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Tag Archives: Credit Report

What Happens If I’m Denied Credit?

By John Ulzheimer “John, I applied for a credit card about 3 weeks ago. Today I received a letter from the credit card company telling me that my request for credit has been denied. The letter also included my credit score, which was a 598. Why did I receive this letter?” What you received was a letter formally referred to as a notice of adverse action. In plain English, that’s a …Read More

Consumer Reporting Agencies Follow Your Moves

By Jason Alderman By now, you’ve probably heard about the Big Three credit bureaus (Equifax, Experian and TransUnion), which monitor your financial history and issue credit reports and credit scores to potential lenders. But did you know that there are dozens of other specialty consumer reporting agencies that track your history for activities that may not appear on your regular credit reports – things like bounced checks, late utility payments, …Read More

One in Five Could Not Maintain Lifestyle Without Credit Cards

By Gail Cunningham The ability to put away the plastic and successfully live on a cash basis is an indicator of financial stability, as it proves a person’s lifestyle is in line with their income. However, the recent NFCC online poll revealed that one in five people could not make ends meet without the use of credit. Another twenty-two percent of respondents said that if asked to live on a …Read More

Ten Reasons Credit Card Applications May be Declined

By Gail Cunningham People apply for a credit card for many different reasons. Some are new to the world of credit and just getting started, while others are hoping to expand their access to credit. Regardless of the reason, no one applies for a card hoping their application will be rejected. To improve the likelihood of approval, consumers need to understand the credit decisioning process. Each lender has different criteria …Read More

What is a Credit Score Hard Pull?

By Melinda Opperman When your credit report is pulled for any reason, it is counted as an “inquiry”. There are two kinds of inquiries; hard and soft. A hard inquiry is when your credit report is pulled by a financial institution for credit purposes. That is, if someone is considering whether or not to give you a loan, that’s a hard inquiry. Hard inquiries can include mortgage, auto, and credit card applications. …Read More

Ask Stacy:Why Does My Credit Score Change So Much?

By Stacy Johnson If you monitor your credit score you may be like this reader — scratching your head wondering why it changes so much. Here’s this week’s reader question: My Discover card started providing my credit score free each month. What I don’t understand is why it was 814 one month, then 794 the next, and now it is 803. Nothing has changed in my life. I didn’t open up …Read More

Demystifying Credit Scores

By Jason Alderman One of the few positive outcomes of the 2008 financial crisis was that it helped shine a light on the importance of understanding and staying on top of your credit profile. Along with that heightened visibility, however, has come a great deal of confusion and misunderstanding – particularly around the all-important credit score. “The consequences of not maintaining a sound credit score can be very costly,” says …Read More

The Pros and Cons
of Freezing Your Credit Reports

By John Ulzheimer Given the number of recent data breaches the topic of protecting your credit has been all over the place. That’s the silver lining of all of these retailer’s data breaches. The two most commonly referenced methods of protecting your credit is credit monitoring and a credit freeze, more formally known as a security freeze. A security freeze takes your credit report out of circulation, and only allows …Read More

Raise Your Credit Score in 2014
in 5 Steps

By Karen Carlson Poor credit could be costing you thousands of dollars a year. If you’ve suffered from a ‘so-so’ or even poor credit score for most of your life, make a commitment to yourself to raise your credit score in 2014. 1. Face your credit history and score: Like many things in life, the first step is to admit you have a problem and face it head-on. Go to …Read More