Credit Scores

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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 ...

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 ...

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. Buyers ...

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 ...

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 ...

What Are the Credit Score Brackets That Banks Look At?

While a FICO score, one of the main measures of creditworthiness, ranges from 300 to 850, banks and lenders often break this range of scores down into brackets. Each bracket represents a different type of borrower, with different probabilities that the loans made to borrowers in ...

Which Is Worse for Your Credit, Unsecured Debt or Revolving Credit?

Carrying too much debt of any kind isn’t good for your credit score, especially if you don’t make your payments on time. When you overextend yourself, lenders and creditors are more likely to consider you a bad credit risk. But if you handle credit responsibly and avoid having ...

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 ...

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 ...

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