Credit Score

A visual representation of a credit score gauge with Affirm's logo, illustrating the impact of financing on credit health.
How Affirm Financing Impacts Your Credit Score
Affirm is a BNPL service for installment loans on large purchases, offering terms of 3-36 months with 0-30% APR. It reports to Experian for certain loans, affecting credit scores positively with on-time payments and negatively with late payments. Users should budget wisely and consider alternative credit options.
2.1 minute read
A person checking their credit score on a smartphone, surrounded by financial documents and a laptop.
How to Obtain Your Credit Score for Free
Credit scores, ranging from 300 to 850, reflect creditworthiness and affect loans, rates, and jobs. Key factors: payment history (35%), credit utilization (30%), length (15%), mix (10%), and new credit (10%). Access free scores via AnnualCreditReport.com, credit card issuers, websites, and banks. Monitor and improve scores by paying on time, keeping utilization low, and disputing errors.
2.2 minute read
A balanced scale with money on one side and a checklist on the other, symbolizing the weighing of financial decisions in taking out a personal loan.
Pros and Cons of Taking Out a Personal Loan: What You Need to Consider
A personal loan is an unsecured loan with fixed interest rates and monthly payments, offering flexibility for various uses like debt consolidation and home improvements. Benefits include quick access to funds and a fixed payment structure. However, watch for costs, fees, and potential credit impacts. Compare lenders and consider alternatives before applying.
2.7 minute read
A financial-themed image depicting a person contemplating a stack of bills and a credit report, symbolizing the decision to pay off charged-off accounts.
Should You Pay Off Charged-Off Accounts? A Comprehensive Guide
A charged-off account is deemed uncollectible by creditors after 180 days of missed payments, impacting credit scores by 100-150 points. While still legally responsible, paying it off can improve credit reports and prevent legal action. Consider negotiating settlements and verify debts. Rebuild credit by timely payments and low credit utilization.
2.8 minute read
A close-up image of a hand holding a credit card next to a stack of cash, symbolizing the concept of cash advances.
Understanding Cash Advances: What They Are and How They Work
A cash advance is a short-term loan from credit card issuers, allowing borrowing against a credit line. Types include credit card cash advances, payday loans, and merchant cash advances. They offer quick access but have high fees and interest. Alternatives include personal loans and emergency funds.
2.3 minute read
A close-up image of a hand holding a stack of cash with a credit card in the background, symbolizing the concept of cash advances.
Understanding Cash Advances: What You Need to Know
A cash advance is a short-term loan from credit card companies or banks, allowing you to borrow against your credit card's line of credit. It involves fees and high interest rates, with no grace period. Alternatives include personal loans or borrowing from friends. Regular reliance on cash advances may indicate financial issues.
2.5 minute read