Here’s What Applying for Multiple Credit Cards Does to Your Credit Score
MagnifyMoney | Building Credit.
by Rebecca Stropoli
5y ago
In this article, we’ll cover: What happens to your credit score when you apply for several cards at once? How credit card rejections impact your score How many credit cards should you have? Tips to avoid the credit debt trap Bottom line It isn’t always easy to be approved for a credit card, particularly if you don’t have excellent credit. You may think it makes sense to apply for several cards at the same time — after all, the more you apply for, the more likely it is you’ll be accepted by one of them. Right? Not so fast. Applying for multiple cards at once also means multiple hard inquiri ..read more
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What Do Mortgage Loan Officers Worry About Most? Not Your Credit Score
MagnifyMoney | Building Credit.
by Brian Karimzad
5y ago
As a nation, we obsess over credit scores. Once hidden in the computer terminals of banks, they’re now available for free to you via many providers on the internet. But in reality, getting a loan takes into account much more than just your credit score. And nowhere is that more clear than when you try to get a mortgage or refinance an existing one. The process is usually murky, but a 2014 survey of loan officers by FICO sheds some light on what really matters. The survey asked what factor would make a loan officer most hesitant to approve a mortgage, and the No. 1 answer took the lead by a w ..read more
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When It Can Make Sense to Open a Store Card
MagnifyMoney | Building Credit.
by Julie sherrier
5y ago
“And would you like to open a [insert store] card today to receive an extra 10% off your purchase?”We’ve all heard this upsell strategy. Store credit cards seem to be available at just about any place you exchange currency for goods — except for maybe 7-11. But before you sign up, it’s important to know how opening a store card can help, or hurt, your finances.In this article:What Are Store Credit Cards?Pros and Cons of Store CardsTips for Staying Out of Trouble With Store CardsBottom LineWhat Are Store Credit Cards?There are two types of store credit cards: store-only (closed loop) and co-bra ..read more
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How to Check Your FICO Score With Citibank
MagnifyMoney | Building Credit.
by Brian Karimzad
5y ago
Want to check your FICO score and have a Citibank credit card? Well, you’re in luck, as Citibank offers a free FICO score for all cardholders of Citi-branded cards.You can view your FICO score by following this link and logging into your account. Or if you’re already logged in, you can just click on the “Your FICO Score” tab to the right of your deposit information, and it will take you to the page with all your score information, including a list of the key factors affecting your current score. You can also see your score in the Citi mobile app.Here’s what you need to know:It’s an Equifax sco ..read more
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How You Can Have a Good FICO Score Just One Year After Opening a Credit Card
MagnifyMoney | Building Credit.
by Shen Lu
5y ago
iStockWhen I moved to the U.S. from my hometown of Hangzhou, in China, to pursue my undergraduate degree, the thought of establishing a credit history wasn’t even on my radar. I was, after all, an international student from China, where day-to-day credit card use had only recently caught on.It wasn’t until I returned to the U.S. a few years later to pursue my master’s degree in Chicago that I realized I’d need to establish credit if I planned to launch my career in the States.Just one year after I opened the card, I already had a solid FICO score – 720, to be exact. This score landed me safel ..read more
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View Your Free FICO Score for all 3 Credit Bureaus
MagnifyMoney | Building Credit.
by Nick Clements
5y ago
There are lots of free credit scores floating around, but most of them are not the true FICO® score that lenders subscribe to and use as part of their decision.However FICO® is working to change that by allowing banks and credit unions to give you free ongoing access to the real score they use to make lending decisions as long as you are an account holder.The easiest place for anyone to get their free FICO® score is via the Discover Credit Scorecard. You do not need to be a customer of Discover – anyone can register and get their official FICO® score for free. The data is from the Experian cre ..read more
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Build Your Credit Score: 6 Secured Cards With No Annual Fees – July 2019
MagnifyMoney | Building Credit.
by Alexandria White
5y ago
Secured cards are a great way to build or improve credit. When you open a secured card, you submit a security deposit that typically becomes your credit limit. This deposit acts as collateral if you default on your account, but you can get it back if you close your account after paying off your balance. As long as you use a secured card responsibly — for example, make on-time payments and use little of your available credit — you may see improvements in your credit score. Unfortunately, in addition to the upfront deposit, this credit-building tool can have extra costs, like an annual fee.You c ..read more
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The Best Options for Rebuilding Your Credit Score – July 2019
MagnifyMoney | Building Credit.
by Alexandria White
5y ago
A strong credit score is a vital part of your overall financial health. But rebuilding a damaged (or non-existent) credit score can feel impossible. Don’t despair. There are plenty of avenues you can take in order to rehabilitate your credit score and it all begins with identifying your starting point.In this post, we’ll discuss:How Bad is Your Bad Credit ScoreRehabilitating a Bad Credit Score (579 and under)Rebuilding from a Fair Credit Score (580 – 669)Who You Need to AvoidHow Bad is Your Bad Credit Score?Before you start to panic about rehabilitating your bad credit score, let’s determine i ..read more
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Amazon Store Card Credit Builder Review
MagnifyMoney | Building Credit.
by Glen Luke Flanagan
5y ago
The information related to Amazon Credit Builder secured card and Amazon Prime Store Card has been collected by MagnifyMoney and has not been reviewed or provided by the issuer of this card prior to publication.For those looking to build credit from scratch or improve bad credit, common options are store cards and secured cards. Now, Amazon offers a unique combination with its Amazon Credit Builder secured card.It’s a secured card, meaning it requires a security deposit. Your credit limit will be equal to the amount of your deposit. It’s also a store card, meaning you can only use it to shop a ..read more
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Know About the Different Credit Scoring Models
MagnifyMoney | Building Credit.
by Gretchen Lindow
5y ago
iStockDid you know that there are hundreds of credit scoring models being used today?With different lenders creating different credit score models based on their own credit criteria, it is very possible that you could have a hundred credit scores. While it is impossible to obtain or keep track of all your credit scores, you should be aware of the models most used by lenders.FICO scoreThe FICO score is the most commonly used credit score when applying for credit or a loan. FICO is an abbreviation for Fair Isaac Corporation, the first company ever to offer credit scores. You have different FICO ..read more
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