scorerevive

[ad_1] Are you hoping to build your credit by paying your cable bill on time? Unfortunately, most cable companies, like many other utilities, don’t report payments to credit reporting agencies. With no information, it’s impossible for these agencies to use this information when calculating your credit score. So, making these payments on time typically doesn’t impact your credit score. However, paying those bills with a credit card can affect your credit indirectly—and never forget that unpaid bills can often have a negative effect on your credit score. Keep reading to find out more about why cable and utility bills aren’t often reported to the bureaus and how to build credit regardless using these tips. Are cable bills and streaming services reported to the credit bureaus? Are you one of the millions of consumers paying monthly cable bills along with several streaming services, such as Netflix and HBO Max? While it may seem like making these regular payments shows a history of paying your bills on time, sadly, it doesn’t. The harsh reality is that most cable and streaming companies don’t make a habit of reporting payments to any of the credit reporting agencies. Without any record of whether you pay your cable bill on time or not, these reporting agencies can’t include this information on your credit report.   Does paying cable or internet bills help build credit? Unfortunately, the short answer is no. Since cable companies don’t submit payment information to any of the credit reporting agencies, there’s no way for this information to impact your credit score. On the other hand, if you fail to pay your bills, it could damage your credit score. Typically, when you miss paying your cable bill for several months in a row, the cable company will close your account. It may also transfer your unpaid balance to a collection agency. This agency will make multiple attempts to collect this unpaid balance. It also has the option to report this unpaid debt to one or all of the credit reporting agencies. Since your payment history accounts for 35% of your credit score, having just one unpaid bill or late payment on your account can lower your score. These unpaid bills can remain on your credit report for up to 7 years, even if you eventually pay them off. However, the impact of these late payments lessens over time. For example, after 2 years or so, an unpaid cable bill won’t have the same effect on your credit score as a new unpaid bill. What bills affect credit score? If you want to build your credit, it’s important to understand what types of bills affect your credit score and which don’t. Here’s a look at the most common types of bills and an explanation of how they may affect your credit score. How to build credit with bills There are some steps you can take to make sure that paying your bills helps build your credit rather than damage it. Payment history Keep in mind that your payment history makes up 30% of your overall credit score. Therefore, it’s crucial to get in the habit of paying all your bills on time, even the ones that aren’t regularly reported to the credit reporting agencies. This step can eliminate the risk of having any negative payment information posted to your credit report. Additionally, having multiple positive tradelines on your account can also help boost your credit score. Credit utilization The amount of debt you owe also impacts your credit score. Lenders determine your credit utilization ratio by adding up all your debt and dividing it by the total amount of credit you have available. This ratio accounts for 30% of your overall credit score. It’s recommended to keep your credit utilization ratio below 30%. Pay bills with a credit card One of the best ways to build credit with cable and other utility bills is to use your credit card to make your payments. While your cable company doesn’t report these payments, your credit card will. Paying your cable bill with your credit card and then making on-time credit card payments can help improve your credit score.  This is true for other types of bills too, including utilities and medical bills. If you don’t currently have a credit card, consider applying for one. If you’re unable to secure a traditional credit card, you may qualify for a secured credit card, which can still help improve your credit score. Credit card companies base your credit limit on a number of factors, including your annual income and credit history. Good credit habits Maintaining good credit habits, such as sticking to a budget, paying your bills on time, managing your debt utilization ratio and using your credit card to pay basic bills, can help you boost your credit score. Get credit for regular bills with services like ExtraCredit You may also be able to get credit for paying your regular bills on time through several financial services, including: ExtraCredit Credit.com’s ExtraCredit program can also help build your credit. Not only does ExtraCredit track your FICO score and provide frequent updates, it helps track your rent and utility payments as well, including your cable bills. Making sure these payments are part of your credit report can help boost your score and allow creditors to see your full payment history. If you’re working towards building your credit, you likely want to make every payment count. Check out Credit.com’s ExtraCredit program to make sure both your rent and cable payments are being reported to the right agencies.  The post How to Use Your Cable Bill to Build Credit appeared first on Credit.com. [ad_2]

[ad_1] You might assume that everyone over the age of 18 has a credit score. However, research shows that nearly 16% of the consumer population doesn’t have any credit rating because the credit reporting agencies don’t have enough financial information on them to determine a score. What’s the easiest way to tell if you have a credit score? One of the fastest and easiest ways to check your credit score is with Credit.com’s free credit score checker. Keep reading to learn more about credit scores, how these scores are determined and how to boost your personal credit score. In This Piece What Is a Credit Score? When Do You Get a Credit Score? What Determines Your Credit Score? Where Can You Check Your Credit Score? Why Does Your Credit Score Matter? How Can You Build Credit? What Is a Credit Score? Your credit score is one of the most important numbers related to your finances. This score is what creditors use to determine your ability to repay debt and assess your overall credit risk. Without a credit score, you’ll find it nearly impossible to obtain credit without a cosigner. A credit score is a three-digit number ranging from 300 to 850. FICO is the most common credit score, but some creditors may use other credit ratings, such as VantageScore. These scores are determined by financial records that various credit reporting agencies collect and maintain, including your payment history, credit balances and bankruptcies. Lenders break these scores down into five different risk levels: Poor credit score: 300-579 Fair credit score: 580-669 Good credit score: 670-739 Very good credit score: 740-799 Exceptional credit score: 800-850 Lenders consider any score under 600 to be in poor standing, which could significantly impact your ability to secure credit. On the other hand, a good score is any rating over 670. When Do You Get a Credit Score? While credit reporting agencies may start gathering data before you reach the age of 18, you typically won’t get a credit score until you’re over 18 years old. But this doesn’t mean you’ll automatically receive a credit score at 18. The credit reporting agencies must have enough financial information about you to determine a credit score. For example, you need to have credit accounts, such as loans or credit cards, or at least utility bills in your name. Once you’ve established credit for at least 6 months, you should receive a credit score. What Determines Your Credit Score? Five factors that contribute to your credit score are discussed in more detail below. Payment History Your payment history is the most important aspect of your credit rating and accounts for 35% of your score. If you pay your bills on time every month, you should have no trouble scoring high in this category. If, on the other hand, you have multiple late payments on your account, your score may be lower than you want. Credit Utilization Ratio Your credit utilization ratio identifies how much credit you’ve used in comparison to the total amount of credit you have available. This ratio accounts for 30% of your credit score. While many factors go into using this ratio to determine your credit score, most lenders prefer to see this number sit under 30%. Length of Credit History The length of your credit history contributes 15% to your overall credit rating. The longer you’ve maintained a credit history, the higher your credit rating. Unfortunately, if you’re young or just starting to build your credit, the only thing you can do to improve this portion of your credit score is wait and maintain good credit. New Credit Inquiries The number of new credit inquiries you have can also impact your credit score by as much as 10%. A credit inquiry occurs when a potential lender or creditor submits a request for your credit report. It’s important to note that during the pre-qualification process, lenders often run a soft credit inquiry. This type of credit inquiry doesn’t affect your credit score. Only hard inquiries have an impact. Mix of Credit Accounts The type of credit accounts you have in place also account for 10% of your overall credit score. The better the mix of revolving credit accounts, such as credit cards, and installment credit accounts, such as a car loan or home mortgage, you have, the higher your rating. Where Can You Check Your Credit Score? You can obtain a free credit report once a year from all three major credit reporting agencies: Experian, Equifax and TransUnion. Reviewing these credit reports gives you a great idea of what financial information determines your credit score. However, these reports don’t include your credit score, and it’s impossible to determine your score from these reports alone. You can get a free credit score report from Credit.com. This credit score is from Experian, and you receive an update every day for 2 weeks to help track your progress. Why Does Your Credit Score Matter? Your credit score is extremely important. With no credit or even poor credit, you’ll have a difficult time being approved for a credit card, car loan or home mortgage. If you’re lucky enough to get a loan with a lower credit score, you’re likely to incur higher interest rates. With higher interest rates, you’ll pay more for your car, home, and personal loans. You may also face higher rates on your home and auto insurance premiums due to a poor credit score. Even utility companies, including electric, phone, and gas, run credit checks on customers. If your score is too low, the company may require you to pay a security deposit before you can establish a new account. Landlords can even request a higher security deposit if your credit score doesn’t meet their standards. Most importantly, however, you could lose out on job opportunities if your potential employer runs a credit check. How Can You Build Credit? If your credit score is lower than you want, there are things you can do to build up your

[ad_1] Balancing the household budget while making sure everyone has what they need to live a vibrant, healthy life can be hard. That’s especially true as prices rise. If you’re a mom saving money, we’ve got some tips to help you with that task. 1. Look for Deals Don’t swipe your card or hit the checkout before you spend a little time looking for deals. Clipping and stacking coupons can help you cut your grocery budget by a hefty percentage, but moms can use deals to save money on things they might purchase anyway. Here are just a few ways deals can help you save money: Download money-saving grocery apps. Apps such as Ibotta let you scan your receipts and stack cash-back rewards. It does take a bit of planning to save big with these apps, but it can be worth it for moms looking to save money. Check with Groupon or other deals sites. Before you splurge on admission to the local children’s museum or aquarium or dinner at the sandwich shop, check Groupon and similar sites. You might find a deal for a substantial amount off. Use coupon codes. Always check for coupon codes before you order online. When shopping on Amazon, look for a coupon code in the listing. You may need to check a box before you add the item to your cart to make sure you get the savings.   2. Take Another Look at Your Grocery List Make smart money decisions when buying groceries. Purchase in-season produce whenever possible because it’s less expensive than out-of-season options. Check sales ads and price match. If you can save enough, you may want to spend the time shopping at multiple stores. When possible, buy generic to avoid paying for big-brand advertising, and consider whether bulk buys save you enough money to make them worth it. Just make sure you’ll use what you purchase before it expires, because wasted food is a waste of money. 3. Stretch What You Have Look for ways to cut down on how much you have to purchase. One of the best ways to stretch your resources is to integrate reusable items into your home. For example, cloth rags you can wash and use for years save you money compared to disposable paper towels you have to buy repeatedly. The same is true for dishes you can wash versus paper or plastic.  You can also invest in products that are made to last longer, such as CFL bulbs. Consider how you can save on utilities like electricity and water, such as by hanging your clothing up to dry instead of using a dryer. 4. Get Resourceful  Consider all the resources available to you and how you can best use them as a mom saving money. Libraries are a perfect example of resources many people don’t use to their fullest. Here are just a few things you may be able to do at your local library to save money as a mom: Check out books. Books cost $10+ new, and even used book purchases can add up. Meet your family’s reading needs for free with a library card. Check out movies and media. Many libraries let you check out DVDs, BluRays, CDs and audiobooks. Family movie night just got a lot cheaper. Borrow equipment and special items. Check with your local libraries to see if there’s a “not books” collection. Many libraries let you borrow laptops, hotspots, tablets, projectors and other technology equipment. Some even have collections of items you might only need once in a while, such as specialty cake pans. Attend events for education and entertainment. Most library systems host numerous events throughout the year. Check with yours to see what free, fun stuff you and your family can enjoy. Other ways you can be resourceful include walking instead of driving whenever possible and seeking out apps and programs that let you save money, such as prescription drug apps.  5. Go Through Your Bills Collect information about your spending and bills for a month or two. Then, go over that data with a critical eye. Look for ways you can cut costs, such as unnecessary options on a cell phone bill or subscriptions you don’t really need.  6. Review Your Finances One of the best ways to save money is to ditch your debt. Look for ways you can pay down debt or pay off loans faster. That will free up disposable income that can be used to save for the future.  You might also look at the terms on your credit card and loan debt. If your credit has improved since you applied for that debt, you might be able to refinance or negotiate a lower interest rate. That could save you money on every payment.  7. Work With Your Community Moms saving money don’t have to do the work alone. Get to know people in your area so you can swap babysitting and other services with people you like and trust. Join community social media pages that involve swapping toys, home goods and other items. Learn when churches have yard sales or when large annual consignment sales happen so you can find clothing and other items for your family at deep discounts.  8. Teach Your Children Financial Responsibility When your children know about money and understand how to use it responsibly, the entire family can save together. Teach your kids about money and finances, and create options that allow them to practice what they learn. That might include giving them an allowance or getting them prepaid debit cards.  9. Gain Money in Other Ways Sometimes, saving money as a mom isn’t quite enough. When that appears to be the case for your family, consider ways you can increase your income. Get a part-time job or join the gig economy. You might deliver groceries or food or complete work online as a virtual assistant. You can also have yard sales, resell items your family no longer needs or browse thrift stores for special items you can buy

[ad_1] Owning a car comes with costs that go beyond getting an auto loan or needing to insure your vehicle. Maintenance and repair costs can add up, and it’s essential to be prepared for those financially. In 2021, for example, individuals in the United States spent more than $194 billion on vehicle maintenance and repair. Find out about some of the most common car repairs below, including what they cost. 10 Common Car Repairs and What They Cost This list of car repairs isn’t comprehensive. However, it includes some of the most repaired or replaced items on vehicles.  Replacing an Oxygen Sensor Oxygen sensors check the exhaust from a vehicle’s engine to see how much oxygen is in it. Most modern cars have O2 sensors before and after the catalytic converter. Your check engine light can come on when the sensors aren’t working right. While a rogue O2 sensor may not be an immediate emergency, if it isn’t functioning correctly, it can lead to fuel intake and other issues with the engine. The cost of replacing O2 sensors varies depending on which sensors need replacing and the make and model of your car. On average, you can expect this repair to cost $150 to $500. Get Your Free Credit Score & Monitoring Plus Weekly Updates From Our 50+ Experts Get It Now Privacy Policy Replacing a Catalytic Converter Catalytic converters control the emissions expelled by vehicle exhaust. They’re required on most new cars. A damaged or broken catalytic converter causes your check engine light to illuminate. If your catalytic converter isn’t working, your vehicle might not pass state inspection requirements where applicable. In most cases, a catalytic converter replacement doesn’t require much labor. However, the parts can be expensive. The job can cost $900 to $3,500 on average, depending on the make and model of your car and where you get the work done. Replacing Brakes or Rotors Brake jobs are common because your brakes and rotors wear down over time. Expect to pay $200 to $500 for a brake service or repair job. If you need a complete brake job, which includes replacement of brakes, calipers, pads and rotors, the cost can average $200 to $800, depending on the quality of the parts, the make and model of your vehicle and where you get the work done. Tightening or Replacing a Fuel Cap The cap you take on and off when filling your car with fuel is a critical component. It’s supposed to provide a true seal that keeps the fumes and evaporation of fuel inside the tank. You might need a new one when your fuel cap goes missing or doesn’t create a tight seal. On average, the parts and labor for such a replacement range from around $97 to $102. Thermostat Replacement A thermostat in a car measures the temperature in the cooling system and helps ensure the right amount of coolant is being cycled through the engine. That regulation can’t occur if the thermostat is broken, which can lead to issues with an overheating engine. The cost of repairing or replacing a car thermostat is $140 to $300—typically much less than you’d pay for engine damage. Replacing Ignition Coils The ignition coils take power from your car’s battery and magnify it enough to cause the spark necessary to ignite the fuel and get your engine running. Bad ignition coils can mean your car doesn’t start. If you need to replace an ignition coil, expect to pay $200 to $300 on average. Mass Air Flow Sensor Replacement The mass air flow sensor keeps track of how much air enters certain parts of your engine. Your car needs to know this to allow the right amount of fuel to flow into the engine. If the mass air flow sensor doesn’t work, your check engine light may illuminate, and you may also notice symptoms such as misfires, a rough-running engine, black smoke in the exhaust and engine issues on idle. The cost to replace this part is usually less than $300. Replacing Spark Plug Wires and Spark Plugs Spark plugs and wires are necessary to start your vehicle. Sometimes, you can easily replace these parts to save a bit of money. The cost for parts is $125 to $150. If you pay for professional service, expect the cost to be between $190 and $235 in total. Replacing Evaporative Emissions Purge Control Valve The purge valve keeps fuel vapors from being released into the air. It’s a required part of vehicle emissions systems. The cost of replacing this part ranges from around $160 to $180. Replacing Evaporative Emissions Purge Solenoid Purging solenoids are parts involved in the same process as the purge control valve. You can expect to pay $150 to $300 to get these parts replaced.  Prepare for Car Ownership and Repairs Financially Owning a car is a significant investment, and it’s important to be prepared for paying your car payment and covering unexpected expenses.  Start by understanding what you need to finance a car, including what’s a good credit score to buy a car. Then you can shop around for an auto loan that meets your needs. Once you have a car, create a budget and set money aside for emergency needs. You can also work on your credit to ensure you have access to credit cards and loans if you need temporary help with a major unexpected expense. Apply for a Car Loan More on Auto Loans: Tips for Buying a Car with Bad Credit I Can’t Afford My Car Payment—What are My Options? How to Get an Auto Loan Article updated. Originally published April 19th, 2016. The post The Most Common Car Repairs You Have to Make appeared first on Credit.com. [ad_2]

[ad_1] If you owe taxes to the IRS, could that affect your credit score? Maybe. While the IRS doesn’t report owed taxes to the credit bureaus, the way you choose to pay your tax bill (or fail to pay it) could affect your credit scores and reports. Paying Taxes with a Credit Card If you wind … How Does Tax Season Affect My Credit Score? Read More » The post How Does Tax Season Affect My Credit Score? appeared first on ScoreSense. [ad_2]

[ad_1] The credit score of your business is one major factor that determines its success. If you manage a company and have any kind of open-end credit, then you have a relative credit score. The primary motivation for trying to improve your business’s credit score is that it will increase your business’s chances of securing financing. Having a low business credit score can hinder you completely from… Source [ad_2]

[ad_1] Article originally published December 13th, 2017. Updated February 16th, 2023. Buying a home is an extensive process. It includes marshaling your assets, reviewing your credit—and potentially trying to improve it—and shopping for a house that meets your wants and needs. That’s all before you enter the process of applying for a mortgage and considering your offers. The process can be daunting, but it’s important to take one step at a time to avoid becoming overwhelmed. One area where people become especially concerned is the overall cost of a home loan. Securing a mortgage can be challenging, but how can you get a good interest rate to reduce the long-term cost of your home? Here are some tips to help you get the best rates for mortgages. Just remember that many of these tips take time, so plan months or even years ahead for your homebuying journey.  In This Piece Tips for Getting the Best Interest Rate on Your Mortgage Understand Interest Rate Types Keep Your Credit Healthy Make a Bigger Down Payment Have a Stable Income Lower Your Credit Utilization Ratio Make Mortgage Point Payments Have Enough Savings A Final Word Tips for Getting the Best Interest Rate on Your Mortgage When you’re looking to secure a mortgage or get the best possible interest, personal finances really matter. Our tips include those related to your credit history, savings and income, along with some advice about educating yourself on mortgage terms and interest types.  Understand Interest Rate Types: Fixed vs. Adjustable A fixed-rate mortgage has the same interest rate throughout the loan’s entire life. This makes your rate and monthly payment predictable and consistent. An adjustable-rate mortgage comes with an interest rate that can change—and often one that could increase if interest rates in the market increase. This can make your rate and monthly payment unpredictable. Knowing your plans for the future can help you understand which type of interest rate is best for you. If you only plan to hold on to the home for a few years before selling it to upgrade, an adjustable-rate mortgage—or ARM—might work for you. This is especially true if interest rates are currently low, as an ARM loan tends to start with lower rates than fixed-rate mortgages when all other factors are equal.   Keep Your Credit Healthy You do typically need decent credit to secure a mortgage, but there are options for those with lackluster credit. While the credit score required to buy a home depends on many factors, the better your score, the better rates you may be able to command. Interest rates are a huge factor in how much your monthly payment is. Better credit typically equals more favorable rates, which equals lower monthly payments. Make a Bigger Down Payment The larger your down payment, the lower your overall loan amount is. That can lead to a lower interest rate when you secure a mortgage. That’s because your interest rate is partially based on your home’s loan-to-value, or LTV. For example, if a home is worth $200,000 and the loan is for $199,000, that would be considered a high LTV and is riskier for a lender. That could lead to a higher interest rate. If the ratio is lower, however, you might be rewarded with a lower interest rate.  Have Stable Income If you can prove that your line of work is in high demand with no sign of slowing down, or if you work for a large, profitable company, your lender may take this into account when processing your paperwork. Income stability demonstrates that you’re less likely to miss mortgage payments. You can also demonstrate income stability by income history. Documents that show a stable income, such as check stubs, W2 forms and tax returns, might all be required by a mortgage lender when evaluating you for a loan.  Lower Credit Utilization Ratio Credit utilization refers to how much of your available credit you’re actively using. A high credit utilization rate occurs when you use a large percentage of your available credit. For example, if you have $10,000 total in credit limits across your credit cards and you have a total balance of $5,000, that’s a credit utilization rate of 50%. The Consumer Financial Protection Bureau notes that keeping your credit utilization at 30% or lower helps improve your credit score, which can lead to better interest rates for mortgages. It can also ensure mortgage lenders don’t see you as using credit in a desperate or risky way, making them more likely to approve you and offer better rates.  Make Mortgage Point Payments It’s possible to pay extra directly to your lender to lower your interest rate. For every one percent of your loan amount you’re willing to pay upfront, you may be able to get as much as half a percent off your home loan interest rate. Essentially, you’re just paying a larger amount of interest upfront, and this is known as buying points.  Have Enough Savings Most people know they should have enough savings to cover about 6 months’ worth of bills. Proving to your lender that you can still pay your mortgage in the event of a job loss because you have cash on hand can help you score a lower interest rate.  A Final Word on Getting the Best Interest Rates for Mortgages Keeping your finances healthy is the best way to protect yourself when applying for loans. Do the work ahead of time to ensure you’re ready to apply for a mortgage. Then, you can start by comparing rates online to secure a mortgage that works for you. Compare Mortgage Rates Here The post 10 Tips to Secure the Best Interest Rate on your Mortgage appeared first on Credit.com. [ad_2]