Credit Score

If your credit score is negatively affecting your ability to get credit on favorable terms, there are some straightforward steps on how to raise your credit score dramatically.  A high credit score will make it easier to qualify for mortgages, car loans, and credit cards, and will also help you to get lower interest rates on those loans.  So if your credit score needs a boost, here are four strategies to improve it.  Read the rest of this entry »

Credit scores can be confusing.  Virtually everyone has a credit score, but most people don’t know what their credit score is, or what constitutes a good credit score vs. a bad one.  In a nutshell, credit scores typically fall in a range between 350 and 850.  Credit scores above 700 are considered very good (the higher the better), while credit scores below 600 are generally viewed as pretty bad.  Credit scores between 600 and 700 are marginal, meaning you may still be able to be approved for credit, but it will likely cost you more than it would if you had a high credit score. So if your credit score is in this marginal range, you want it to be as close to 700 as possible.

So how can you find out what your credit score is?  Read the rest of this entry »

How much do you know about how your credit cards work?  Seventy-eight percent of U.S. households have at least one credit card, and the average American carries a balance of $3,000 in credit card debt.  In commemoration of Financial Literacy Month, the Associated Press has published this short quiz to test how much you know about the credit cards in your wallet. Read the rest of this entry »