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Whether you’re in the process of rebuilding your credit, or simply planning on establishing it for the first time in your life, there are certain steps you can take to optimize the process. This guide takes you through every step necessary to raise your FICO score as quickly as possible. How To Start Building Credit: […]

updated Mar 22, 2021   FICO has created the algorithm—of the same name—that most lenders in the United States use to find your credit score when you apply for a loan. The company releases an updated version of the algorithm to lenders every few years. Since lenders are not required to use the latest version of FICO,

One of the many side effects of bankruptcy is the impact it makes on your ability to qualify for a credit card. Getting a credit card after bankruptcy isn’t impossible, but it may be difficult due to the long-term damage bankruptcy does to your credit score. This can be frustrating for bankruptcy filers, since responsibly

Believe it or not, there are many convincing reasons why your teenager should own a credit card. As your teen approaches adulthood, responsible credit card use can pave their way for a stable financial future. Regardless of your age, owning a credit card is a huge responsibility. You may even wonder if credit cards are

There are many ways to pay down credit card debt from simply making larger payments to borrowing again to consolidate your debt at lower rates. While some are unequivocally better than others, the best option for you depends on your budget concerns, your credit score and what access you have to other forms of credit.

Generally speaking, it’s technically impossible to pay for one credit card with another. There are several workarounds to this that involve using cash advance transactions, though these are bad financially for consumers and lead to your overall debt increasing. In most cases, doing this will result in your bills becoming harder to pay off. One

Paying your credit card balance before its statement closes can lower your interest payments and increase your credit score. This is because paying early leads to lower credit utilization and a lower average daily balance. In this guide, we’ll give you an in-depth look into the best time of the month to pay your credit

The average American carries 2.35 credit cards and a total outstanding balance of $5,551. This average can vary depending on what part of the country a person lives, how old they are, and a few other factors. Credit card ownership also differs among income brackets, genders, and ethnicities. Below we look into specific segments of

The average FICO Score in America is 711 and the average VantageScore stands at 688. Fair Isaac Corp.’s FICO Score and VantageScore are two of the most widely used scoring models in the country. Both models range between 300 and 850 — and the higher the score, the better. The average credit score varies greatly among different

Our researchers found the median debt per American family to be $2,700, while the average debt stands at $6,270. The average balance for consumers is $5,315, although some of that debt may be held on joint cards and thus double-counted. Overall, Americans owe $807 billion across almost 506 million card accounts. Below, you’ll find some of the most prominent trends that emerged.