La tasa de utilización del crédito es clave para los prestamistas al evaluar la capacidad de un individuo para manejar deudas. Mantener una baja tasa de utilización, idealmente inferior al 30%, demuestra responsabilidad crediticia. Pagar saldos, mantener cuentas con saldo de $0 y saber cuándo se reporta la deuda a las agencias son formas de optimiz…

Child identity theft is a significant issue due to potential long-term undetected misuse. Protecting your child requires careful handling of their personal information, monitoring credit reports, and recognizing warning signs. If theft occurs, immediate action with credit agencies and account holders is crucial. Placing a credit freeze can prevent …

FICO scores are the most widely used credit scoring models, preferred by over 90% of lenders. They're calculated based on payment history, credit utilization, length of credit, new credit accounts, and credit mix. Scores range from 300 to 900, with various versions like FICO 8, 9, 10, and 10T offering different features. FICO scores are a subset of…

Handling credit card debt involves understanding available tools such as balance transfers and debt consolidation, and adopting strategies based on one's ability to pay. Solutions range from transferring balances for lower interest rates to debt consolidation loans. Bankruptcy is usually not the best option, and certain actions like payday loans, u…

A bad credit rating can significantly hinder your ability to secure loans and comes with high interest rates. Factors such as late payments, bankruptcy, loan cosigning, excessive credit card applications, and not reporting inaccuracies can all detrimentally impact your score. Credit repair services can assist in rectifying these issues.…

If you didn't receive your $1,200 stimulus check from the CARES Act, first ensure you qualify based on income and dependency status. If you didn't file a tax return for 2018 or 2019, you can apply for your payment through the IRS website. Verify the IRS has the correct address on file for you. If everything is in order and you still haven't receive…

Debt consolidation is a process where high-interest debts are paid off using a loan with lower interest rates. It can lead to lower payments, improved credit, and potential savings, but also has risks like fees and potentially higher monthly payments. It's important to consider if consolidation is beneficial based on the ability to afford payments …

Credit cards offer substantial security benefits, with strong fraud protections under the FCBA limiting fraud liability to $50, which is often waived by card issuers. Debit cards offer less protection, with potential liability increasing from $50 to $500 if fraud is reported after 2 days, and can tie up personal funds during bank investigations. Mo…

La deuda médica es un problema grave en EE. UU., pero recientes cambios en informes crediticios ofrecen alivio, eliminando deudas médicas pagadas y estableciendo un mínimo de $500 para reportes. La cantidad de personas con deudas médicas en informes ha disminuido, aunque la deuda médica sigue siendo común. Es crucial manejar proactivamente las deud…

Credit scores can vary between Experian, Equifax, and TransUnion due to different scoring models, reports, voluntary credit reporting, and timing. The FICO scoring model is the most popular. Understanding these differences can help consumers manage their credit profiles better without the need to meet each bureau's criteria separately.…

Understanding FICO credit scores is crucial for financial success. Scores are based on 5 categories, with 'Mix of Credit' and 'New Credit' each contributing 10%. A diverse mix of credit, including installment and revolving accounts, suggests lower risk to lenders. Closed accounts, both positive and negative, can impact one's credit score for up to …

This article provides actionable tips to improve your credit score during the summer, covering areas like reviewing your credit report, optimizing credit utilization, managing payment history, diversifying credit mix, and planning summer spending.By The Credit Pros

Checking your credit report annually is crucial to detect fraud, catch mistakes, and understand low credit scores. It's an itemized history of credit accounts excluding your credit score. You can dispute errors or fraudulent activities with credit bureaus or seek help from credit repair companies. All Americans can access their credit reports for f…

La CFPB demandó a Navient, servicio de préstamos estudiantiles, por engañar a prestatarios y optar por soluciones costosas. Navient niega mala conducta y cuestiona la motivación política y la aplicación retroactiva de nuevas normativas de la CFPB. Navient afirma que promueve activamente los planes de pago basados en ingresos y combatirá las alegaci…

Obtener un préstamo para terrenos con mal crédito es difícil pero posible, mejorando el puntaje de crédito o explorando opciones como financiamiento del vendedor, cofirmantes o programas gubernamentales. También es recomendable considerar un pago inicial sustancial o la asistencia de una agencia de reparación de crédito. Credit Pros ofrece asesoría…

A high FICO score offers numerous benefits including easier loan approvals, lower interest rates, favorable perceptions by employers and landlords, and better insurance deals. FICO scores differ from generic credit scores as they are a specific model created by the Fair Isaac Corporation and are calculated based on payment history, amounts owed, le…

The mortgage approval process involves five steps: initial pre-approval based on credit and finances, submitting a full application after finding a home, processing the application with verification and property appraisal, underwriting to decide on loan approval, and finally receiving a 'clear to close' status, pending a final credit check to ensur…

Durante la crisis de COVID-19, algunas empresas ofrecen educación profesional gratuita para ayudar a las personas despedidas a mejorar sus habilidades. MOZ Academy está dando acceso gratuito a cursos de SEO, Udacity ofrece un mes gratis de programas de nanogrado, y LinkedIn Learning proporciona una prueba gratuita para una variedad de cursos profes…

If you were affected by the Equifax 2017 data breach, you can claim cash or credit monitoring. Options include a cash payment for time spent dealing with the breach, free credit monitoring services, or reimbursement for financial losses up to $20,000. Documentation may be required, especially for claims over 10 hours of time spent or significant fi…

Applying for new financing can impact your FICO credit scores, as new credit inquiries account for 10% of the score. Inquiries are recorded when credit reports are accessed, with hard inquiries potentially affecting scores. Hard inquiries only impact scores for 12 months. The number of new accounts, recent inquiries, and time since the last account…

La crisis del coronavirus ha impactado significativamente en la economía, afectando la bolsa de valores, el empleo y la vida diaria. Es esencial mantener la calma y evaluar la situación de manera racional. Proteger su puntaje crediticio durante la pandemia implica comunicarse con prestamistas si se ve afectada su capacidad de pago. Los bancos puede…

Los datos de tendencias son información histórica de pagos de tarjetas de crédito que muestran cómo los consumidores han manejado su deuda a lo largo del tiempo. Esto incluye montos de pagos mensuales y si los balances se pagan completamente o se llevan al siguiente mes. Los datos de tendencias son importantes porque ofrecen a los prestamistas una …

Las personas con puntajes crediticios altos tienden a mantener saldos bajos en tarjetas, realizar pagos puntuales, limitar nuevas solicitudes de crédito, tener historiales crediticios largos y revisar regularmente sus informes de crédito para asegurar su precisión y manejarlos de manera efectiva.By The Credit Pros

Para ahorrar en préstamos estudiantiles, incrementa los pagos mensuales o refinancia a una tasa de interés menor. Aumentar los pagos reduce el tiempo y el interés total pagado. Refinanciar puede disminuir el porcentaje de interés y el costo total del préstamo. Ambas estrategias pueden resultar en ahorros significativos a lo largo del tiempo.…

Properly managed credit cards are powerful credit-building tools, but credit card debt is detrimental to credit scores. High debt indicates risk to lenders, affecting 30% of FICO scores through the 'Amounts Owed' category. Revolving utilization ratio, the balance-to-limit percentage, should be low to protect scores. Responsible use, like paying ful…

Credit cards are a staple in financial management, with reward credit cards being particularly popular due to their incentives for spending. Understanding the various types of credit cards, from standard to specialized ones like secured or student cards, is crucial for making an informed choice that aligns with one's financial needs. Reward credit …

Student loan repayment options in 2021 include income-based repayment plans, deferment and forbearance, and refinancing or consolidation. Income-driven repayment plans adjust monthly payments according to your discretionary income. Deferment and forbearance can temporarily halt payments under certain conditions, while refinancing or consolidation c…

Damon DeCrescenzo, CEO de The Credit Pros, ha sido entrevistado en el podcast 'CEO de 7 cifras' de Casey Graham, discutiendo su amplia experiencia emprendedora y compartiendo estrategias para construir un equipo fuerte y lograr el éxito empresarial. La empresa sigue creciendo, lanzando una aplicación móvil y expandiendo su equipo.…

The article provides insights on credit repair and management, suggesting quick sign-up for credit repair services, and discusses the impact of closing credit cards and the usefulness of retail store cards for credit health. It also introduces UltraFICO, a new credit score model.By The Credit Pros

Los artículos cubren temas financieros: préstamos a plazos, datos de tendencias en créditos y la importancia de los cofirmantes en 2023. Explican cómo funcionan los préstamos, la relevancia del historial de pagos para el crédito, y consejos para elegir un cofirmante.By The Credit Pros

Una línea de crédito sobre el valor líquido de la vivienda (HELOC) es una línea de crédito renovable con garantía en la vivienda del propietario, que permite retirar fondos hasta un límite establecido y solo pagar intereses sobre la cantidad utilizada. Los HELOC tienen tasas de interés más bajas y son útiles para financiar grandes gastos como refor…

Credit repair companies analyze and correct errors on credit reports, potentially saving time and effort for those unfamiliar with credit processes or who lack time to manage their own disputes. They are not necessary for everyone, as individuals can dispute errors themselves for free. The U.S. credit repair industry is valued at $4.4 billion, indi…

Credit reporting errors can severely impact individuals' lives, leading to numerous complaints against credit bureaus and their data furnishers. The National Consumer Assistance Plan (NCAP) emerged from a multi-state settlement to enforce changes favoring consumers, such as providing an additional free credit report upon successful disputes, updati…

Free credit score services like Credit Karma and Credit Sesame offer instant credit score access without requiring a credit card. While they're not the actual scores used by lenders, they're useful for monitoring credit and planning improvements. These services make money through commissions on financial products and premium services. They're worth…

Individuals with high credit scores often share common habits such as maintaining low credit card balances, making payments on time, limiting new credit applications, having long credit histories, and regularly reviewing their credit reports. These practices contribute to their strong credit standing, as they manage debt responsibly, ensure the tim…

Bad credit can increase insurance premiums as insurers use credit-based scores to predict risk and potential for claims. These specialized scores differ from regular credit scores and consider additional factors. Poor credit-based insurance scores may lead to higher premiums or denial of coverage, but consumers can work on improving their credit to…

Ransomware is a major threat that encrypts files until a ransom is paid. Leakware threatens to expose personal information. Paying ransoms is discouraged as it doesn't guarantee file recovery and fuels criminal activity. Instead, invest in backups, updates, and security practices. If attacked, report to law enforcement, check backups, and seek reco…

Credit unfreeze allows creditors to access your credit report after a freeze, necessary for loan applications or identity threat has passed. Freezing protects against identity theft but doesn't affect the credit score. It can be done for free online, by mail, or phone, and is quick to process. However, it can be time-consuming to manage and may cre…

Damon De Cresenzo y Jason Kaplan, cofundadores de The Credit Pros, compartirán su experiencia en finanzas y desarrollo empresarial en el Taller de Asociación Estratégica de LeadsCon en Las Vegas. El taller se centrará en cómo las asociaciones estratégicas pueden mejorar los resultados del negocio, estructurar el marketing colaborativo, y escalar as…

Las transferencias de saldo y préstamos de consolidación son estrategias para manejar deudas de tarjetas de crédito. Transferir saldo implica pasar deuda a tarjetas con menor interés, mientras que la consolidación combina varios préstamos en uno con menos interés. Ambos métodos pueden impactar el puntaje crediticio y ofrecen alternativas para el pa…

Co-signing a loan involves significant financial responsibility and risk, impacting your credit score and financial stability. This guide covers the basics, credit impact, responsibilities, risk management, and alternatives to co-signing, helping you make an informed decision.By The Credit Pros

Una mala calificación crediticia puede ser el resultado de pagos atrasados, bancarrota, co-firmar préstamos, demasiadas solicitudes de crédito y no reportar errores en el informe crediticio. Estos factores pueden afectar gravemente la capacidad de obtener crédito favorable. Se puede mejorar el puntaje crediticio manteniendo un comportamiento de pag…

Recuperarse de una quiebra médica en EE.UU. es posible eligiendo el tipo correcto de quiebra, entendiendo que no es el final y reconstruyendo el crédito con tarjetas aseguradas.By The Credit Pros

Co-signing a loan involves risks such as assuming full payment responsibility, damaging your credit, impacting your ability to get future credit, facing legal issues, possibly losing property, and harming personal relationships. It's advisable to co-sign only if you can afford the risk, it benefits both parties, or you genuinely want to help the bo…

To combat harassment by collection agencies, send a written notice via Certified Mail demanding contact only by mail. If they call again, it's illegal and you can sue.By The Credit Pros

Su puntaje crediticio afecta más allá de préstamos y tarjetas de crédito: empleo, seguros, servicios públicos, vivienda y alquiler de vehículos. Un buen crédito puede facilitar estos procesos y ahorrar dinero.By The Credit Pros

A personal line of credit is an unsecured loan offering access to funds on an as-needed basis, with interest rates usually lower than credit cards but higher than HELOCs. They're good for sporadic, significant expenses and can improve your credit mix, but should be used sparingly due to high-interest rates. Unlike credit cards, they lack benefits a…

A CFPB report highlighted a credit inequality issue in America, with minority groups facing more challenges. The Credit Pros provided data showing disparities in credit access and financial outcomes, emphasizing the need for credit education and repair services. The report also suggests that improved financial literacy could help bridge the gap, an…

A credit score, ranging from 300-850, represents creditworthiness and is crucial for lenders, employers, landlords, and credit companies. It's based on payment history, amounts owed, credit mix, length of credit history, and new credit. Different entities use different score versions; only three can be accessed from credit bureaus. High scores lead…

Las tarjetas de crédito prepagas no mejoran el puntaje crediticio porque su uso no se reporta a las agencias de crédito. Son fáciles de obtener y útiles para presupuestos, pero no para construir crédito. Alternativas como ser usuario autorizado, tarjetas de crédito aseguradas y tarjetas de crédito de tiendas pueden ayudar a mejorar el puntaje credi…