Credit RiotArticles about credit score.
Managing your credit wisely involves understanding what a hard credit inquiry is, and how it affects your credit score. But what is a hard inquiry? And why does it matter? Let’s dive in. What is a Hard Inquiry? A hard inquiry, also known as a hard pull or hard credit check, occurs when a potential […]
The lowest credit score possible typically ranges from 300 to 350, depending on the credit scoring model used. However, having a score in this range is extremely rare, as it indicates a severe history of missed payments, defaults, and financial irresponsibility. Most people with low credit scores still fall within a higher range, such as […]
The average credit score in the United States varied across age groups. Generally, older adults tended to have higher credit scores. Here’s a rough breakdown of average credit scores by age. Please note, these are averages based on commonly available information from credit bureaus like Experian, Equifax, and TransUnion. Individual credit scores can vary widely […]
In order to achieve a good credit score, you must first achieve good credit utilization. But what is credit utilization, and why does it matter so much? Let’s dive into utilization and its impact on your credit scores. Decoding Credit Utilization At its core, credit utilization refers to the ratio of your credit card balances […]
Are you in credit card debt and wondering what happens if you don’t pay a credit card bill? These are the consequences one would face if they decide not to pay a credit card bill or continue not paying their credit card bills. Paying credit card bills on time and in full is paramount for […]
Improve your credit score by taking the right steps. While there are several factors that influence your credit score, if you had to choose just one action to make a significant difference, it would be “Paying Your Bills on Time.” Let’s explore why this single action is so crucial and how you can implement it […]
Your debt-to-income ratio (DTI) is a crucial financial metric that measures your ability to manage debt in relation to your income. Lenders often use this ratio to assess your creditworthiness and determine your eligibility for loans. Understanding your debt-to-income ratio, and taking steps to improve it, can significantly impact your financial well-being. Importance of Debt-to-Income […]
If you’re carrying a balance on your credit card, the interest rate can significantly impact your financial and likely your mental well-being. However, there are actionable steps you can take to secure a lower interest rate and potentially save a substantial amount of money. 7 Steps to a Lower Interest Rate Understand Your Current Rate […]
Millions of American’s don’t know how to check their credit score. According to a recent study, as many as 1 in every 5 (or about 20%) wouldn’t know how to check their credit score. And about 1 in 10 don’t know what their credit score is. America has a credit score knowledge problem. And we’re […]
This is a guide to understanding your credit score and how to increase it. Your credit score represents your creditworthiness. It ranges between 300 and 850, and the higher the score the better. To improve your credit score, you need to understand what exactly influences it. Payment History: Always pay your bills on time. Late […]