compared to other forms of credit, credit cards have generally higher APRs. Even if you have a good credit score, the APR can end up being terrifyingly high. When you start slipping into credit card debt, that…

One of the best ways to find out if you have incorrect information on your credit report is by getting a copy of your credit report to analyze it. Through the three major credit bureaus, you are allowed to get a credit report once every 12 months. One of the bright sides of the COVID-19 pandemic is that CRAs have made it much easier to analyze your credit score more often, as you are allowed to check your credit report once each week up until April 20, 2022. If you see negative information on your credit report, it is up…

One of the major financial obstacles for consumers in the United States is not having a credit score. Not having a credit score, otherwise known as “credit invisibility,” can create problems for acquiring loans, applying for jobs, or gaining access to housing. Continue reading to find out more about why you might not have a credit score and what you can do to get one. The Minimum Credit Scoring Criteria To get a credit score, you must meet the minimum criteria. Depending on the credit scoring model you use to view your score, the requirements might differ. Let’s start by…

While monitoring your credit score won’t improve your credit score, it can provide you with the support that you need to get your credit score to the next level. Prior to getting started, it is very important that you understand the difference between your credit score and your credit history. Your credit score is an algorithm that gives you a three-digit number based on a mix of credit information while credit history is aggregate data regarding your borrowing.   Monitoring Your Credit Score Can Motivate You No matter what your credit score looks like right now, you might consider signing…

When purchasing authorized user tradelines, there are many questions you need to ask yourself. Remember, an authorized user tradeline can be a major investment in your future. It is critical that you ensure you are able to get the most out of your authorized user tradelines. While you will want to ask yourself a variety of questions when purchasing authorized user tradelines, one of the most important questions to ask is, What is My Average Age of Accounts? Come with us as we explore why this question is so important. Understanding Average Age of Accounts One of the most important…

Consumers are constantly looking for ways to boost their credit scores, though there are many “hacks” out there that don’t actually do much to boost scores. In this article, we want to shed some light on a few credit boosting strategies so you can figure out which ones are legitimate and which ones are a waste of time. Boosting Your Credit Score By Paying Off Loans Early [caption id="attachment_2801" align="aligncenter" width="1023"] Exploring Credit Boosting Strategies[/caption] While it might feel counterintuitive to many, you cannot earn more points on your credit score by paying off your loans early. Nothing gets added…

  Your credit utilization ratio is one of the most important factors you must understand when it comes to your credit. In short, your credit utilization ratio is the debt that you owe to the total credit limit of every revolving account on your report. When it comes to your credit report, your credit utilization ratio can have a major impact. In fact, many aren’t aware that their credit utilization ratio makes up a whopping 30% of their credit score. In essence, if you have a high credit utilization ratio overall, it can drag your credit report down in the…

When it comes to negative information on your credit report, it is worth noting that it can only stay on your report for 10 years max in the case of a Chapter 7 Bankruptcy. In any other case, it can only stay on your credit report for every seven years. That sounds right, right? The credit bureaus are mandated by the Fair Credit Reporting Act, which forces them to remove negative information on a consumer credit report within the span of seven to ten years. The amount of time that certain information takes to disappear completely depends on that information.…

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…