Bad Credit Scores And How To Fix ‘Em
Better Credit Blog | Credit Help For Bad Credit | Your Better Credit Resource
by Ryan Greeley
1y ago
Your credit score is a trustworthiness rating, based on your credit report. It falls somewhere between 300 and 850 and is calculated by a credit scoring model (FICO and VantageScore are the most well-known). Equifax—one of the three major credit-reporting agencies—explains:  “Lenders, creditors, and others often use credit scores to help them determine the likelihood that someone will pay back what they owe on transactions, such as loans, credit cards, mortgages, utilities, and even apartment rentals.” With a low score, you’re less likely to qualify for a personal loan, credit card ..read more
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Personal Loans for Bad Credit
Better Credit Blog | Credit Help For Bad Credit | Your Better Credit Resource
by Ryan Greeley
1y ago
Borrowing money costs more when you have bad credit — and your choices for a loan will be limited — which is why we have helped you narrow down your list by finding the top 6 best personal loans for bad credit. Ideally, you should avoid borrowing for a couple years. Use this time to fix your credit before applying for loans. But real life seldom meets this ideal. In reality, people lose jobs, have medical emergencies, get divorced, need major car repairs. The list is endless. Whatever your reason, if you need a loan and your credit is making it difficult, here’s where I would start. 6 Best Per ..read more
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How Does Mortgage Refinance Work?
Better Credit Blog | Credit Help For Bad Credit | Your Better Credit Resource
by Ryan Greeley
1y ago
Refinancing your mortgage can save you money, build equity in your home, and leave you with a more stable and manageable payment plan. But is it worth it? Refinancing comes at a price. Here, we cover the mortgage refinance basics, benefits, and drawbacks. We’ll also explain the refinancing process and how to find a deal that works for your financial profile. Several different types of refinance loans are available – you’ll see the options in the table below. Further on, we’ll cover each of these mortgage refinance products in more detail. Type of Mortgage Refinance What it does Who qualifie ..read more
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6 Best Home Equity Loans – Updated June 2022
Better Credit Blog | Credit Help For Bad Credit | Your Better Credit Resource
by Ryan Greeley
1y ago
Home equity loans allow you to borrow funds against the existing equity on your property. The equity balance is the difference between the market value of your home and the amount owed on your mortgage. Homeowners use these loans to fund home renovations, student loans, and high-value purchases or consolidate high-interest debt. When you take out this type of loan, you receive a lump sum that you pay back, typically at a fixed interest rate, over a period of 5 to 30 years. If you’re considering a home equity loan, check out our pick of the best loan providers below. We’ve sourced reputable len ..read more
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How Long Do Hard Inquiries Stay on Your Credit Report?
Better Credit Blog | Credit Help For Bad Credit | Your Better Credit Resource
by Ryan Greeley
2y ago
There are several important things to understand about hard credit inquiries and how they affect your credit. The following topics should help you better understand how credit inquiries work, how they can lower your credit score, and what you can do about inaccurate hard inquiries. Table of Contents: What Are Hard Inquiries? How Long Do Hard Inquiries Stay On Your Credit? How Does A Hard Inquiry Affect Your Credit Score? How To Remove Hard Inquiries From Your Credit Report What Are Hard Inquiries? There are two types of credit inquiries: Hard Inquiry: Also called a hard pull, this kind of ..read more
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How to Remove Civil Judgments From Your Credit Report
Better Credit Blog | Credit Help For Bad Credit | Your Better Credit Resource
by Ryan Greeley
2y ago
In my recent experience, it’s not hard to remove judgments from your credit report as long as you follow the proper steps. Many readers assume it’s impossible to have the credit bureaus remove civil judgments because they involve the court system. In reality, the National Consumer Assistance Plan (NCAP) has made it more difficult for the credit bureaus to include civil judgments in your credit history. It’s still possible you could see a judgment pulling down your credit score. If so, removing the judgment shouldn’t be too big of a hassle. What Is a Civil Judgment? When you owe money to a cred ..read more
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How to Remove Tax Liens From Your Credit Report
Better Credit Blog | Credit Help For Bad Credit | Your Better Credit Resource
by Ryan Greeley
2y ago
A lot of people think they’ll never get a tax lien removed from their credit history. This couldn’t be further from the truth. In fact, removing a tax debt will be easier than removing a private debt like a credit card charge-off or medical bill. Back in 2018 the three credit bureaus stopped reporting local, state, and federal tax liens and civil judgments. So if you still have a lien pulling down your credit score, a few phone calls or letters could solve the problem. Removing a Tax Lien from Your Credit History in 3 Easy Steps The Consumer Financial Protection Bureau lobbied Experian, Equifa ..read more
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Guaranteed Unsecured Credit Cards for People with Bad Credit
Better Credit Blog | Credit Help For Bad Credit | Your Better Credit Resource
by Ryan Greeley
2y ago
When you have bad credit, there’s no guarantee you’ll get approved for traditional, unsecured credit cards. But almost everybody gets approved for secured credit cards. Why? Because you pay a security deposit rather than asking a credit card issuer to take a risk lending to you. I recommend you get a secured credit card as you rebuild bad credit or build credit. Yet people often prefer unsecured credit cards, even when they have bad credit. So let’s take a closer look at this issue. What are Unsecured Credit Cards for Bad Credit Users You just don’t have many options for unsecured credit cards ..read more
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Credit Utilization Calculator
Better Credit Blog | Credit Help For Bad Credit | Your Better Credit Resource
by Ryan Greeley
2y ago
Calculating your credit utilization ratio can tell your credit health. New creditors pay attention to this value which measures how much of your available credit you’re currently using. For example, if you’re using 50 percent or more of your total available credit, it’s harder to maintain a good credit score. Do you know your credit utilization ratio? It’s easy enough to calculate this ratio when you know where to look. How to Calculate Your Credit Utilization Ratio Calculating your utilization is easy. You may not even need a calculator. Here is the easiest way to find out where you stand. Fi ..read more
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Credit Utilization: Maintaining The Right Credit Balance to Limit Ratio
Better Credit Blog | Credit Help For Bad Credit | Your Better Credit Resource
by Ryan Greeley
2y ago
If you’re paying off your credit cards to improve your credit score, read this post first. By the end of this post, you’ll know not to automatically close all your paid-off accounts — even when the total balance hits $0. Closing these accounts could hurt your credit utilization ratio. About 30 percent of your credit score comes from your credit utilization ratio — a number that tells creditors how much of your available credit you’re using. On a credit card with a $10,000 limit, for example, a $9,000 balance means you have a 90% credit utilization ratio for that card. Such a high utilization r ..read more
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