Credit Scores

At a Glance Derogatory credit refers to negative marks on your credit report that can significantly impact your financial life. There are various forms of derogatory credit, including late payments, charge-offs, bankruptcies, and collections. Derogatory marks can be found on your credit report, and …

At a Glance A good debt-to-income ratio (DTI) is generally considered to be 36% or lower, indicating a healthy balance between income and debt obligations. Your DTI is a key financial metric that lenders use to evaluate your ability to manage debt and repay loans. Improving your DTI can be

At a Glance Refinancing student loans can potentially benefit your credit score in the long run, by marking old loans as “paid in full” and diversifying your credit mix with a new loan. Checking rates for refinancing does not directly impact your credit score, as some lenders offer prequ…

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At a Glance A credit score of around 650 or higher is generally considered good for securing student loans from private lenders. Other factors, such as income, employment history, and debt-to-income ratio, also play a role in loan approval process. Taking steps to improve your credit score, like pay…

At a Glance Building credit with student loans involves making timely payments, exploring suitable repayment plans, and considering refinancing if it suits your circumstances. A healthy credit score can reduce interest rates on loans and credit cards, leading to substantial long-term savings. Managi…

At a Glance On-time rent payments can positively affect your credit score. You can self-report your rent payments to credit bureaus or utilize a rent reporting service. Missed rent payments can have significant negative impact on your credit score. Other credit-building strategies include using secu…

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At a Glance Understanding and managing key factors that influence your credit score can pave the way for a more secure financial future. Paying off debt yields numerous long-lasting benefits, influencing both financial stability and overall well-being. Recognizing the distinctions between various ty…

At a Glance This guide provides a comprehensive understanding of mastering your credit score, a crucial aspect of financial well-being. It emphasizes the importance of checking your credit reports and obtaining them for free from major credit bureaus. The guide also discusses exploring free credit s…

Having bad credit can make many things more difficult, including getting approved for a new cell phone. Cell phone carriers often check your credit before approving you for one of their plans. If you have bad credit, you may get declined or be asked to put down a large deposit.

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At a Glance Student loans offer an opportunity to build credit and achieve financial goals. Making on-time payments, exploring affordable options, and considering refinancing can establish a strong credit history. However, careful management is essential. Communicate with loan servicers, research re…

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