What You Need to Know about Credit Scores for 2017

January 29th, 2018 | Author:

[W]hen it comes to credit scores, it often seems like the more things change, the more they seem to stay the same. While changes are made in the scoring system, what is included and how it impacts your credit rating, the end result is that people with bad credit struggle to get ahead. However, recent changes have made life a little easier for those who are working to improve their credit.

Improved Credit Scores

Within the last couple of years, changes have been made for what is considered in your credit report and your credit score. Paid collections are often no longer calculated in and medical bills don’t have as much value as they once did.

With the changes made in the scoring, more people qualify for loans and other credit. It has helped some consumers be able to bounce back from some unfortunate situations.

More Lenders on Board

Lenders don’t follow the latest scoring software updates as soon as they roll out. It can take years for everyone to adopt the latest model. By that time, another new model has been rolled out which only a few lenders will use.

The good news for 2017 is that more lenders will be using the latest FICO scoring model. This means you have a greater chance of getting approved for a loan. However, it’s not a guarantee. The problem is that you don’t know which lenders use which model and whether it will result in an approval or not until after a credit check is done.

One thing that never changes is the fact that good credit is still the key to many of your financial goals and dreams. Work on it by making your payments on time and having manageable debt.

Newest Answers

What You Need to Know about Credit Card Security

February 23rd, 2018 | Author:

[M]illions of people use credit cards every year. They hand it over to pay for purchases or go online with a card number to buy what they want. They seldom stop to think about security and how credit cards differ in protecting your identity and money. How to Protect Your Identity Make sure you sign […]

Continue Reading »

What Self-Employed People Need to Know about Buying a Home

February 19th, 2018 | Author:

[A]ll people are not created equal, at least not when getting a mortgage. A person at a traditional job will generally have an easier time getting approved for a home loan than someone who is self-employed. What many who have taken the leap to being independent contractors, freelancers or self-employed don’t know is that getting […]

Continue Reading »

How to Pick a Credit Card

February 14th, 2018 | Author:

[T]here are so many credit card offers available today, it can be difficult to select the best one for yourself. You may get overwhelmed at the offers that come in the mail or your email. You only want one or a few cards, so you don’t want to pick the wrong one. Here are some […]

Continue Reading »

How to Build an Emergency Fund

February 7th, 2018 | Author:

[W]hen you’re struggling to pay bills, it can seem impossible to get ahead. Even if you have made it your goal to start saving money or open a savings account, it may seem unachievable if you can barely make ends meet. However, it is essential to create an emergency fund even when it seems like […]

Continue Reading »

First Lessons to Teach Kids about Credit

February 5th, 2018 | Author:

[Y]ou hear all of the time about teaching lessons to kids on money, but not as much specifically on credit. However, credit is just as much a fact of life in today’s society as other financial tools, and kids should start learning early about it. What Credit Is The first lesson for kids is to […]

Continue Reading »

Credit Terms You Should Know

February 2nd, 2018 | Author:

[W]hen reading about credit or even viewing your credit report, you may stumble upon some terms you’re not familiar with. It’s important to understand these terms, so you can get a complete picture of your credit health. FICO score – this is a credit score that is used by all three national credit reporting agencies. […]

Continue Reading »

3 Budgeting Apps to Help You Stay on Target

January 31st, 2018 | Author:

[I]t takes time to organize and track your budget. Most people don’t have that much time to sit at home in front of the computer or a budgeting book. Thanks to the numerous budgeting apps available, you can work on your budget from anywhere. Here are three to consider. Mint One of the most popular […]

Continue Reading »