What is Debt to Income Ratio: Formula & How It’s Used
Debt to income ratio is a financial term used to describe the percentage of an individual’s monthly income that goes towards paying debts. This figure provides creditors with an indication of an individual’s ability to make debt repayments, and is therefore an important factor in credit decisions. A high debt to income ratio may result […]
How Often Is Your Credit Score and Credit Report Updated?
Lenders use your credit score to determine your creditworthiness. It is essentially a grade that tells them how likely you are to pay them back in full and on time. This grade will influence whether you can get approved for mortgages, auto loans, credit cards, rental apartments, and even may affect your employment. Needless to […]
5 Ways to Increase Your Credit Score After Finishing A Debt Relief Program
Debt relief programs are excellent approaches to easing your debt burden, but they’re associated with an unpleasant side effect — your credit score dipping down. A bad credit score can hold you back from realizing your financial goals. The good news is that a bad credit score doesn’t last forever. If you’ve suffered a significant […]
Average Credit Score by State: How Does Yours Stack Up?
t’s been over two years since the coronavirus pandemic upended life as we knew it and put millions of Americans into a state of financial turmoil. With the recent interest rate hikes, spiking consumer prices, and continued record inflation, how are Americans’ finances faring today? Credit reporting agency Experian, one of the three biggest credit […]