What is Credit?

There are three little words you’ll probably hear time and time again as you approach major financial milestones in life: “You need credit.”  Interested in a credit card so you don’t have to carry around a lot of cash?  “You need credit.”  Looking to buy a car?  “You need credit.”  Want to own a house?  “You need credit.”  And while most people probably have a base understanding of what that means – you’ll need to borrow money, of course – they may not understand the ins and outs of credit and why their credit reports and credit scores are … Read More

Good Credit versus Bad Credit

Good Credit versus Bad Credit Good credit and bad credit are the talk of the financial world. If you hold the key to good credit you will have the chance to take advantages of good credit loans. If you don’t possess this key, then you have bad credit. Good credit and bad credit can determine many financial issues that come up during your lifetime. Good Credit Good credit vs. bad credit is also a topic of interest for many individuals and determines the option to obtain a good loan. If you have a good credit standing, meaning your credit … Read More

The Cost of Bad Credit

Bad credit – two of the most dreaded words in the English language. Bad credit can really take a toll on a person’s life – and not in a good way. In fact, the effects can be worse that one might think. Having bad credit can make it next to impossible to attain a new car, an apartment, a personal loan or even a home. Even something as simple as getting a new credit card will be out of the question for a consumer with negative credit history. The most widely used credit scores are FICO scores, the credit … Read More

Credit Building

It is very easy to start building your personal credit.  One of the easiest ways to start your credit file is to be added as an authorized user on someone else’s credit card account.  This is not an option for everyone.  If this is an option for you, make sure the credit card account is in great standing; no late payments and utilization is less than 30%.  Authorized user accounts are great, but lenders understand that you are piggy backing off of someone else’s credit account. You need to start your own credit accounts. … Read More