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Rebuilding Your Credit after Bankruptcy

/ BY / Credit Score

Have you recently declared bankruptcy? Worried about how you’re going to get your financial life back on track? One of your primary concerns may be getting another credit card, since most card issuers will close your credit card accounts after you declare bankruptcy. There’s good news—it may actually be easier for you to get a credit card after you’ve gone through bankruptcy than it was before you filed. Under current law, you can’t declare bankruptcy more than once every eight years. That means potential creditors, like credit card companies, know that you don’t have bankruptcy as a fall back. You’ll have to repay any money you borrow—including credit card debt--if you possibly can...

Start Boosting Your Credit Score Today!

/ BY / Credit Score

Do you enjoy paying more than other people for vehicles, for home remodeling projects or for the goods and services that you charge on a regular basis? That’s just what your doing if your credit score is in the average range. It’s people with the highest FICO scores—usually between 720 and 850—who benefit from the lowest interest rates on home mortgages, vehicles and other loans. Will that really make a difference to you? Consider these examples from the My Fico website, based on national average interest rates: On a 30-year, $300,000, fixed-interest mortgage: A person with a FICO credit score of 760-850 (the highest tier) would be charged an interest rate of about 2.95%, for...

Bad Credit Reports Can Limit Job Prospects

/ BY / Credit Score

After months of searching, Kyle thought he finally had a lead on a good job. His qualifications seemed a perfect match for the position, and the interview had gone very well. But after a week or so, Kyle was disappointed to learn that someone else had gotten the position. The prospective employer decided to hire another candidate because of Kyle's poor credit report. Sara, on the other hand, had been in her job for three years and was in line (she thought) for a big promotion. But she discovered that she had been denied the job that she wanted because her credit record showed that she was behind on credit card and car loan payments. More and more companies have been checking the credit...

Generation Gap: Heavy Debt Load Impacts Gen Xers’ Credit Scores

/ BY / Credit Score

Pity the poor Gen Xers, born between 1966 and 1982. Often overlooked because of the much larger numbers in the Baby Boomer generation that precedes them and the Gen Y that follows, they are also in the unenviable position of carrying more debt than any other generation. People age 30 to 46 now owe an average of $111,121, according to the Generational Credit Trends Report study from Experian, one of the major U.S. credit bureaus. That's an average of 42 percent above the U.S. average $78,030. The Boomers, on the other hand, while also above that average, owe only $104,951. Both Gen Ys-relatively new to the workforce and to credit-and seniors have a below average debt load. For Gen Y...

What’s So Good about a Good Credit History?

/ BY / Credit Score

Have you ever wondered why having a good credit history is so important? Your credit history is a record of how well you pay back the money you owe. Your creditors-the companies or financial institutions that lend you money to buy your home, finance your car or pay for college-let the credit bureaus know whether or not you make payments on time, if you've missed a payment or if you pay less than the minimum balance that you owe on an account. The credit bureaus use the information in your credit history to help determine your credit score -- a measure of your creditworthiness, or how likely you are to repay a loan. Your credit history and credit score make a significant difference in...

 

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