FICO 10T – Credit Scoring Model FICO (formerly known as Fair Isaac) launched its latest credit scoring model – FICO 10T on January 2020. The Federal Housing Finance Agency (FHFA), on October 24, 2022, officially selected the FICO 10T model for use by Fannie Mae and Freddie Mac enterprises. What is FICO 10T? How does this credit scoring model surpass or dominate previous FICO scoring models? Let us explore the uses of FICO 10T and the significance of credit scoring models in this article. FICO 10T The ‘T‘ in FICO 10T denotes the trended data. The FICO 10T applies a powerful set of predictive ch ..read more

What Is Revolving Credit? A Comprehensive Guide In 2023 Revolving credit is a credit line that remains available even if you pay the balance. You can borrow the credit amount up to a certain limit whenever you want. The purchases you make using this credit are deducted from your total credit limit. As you pay back the balances, your credit limit goes back up and you can continue borrowing against your credit limit.  Example: If you have a credit card with $5000 as the credit limit. If you make a purchase and utilize a credit of $3000, you have $2000 left to spend. But if you pay off the b ..read more

How To Get a Loan with No Credit – Best Guide in 2023 There are times when you may need a personal loan to meet financial demands, but if you are just starting out and have no credit history, getting a loan can be difficult. There is a solution to every problem. So, if you are looking for answers to ‘How to get a loan with no credit?’, you are at the right place. Keep reading to learn how you can get a loan with no credit. Is It Possible to Get a Loan with No Credit? Yes, If you were wondering how to get a loan with no credit, it is possible to get a loan with no credit but you must be aware o ..read more

How Long Do Late Payments Stay on Your Credit Report? According to Gitnux’s survey, 1 in 4 adults never checks their credit reports. If you are among them, the chances are high for you to wonder, “How long do late payments stay on your credit report.” The surprising part is that you are not the only one. Even people who are conscious of their credit reports tend to miss maintaining timely payments.  Being associated with credit services for a few decades, I have come across a handful of people who have had trouble with late payments. The reasons behind their late payments were not the sam ..read more

Credit Unfreeze – An Ultimate Guide in 2023 One of the three major credit bureaus suffered a massive breach of data that led consumers to understand the importance of a credit freeze. A credit freeze makes your credit report inaccessible to lenders or anyone else, so you are not at risk of getting your identity stolen or becoming a victim of credit fraud. But, there are certain reasons you need your credit unfreeze. I am Damon DeCrescenzo and as the Founder of The Credit Pros, I am here to answer all your questions about how and why you may want to unfreeze your credit using my years of experi ..read more

FICO Score Changes – A Brief Guide for 2023 Are you worried that your credit score is changing occasionally without you noticing it? Unanticipated credit score changes may be due to updates released in the FICO credit scoring models. Another reason is that the credit scores themselves are updated every month by the three major credit bureaus Experian, Equifax, and TransUnion. Let us explore the different reasons why your FICO score changes and the possible explanations of each factor in this article. FICO Score FICO, originally Fair, Isaac, and Company, was introduced in 1989 as the first broa ..read more

What Is an Unsubsidized Loan and How Do You Get One in 2023? Are you confused about choosing the right education loan for your studies? It is easy to get confused with federal student financing options before you make the right choice. The go-to, or primary, choice among students to fund their education is the federal student financing option in the United States. It is evident, according to statistics, that 43.5 million American students are in federal student loan debt. If you are a graduate or a high-school student thinking of getting student aid to fund your studies, this article should gu ..read more

What Is a Balance Transfer? A Useful Guide for 2023 Are you tired of repaying credit card debts with unbearable interest rates and EMIs? Wouldn’t it be great to keep the extra cash you pay every month? This is possible when you combine all your credit card debt into a single balance transfer credit card. If you want to know more about balance transfers and credit cards in detail, this article aims to guide you through the necessary information. What Is a Balance on a Credit Card What is a balance transfer – Balance Let’s say you have a credit card as your primary credit line. You are approve ..read more

What Credit Score is Needed to Buy a Car in 2023? A Helpful Guide If you’re planning to purchase a car now, you are almost certainly aware that car prices have gone up since the pandemic, and so have credit requirements. We’re going to talk about the credit score range needed in 2023, for you to buy a car.  In this article, let’s explore the credit score requirements and the application process to buy a car loan. Car Loans What Credit Score is Needed to buy a Car – Car Loans A car loan is a type of vehicle loan that a lender offers to an individual who is willing to buy a car by submitt ..read more

What Is a Credit Line? – Useful Tips for LOC in 2023 What is a credit line? A credit line or a line of credit (LOC) is a type of borrowing option offered by lenders such as banks or credit unions. A person can utilize the LOC by withdrawing specific amounts based on emergencies and demand. In this article, let’s briefly discuss some key differences between a loan or credit card and a LOC, types of credit lines, and processes involved in the application of LOC. Credit Limit vs Credit Line What is a Credit Line? – Credit limit vs Credit line A credit line is often misunderstood as a credit lim ..read more