MoneyWisdom Blog

How a Credit Score Review Saves You Money (and headaches)

Posted by Bill Burpeau on Jan 4, 2017 3:03:00 PM

 

The term “Credit Score Review” is thrown around a lot these days. Companies from Discover Card to CreditKarma will tell you your credit score. They will even tell you about the 5 factors that make up your score:

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Topics: Credit Matters

How does my credit score affect my mortgage application?

Posted by Bill Burpeau on Oct 6, 2016 1:00:00 PM

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A credit score is one of the pieces of information that we'll use to evaluate your application. Financial institutions have been using credit scores to evaluate credit card and auto applications for many years, but only recently have mortgage lenders begun to use credit scoring to assist with their loan decisions.

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Topics: Credit Matters

Are you using the best credit card for you?

Posted by Bill Burpeau on Sep 13, 2016 10:39:17 AM

A recent J.D. Power study found that consumers are not choosing credit cards that are best aligned with their spending habits. While this is a study to help credit card companies figure out how to get their customers to spend more on their cards, it got me thinking: how do we determine the best credit card for our spending habits? There is no one-size-fits-all credit card.  Choosing the right card for you requires some thought about how you use it.

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Topics: Credit Matters

Stop the Insanity! A Lesson in Responsible Credit Card Usage

Posted by Bill Burpeau on May 13, 2016 6:00:00 AM

At one time in my life I had 12 credit cards. It seems that every store I shopped in offered one and for some reason, I got them. I thought it made me look more grown up or financially savvy. But the truth is, all those cards did for me was get me into debt. It took me a few years, but I got rid of all but two cards and used them very sparingly. I was determined not to get caught up in another cycle of charging, minimum payments, late fees and stress.

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Topics: Credit Matters

Four steps to help rebuild credit using your credit card.

Posted by Hanscom Federal Credit Union on May 11, 2016 5:00:00 AM

All too often, credit cards are to blame for a bad credit score. Obviously it’s not the card’s fault, but the user who mishandles it. Missed or late payments, years of making only minimum payments and huge bills can cause your credit score to go down considerably.

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Topics: Credit Matters

Good credit karma comes from good credit habits.

Posted by Bill Burpeau on Apr 18, 2016 6:00:00 AM

As I've watched TV lately, I've seen many ads by a company called Credit Karma. They believe that your credit score should be free. We'd agree with that! Interestingly enough, the word Karma is more important than it seems at first glance too. According to the Merriam Webster Online Dictionary - Karma is: the force created by a person's actions that some people believe causes good or bad things to happen to that person.  This couldn't be more true of your credit score!

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Topics: Credit Matters

How to Access Your Credit Reports and Scores

Posted by Hanscom Federal Credit Union on Nov 18, 2015 7:00:00 AM

Knowing how to get your credit reports and credit scores can be very confusing. There are many different options out there. First and foremost, there are a few key things to remember:

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Topics: Credit Matters, Credit Score, Credit Report

Meet Innovis, the Fourth Credit Bureau

Posted by Hanscom Federal Credit Union on Nov 16, 2015 6:30:00 AM

Much of the discussion of credit bureaus focuses on the three most commonly used agencies: Equifax, Experian and TransUnion. However, there is another bureau you may need to know about. The company Innovis is actually one of many organizations that gathers, stores and publishes credit file information. While your Innovis report will contain much of the same account information as your other three, the report published by Innovis is used primarily for compiling and selling mailing lists to other businesses. For example, if a company wants to identify people in a certain zip code that they want to make a credit card offer to, that company may ask Innovis to compile a list that meets that profile.

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Topics: Credit Matters, Credit Score

How to Get an IRS Tax Lien Off Your Credit Report

Posted by Hanscom Federal Credit Union on Nov 13, 2015 6:00:00 AM

One facet of credit reporting rules that probably causes more hand-wringing than any other is the removal of paid negative listings. Or rather, the lack of removal. If you’re like most people, you feel it’s logical that once you have paid off an item like a delinquent credit card, collection account, or judgment that it would be taken off your report. However, that generally hasn’t been the way credit reporting laws have operated. Paid-off negative items can stay in your credit file for the full amount of time allowed by law even after you have paid them.

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Topics: Credit Matters

Can No-Limit Credit Cards Limit Your Credit Score?

Posted by Hanscom Federal Credit Union on Aug 26, 2015 2:40:27 PM

If you are familiar with the way credit scoring works, you probably know that avoiding being “maxed out” on your credit cards and other revolving accounts generally impacts your score in a positive way. You might also be aware that the FICO score — the most popular model —dedicates 30% of its score calculation to how much of your available credit you are using. The lower percentage of available credit you are using, the better your FICO score will be. It would seem then that logic dictates that a no-limit credit would be the best possible solution for this part of your FICO score calculation, since you theoretically have an infinite amount of available credit. But this is one place where logic fails.

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Topics: Credit Matters

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