Credit Education
This is where you read about credit related information and learn more about why credit is important and how to maintain good credit. This section includes how to’s, where to’s and more.
What’s Considered a Good Number for a Credit Score?
What's a Good Number for a Credit Score?
I recently had a question from one of our loyal visitors - "My credit score is 695. Is that considered a good number for a credit score?". John B. from Texas.
695 is considered by most to be a fairly good credit score, but not great. Any score below...
Is an Auto Loan Credit Score Different from Other Credit Scores?
What is an Auto Loan Credit Score?
An auto loan credit score is the number that potential lenders would look at to help determine your credit worthiness, the higher the better in this case. It would also determine your interest rate on the loan for the vehicle you are seeking.
Your score is...
How will credit card balance transfers affect my credit score and rating?
How will credit card balance transfers affect my credit score and rating?
Transferring balance from a high interest credit card to a new lower interest card can definitely save you money on interest, if nothing else at least until the introductory rate ends (if applicable). We all receive those...
How to establish good credit with a credit card
How to Establish Good Credit using a Credit Card
It takes time to establish a good credit history, it doesn't happen overnight. But you can get started by applying for a credit card, and using it wisely, which can help you on your way to having an excellent credit rating. Follow these simple...
What is credit monitoring, and how does it work?
What is Credit Monitoring?
Credit monitoring is, simply put, the act of closely watching your credit report for changes, such as inquiries made (a company accessing your credit report - lender, creditor, insurer etc.), or checking for signs that you have opened a new account... These are just...
What is a 3 in 1 credit report?
What is a 3 in 1 Credit Report?
There are three credit reports that you should check on a regular basis - Equifax, TransUnion and Experian. With a 3-in-1 Credit Report, you can check all 3 at once without having to go to each website and check them individually. In addition to checking your...
What is TransUnion, and why is it important?
What is Trans Union?
Trans Union is one of the "Big Three" major credit reporting bureaus which are commonly used by insurers and lenders to obtain information on their applicants credit history. Based in Chicago, Illinois - TransUnion in 1968 by Union Car Company. As of 2006 it operates more...
What is Experian, and why you should check your Experian Credit Report
What is Experian?
Experian is one of the "Big Three" major credit reporting agencies. Formerly known as TRW Information Systems & Services, and headquartered in Dublin, Ireland, it is one of the credit reporting agencies commonly used by insurers and lenders to obtain information on their...
What is a FICO Score? How is it calculated?
What is a FICO Credit Score?
FICO is an acronym, it stands for Fair Isaac Corporation, which is the most widely used credit scoring model in the US. It uses a mathematical formula developed by the Fair Isaac Corporation, and was designed to help lending institutions and other credit companies...
What is Equifax, and Equifax Credit Reports?
What is Equifax?
Equifax is one of the three major credit reporting agencies, headquartered in Atlanta, Georgia. Formerly known as the Retail Credit Company (which was the name back in 1899 when the company was founded), it is an organization commonly used by insurers and lenders to obtain...
Identity Theft – It Can Happen To You
Identity Theft - It Can Happen to You
Most people are unaware of identity theft until months after the fact when the damage is done and suddenly problems start cropping up everywhere. For most people, the first clues of possible ID theft are:
Being turned down for credit because of low...
How to improve a low credit score
Do you have a low credit score?
First step is to get your absolutely free credit report & score, if you haven't already. Your next step is to determine if your credit score is actually considered "low".
Sometimes it's hard to figure out what exactly is a good or a poor credit score. The...
What is a credit score, and why is it important?
What is a Credit Score?
Credit scoring is a scientific method that uses statistical models to assess an individual's credit worthiness based on their credit history and current credit accounts. Credit scoring was first developed in the 1950s, but has come into increasing use in just the last two...
The Basics of Credit – What it is, why it’s so important
Credit Basics - What exactly is Credit?
Credit, in financial terms, is defined as:
"A means of borrowing money from a person or company and returning it at a later date, usually with accrued interest charged on top of the initial sum borrowed."
"A privilege granted for the purpose of...
What is a credit report, and why should I check it regularly?
What is a credit report?
A credit report offers vital information about your credit history. The information in your credit report serves as a reference point for financial institutions considering your creditworthiness. You should check your personal credit report at least twice a year to make...
Which credit score is the most important?
Which Credit Score is Most Important?
Credit Scores: There is so much information out there about credit scores it can make our heads spin with confusion, and indecision. Which credit score is the most important? Which credit score should I be worried about? Which credit score is the one most...
Do not get ripped off by credit consolidation con artists
Credit consolidation is undoubtedly a good option to get out of debt but it may have several side effects. Not all credit consolidation firms can be relied upon. You may have come across many websites of debt consolidation companies that have emblems of BBB posted on their websites. These companies...
How to get a good deal on a new car
This story was shared with us recently, a great example of getting the most out of your money when buying a car...
Jason M. from Florida was in the market for a new car, his 2000 Toyota Camry was nearing 200,000 miles on the odometer, and had seen its better days. Jason is a single guy, 25 years...
Getting a mortgage with a low credit score
I recently had a very good question submitted to us from one of our visitors, she wrote:
"When I first decided to buy a house it seem like only a dream, my scores where in the low 500, the mortgage company told me about all the things on my credit that I need to pay off, and also all the...
