1. What is considered a good credit score?
Unfortunately, there isn’t just one credit score because there are several credit reporting agencies, each with their own scoring model and number range. Some go as high as 990, but the scoring system used by FICO (the Fair Isaac Corporation) is most popular. FICO scores range from 300-850 and a 680 is considered good and above 720 an excellent credit score.
2. Will paying off debt and closing credit cards help my score?
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The Consumer Financial Protection Bureau, a federal consumer watchdog group, just released plans to further regulate payday lending, a practice that’s viewed as predatory to consumers. While payday loans are certainly popular, they are oft criticized as charging exorbitant fees and interest rates, setting up borrowers to fail and setting them further back financially. Even President Obama lent his support to the idea of further regulation that would help protect consumers.
“If you lend out money, you have to first make ... Continue Reading →
Let’s take a look at the bank accounts and pay stubs of three prominent people in America. One works for a good company, has a college degree, works almost 50 hours a week if you add in commuting and overtime, and makes $49,000 a year. The second person has probably the most important job in the country, works 20-hour days for four year spells at a time, and earns about $400,000 every year. The third person doesn’t really work at ... Continue Reading →