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Top related persons:
Ethan Dornhelm - 2 FICO - 2 Dornhelm - 2 Klarna - 1 Liz Pagel - 1 BNPL - 1 Wells - 1 Tim Quinlan - 1
Top related locs:
TransUnion Wells Fargo Toronto Canada
Top related orgs:
Finance - 2 Apple - 1 Adobe Analytics - 1 CNBC - 1 Consumers - 1

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4 mentions found


☆ Could your buy now, pay later loans affect your credit score? Here's what you need to know
  + stars: | 2024-05-10 | by ( Jessica Dickler | ) www.cnbc.com   time to read: +4 min
But there's one place they're notable absent: your credit report. Earlier this year, Apple became the first major BNPL provider to start reporting all user account information to a credit reporting agency. Providers including AfterPay, Affirm and Klarna already report some loans to the credit bureaus and experts say more are likely to follow, paving the way for a consumer's BNPL history to factor into their credit history and ultimately their credit score. (One of the main aspects of a credit score comes down to your history of paying bills on time.) When BNPL credit reporting could sting
Persons: Klarna, Liz Pagel, BNPL, Wells, Tim Quinlan, Ethan Dornhelm, TransUnion's, Silvio Tavares, Tavares, Pagel Organizations: Apple, Adobe Analytics, CNBC, Finance Locations: TransUnion, Wells Fargo
☆ Credit scores decrease for the first time in a decade as more borrowers fall behind on payments
  + stars: | 2024-03-06 | by ( Jessica Dickler | ) www.cnbc.com   time to read: +3 min
Average nationwide credit scores bottomed out at 686 during the housing crisis more than a decade ago, when there was a sharp increase in foreclosures. That left many households sitting on a stockpile of cash that enabled some cardholders to keep their credit card balances in check. Generally speaking, the higher your credit score, the better off you are when it comes to getting a loan. Already, the average credit card charges over 20%, a record high, but borrowers with lower credit scores pay even more. "It's difficult in this current economy not to have a good credit score," Kaplan said.
Persons: Ethan Dornhelm, FICO, Dornhelm, Ann Kaplan, Kaplan Organizations: Consumers, Finance Locations: Toronto, Canada
☆ Credit scores hit an all-time high even though households are falling deeper in debt
  + stars: | 2023-10-30 | by ( Jessica Dickler | ) www.cnbc.com   time to read: +1 min
As of April, the average credit card utilization was 34%, up from 31% a year earlier. Your utilization rate, the ratio of debt to total credit, is one of the factors that can influence your score. Credit experts generally advise borrowers to keep revolving debt below 30% of their available credit to limit the effect that high balances can have. The possibility of a recession coupled with rising unemployment could weigh on scores going forward, he added. What is a 'good' credit score?
Persons: Ted Rossman, FICO, Dornhelm
☆ This map shows where Americans have the highest — and lowest — credit scores
  + stars: | 2022-11-22 | by ( Jessica Dickler | ) www.cnbc.com   time to read: +3 min
In fact, residents of Minnesota have the highest average credit score of any state nationwide, followed by New Hampshire, Vermont and Massachusetts, WalletHub found. As of April 2022, the average credit card utilization was just over 31%, up from 29.6% a year earlier. What is a 'good' credit score? Generally speaking, the higher your credit score, the better off you are when it comes to getting a loan. A good score generally is above 670, a very good score is over 740 and anything above 800 is considered exceptional.
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