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How Does debt consolidation impact your credit score

A good way to reduce your monthly debt payments is to apply for debt consolidation. It helps lower your overall interest rate. But how does it impact your credit score? Any time you apply for a loan, a hard inquiry is made on your credit. This reduces your score a bit. But this should not be much of a problem if you have good financial practices in general.

Credit Union vs Bank: Which One Is Good for Savings?

Parking your money in an investment is always a good idea. When you invest money, you earn interest on your deposit. This way, you can use your funds to earn more instead of keeping them with you and not earning anything. Also, most accounts with financial institutions are insured federally. This makes your investment safe even if the institution goes out of business.

Black-Owned Credit Unions: Your Guide to Inclusive Banking

A conventional white family has eight times the wealth of a typical Black family. A Black-owned bank is a regular banking institution where the board of directors comprises African American members. Netflix, Inc deposits 2% of its funds in Black-owned banks.

Soft vs Hard Credit Check: Which Is Financially Healthier?

Credit checks can be pretty confusing, especially if you’re not one to keep track of your credit reports. However, it’s a good idea to learn the differences between hard and soft credit checks, because one of them could affect your credit scores in the long run.

How to get started on your credit journey

A good credit score can help you in various things such as opting for an education loan, getting a home loan, buying a car using credit, or just as simple as opting for a credit card. You can get a secured credit card easily when you are just starting your credit journey.

Credit Score: Everything you need to know in 2024

For FICO, it is your payment history and credit utilization ratio while for VantageScores, it is your credit use, its available credit and your credit mix. But what does your credit score mean?

Can I Settle for a Fair Credit Score?

The Federal Trade Commission always advises everyone not to believe agencies that guarantee to increase your credit score or remove certain parts from your report. These are scams that would steal your money.

630 Credit Score: Understanding Your Financial Health

According to FICO, nearly 9% of Americans had scores between 600 and 649 in 2019. If you pay every bill on time and never use more than 30% of the credit limit, you can easily increase your credit score.

Does Partial Payment Affect Credit Score? Explained

Partial payments will have a negative effect on your credit score. Even though the creditor might accept the payment, it will be reported as missed or delinquent when you don’t pay the minimum amount.

Credit score 580: Is it good or bad for you?

Delaying payments and bills can lead to a bad credit score. A score of 580 is considered a bad score. Almost 12.5% of Americans hold credit scores between 500 to 599 on the FICO.

Bad Credit and No Credit: What’s the Difference

Both bad credit and no credit have their disadvantages. It is best to have a favorable score and take actions that create a good credit history.

Cash Now Pay Later vs Buy Now Pay Later

While Buy Now Pay Later (BNPL) has become the buzzword of the payments industry in the Covid-19 era, have you heard of Cash Now Pay Later(CNPL)? If you haven’t you are living under a rock! No worries, that’s why we’re here, to help you understand the nuances of BNPL and CNPL and what will work best for you.

Why is your credit score low?

It's crucial to have a good credit score. When you are irregular with your loan or credit card payments, you are likely to have a low credit score.

What to Know Before Getting a Credit Card: Essential Tips

We all know that getting our first credit card is a milestone. You either already have a sense of how credit cards work and how to handle them responsibly, or you’re new to the scene. Anyway, whatever your plight, you don't have to feel bad if some of this stuff is new to you!

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