Credit Scores

Credit Scores

How to Build Credit - An Infographic from Creditnet

August 9th, 2022 by Joshua Heckathorn

While we get a lot of questions at Creditnet in regards to building credit quickly, the truth of the matter is that building your credit score is really a lifelong journey. Credit history is one of the most important things lenders consider when evaluating your credit worthiness, and without it your chances of getting approved for a mortgage to buy your dream home can fall flat.

Is a Perfect Credit Score Worth It?

October 9th, 2016 by Alice Bryant
Consumers across the nation have the terms “FICO” and “credit score” embedded into their brains. These terms refer to a scoring system that judges a person’s reliability with creditors. Creditors use this main scoring system as their gospel for making crucial credit decisions. While they may use other factors in their decision-making process, creditors weigh an applicant’s score the highest in their procedures. Consumers are under the impression that they must all set their heights to achieving a perfect credit score. Is a perfect credit score worth it? 
 

FICO vs FAKO: Are You Getting the Right Credit Score?

September 6th, 2016 by Elisabeth Chan

Anyone who has ever applied for a loan, regardless of the type, has probably been told that the lending institution will have to “run their credit.” The latter is a phrase that refers to obtaining the applicant's credit score in order to determine whether or not the individual is a good credit risk. This is often referred to as the person's FICO–Fair Isaac Company–score. This score is what virtually all lenders use to determine how likely it is that a specific borrower will default on a loan or other financial obligation, as well as whether or not the person will make timely payments on loans or other lines of credit.

Can Your Social Media Posts Affect Your Credit Score?

January 11th, 2016 by Yael Kent

In the early days of social media, content concerns were usually limited to how personal shares might affect your ability to get promoted at work. Today, another serious question has begun to surface - can these archived shares actually affect the sharer's creditworthiness?

The most precise answer right at this moment is, "Maybe."

How to Use an App to Get a Higher Credit Score

May 6th, 2015 by Yael Kent

Technology has evolved significantly in recent years, and it has resulted in numerous beneficial changes in many people's lives. If you are like most people today, you rely on your smartphone for everything from communicating with friends and family and monitoring social media accounts to checking your bank account balance and playing games for mindless entertainment. There seems to be an app available for you to download for almost every imaginable purpose, and the good news is that you can use an app to help you get a better credit score.

Is Getting A Perfect Credit Score A Waste of Your Time?

April 15th, 2015 by Yael Kent

There are a number of reasons why people continue to strive for perfection. Naturally, there’s a sense of satisfaction knowing that you’re doing your best and achieving results. For instance, pitching the perfect baseball game will have positive consequences just the same as achieving a perfect score on your SAT exam. Perfection has its place as well as its perks.

10 Cities with the Top Credit Scores

August 14th, 2014 by Alice Bryant

Basically, one's credit score is a three-digit number that can be generated by a professional mathematical algorithm. It is used in order to help predict if one is at risk of failing to pay back on loans issued to them. The most popular type of credit score is the FICO score, and these scores have a range from 300 to 850. Using this system, lenders can get a better grasp on if people that are asking to lend money are more likely to pay them back or not as they are supposed to.

How Often Does Your Credit Score Change?

July 24th, 2014 by Alice Bryant
Since credit scores are now so integral in the daily lives of people, even playing a role in whether someone can get a job or a loan, there is a tremendous fascination with them and how often they change. There are actually many circumstances and factors that can trigger a credit score to change. Being aware of how and when credit scores can change makes a huge difference when it is time to look for a good loan or take advantage of a great offer. 

Credit Cards That Offer Free Monthly FICO Credit Scores

December 3rd, 2013 by Alice Bryant

Knowing your credit score is very important to maintaining good credit. However, many people don’t understand how to go about finding their score. AnnualCreditReport.com is the only place where you can get your credit report for free, but this report can only be retrieved once per year. It used to be that the only way to get a genuine FICO credit score every month was to pay a service such as MyFICO.com or Equifax. Normally it costs between $10 and $20 per month.

30-Yr. Fixed Mortgages Hit Record-Low 3.4%

October 1st, 2012 by Joshua Heckathorn

Just when I was beginning to think interest rates were finally bottoming out, rates on 30-year fixed mortgages dropped again to an all-time low of 3.4 percent last week. According to a press release issued by Freddie Mac last Thursday, "all mortgage products, except the 5-year ARM, averaged new all-time record lows."

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