Discovering a mistake on your credit report is terrifying. Whether it is a stranger’s credit card listed under your name or a bill you paid three years ago showing up as “unpaid,” these errors can unfairly tank your credit score by 50 to 100 points. You are not alone. A study by the Federal Trade…
Yes, getting a new credit card will likely lower your score by 5 to 10 points temporarily. However, this drop is usually short-lived. In the long run, opening a new card is one of the most effective ways to help your credit score grow higher than it was before. It sounds contradictory, right? How can…
Trying to build credit for the first time feels like a catch-22: You need credit to get a credit card, but you need a credit card to build credit. If you have never borrowed money, you are what the industry calls “Credit Invisible.” This does not mean you have a bad score (like 300); it…
When you check your credit score, you might see a grade for “Length of Credit History” (also called Credit Age). While it isn’t the biggest factor in your score—it accounts for 15% of your FICO score—it is often the hardest to improve because you cannot “buy” time. You simply have to wait for it. However,…
If your credit score were a house, your Payment History would be the foundation. It is the single most important factor determining your creditworthiness, making up the largest percentage of both FICO and VantageScore models. A pristine payment history signals reliability and responsibility, granting you access to the best interest rates. Conversely, a single late…
If you have ever applied for a mortgage, taken out a car loan, or even rented an apartment, you have likely been told that your decision hinges on your credit score. Yet, when you check your credit through your bank or a monitoring service, you are often presented with a number labeled FICO Score. This…
Locking your credit is the fastest way to block lenders from accessing your credit report. Unlike a “Freeze,” which acts like a permanent security anchor, a Credit Lock acts like a light switch. You can flip it “on” and “off” instantly using a smartphone app, making it perfect for active shoppers. However, locking your credit…
The short answer: It isn’t. There is no such thing as a “joint credit score.” When you get married, your credit scores do not merge, average out, or combine. You keep your own score, and your spouse keeps theirs. However, marriage does affect your borrowing power in specific ways. While your scores remain separate, your…
The lowest credit score you can have is 300. This applies to both the FICO® Score and VantageScore® models, which range from 300 to 850. Despite common myths, it is impossible to have a credit score of zero; if you have no credit history at all, you are simply “unscorable” or “credit invisible,” meaning you…
Your FICO score does not know how much money you make, what your job title is, or how much cash you have in the bank. While these factors are critical for getting approved for a loan, the FICO algorithm completely ignores them because it is designed only to measure your history of managing debt, not…
