Laura’s story and how her loan choice affected her life

How much of a difference can it make to choose one kind of loan over another?  A huge difference.

Laura lives with her husband and kids in Departamento 15, an area known as “El corredor salvadoreño” in Los Angeles. Continue Reading

Improving your credit score: Credit mix and new credit

Credit mix and amount of new credit make up about 20% of your FICO score.

Credit mix and new credit make up around 20% of your FICO® credit score*, combined. Having different types of credit, such as a credit card account and installment loan, like an auto loan, could be good for your score. Responsibly managing different types of credit demonstrates your ability to pay off future debts. Continue Reading

Thanksgiving on a budget

Family and friends enjoying thanksgiving together and having a great time without spending a lot of money.

There is so much to celebrate this time of year, from Thanksgiving to New Year’s! But when you’re in charge of the budget, festivities can quickly get expensive. Here are eight ideas to reduce costs so you can focus on what really matters—gratitude. Continue Reading

Improving your credit score: Length of credit history

The length of your credit history affects about 15% of your FICO® credit score. The longer you’ve been building your credit history, the better it looks to the credit bureaus. They assume that a person with 15 years of recorded on-time payments is more likely to continue making on-time payments than a person with 1 year… Continue Reading

Improving your credit score: Amounts owed

The amount owed is the second most important factor in your FICO credit score at 30%.

Around 30% of your FICO® credit score is calculated based on the total amounts you owe. For revolving credit lines, like a credit card, FICO® may compare how much you owe to your credit limit. A high debt-to-eligible credit ratio could  indicate higher risk. If you owe $100 on your credit card and your credit card limit is $500… Continue Reading

Improving your credit score: Payment history

Payment history makes up the largest portion of your FICO credit score

Your past payment history is the biggest factor affecting your FICO® credit scores, according to Fair Issac Corporate, which generates FICO® scores. Making full payments on time, every time, is one way to improve your FICO® credit score. When you miss a payment, you may see a drop in your score and it can take time to restore. Continue Reading