When you hear the term “credit,” the first thing that likely comes to mind is your credit score– a numeric representation of your financial health. While your credit score is an important metric, it’s more than just a number. It is influenced by a variety of factors, one of them being your credit history. What … The post What Is a Good Length of Credit History? first appeared on CoolCredit ..read more

Can you apply for credit under age 18? If not, how can you build credit before 18? Well, although you need to be at least 18 to legally open credit accounts, you can still start building credit at 17. Here’s how: you can become an authorized user on a parent’s credit card, manage a bank … The post How To Build Credit At 17? first appeared on CoolCredit ..read more

A utility bill covers the cost of the services that keep your home comfortable—like water, gas, and electricity. But you might wonder, does paying these bills help build your credit? Unfortunately, no. Since utility bills aren’t considered a form of credit, paying them on time won’t boost your credit score. If you fall behind on … The post Understanding Utility Bills: Can They Build Your Credit Score? first appeared on CoolCredit ..read more

A credit score is a delicate and unique blend of credit mix, credit history, payment history, and more. Slight changes in these pieces of credit data can hurt your credit score. For instance, payment history is one of the major components of your credit score, and late payments in your credit report can damage it. … The post How to Delete Late Payments from Credit Reports in 2024? first appeared on CoolCredit ..read more

Paying off your loan early can wipe out the excessive burden of recurring debt payments. Once your loan amount is paid off, you can move on to seeking new financial achievements. However, paying off a loan early might cost you some points and will most likely not look good on your credit report. This leads … The post Does Paying off a Loan Early Hurt Credit? Your 2024 Guide first appeared on CoolCredit ..read more

Secured credit cards are a smart way to build or rebuild your credit, especially if traditional credit options aren’t available. With a secured card, you’ll put down a refundable security deposit, which acts as your credit limit. This small but mighty line of credit can help you establish a positive credit history when used wisely. … The post Building Credit With a Secured Credit Card: A Complete Overview first appeared on CoolCredit ..read more

A credit score 808 is considered excellent.  What does a credit score of 808 mean? It means you stand a bright chance of being approved for good interest rates and offers on auto loans, mortgages, and other rewards. That’s because creditors consider you less risky when lending money. A credit score 808 also implies that … The post Credit Score 808: What It Means and How to Maximize Its Benefits first appeared on CoolCredit ..read more

If you’ve got multiple active high-interest credit cards or loan accounts, you might have considered a balance transfer. But before you decide on it, a question to ask yourself is – do balance transfers hurt your credit?  Even though in some situations, such as when you have too many open accounts and want to consolidate … The post Do Balance Transfers Hurt Your Credit? first appeared on CoolCredit ..read more

A document or a notice that a debt collector gives informing you about the debt owed by you: the information in the debt validation letter includes the amount you owe, when you are required to pay, and how you can dispute it. What Is Debt Validation? Debt validation is when you ask a creditor or … The post Debt Validation Letter: Understanding Its Importance in Debt Management first appeared on CoolCredit ..read more

Only a quarter (22%) of Americans have a FICO Score of 800 or higher, so if your credit score is 808, you’re already doing an ‘exceptional’ job. It is not only exceptional, but also so close to the perfect score of 850 that there’s no reason to not aim for it. But how do you … The post From 808 Credit Score to 850: Achieving The Perfect Score first appeared on CoolCredit ..read more