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Why opening new credit cards can help your score

Often, people with bad credit think they should wipe their hands clean of credit. They figure that if all those credit cards got them into trouble in the first place, they should cut them up and become cash-only citizens. Unfortunately, this gut reaction is the worst thing you can do…

Survey says consumers still confused about credit-scoring

A survey from NerdWallet and Harris Poll found that many Americans do not know the rules of credit scoring. Here are some of the findings: About half of Americans don’t know that having bad credit can limit their option for cell phone service, and more than half don’t know that…

Average credit score hits all-time high

Here is some good news for borrowers: The Wall Street Journal reported that the average FICO score is at an all-time high of 700. A 700 FICO score is considered good, just 20 points shy of being considered excellent. The Wall Street Journal also reported that the number of consumers…

Credit system changing July 1

As of July 1, tax liens and civil judgments will no longer impact a person’s credit score, as calculated by the three major credit agencies: Experian, Equifax, and TransUnion. This change to the credit-scoring formula is a result of a settlement between the credit-scoring bureaus and thirty states: States said…

You never have to carry a balance

According to a survey from the financial website NerdWallet, nearly half of Americans (41 percent) think that a person has to carry a small balance on his or her credit cards from month to month in order to have a great credit score. But this is untrue. Your credit score…

What Should I Do If I’m Deeply in Debt?

One of my friends just told me that he owes $68,000 in credit card debt. He’s 26 years old. And he has that feeling in the pit of his stomach—you know that feeling. He can’t ever truly relax because he’s so worried. All these questions start racing through his head……

How Can I Get Credit Cards If My Credit Score Is Terrible?

If you have bad credit, it’s critical that you have and use three to five credit cards. The only way credit bureaus will reward you with a high credit score is if you prove that you can responsibly manage debt. This means: Having at least three credit cards, keeping them…

My Wife Won’t Sleep in Our House, by 720 Credit Score

After renting for years, my wife and I just bought a house. It’s our ideal house—exactly what we were looking for in the exact neighborhood we wanted. We have dreams of raising our children there, and we smile thinking about the birthday parties, sleepovers, and graduation celebrations that will fill…

What Are the Credit Cards You Recommend for People With Good Credit?

We went out there and researched the best credit cards on the market, consider things like interest rates, rewards points, fees, and the like. You can see our recommended list of credit cards for people with strong credit here. And keep the following in mind: 1. In our program, we…

How Many Credit Cards Should I Have?

Question: “How many credit cards should I have if I want to earn the best possible credit score? I receive a lot of credit card offers in the mail. Should I apply for them?” Answer: Having the right number of credit cards is a big part of your credit score. Ideally, you…