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May 16, 2023 by Brett Tams

Understanding Your Credit Score

Repairing Your CreditIf you’re trying to perfect your credit score, it’s important to first understand what makes up your credit report and credit score. Your credit score is determined by an advanced algorithm which was developed by FICO and pulls the data from your credit report to determine your score. When calculating your credit score, the following information is going to affect your credit score in the corresponding percentages:

  • 35 percent: History of on-time or late payments of credit.
  • 30 percent: Available credit on your open credit cards
  • 15 percent: The age of your lines of credit (old = good)
  • 10 percent: How often you apply for new credit.
  • 10 percent: Variable factors, such as the types of open credit lines you have

Many of this may be common sense or information that you’ve already learned over time, resulting in a good credit score but possibly not a perfect score. If you have a bad credit score, it could take a lot of time and work to increase your score and you may first want to consider repairing your credit. If your credit score is already above 700 but you’re trying to shoot for that perfect score of 850 to ensure the best deals and interest rates, here are 5 ways to perfect your credit score:

5 Ways to Get a Higher Credit Score

1. Maintaining Debt-To-Limit Ratio

To increase your credit score, it’s recommended that you keep your debt-to-credit ratio below 30% and, if possible, as low as 10%. The debt-to-limit ratio is the difference between how much you owe on a credit card versus how much your credit limit is. For example, if one of your credit cards has a credit limit of $5,000, then you should always keep the balance below $1,500 but preferably around $500. As you can see above, 30% of your credit score is determined by the available credit on your open credit cards, so keeping the debt-to-limit ratio will increase your available credit and also show that you’re responsible with your credit.

2. Keep Your Credit Cards Active

Make sure that you use your cards at least once a year to keep them shown as “active” credit and make sure that you never cancel your credit cards. 15% of your credit score is determined by the age of your lines of credit, so you should always keep your credit cards active to lengthen the age of your line of credit. Many people tend to cancel cards that they no longer use – many times because the rates aren’t very good or because they have another card with better benefits – but even if you don’t use the cards very often (just once a year is fine), you should keep them active. Typically, someone with a credit score over 800 has credit lines with at least 10 years of positive activity.

3. Always Pay Bills On Time

Probably the most well-known factor of a credit score and the factor that has the biggest impact on your credit score (35% of your score) is your history of paying your credit payments on-time. If you have a history of always making your credit card, mortgage, and car payments on time, you will greatly improve your credit score. This can also have an adverse effect as well, should you ever make a late payment. Unfortunately, it only takes one late payment to severely reduce your credit score so it’s crucial that you make sure to always make credit payments on time.

4. Dispute Errors On Your Credit Report

If you don’t already, make sure that you request a copy of your credit report once every year and review it for errors. It is actually quite common for credit reports to contain errors which can be disputed and potentially allow you to have negative items removed from your credit report. If, for instance, your credit report shows a late payment on a credit card but contained errors in the record, you can dispute the negative item and request to have it removed from your report. Having a negative item, like a late payment, removed from your report can improve your credit score significantly. While disputing errors on your credit report can be tedious and take a lot of time, it is usually worth it. Another option would be to contact a credit repair agency to help you dispute any negative items on your credit report.

5. Reduce The Number of Credit Inquiries

While this may only affect 10% of your credit score, keeping the number of credit inquiries down can still help to build that perfect credit score but is often ignored. You should never have more than one credit inquiry per year but many people do not realize how often this is done and often times have their credit checked more than once per year. If you’re applying for a car loan, checking your credit score online, or applying for a new credit card, these type of actions will almost always result in a credit inquiry and should be avoided if you’ve already had a credit inquiry earlier in the year. Make sure you do your research on what will result in a credit inquiry so that you don’t accidentally have more than one a year without realizing it.

Source: creditabsolute.com

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Everything you Need to Know About Life Insurance

January 8, 2023 by Brett Tams
Everything you Need to Know About Life Insurance

Everything you Need to Know About Life Insurance is a post from Pocket Your Dollars.

Posted in: Building Credit, Life Insurance Tagged: 2, 30-year, affordable, All, assets, before, beneficiaries, beneficiary, Benefits, big, bills, build, business, Buy, car, Children, clear, College, company, contest, cost, couple, Crisis, data, death, Debt, Debts, decades, driving, education, estate, exercise, expense, expenses, expensive, Family, financial crisis, Financial Wize, FinancialWize, food, fraud, General, good, great, health, healthcare, healthy, history, home, Housing, impact, inheritance, Insurance, insurance premiums, investment, job, kids, Life, life insurance, Lifestyle, Live, low, Main, Make, makeup, making, market, Medical, Mistakes, modern, money, More, more money, Mortgage, Mortgages, most popular, needs, net worth, new, News, offer, offers, Other, parents, pay bills, permanent life insurance, Planning, points, policies, Popular, premium, property, protect, Purchase, questions, rate, Rates, risk, save, Saving, second, Seniors, single, single parent, skiing, spouse, states, story, stress, taxes, term life insurance, Travel, united, universal life insurance, wants, will, woman, women, work, young

Credit Card Reviews: Best Credit Cards for Those With No Credit

May 13, 2022 by Brett Tams

If you have bad credit, there is a light at the end of the tunnel. Rebuilding your credit doesn’t have to be hard. And, surprising to some, a credit card may be the perfect way to get started. It takes credit to build credit. Opening a new credit card and building a perfect on-time payment

The post Credit Card Reviews: Best Credit Cards for Those With No Credit appeared first on MintLife Blog.

Posted in: Building Credit, Credit Cards, Find An Apartment Tagged: 2016, All, bad credit, balance, balance transfer, Bank, Banking, Benefits, best credit cards, build, build credit, building, Building Credit, california, capital one, car, cash advance, cash back, cost, couple, Credit, Credit & Credit Cards, Credit Bureaus, credit card, Credit Card Reviews, credit cards, Credit Info, credit limit, credit score, credit union, deposit, experience, Fees, Finance, Financial Wize, FinancialWize, fun, good, great, history, household, Insurance, interest, interest rate, interest rates, Investing, job, Life, loan, low, Make, mastercard, Mint, money, More, new, offers, OpenSky Secured Visa, Other, payment history, Personal, points, products, rate, Rates, rebuild credit, rental, Reviews, rewards, savings, Savings Account, secured card, Side Hustle, Spending, Technology, Transaction, Travel, upgrade, visa, warranty, work

7 Unexpected Benefits of a Good Credit Score

March 3, 2022 by Brett Tams

Do people understand the benefits of a good credit score? Everyone knows your credit score is important, but what exactly are the benefits? In the United States, 28% of its citizens rely on credit when running out of money. While it’s good to use your credit, it’s not always wise to carry over a balance… Read More

The post 7 Unexpected Benefits of a Good Credit Score appeared first on Credit.com.

Posted in: Building Credit, Financial Clarity Tagged: All, annual percentage rate, apr, ask, Auto, Auto Loans, average credit score, balance, Benefits, blp-promote-post, Budget, Building Credit, business, car, car loan, cash back, Cash Back Rewards, creating a budget, Credit, credit card, credit card rewards, credit cards, credit history, credit monitoring, Credit Report, Credit Reports, credit score, credit scores, Deals, Debt, experian, Finance, financial habits, Financial Wize, FinancialWize, goal, good, good credit, great, guest post, history, household, How To, Insurance, interest, interest rate, interest rates, job, lenders, Life, loan, Loans, low, Maintaining credit score, Make, miles, money, More, Mortgage, Mortgages, Motivation, new, offer, pandemic, payment history, Personal, personal loan, Personal Loans, rate, Rates, Rent, renting, rewards, risk, running, save, Save Money, space, Spending, states, student, Student Loans, tips, united, utilities, will

Here’s How to Boost Your Credit after a Big Purchase Impacts Your Score

January 18, 2022 by Brett Tams

Before you make a major purchase, like a home or car, you’ve probably put a lot of thought into the process. You might have worked to make sure your credit is in the best shape possible before you apply for a loan. Perhaps you’ve shopped around and compared interest rates to make sure you’re getting… Read More

The post Here’s How to Boost Your Credit after a Big Purchase Impacts Your Score appeared first on Credit.com.

Posted in: Building Credit, Financial Clarity Tagged: advice, All, balance, balance transfer, big, build credit, Building Credit, car, Credit, credit card, Credit Card Debt, credit cards, Credit Report, Credit risk, credit score, credit scores, credit utilization, Debt, Debts, experian, Financial Wize, FinancialWize, financing, getting a mortgage, good, good credit, guest post, helpful, home, How To, impact, interest, interest rates, lenders, loan, low, Main, Maintaining credit score, Make, More, Mortgage, mortgage loan, new, Original, Planning, points, Purchase, rate, Rates, refinancing, risk, running, updates, will, work

Life Insurance for Seniors: Tips on Getting the Best

August 23, 2021 by Brett Tams

Life insurance is essential if you want to provide for your family after your death and don’t have substantial assets to leave them. It’s something that everyone should consider when they have dependents, but if you’re over the age of 60 those insurance premiums could cost more than you can afford and more than they’re […]

Life Insurance for Seniors: Tips on Getting the Best is a post from Pocket Your Dollars.

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Will Becoming an Authorized User Help You Build Credit?

May 3, 2021 by Brett Tams

Authorized users are secondary account holders on another’s credit account. It usually benefits those that have little credit history and are looking to build it.  Being an authorized user means the account is yours to use, but you won’t be listed as the primary account holder. And therefore, you’re not responsible for bill payments. However,… Read More

The post Will Becoming an Authorized User Help You Build Credit? appeared first on Credit.com.

Posted in: Building Credit, Credit Cards, Financial Clarity Tagged: All, ask, authorized user, Bank, Benefits, build, build credit, building, Building Credit, buyers, capital one, Consumers, Credit, Credit Bureaus, credit card, credit card account, Credit Card Debt, credit cards, credit history, Credit Report, Credit Reports, credit score, fico, Financial Wize, FinancialWize, guest post, home, home buyers, house, interest, Learn, lending, list, loan, Loans, low, Make, Making Money, model, money, Mortgage, mortgage loan, mortgage loans, Mortgages, party, Personal, points, Popular, Saving, Secondary, security, social security, spouse, update, will, work

Using Rebuilding Credit Cards to Rebuild Your Credit Score

March 13, 2021 by Brett Tams

From the Mint team: Mint may be compensated by some of the links that appear in this article. Our partners do not endorse, review or approve the content. Any links to Mint Partners were added after the creation of the…

Full Story

The post Using Rebuilding Credit Cards to Rebuild Your Credit Score appeared first on MintLife Blog.

Posted in: Building Credit, Find An Apartment Tagged: All, apartment, app, apr, ask, balance, bills, budgets, build, building, Building Credit, business, capital one, car, cash back, Choices, College, college students, Consumers, Credit, Credit Bureaus, credit card, credit card company, credit card issuer, Credit Card Offers, credit cards, credit history, Credit Info, credit limit, credit rating, Credit Report, credit score, credit utilization, debit cards, Debt, deposit, discover, Equifax, experian, Fees, Financial Wize, FinancialWize, fraud, Giving, house, How To, how to fix my credit score, Insurance, interest, interest rate, interest rates, line of credit, loan, Main, Make, Medical, Mint, money, More, offers, Personal, programs, protection, Raise, rate, Rates, rebuild credit, rental, renting, Review, rewards, School, secured card, secured cards, secured credit card, secured credit cards, security, security deposit, Small Business, the balance, title, TransUnion, Travel, under, ways to improve credit, what's a secure card, what's a secured card, will, work, working

7 Questions to Ask a Life Insurance Agent

February 28, 2021 by Brett Tams

A life insurance agent can make the process of buying life insurance much easier. They can find you the best deals and ensure you’re completely covered. This is important, as close to a third of all Americans admit to lacking confidence about the insurance application process and can’t answer many basic questions about their needs […]

7 Questions to Ask a Life Insurance Agent is a post from Pocket Your Dollars.

Posted in: Building Credit, Life Insurance Tagged: agent, agents, All, big, bills, Buy, Buying, cars, chase, cost, Deals, Fall, Family, financial crisis, Financial Wize, FinancialWize, health, impact, Income, Insurance, Life, life insurance, Loans, Make, market, Medical, medical bills, missed payments, money, More, Mortgage, premium, programs, questions, rate, risk, save, savings, spouse, will, work

The Smart Way to Rebuild Credit

January 27, 2021 by Brett Tams

Even if you’re not the most organized person, you should have a plan for building a good credit score.  The good news is building credit isn’t complicated — you just need to know a few things to get started. Know What You’re Dealing With If you don’t know what’s broken, you’re going to struggle to… Read More

The post The Smart Way to Rebuild Credit appeared first on Credit.com.

Posted in: Building Credit, Financial Clarity Tagged: All, Auto, big, bills, building, Building Credit, Collections, color, Credit, credit cards, Credit Report, Credit Reports, credit score, credit utilization, Debt, experian, ExtraCredit, Financial Wize, FinancialWize, goals, How To, impact, Inquiries, late payments, lists, Loans, Make, money, Motivation, News, Personal, rate, smart, Spending, tips, Tips & Advice, tools, will
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