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…
Your credit score is what tells banks and lenders whether or not they can count on you to make payments. A good credit score is an indicator that you have been financially responsible over time. Unfortunately, credit scores can be quite complex and there is a ton of misinformation out there that leads people to make bad financial decisions in order to boost their scores. Today, we want to take you through five common credit score myths that you should avoid getting sucked into at all costs. You Can Boost Your Credit By Making Tons of Small Payments All…
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…
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…
The magic word in that question is “expect.” When it comes to getting your credit into better shape, what expectations do you have? For a lot of folks, it’s hard to say, because credit is a nebulous, nasty business run by shady corporations who take our data without our consent and basically create a financial report card for lending institutions to pay for. The banks pay through...the...nose to the three credit bureaus: Experian, TransUnion, and Equifax. Experian alone reported revenue in 2018 of 4.6 billion dollars. WHAT!? Not to be cliche, but that’s billion, with a “b.” When was…
When was the last time you told anyone your credit score? Go ahead, think about it… ...have you thought about it? If you thought about it, I bet it wasn’t too recent, unless you were bragging to your friends over a drink still tradeline and that somehow strangely came up. Or you are in the dating game, and you are smart, and you asked what your date’s score was. Hold that question till around dessert if the date is going that well. Hopefully it stays going well. Credit just isn’t something we share too often. If it’s low you…
Meet Jimbo, he’s seventeen, a highschool senior, runs track, likes Netflix and video games and girls, a typical young man about to enter adulthood. Fall semester he applied to several colleges, some in state, some out. He wants to study anthropology. HOW TO NOT WASTE ANYONE’S TIME WITH TRADELINES On his eighteenth birthday, his dad, who has an average credit of 700, adds Jimbo to his Cabela’s Capital One as an Authorised User, in essence offering a piggybacking credit card to help his son jumpstart his credit, saying “Jimbo, my good son, credit is important in this world. Protect…
This is what everyone wants to know, but it’s never a simple answer. There is no one-size-fits all solution to anyone’s credit issues. And this is why: go look in the mirror. Does anyone else have your face? Unless you’re starring in a Mission Impossible movie, the answer is “no.” Okay, we won’t be too smart alecky. So, generally, how fast can credit score rise? Credit score can rise quickly, in a few days at the fastest, and several months, if not longer, at the longest. Understanding how fast you can raise it comes down to how much you…
So you are in a position where you know that you need to increase your credit scores, and you’ve heard of these things called tradelines, that they can help, but you’re not sure what to do once you get them. Fear not, as we are here to lessen the mystique of these powerful credit tools, but when it comes right down to it, we can’t truly tell you how to use trade lines, and here’s why: tradelines are a utilitarian product that help you accomplish a lending goal, but we as a company can’t really give you ironclad steps…