What Your Credit Score Is Made Of

What Your Credit Score Is Made Of – Your credit score is an amalgamation of a few factors like your previous payment history,your spending habits,repaying capability,types of loans and cards you own and others.These factors contribute to a score that is usually in the 300s and can go as high as the 800s. Depending on […]

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Factors That Affect Your Credit Score

Factors That Affect Your Credit Score – Your credit score is one of the most important financial metrics that will govern your life until way past your retirement age.Most debt sticks with us for a good part of our adult age and how well we learn to manage it,juggle it and eventually pay it off […]

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What is a Good Credit Utilization Ratio?

What is a Good Credit Utilization Ratio? – For those who didnt read my previous article on what credit utilization is,ill sum it up in a single para here.Credit Utilization¬†is a ratio between the balance amount you have spent on your card and the total credit limit you re allowed to spend.This total credit limit […]

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How Late Can I Make My Credit Card Payment?

How Late Can I Make My Credit Card Payment?- It happens to the best of us,and often unintentional,but we all have had late payments done on our credit cards.How late can you actually pay that minimum due on the card,and are there any other consequences to it,other than the statutory¬†fees and penalties? Most often than […]

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Why you should not close credit cards

Why you should not close credit cards – Most of us are faced with the daunting decision of closing our credit card at some time in our lives.It is a choice we cannot make easily without seeing the pros and cons of it.We have to check if it will it affect our credit score inversely […]

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How Closing Credit Cards Affect Your Credit Score

How Closing Credit Cards Affect Your Credit Score – I heard this millions of times when i worked for credit card collections – the card user would tell me that “they would take a scissor and cut that card up”. As a collection agent,my job was to call up customers who defaulted on thier payments […]

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What is the Credit Limit on a Credit Card?

What is the Credit Limit on a Credit Card?- Its the maximum capped amount that you,as the card user are allowed to spend.If your credit limit is $1000,then you can swipe your card for purchases upto a maximum of $1000 at grocery stores,gas stations,restaurants etc.It is highly recommended that you do not use the entire […]

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What It Means to Max Out Your Credit Card

What It Means to Max Out Your Credit Card – In technical terms a maxed out credit card is one that has a credit utilization of 100%.In simple layman’s terms,this happens when you have spent the entire credit available to you and have reached the credit limit on the card.You have a full balance and […]

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Understanding Credit Utilization

Understanding Credit Utilization – Ever wondered why your FICO score is not as much as you thought it would be?A greater credit score would allow you to take bigger loans in future for a house or for refinance if you ever decided to.In order to do this,you need to have an impressive credit report. I […]

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