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Tag: credit report

Late Payments, Credit Scores and Credit Reports

Home Loans By State
A missed credit card or loan payment can have a seriously detrimental effect on your credit report. The golden rule of using a credit card is to make your payments on time every time, building a respectable payment history, avoiding debt, and keeping your creditor happy. But what happens when you fall behind with your monthly payments; what happens when you miss a single loan or credit card payment as a result of a mistake, an oversight or a lack of funds? How will your creditor react, how quickly will the credit reporting agencies find out, and what options do you have for getting back on your feet? How Late Payments Affect Your Credit Score A late payment can reduce your credit score significantly and remain on your report for 7 years. It won’t impact your score throughout that time a...

How to Protect Your Credit Score During COVID-19

Home Loans By State
The COVID-19 coronavirus pandemic has affected everyone all around the world. Extended isolation and sudden job losses have everyone thinking about their futures. Lots of people are concerned about losing a reliable income source during this time of crisis. Some have even been forced to shut their businesses. The global pandemic has turned many people’s financial lives upside down. As you work on keeping your bills in good standing and your finances going strong, you should also pay attention to your credit score. Even if you’re delaying some major purchases like buying a car or a home or going on a trip, you still need to maintain good credit. You’ll eventually start spending again, and you’ll need a good credit score. But how can you protect your credit score d...

6 Damaging Side Effects of Having a Bad Credit Score

Home Loans By State
As you make another large purchase against your credit card, inching closer towards maxing out, you might not realize the negative ramifications this activity will have on your credit score. The same goes for making the odd late payment on your hydro bill or car loan payment. Mounting debt that is not paid off in time or in full can have a major impact on your credit score. A bad credit score can have more negative consequences than you may think So what’s the big deal about having a low credit score? These days many institutions – from loan officers, to businesses, to insurance companies – look to your credit history before making a move. You could find your low credit score putting you in a position where you can’t get approved for a loan, get a job, or even find...

How to Start Building Credit Once You Turn 18

Building Credit, Credit Cards, Debt, Hard Money Loans
Good credit is crucial to unlocking many financial opportunities in life. When you have a great credit score, you can get lower interest rates on car loans, credit cards and mortgages. Some employers and landlords even check credit reports before they make a job offer or approve a resident application. While developing a solid credit history takes time, follow some of these tips on how to establish credit once you turn 18 to get started as soon as possible. 1. Understand the Basics of Credit Make sure you understand the basics of how credit works. Your credit reports are maintained by three major credit bureaus—Experian, TransUnion and Equifax. It contains data on your current and past debts, payment history, residential history and other facts. This data is supplied by lenders, credi...

Average credit card interest rates: Week of January 13, 2021

Breaking News, Commercial Real Estate Loans
Essential reads, delivered weekly Subscribe to get the week’s most important news in your inbox every week. Enter your email address Subscribe By providing my email address, I agree to CreditCards.com’s Privacy Policy Your credit cards journey is officially underway. Keep an eye on your inbox—we’ll be sending over your first message soon. The average credit card interest rate is 16.05%. The average minimum credit card APR held firm Wednesday after lenders declined to revise rates on new offers for another week. As a result, borrowers in the market for a new card continued to enjoy starting APRs that are more than a full point lower on average than they were a year ago. Cardholders with excellent credit are enjoying some of the sharpest rate savings this year. ...

How Long Does It Take To Buy A House?

Grand Prairie, Loans, Mortgage, Personal Finance
How long does it take to buy a house? The answer is: it depends. You can buy a house in a matter of weeks or it can take you anywhere from 4 to 6 months. The question is how ready are you? It can take a long time, and that’s just learning about various mortgage options or improving your credit score. So understanding the various factors involved in buying a house can give you an estimate of how long it will take you to buy the house Check out now: 5 Signs You Are Not Ready To Buy A House How long does it take to buy a house? A step-by-step guide. It can take a homebuyer a few weeks to several months to complete the home buying process. But when determining how long it will take you to buy a house, you first have to find out if you will be pre-approved for a mortgage. There is no se...

What Is Apartment Debt on a Credit Report

Real Estate
Plans can change unexpectedly. Changes in employment, relationship status, or finances may prompt you to rethink your living situation. Some changes may even lead you to move out of your apartment without paying rent for the final month or two on the lease. And just like that, apartment debt is created. Like all forms of […] The post What Is Apartment Debt on a Credit Report appeared first on Apartment Life.Source: blog.apartmentsearch.com