We have all been drilled endlessly about the importance of a good credit score. Your credit score can determine everything from the type of car you can buy to which types of homes you will have a loan approved for. Some employers even go so far as to run a credit report before extending an offer to a potential hire. So with something as ubiquitous and important as a credit … [Read more...] about How Does Your Credit Score Actually Work?
Credit scores are a fact of life for Americans in the 21st-century, but credit scores haven’t always existed. Without credit scores, lenders might still be relying on handshakes and other subjective measures to determine credit-worthiness. Doing so would leave millions of Americans without access to the sort of capital necessary to buy a home or run a business. The invention … [Read more...] about A History of Credit Scores and Credit Reporting
So, you’ve found a person with whom you want to spend the rest of your life. When you met, it was like you’d known each other forever. And now, the two of you want to buy a home and build a life together. In an ideal world, your perfect partner would also have perfect credit. But even the best relationships have their sore spots. It’s not unusual to find yourself in a … [Read more...] about Buying a Home When Your Partner Has Bad Credit
Building good credit is essential to your financial well-being. If you ever intend to purchase anything for which you’ll need a loan, you’ll need to be able to show lenders that you’re a responsible borrower who can be trusted to pay her debts in full. And in the modern world, demonstrating creditworthiness means having a positive credit history and a decent credit … [Read more...] about 8 Ways You Can Build Your Credit From Scratch
Maybe your credit history isn’t exactly stellar. Sure, you’d like to be a homeowner one day—maybe even one day soon. But that recent run of bad luck and/or bad decisions showing up on your credit report doesn’t put you or your credit management skills in the best light for potential mortgage lenders. Or maybe your credit score is fine. But it’s not great. And you know that … [Read more...] about How to Clean Up Your Credit When Preparing to Buy a Home
Your credit score may never be more important than it is when you’re applying for a mortgage. It’s not easy to raise your credit score dramatically in a short period of time. But it is easy to inadvertently lower your credit score quickly. In a best-case scenario, a sudden drop in your credit rating during your mortgage application could merely slow down the underwriting … [Read more...] about Buying a Home Soon? Here’s How to Protect Your Credit Score
Errors on credit reports are surprisingly common. A few years ago, the Federal Trade Commission completed a decade-long study which found that more than 20% of consumers had at least one error on a credit report significant enough to potentially hurt their credit score. If you’re looking to buy a home, get a loan, or apply for a credit card in the near-future, it’s … [Read more...] about How to Dispute Errors on Your Credit Report