Finance Blog
Credit Trends: Does Age Factor into Your Credit Score?
Age may be just a number, but how does your age translate when it comes to your credit score? Here’s some good news: Age isn’t directly a part of credit score models. However, the life cycle of some accounts can be a factor—the calculation of your credit score may rely on how long you’ve held certain accounts and how long you’ve had credit open.
Here’s a refresher on a credit score’s components:
Payment history. Do you make your payments on time or are you late? If you’re late, how late are those payments? Are you paying in full or only making minimum payments? The answers to these questions will be reflected in your credit score. Amounts owed and available credit balances. Creditors look at how much installment and revolving debt you owe. They also want to know what percentage of your available credit balance you are using. Length of credit history. How long have your credit accounts been open? Which accounts have been closed and why? These answers will also be factored into your credit score. New credit accounts. Opening several new accounts can affect the length of your credit history and your available balances, and...
Saving Money: Teaching Children the Value of Money
Written by Miranda Marquit on May 7, 2012
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Most of us want our children to grow up to be responsible with money. Financial literacy is an important part of successful money management—if you start teaching your children basic lessons while they are young, they will have a firm financial foundation to build upon…
Tax Tips: How Long Should You Keep Records?
Written by Eva Rosenberg on May 16, 2012
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Tax tips for small business owners. Excerpt from Small Business Taxes Made Easy by TaxMama Eva Rosenberg. Get more advice for filing taxes from TaxMama’s posts on the Equifax Finance Blog. Keep all tax returns forever. Ignore what anyone else tells you. There have been…
Are Lenders Loosening Up on Those Buying a House?
Written by Steve Cook on May 11, 2012
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If you’re thinking about buying a house and you haven’t applied for a mortgage since 2006, you’re in for an unpleasant surprise. The lax standards of the real estate boom era—like “no doc” loans, approved without supporting documentation, and “stated income” mortgages, where no proof…
Your Teenage Driver and Your Auto Insurance Policy
Written by Linda Rey on May 10, 2012
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My parents let me start driving as soon as I was able so I could help them run errands, but in my line of work I see too many car accidents involving teenagers to think this is a safe practice today. Teenage driving safety is…
Investing Tips: When to Talk to a Financial Planner
Written by Jeff Rose on May 15, 2012
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A financial planner is your partner in all steps of your financial planning, offering you investing tips and advice on a variety of money topics and retirement goals. If you need any kind of financial assistance, then the time to consult with an advisor is…