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…
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…
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…
Your credit score can decline if you have erroneous information on your credit report, including wrongful collection accounts or unauthorized credit inquiries. You can get a free copy of your credit report once each year from any of the three major credit bureaus. You can then use this copy to check and see if there are any errors. If you end up finding incorrect information, you can dispute it with the credit bureaus. Come dive in as we explore how to dispute errors on your credit report. Send A Letter to the Credit Bureau Start by sending a letter…
Obtaining a good credit score comes with tons of benefits. You’ll be able to find more competitive interest rates on loans, credit cards, and mortgages. If you’ve been searching for ways to improve your credit score, then you’ve come to the right place. Come dive in as we explore four unique ways to earn a good credit score! Delete Credit Report Collections If you have a missed payment on your account, it will show up as a negative mark to the credit bureaus. A collection on your credit report can put a dent in your score. You may be…
A few of these hacks that we’re going to dive into today aren’t simply for improving your credit score, but every aspect of your financial life. If you’ve been struggling to get the financing you need to purchase expensive items, such as a car or a home, all because your credit score is low, then we might be able to help! Here at Boost Credit 101, we have all of the information that you need to potentially boost your credit score quickly! Here are the top three ways that you can kick start your positive credit journey today! Get…
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.…
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…
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…