Fair Isaac, the giant credit score company, recently announced the biggest change since 2014 in how it determines its FICO credit scores. This new FICO 10 system — expected to go into effect by year’s end — could affect your retirement in big ways, possibly for the worse and possibly for the better. But there
A new hurdle awaits many younger consumers who already find it challenging to build a credit history and become good borrowing risks. It’s called FICO Score 10 Suite, an update to the credit scoring algorithms created by Fair Isaac Corp. that are widely used by credit card issuers and other lenders. It is scheduled to
I have a good friend who recently started the process of buying a house after years of living in a rented apartment. In his mind, he’s done everything right—he has a steady job that pays well, he has no debt, and he saved up 20% for a downpayment. But when he tried to get pre-approved
Establishing business credit is an important step for some small business owners. If you want to obtain a business loan or simply separate your personal credit from your business credit, you need to work on establishing and building your score. Some lenders may even require or prefer that you have a business credit score. The
A business credit card can be much more than a convenient way to pay for purchases. These cards can also provide lucrative rewards, superior fraud protection, and smooth out cash flow. According to the Federal Reserve’s 2019 Small Business Credit Survey, 52% of firms with 1 to 499 employees use credit cards on a regular basis.
If you’re worried someone could steal your personal identity and buy something on credit or get a loan in your name, “freezing” your account at credit reporting bureaus could stop identity thieves cold. Not only that, Congress recently passed a law that ordered credit reporting bureaus to offer free credit freezes. More on that below.