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Credit Score Payment History

Thursday, July 28, 2016
Out of the 5 categories that make up your credit score payment history is the largest at 35% The payment history with each creditor you have (that reports to the credit bureaus) is taken into account and while paying your bills on time is helpful, late payments, defaulted accounts, bankruptcies, and all other negative information on the credit report have the greatest effect in this category. Scoring models are built to predict your potential to go over 90 da ..

Installment vs Revolving Debt

Wednesday, July 20, 2016
So, what's the difference? When you take out a loan to buy a car, you’re using installment credit. When you pay for concert tickets by credit card, you’re using revolving credit. Here are the main differences between the two. Installment credit is offered mainly by companies that sell the product you’re buying. Sometimes the products are “big ticket” items like cars, boats, and home appliances, but stores also offer installment financing on thing ..

First Credit Card EVER

Tuesday, July 12, 2016
Do you know what the very first credit card was? Most people think the first credit card was the American express card, but it was actually the diners club card. The idea for Diners Club was conceived at the Majors Cabin Grill restaurant in New York City in 1949. Diners Club co-founder Frank McNamara was dining with clients and realized he had left his wallet in another suit. His wife paid the tab, and McNamara thought of a multipurpose charge card as a way to avoid similar embarras ..

Think it's hard to get a personal loan now?

Monday, July 11, 2016
When applying for credit today the decision is based off your credit history, payment habits and usage, but that wasn’t always the case... 1959 and before creditors and lenders were allowed to use their personal opinions of you when deciding if they wanted to extend credit to you. Yep, if they didn’t like your accent, or didn,t like the type of dog you had then they could use that to deny you credit even if you had perfect credit. How whacked is that! Even worse, those  ..

Paid off collections still on credit report, What!?

Thursday, July 07, 2016
Did you know that your accounts with bad payment history or collection and public record (Bankruptcy, Judgment, Tax Lien, Past Due Child Support) do not “fall off” your credit once the account is “Paid off”? Yep, they stay on your credit report for 7-10 years and even though there are paid off and the status changes to “paid” instead of “unpaid’. So the common thought of “I paid it off so it’s not on my credit anymore” i ..