Credit Scores

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Does Personal Net Worth Affect Credit?

Personal net worth is your total assets minus your total liabilities. Assets can include home equity, investments, retirement accounts, jewelry and cash. Liabilities can include your mortgage, loans, bills and other debts that you owe. Like your net worth, your credit plays an ...

Does Bank Loan Pre-Approval Hurt Your Credit?

A bank loan pre-approval occurs when a bank approves a borrower for a specific loan amount upfront based on the borrower's credit and income. This often occurs for home loans and other large purchases. When you apply for credit, this places a hard inquiry on your credit report. ...

What Causes Someone to Be Denied a Loan?

Along with a forced change of plans, it’s a blow to the ego when a lender denies your loan request. The amount of money available for lending may be the reason, as available funds fluctuate with the economy. The purpose for your loan also factors in -- home, car, home ...

How Does Unsecured Debt vs. Secured Debt Affect Credit Ratings?

A credit score is fluid, and a change in the information in your credit report can create a change in your credit score, either up or down. A FICO score looks at your payment history, the length of your credit history, amount of debts you have, the mix of credit account types on ...

How to Get a Private Mortgage on My Credit Report

Good payment history on a loan can help boost your credit score. According to FICO, making your payments regularly and on time can improve your score. How well you pay your bills accounts for 35 percent of your overall FICO score. If you have a private mortgage, it's prudent to ...

Is "Account Closed by Consumer" a Negative on a Credit Report?

Good credit can be your ticket to low interest rates and speedy loan approvals. The decisions you make concerning your credit accounts can have consequences that last for years. "Account closed by consumer" means that you, not the lender, closed the account. Under ...

Does a Pre-qualification Affect Your Credit?

Tight mortgage lending guidelines can make qualifying for a loan challenging. Lenders take such factors as employment record, income and credit into consideration. In your mind, you meet the guidelines for a home loan. However, a lender may feel otherwise. This is why ...

How FICO Scores Affect Interest Rates

When you apply for an auto loan, mortgage or another type of loan, lenders look at more than your income. Your FICO score says a lot about your credit habits and lenders check this number to determine your creditworthiness. However, this three-digit number not only affects loan ...

Does Paying Off Loans Early Affect Your Credit Rating?

Paying off your loan early can save you money and free up some of your monthly cash flow. However, if you are rushing to get rid of the loan in hopes of improving your credit, you might want to slow down. Simply paying loans off early, regardless of the type, will not raise your ...

How Does Prequalifying for an Auto Loan Work?

When considering getting some new wheels, some shoppers are fly-by-the-seat-of-their-pants consumers. Maybe the car died and they’re on the hunt. Savvy car shoppers, on the other hand, tend to research models and line up financing long before they visit showroom floors. ...

Does Cosigning a Child's Student Loan Impact Credit Scores?

Even if you never have to make a payment on the loan, cosigning a child's student loan will impact your credit score. Depending on your credit history, the student loan and your upcoming financial needs, you might need to think twice before you agree to be the cosigner on ...

What Is the Credit Score Scale?

A higher credit score often indicates a lower risk for creditors. Lenders and other institutions rely on your credit report to shed light on your financial history and ability to repay debt. Your score is a numerical expression based on the information in your credit report. A ...

Will Deferment and Forbearance Ruin My Credit?

If you are unable to make your student loan payments, you may qualify to postpone those payments through either deferment or forbearance. Deferment primarily applies to federal student loans and is an entitlement for students in certain situations, such as those who are still ...

Do Savings Affect a Credit Score?

Credit scores often get viewed as a stand-in for a person's entire financial life, when in fact they reflect only one element of that life -- how a person manages credit. Important elements of people's finances don't show up in their credit scores at all, including how much ...

What Is the Credit Score Needed for a True Earnings Credit Card?

Being a member of Costco, a warehouse club selling a large assortment of discounted products, is the first condition that qualifies you for the American Express True Earnings credit card. The second is a strong credit history. Besides giving you a line of credit, the ...

Does Marriage Affect Your Credit Score?

Your credit score is your ticket to borrowing money -- whether it's a mortgage or a charge card, most lenders pull your score before giving you credit. To get the best rates, you need a good score. When you get married, you have a second score to worry about: your spouse's.

How Do Mortgages Affect Your Credit Score?

Your credit score is your ticket to a low interest rate on loans and special perks on credit cards. Getting a mortgage will usually have a negative impact right after you take out the loan, but it doesn't have to ruin a good score. As long as you pay it on time each month, your ...

If an Insurance Company Pays Off Car Due to Accident, Will My Credit Score Decrease or Increase?

Auto owners with comprehensive insurance are covered when an accident occurs. Totaled vehicles are paid off when you owe less than the car is worth. It is difficult to gauge the total effect of early payment of an auto loan on your credit score. When you lower your total ...

Does Paying My Car Insurance in Full Raise My Credit Score?

Consumers with the highest credit scores borrow money regularly and repay it in a timely manner, according to the website myFICO. A good credit rating saves you money by allowing you to get the lowest interest rates and have the most options when applying for new credit. Only ...

Can Buying a New Vehicle Drop Your Credit Score?

Buying a new car is an exciting experience, but the new car smell doesn't always make up for the money you're shelling out. Plus, if you're considering for applying for another loan, such as a mortgage, in the near future, the impact on your credit score could be costly. How you ...

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