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☆ Residents of this state have the worst average credit score—see how you stack up
▼ + stars: | 2022-11-28 | by ( Ryan Ermey | ) www.cnbc.com time to read: +4 min

Read on to see the 10 states with the lowest average credit scores and what credit experts say you can do if you want to bring your score up. Credit scores generally run from 300 to 850, with scores over 750 considered "excellent." Plenty of Americans have some work to do on the credit score front. That's bad news for Mississippians, whose average credit score of 662 is the worst in the nation, according to a recent report from WalletHub , based on data from TransUnion. But being among the worst when it comes to credit scores is especially disappointing.

In that case, you may still be able to tap your home equity by taking out a home equity loan. After you take out a home equity loan, you'll have two loans that use your home as collateral — your original mortgage and the home equity loan. While the terms "home equity loan" and "home equity line of credit" (HELOC) are often used interchangeably, they're actually two different types of home equity debt. You may be able to get more cash with a home equity loan than with other forms of borrowing. Home equity loans typically have higher rates than HELOCs, so you'll likely pay more for a home equity loan.

☆ How to Improve Your Credit Score, According to Experts
▼ + stars: | 2022-10-12 | by ( ) www.wsj.com time to read: +10 min

That’s why we asked three credit experts what they think of common credit score tips—and how you can really make the most of them. In the scenario above, if you doubled your credit limit—or got an additional credit card with the same credit limit—your credit utilization would go down to 5%. What experts say: Experts agree that getting more available credit can indeed help your credit utilization and credit scores. You might see positive changes to your credit as soon as your new credit limit makes it to your credit report. Some of the easiest options include becoming an authorized user on a family member’s credit card or applying for a secured credit card, which involves depositing money with the credit card issuer.

☆ How your credit score is calculated and why it's important
▼ + stars: | 2022-10-11 | by ( The Associated Press | ) www.nbcnews.com time to read: +7 min

Here’s a look at how you can create healthy habits to avoid having a low credit score:What is a credit score? If your credit score is over 750, you’re considered to have a great credit score, said McCreary. “There is this sort of dream scenario of having an over 800 credit score, that is a very high credit score and very few people get there,” said McCreary. “Fair” credit scores are considered to be in the 580-669 range, a credit score below 580 is considered a poor credit score. Being aware of your credit score and maintaining healthy habits around it is crucial to having a good credit history.

The minimum credit score that you'll need to buy a house varies by lender and loan type. You may be surprised to learn that minimum credit score requirements will vary by lender and loan type. Minimum credit score: No minimum, but with a credit score of at least 640 you could qualify for streamlined credit analysisIt's important to point out lenders are free to set higher minimum credit score requirements than what the loan-backing organizations require. When it comes to your credit score, your bank or credit card issuer may provide your score for free. If not, you can also use a free credit score monitoring tool like Credit Karma or Credit Sesame.

How to shop for a mortgage in 5 stepsIf you plan to use a mortgage loan to buy a house, comparing your options is critical to getting the best deal. "Your credit score determines the rate you get, and the higher the score is, the better the rate becomes." With mortgages, you have two options: a fixed interest rate or a variable interest rate, also called an adjustable rate. Insider's Featured Mortgage Lenders Rocket Mortgage by Quicken LoansAmeriSave Mortgage Corporation MortgagesNew American Funding Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. It could help save you significantly on your interest rate, payment, and long-term costs as a homeowner.

However, closing a student-loan account after loan forgiveness may ding your credit score initially. What does student-loan forgiveness mean for your credit score? Additionally, your credit mix accounts for 10% of your credit score and is made up of both revolving and installment credit. Your payment history makes up a significant percentage of your credit score, and lenders prefer to see consistent and reliable past payments. The bottom lineWhile some borrowers may see their credit score take a short-term hit after student-loan forgiveness, the financial benefits far outweigh any negative impact.

Persons: Biden, —, Biden's, Chris Ebeling, Ebeling, you've, Gabe Krajicek, Kasasa Organizations: Service, Pell, Federal, Citizens Bank

Today's personal loan ratesPros and cons of Marcus personal loansPros No fees. How Marcus by Goldman Sachs personal loans workMarcus offers unsecured personal loans through Goldman Sachs Bank USA (Member FDIC). How Marcus by Goldman Sachs personal loans compare Marcus interest rates are similar to those offered by comparable lenders — though rates will depend on your particular profile. Marcus' loan term range of three to six years is slightly smaller than SoFi's range of two to seven years. A distinguishing feature of Marcus' personal loans is the company's "on-time payment reward."

Our experts answer readers' personal loan questions and write unbiased product reviews (here's how we assess personal loans). The credit score you need to qualify for a personal loan will vary depending on the lender. Generally, lenders require a credit score in the mid-600s to qualify for a personal loan, though some companies will lend to borrowers with lower credit scores. Compare personal loan optionsHow to improve your credit score if you don't qualify for a loanIf you don't qualify for a loan from any lender, you can try to increase your credit score to increase your likelihood of approval. You can usually check your credit score for free on your credit card statement or online account.

Knowing where to find your credit score and understanding what it means are key to effectively managing your finances. There are also a number of websites, like Credit Karma, that offer free credit scores when you sign up for their services. Length of credit history (15%): A longer credit history is a positive, but not a requirement for a good score. Credit score vs. credit reportIf you look at a credit score as the grade lenders use to determine your creditworthiness, think of the credit report as all the "work" that goes into that grade. Keeping a close eye on your credit score and credit reports, whether you get them for free or pay for them, are key to staying on sound financial footing.

Service Credit Union personal loan amounts and interest ratesYou can take out a personal loan valued between $1,000 and $50,000 with Service Credit Union. How Service Credit Union personal loans workService Credit Union's personal loans are unsecured loans, which means they don't require any collateral, like a house or car, to get. There's no minimum credit score required for a personal loan from Service Credit Union, according to a Service customer service representative. How Service Credit Union personal loans compare Service Credit Union Personal LoanNavy Federal Credit Union Personal LoanAlliant Credit Union Personal Loan Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. Yes, Service Credit Union is a legitimate financial institution insured by the National Credit Union Administration.

Understand how credit scores workIn general, your credit scores fall in a range between 300 and 850, which are determined by the information recorded in your credit reports. "Every time you apply for a new line of credit, your credit score will initially drop," Amaral says. Keep old credit accounts openBecause your FICO scores are partially based on how old your credit accounts are, if you close older accounts, your credit scores may drop. Monitor your credit scores and track your progressIt's important to track your credit scores as you take these steps to increase your credit. Keeping your credit cards paid off or maintaining low balances will help improve your credit utilization ratio, which should be less than 30% of your available credit.

Not only is it possible to refinance an auto loan, but it's usually a much simpler process than a home loan refinance. If you're considering an auto loan refinance, you may not know where to start. This step-by-step guide will show you how to refinance an auto loan. We work with trusted local and community lenders to bring you competitive auto refinance loan offers and rates. We work with trusted local and community lenders to bring you competitive auto refinance loan offers and rates.

☆ Best credit cards for good credit in 2023
▼ + stars: | 2021-05-20 | by ( Holly Johnson | ) edition.cnn.com time to read: +13 min

Click here to see the latest list of the best credit cards for people with good credit scores. For example, many credit cards offer a free credit score, but you can also sign up for credit monitoring services that keep track of your credit score on your behalf. If you already have a lot of credit card debt, then a new credit card may be the last thing you need. Pitfalls to watch out forThe best credit cards for good credit can be useful, lucrative and worth pursuing. Learn more about the best credit cards you can get with a good credit score.

A 740 credit score is just as good as an 850If you're building or re-building your credit score, getting to a perfect 850 score can sound overwhelming. "Your sights should be set on 740-plus, often referred to as the start of a perfect credit score," Aliche writes. "If you are over 740, you can get near or the same interest rate as anyone with a perfect 850 credit score," Aliche writes. A very good credit score can also bring lower insurance rates, and better chances of being approved for a certain credit card. If you find a mistake on your credit report, disputing the error could help you raise your credit score.

Our experts answer readers' credit card questions and write unbiased product reviews (here's how we assess credit cards). Make a plan to actually use your credit card rewards in 2021, and be sure you're using the best credit cards to earn the most rewards from your spending. Credit card resolutions to make for 2021Make a plan to pay off debtThe first and most crucial credit card goal, no matter the time of year, is to pay off any credit card debt you currently carry. Check and improve your credit scoreThe second credit card resolution for 2021 is to check your credit score and improve it as needed. Find the best credit card for youDo you know why you are using your current credit card?

Understand how your credit score affects interest ratesGenerally, a credit score is the most important factor in deciding what interest rate a lender will offer you. Get your most recent credit scoreIt's one thing to suspect you have bad credit, and another to know exactly how bad it is. Consider a credit unionCredit unions are a great option for those looking to get a loan with bad credit. Your credit report spells out everything being counted in your credit — every loan, every credit card, every debt. Try and boost your credit scoreYour credit score is calculated, approximately, with the following five factors:payment history (35%)current debt balances (30%)length of credit history (15%)new credit (10%)credit mix (10%)Some of those factors are difficult to change, like the length of your credit history.

A credit score below 669 is considered a "bad" credit score with both the FICO and VantageScore scoring models. Payment history, credit utilization, and hard credit inquiries are a few of the factors that can impact your credit score. FICO scoring rangesClint ProctorVantageScore scoring rangesClint ProctorWhat's the difference between having a bad credit score and no credit score? Having no credit score is, in many ways, better than having a bad credit score because you're starting from a clean slate. The first step towards fixing a bad credit score is to check your credit report to see what's holding your score back.

While coronavirus has hurt household budgets and incomes, your credit score can stay stable if you follow a few steps. Get your free credit score with CreditKarma »Get the latest tips you need to manage your money — delivered to you biweekly. Keep checking your credit score and reportIf your credit score is your GPA, your credit report is your transcript — the activity on which your score is based. Your credit report shows a record of all of your borrowing and repayment history, along with your credit score. Know what can and can't affect your credit score right nowYour credit score is based on your payment history, the amounts you owe in relation to your credit limits, the length of your credit history, the types of accounts you have open, and how much new credit you've opened recently.

☆ What you need to know about your FICO score and how to build good credit
▼ + stars: | 2019-08-08 | by ( Caroline Lupini | Freelance Reporter | ) www.businessinsider.com time to read: +9 min

Your FICO score may be slightly different at each bureau depending on what information they have about your credit history. Check your credit score through Experian TransUnion , and EquifaxGet the latest tips you need to manage your money — delivered to you biweekly. It's worth noting that while every credit bureau uses the FICO system, not every credit score is a FICO score — other scoring systems exist, such as VantageScore. paying off your credit card balance in full every month and not charging more than you can afford) can help to build your credit score, a high debt-to-credit ratio can hurt your FICO score. Length of credit historyIf you are a new borrower, don't expect to start with a perfect 850 credit score.

It's important to review your credit reports often to check for mistakes, and to do that you need to know how to read a credit report. You're normally allowed a free credit report from each of the three major credit bureaus annually, but you can get them weekly until the end of 2023. Because your credit matters so much, it's important to keep a close eye on your credit reports from all three major credit bureaus — Equifax, TransUnion, and Experian — and learn how to read a credit report. However, you can get a free copy of your credit report every week from each credit bureau up until December 31, 2023 as a result of the COVID-19 pandemic. InquiriesThe final part of your credit report, known as the inquiry section, contains a list of who has accessed your credit report in the last 24 months.

See Insider's list of the best identity theft protection services »Get the latest tips you need to manage your money — delivered to you biweekly. Information including linked bank account numbers, social security numbers, and even dates of birth were leaked, leaving many vulnerable to identity theft. Most commonly, identity theft involves the use and compromise of accounts you already have, as Business Insider's Lauren Lyons Cole previously reported. If you think that identity theft has happened to you, act quickly — once your information has been stolen, thieves can go after everything from your bank account to your health insurance. For more information on recovering after identity theft, read the FTC's recovery guide.

If you've ever had a credit card or taken out a loan, you have a credit report. If something looks wrong on your credit report, you can typically file a dispute directly through the online report or by calling the credit bureau. For all intents and purposes, your credit report is your financial report card. When you apply for a new loan or credit card, or request a credit limit increase, the lender will take a look at your credit report. Pick an appropriate sourceWhile websites such as Credit Karma or Credit Sesame will allow you to check your credit score at any time, you can only access your credit report three times a year — once from each of the three major credit bureaus, Equifax, Experian, and TransUnion.

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