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TITLE: Steps to Take if You Are a Victim of Credit Card Fraud CONTENT: Protecting Yourself From Credit Card Fraud\n------------------------------------------\nThe growing prevalence of credit card fraud means there's no surefire way to avoid becoming a victim, but common-sense precautions can help you avoid it:\n* Guard your wallet or purse carefully when you're out and about, and don't leave credit cards unattended.\n* Keep credit cards you don't use in a safe place at home, instead of carrying them with you, and never carry your Social Security card unless you must (when obtaining a passport, for example), and put it back in safekeeping when you're done using it.\n* When shopping online, make sure the website is secure (look for \"https:\/\/\" at the start of the site address), and skip the option of storing your card number at the website.\n* If asked to provide a credit card number, Social Security number or other personal information over the phone, verify you are talking to a person or company you trust. If the request comes from someone who called you, ask yourself if the organization they claim to represent should already have the information they seek. (Banks and credit card issuers already know your account numbers and wouldn't ask you for them, for instance.) If in doubt, insist on calling them back and use a verifiable number.\n* Take a look at the Experian Fraud FAQ and Fraud Alert Center for more information and tips on protecting yourself from credit card fraud. Experian will offer support by providing a free copy of your credit report, investigating disputed credit report information, and if fraud is verified, remove the information from your credit report.\nFraud is an ugly side effect of the convenience of using credit cards. Knowledge and vigilance can help you stop it, and if you become a victim, acting quickly and decisively can help limit the damage. END

TITLE: How to Build and Maintain Good Credit at Every Stage of Life CONTENT: How to Build Credit When You're College\n---------------------------------------\nCollege, for many, is an ideal time to begin building credit. You'll have a few years of practice and credit history behind you by the time you graduate from school, when you may want to buy a car or get your own rewards credit card.\nIdeally, while in college, you'll build positive payment history on an account that doesn't come with a lot of risk of accruing debt. For instance, you could consider opening a secured credit card, which typically comes with a comparatively low credit limit—say, $250 or $500. You'll need to pay a deposit usually in the same amount as your credit limit, and you'll use the card like you would a traditional card. To benefit the most from a secured card, make small charges and pay them off right away, or at least by the end of the month. That way you'll give your credit score the best shot at improving.\nAfter a period of time of responsible use, your issuer might convert the card to an unsecured credit card, potentially with a higher credit limit. But you'll learn how to spend within a budget and pay off your purchases on time. Another credit-building option is joining another person's account as an authorized user, which lets you make charges on the account and benefit from the primary user's positive payment history. But you won't be responsible for paying the bill each month. This can be a good option if you know the primary user manages their credit card well, paying all bills on time and maintaining low balances. END

TITLE: How to Build and Maintain Good Credit at Every Stage of Life CONTENT: How Employment Can Affect Your Credit\n-------------------------------------\nIt's possible that a potential employer will check your credit during the application process. They must get written permission to do so, and it's most common for them to check credit when the job requires you to manage money or receive a government security clearance. Employers can't see your credit score, though they can see your payment history and the credit report factors that contribute to your score.\nIf you've listed work information, such as your employer's name on a previous application for credit, your employment history could show up on your credit report. This additional personal data can help lenders confirm your identity when they're considering you as a potential borrower. But your income and the length of your positions won't appear on your credit report.\nLenders will commonly request your income and calculate your debt-to-income ratio (DTI) when evaluating your credit application, so in this way your employment could indirectly affect your ability to get credit. But your credit score will not be affected simply by the type of work you do or whether you were fired from a job, for instance. END

TITLE: How to Build and Maintain Good Credit at Every Stage of Life CONTENT: Does Marriage Have an Impact on Your Credit?\n--------------------------------------------\nGetting married doesn't mean automatically sharing credit reports. Your past credit history will remain separate from your spouse's, and you'll maintain your own credit score. But any accounts that you decide to open jointly will appear on both credit reports.\nIf you cosign a student loan for your spouse, for example, you will be responsible for that debt if your spouse is unable to make the payments. The debt itself could also increase your personal DTI. A spouse's bad credit won't affect yours directly, meaning your score won't decrease merely by marrying them. But if you want to get a mortgage together, one partner's poor score could make it more difficult to qualify for a loan or get the lowest interest rates.\nChanging your name after marriage won't result in a new credit report or score. But once you update your last name with the Social Security Administration, your banks and the lenders you have accounts with, the name change will be reflected on your credit reports too. Your given name will still appear on your reports, listed as a former name. END

TITLE: How to Build and Maintain Good Credit at Every Stage of Life CONTENT: Should You Start Building Your Kid's Credit?\n--------------------------------------------\nIt's possible to help your child start building credit when they're quite young, which can give them the opportunity to enter adulthood with positive credit history. Several credit card issuers allow teens and young adults to become authorized users on their parents' credit cards, which can help responsible high school and college students learn about credit early. But consider your child's maturity level and understanding of saving and budgeting before providing them the opportunity to make purchases on a card that you'll have to pay off.\nHaving kids can affect your own credit, often indirectly: You may take on debt for a larger house, take out student loans for your children or pay for increasing expenses with a credit card. According to a 2019 Experian analysis, the more children a consumer had, the more debt they carried. But consumers with four or more children also had higher credit scores than those with one, two or three children, according to the analysis. Monitoring your credit closely and making payments on time can prevent periods of high debt loads from leading to poor credit. END

TITLE: How to Build and Maintain Good Credit at Every Stage of Life CONTENT: The Impact of Divorce on Your Credit\n------------------------------------\nJust like getting married, getting divorced in itself does not directly affect your credit score. Your credit report also won't show whether you're married or not. Still, it's important to keep close track of how joint debt is handled in a divorce, because a spouse's missed payments on a debt you share will affect your credit report and score.\nEven if a divorce decree says otherwise, you both remain legally responsible for a shared mortgage, car loan, student loan or credit card account you opened together. Creditors consider you both responsible for the debt as a joint account owner, which means your credit can be affected by payment history, and the debt will remain on your credit report. If your credit allows it, you may consider closing joint accounts or splitting them up. Closing accounts can have a temporary, negative impact on your credit score, but the peace of mind you'll gain will likely make doing so worthwhile.\nIn the nine community property states (Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington and Wisconsin), debt that one spouse took on during the marriage is considered joint debt, which can make both spouses responsible for it if they divorce. Understand the rules in your state and discuss with a lawyer your options for making an agreement to divide up your debts. END

TITLE: How to Build and Maintain Good Credit at Every Stage of Life CONTENT: Is Your Credit Important When You Retire?\n-----------------------------------------\nRetirement planning can require a lot of energy—and, of course, money—over a lifetime. It's important to build good credit and check it closely so you can enjoy retirement when you get there.\nStrong credit can help you qualify to refinance your mortgage when rates are low, downsize to a smaller home or finally buy a dream vacation property. If you need to rely on credit cards in a pinch—for medical expenses, for instance—good credit can allow you to pay off debt fast with a low-rate card like a 0% intro APR balance transfer credit card.\nThe simple fact of earning less money in retirement can lead to a dip in credit scores, or to more difficulty qualifying for credit. If you experience a drop in income, you might find it harder to get new loans or credit cards, unless you have no debt at all and your debt-to-income ratio hasn't changed. END

TITLE: How to Build and Maintain Good Credit at Every Stage of Life CONTENT: What Happens to Your Debt and Credit After You Die?\n---------------------------------------------------\nWhen a person dies, that information must first get flagged to the credit bureaus so they can note it on the credit file. This process can help prevent identity theft in the deceased person's name.\nOften, family members of the deceased will alert creditors that the borrower has died and that the account should be closed. Lenders then let the credit bureaus know. Accounts for people listed as deceased will be deleted after a year, and a credit file will disappear once there are no accounts associated with it.\nIf you die with debt in your name, what happens to it depends on whether it's backed by collateral or not. In the case of a mortgage or car loan, the lender has the ability to collect on your debt using the value of those assets. Your estate may pay off those debts or sell property to settle them. Unsecured debt like credit card balances will often also be paid by your estate before your heirs can get money you left them—but only if your estate has the money to pay off the debt. If not, the lender will not be repaid in full. END

TITLE: How to Build and Maintain Good Credit at Every Stage of Life CONTENT: Credit Over a Lifetime\n----------------------\nCredit will stick with you at each stage of your life, starting from the moment you take on your first loan or credit card account. You will likely encounter ups and downs during your credit journey. But as long as you monitor it and take steps to repair it when necessary, credit can be a tool that you'll come to appreciate each time you approach a new financial milestone. END

TITLE: How to Manage Your Credit During a Divorce CONTENT: How Will Getting Divorced Affect Your Credit?\n---------------------------------------------\nYour credit report doesn't show your marital status, so a divorce won't appear anywhere in your credit history. It's also not a factor that affects your credit score. But that doesn't mean a divorce can't impact your credit indirectly if it, for example, causes you to fall behind on your debt payments.\nThe first thing to know is that divorce doesn't automatically split up the credit you and your former spouse established together. Even if your debts (and the responsibility for paying them) are assigned as part of your divorce decree, creditors still hold you liable for the debt. This also means account information, including negative items such as late payments and high credit utilization, can be reported to the credit bureaus and added to your credit report if you are still associated with the account. So if your ex agrees to make payments on a joint account and then doesn't, those late or missed payments can show up on your credit report as well as theirs. If they default, you are jointly responsible for their debt. END

TITLE: How to Manage Your Credit During a Divorce CONTENT: How Do You Manage Debt in a Divorce?\n------------------------------------\nEven though the divorce itself isn't relevant to your credit status, the way you resolve and manage your joint debt and credit accounts can make a difference. Your good credit can survive a divorce. For the sake of your financial—and emotional—equilibrium, it helps to take early steps to manage and protect your credit.\n* **Create a plan.** As soon as possible—even before you separate, if you can—try to work together to take stock of your joint credit accounts, loans and other bills and decide who will take charge of paying each one. If savings accounts are intertwined, figure out a way to divide assets, possibly by determining how much each person contributed to the account.\n* **Close or separate your accounts.** To simplify things, pay off and close joint accounts wherever possible. When that's not feasible, talk to your lender or card issuer about converting to an individual account by removing your ex-spouse as an account holder or authorized user. You also want to remove your name from any open accounts your ex plans to continue using.\n* **Be responsible.** Until your accounts are fully separated, you and your ex have the potential to run up joint debt and\/or damage each other's credit. Your divorce process will go far more smoothly and your good credit has a much better shot at staying intact if you act responsibly now. While you are sorting things out, make at least your minimum payments on time. And don't rack up any debt you don't intend to repay yourself.\nMonitoring your credit is a good practice during this time as well. Not only will it help you check on the status of your accounts (whether you've closed or converted them), but it also allows you to see any missed payments or other negative information—as well as any inquiries or new accounts. END

TITLE: How to Manage Your Credit During a Divorce CONTENT: Can You Remove a Mortgage After a Divorce?\n------------------------------------------\nIf both you and your ex are named on your mortgage, credit bureaus cannot remove the account from your credit report. You are still liable for the loan, even if your divorce decree assigns responsibility for payment to your ex.\nContinuing to hold a mortgage with your former spouse isn't ideal. The loan will continue to show up on your credit report as well as theirs, possibly restricting either party's ability to get a new home loan in the future. If your ex makes late payments or—worse—defaults, your credit will be damaged as well. Having a joint mortgage is an ongoing responsibility you may prefer not to share, or may make things more difficult going forward.\nBut it isn't always simple to remove one spouse or the other from a mortgage. If you qualified for the loan together, your lender probably won't be willing to simply remove one party from the loan. Instead, you may have to refinance, sell your home or pay off the loan in order to make a clean break. END

TITLE: How to Manage Your Credit During a Divorce CONTENT: How to Rebuild and Establish Your Credit Independently\n------------------------------------------------------\nIf you established credit before you got married and maintained a solid credit history and score throughout your marriage, you may emerge with your good credit intact. But if your credit was tied to your spouse—along with your income and assets—rebuilding or establishing credit can be a key challenge after divorce.\n* **Start small and build.** Improving your credit score takes time. You may have to start with a small credit limit or even a secured credit card. Use your card for a few purchases and always pay your bills on time. After six months, you may be able to be approved for an unsecured card, or your card issuer might convert your account and refund your security deposit. If not, keep managing your card responsibly and try again in another six months.\n* **Find a cosigner.** If you need help getting approved for a loan, consider asking a friend or family member with established credit to cosign. If your credit improves, you may be able to refinance on your own at a later time.\n* **Maintain a positive payment history.** Your payment history is the single biggest factor in determining your credit score; it accounts for 35% of your FICO score. Even one late payment can set you back, so pay every bill on time.\nHelp may be available if you're having a hard time paying your bills. The nonprofit National Foundation for Credit Counseling (NFCC) can help you establish a budget and repay creditors. Or look for other nonprofit organizations that provide low- or no-cost credit counseling and financial management training. Just be wary of for-profit companies that charge a substantial fee in exchange for a \"quick fix\" to your credit problems. END

TITLE: How to Manage Your Credit During a Divorce CONTENT: Moving Forward\n--------------\nDivorce is a financially tumultuous time. But if you take steps to protect your credit, sort out your loans and credit accounts, monitor your credit activity and score, and work to establish or rebuild your individual credit, you can keep your possibilities open while minimizing risk and damage. Weather this storm and get on with your financial life. END

TITLE: How to Plan for Retirement CONTENT: Start Saving Immediately\n------------------------\nIf you haven't started saving for retirement yet, now is the best time to do it—before the years start slipping away. This applies whether you're in your 30s, 40s or 50s and even if you're nearing the traditional retirement age of 65.\nBy age 30, it's smart to have an emergency fund with enough to cover three to six months' worth of living expenses. Once you've set aside some money in your emergency fund (even if it's not fully funded), start saving money for retirement, especially if you don't have any retirement savings yet.\nOnce you hit the 40-year mark, your emergency fund should be well-established, and you should have some savings in a tax-deferred retirement account such as a 401(k) sponsored by your employer or an IRA that you set up on your own.\nAt age 50, you should have a healthy stockpile of money for retirement and, of course, a fully funded emergency fund.\nRegardless of your age, if you have no money saved for retirement, today is the day you should get started. Of course, everyone's circumstances are different, but keep in mind that retirement can last for 30 years or more.\nSaving even a small amount of money per month can bring you closer to achieving your retirement goals. Assuming an annual return of 6%, saving just $50 a month will put you at $3,506 in five years. Bump that up to $500 a month at 6%, and you're looking at 10 times that amount—$35,059—over a five-year period. Investment experts usually recommend carving out at least 15% of your gross income to put toward retirement. END

TITLE: How to Plan for Retirement CONTENT: Choose Where to Store Your Funds\n--------------------------------\nAs we mentioned before, a 401(k) and an IRA are two options for your retirement savings. In fact, they're the two most common types of retirement accounts. Let's dig a little deeper into the 401(k) and IRA.\nSponsored by your employer, a 401(k)—or 403(b) for some nonprofit and other employers—lets you put some of your pretax income in a retirement account. The amount you select is deducted automatically from your paycheck before it hits your bank account. Investment options for a 401(k) include mutual funds and exchange-traded funds (ETFs). In some instances, your employer will match your contributions up to a certain amount, often as a percentage of your salary (like 3%).\nFinancial experts typically recommend earmarking at least 10% to 15% of your pretax income for your 401(k). But if you're 40 or over, you might want to aim for 20%.\nAs opposed to a 401(k), an IRA is a retirement account that you open on your own through a bank, credit union, investment firm or a mutual fund company. Two common kinds of IRAs are a traditional IRA and a Roth IRA:\n* A **traditional IRA** enables you to contribute pre- or after-tax dollars. Your money grows tax-deferred, and withdrawals are taxed after age 59½.\n* A **Roth IRA** allows you to contribute after-tax dollars. Your money grows tax-free, and you usually can withdraw money after age 59½ without paying taxes or penalties. END

TITLE: How to Plan for Retirement CONTENT: Start Reducing Expenses Before Retirement\n-----------------------------------------\nSo, you might be wondering how you can come up with enough money to set aside for retirement. Two ways you can accomplish that are by creating a financial plan and reducing expenses. END

TITLE: How to Plan for Retirement CONTENT: Monitor Your Credit\n-------------------\nProperly planning and managing your finances—including your retirement savings—depends, in part, on monitoring your credit. So, why is it important to keep on top of your credit ahead of retirement? Here are four reasons:\n1. You don't want to carry a heavy load of debt that eats into your retirement income.\n2. If you decide to downsize to a different house, your credit score will impact your approval for a mortgage and the interest rate and terms you're offered. You might want to downsize from a house you own to an apartment you rent. When reviewing your rental application, a landlord likely will review your credit.\n3. You might be leaning toward refinancing a mortgage or auto loan. Healthy credit can help lower monthly payments and interest rates for these loans.\n4. You might need to pay health care expenses with a credit card or loan. A strong credit record can boost your credit score and potentially lead to lower interest rates.\nKeep in mind that your retirement won't be reflected on your credit reports. These reports, which are used to calculate your credit scores, don't include information about your employment or income. END

TITLE: How to Plan for Retirement CONTENT: Keep Track of Your Social Security Statement\n--------------------------------------------\nYour Social Security statement offers an estimate of the amount of Social Security benefits you could receive once you retire. It's one of the tools you can use to plot your retirement strategy. For instance, it can give you a better sense of how much money you should be putting into your 401(k) or whether you should open an IRA.\nTo check your Social Security statement, visit ssa.gov, click Menu at the top of the page and then click Social Security Statement on the left side of the page. END

TITLE: How to Handle Credit and Debt After the Death of a Spouse CONTENT: Do I Need to Notify Credit Bureaus of My Spouse's Death?\n--------------------------------------------------------\nWhen your spouse dies, you'll need to notify lenders that accounts held in your spouse's name alone should be closed. If you have joint accounts, notify lenders that one party on the account is now deceased. Lenders will report your spouse as deceased when they send their next account update to the credit bureaus.\nCredit bureaus also receive periodic lists of newly deceased people from the Social Security Administration (SSA). Funeral homes generally notify the SSA of a death; if you want the funeral home to handle this for you, give them your spouse's Social Security number. You can also report the death to the SSA yourself by calling 800-772-1213 or visiting your nearest Social Security office in person.\nWhen a credit bureau receives notice of the death, your spouse's credit report will be flagged to indicate that he or she is deceased. If anyone attempts to apply for credit in your spouse's name, lenders will be alerted that they've passed away.\nIf you'd like to speed up the notification process and help ensure your spouse's identity is secure, you can notify the credit reporting agencies yourself. You only have to notify one of the major consumer credit bureaus—Experian, TransUnion or Equifax—and they will tell the others. Here's how to notify each credit reporting agency of a death:\n* **Experian:** Mail a copy of the death certificate to Experian's Consumer Assistance Center, P.O. Box 4500, Allen, TX 7501, or upload it online.\n* **TransUnion:** Mail a copy of the death certificate to TransUnion, P.O. Box 2000, Chester, PA 19016\n* **Equifax:** Mail a copy of the death certificate to Equifax Information Services LLC, P.O. Box 105139, Atlanta, GA 30348-5139\nAlong with the death certificate, you'll need to provide the credit bureau with your spouse's legal name, Social Security number, date of birth and date of death. They'll also want your name, mailing address, and a copy of your driver's license or other government-issued identification. If someone else, such as the executor of your spouse's estate, is notifying the credit bureau, that person should provide a copy of their government-issued identification and a copy of the will, executor agreement or power of attorney documentation proving they are authorized to act on behalf of your spouse's estate. END

TITLE: How to Handle Credit and Debt After the Death of a Spouse CONTENT: What Happens to Joint Accounts After a Spouse Dies?\n---------------------------------------------------\nCreditors cannot legally close a joint account or modify its terms just because one of the account holders has died. However, creditors typically ask you to reapply for credit in your own name. Based on this application, they will decide whether to continue extending credit or adjust your credit limit.\nSometimes, lenders will mistakenly report both spouses on a joint account as deceased. If this happens, you'll need to determine which creditor made the error and contact them to correct it.\nIf you live in a community property state, any credit accounts your spouse opened while you were married are automatically joint accounts, meaning you're responsible for these debts. Your spouse may have had credit accounts you weren't aware of or have forgotten about, so be sure to keep an eye on all incoming bills and pay them on time to avoid credit damage.\nPaying jointly held accounts on time is critical to maintaining your good credit. Making even one late payment can negatively affect your credit score and make it harder for you to get loans or credit cards in your own name in the future. END

TITLE: How to Handle Credit and Debt After the Death of a Spouse CONTENT: Am I Responsible for My Deceased Spouse's Debt?\n-----------------------------------------------\nWhen your spouse dies, their debt survives, but that doesn't necessarily mean you're responsible for paying it. The debt of a deceased person is paid from their _estate_, which is simply the sum of all the assets they owned at death. If your spouse had a will, the executor they named in the will uses the estate to pay off creditors. If your spouse didn't have a will, a probate court judge will decide how to distribute their estate and will choose an administrator to carry out those decisions.\nIn general, you are not responsible for your spouse's debts unless you held a joint credit account (which is different from being an authorized user on your spouse's account); cosigned for a loan, debt or account; or live in one of the nine community property states—Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin. (Alaska residents have the option to choose community property by signing a special agreement.)\nCommunity property states generally hold spouses responsible for one another's debts. However, laws differ from one community property state to another. If you're not sure what the law requires, consult an attorney familiar with estate law in your state.\nIf you signed or cosigned hospital admission papers or medical treatment authorizations, you may also be responsible for any medical bills your spouse incurred that their insurance doesn't pay. This depends on your state's laws and the specific documents you signed.\nIf your spouse's assets at the time of their death don't cover their debts, will you be forced to hand over the proceeds of their life insurance policy or tap their retirement account to pay the bills? Thankfully, certain assets—including life insurance policies, retirement plans, brokerage accounts and any assets held in a living trust—are protected from creditors and can't be pursued to pay debts after a spouse's death. Otherwise, the estate executor or probate administrator will refer to your state's probate laws to prioritize creditors and distribute payments accordingly until the money runs out. If there's not enough money to pay all the debts, some creditors will not get paid. END

TITLE: How to Handle Credit and Debt After the Death of a Spouse CONTENT: Where to Look for Help\n----------------------\nAfter the death of a spouse, you may be a target of creditors seeking repayment for your spouse's debts. While it's legal for creditors to contact you for information about your spouse's debt, such as how to contact the estate executor, they cannot request payment for debts that aren't your responsibility. Debt collectors must follow federal, state and local laws, including the Fair Debt Collection Practices Act, when pursuing a debt. If you are being harassed by creditors, you can send a cease and desist letter, submit a complaint to the Consumer Financial Protection Bureau or your state's attorney general, or contact an attorney for help.\nHave you discovered your spouse had credit card debt or other debt you never knew about? Are you having trouble paying the bills on your own? Perhaps your spouse always handled the finances and you're feeling overwhelmed. A credit counselor can help you learn to handle your finances, make a budget and develop a debt management plan.\nCredit counseling agencies are usually nonprofit organizations; you can find them through the National Foundation for Credit Counseling, Financial Counseling Association of America or the U.S. Department of Justice's list of approved credit counseling agencies.\nWatch out for \"credit repair\" organizations that promise to wipe out your debt, recommend doing anything dishonest or charge a hefty fee. Legitimate credit counselors provide free or low-cost services and teach clients financial literacy, not just how to get out of debt. END

TITLE: How to Handle Credit and Debt After the Death of a Spouse CONTENT: Maintain Your Credit for the Future\n-----------------------------------\nNow that you're on your own, being able to get credit cards and loans can be key to your financial security. Help protect your future by reviewing your credit reports. You can get them for free from all three major consumer credit bureaus through AnnualCreditReport.com. Your free credit report and score are also available for free directly through Experian. While you're at it, set up free credit monitoring to stay on top of any changes to your credit score and get alerts of suspicious activity. It's a great way to help maintain your own credit as you move into a new phase of your life. END

TITLE: These Tips Can Help You Improve Your Credit CONTENT: Steps to Improve Your Credit\n----------------------------\nYour credit report shows how well you've managed your financial responsibilities over a certain time period. The information in your credit report determines your credit score, and the most commonly used credit score—the one calculated using the FICO® Score☉ model—ranges from 300 to 850. The higher your FICO® Score, the better (and the same goes for any other scoring model). Negative credit report information drops off over time, but positive information sticks around a bit longer, sometimes indefinitely. To establish a positive credit history and help improve credit scores:\n1. Pay your bills on time. Because payment history accounts for 35% of your FICO® Score, this should be your top priority when focusing on improving credit. While you can't remove past missed payments, you can take steps to avoid them. And it's never too late to make a commitment to building a spotless payment history.\n2. Set up a budget, and live within it. After payment history, credit utilization is the second most important factor, making up 30% of your FICO® Score. Experts recommend using no more than 30% of your available credit at any time, but those with the highest credit scores often use much less than that. Ideally, you'll pay off credit card balances completely each month—which likely also means making a budget and avoiding purchases that you can't comfortably afford that month.\n3. Thoughtfully apply for new credit. Your credit score will suffer if you frequently apply for new credit cards or loans. Lenders may assume you're a risk if you're looking for more credit because you've maxed out the accounts you already have. Only apply for the credit you truly need, especially just before you seek out a mortgage or other major loan, where a drop in your score could cost you an approval.\n4. Use personal data consistently. Providing complete, accurate and consistent identification on your credit applications helps set up your credit history correctly from the beginning. It also minimizes the chance that your credit file will be incomplete or mixed with another consumer's file. In the worst-case scenario, another consumer could accidentally—or fraudulently—use your personal information to establish credit accounts that end up on your credit report, and if they go unpaid, lower your score.\n5. Avoid closing your oldest accounts. Length of credit history accounts for 15% of your FICO® Score. Lenders prefer to take on borrowers who have a wealth of experience managing credit, so long credit histories will contribute to high credit scores. If you're tempted to close old credit cards you no longer use, pause and consider keeping them open to maintain a longer credit history. But closing accounts can be advisable in certain circumstances, such as if the card carries a high annual fee or is otherwise problematic for your finances.\n6. Look to professionals. If you need credit help or if you don't have time to develop your own plan, quality nonprofit credit counseling organizations can help consumers understand credit reports, contact creditors, manage debt and set up budgets. END

TITLE: These Tips Can Help You Improve Your Credit CONTENT: How Long Does It Take to Improve Credit?\n----------------------------------------\nImproving credit won't happen overnight. Since credit history length is a crucial part of the equation, only consistently positive credit behavior will have a major impact. Negative information stays on your credit report for a long time—seven years for late and missed payments, for instance. The effect of these on your score will become less potent over time, but it will take regular positive information to balance it out and improve your score.\nKnow, too, that going to a credit repair company will not help improve credit scores. A credit repair company can't have accurate credit information taken off your report, even if it's hurting your scores. Everything one of these companies can do is possible to do on your own at no cost. You could end up paying hundreds to thousands of dollars for this unnecessary service.\nThe Credit Repair Organizations Act is a federal law that prohibits credit repair companies from taking payment from a consumer until the promised service has been provided. It also requires companies to give consumers a written contract explaining the services it will offer and the terms and conditions of payment. You have three days to withdraw from the contract. If you work with a credit repair company—which experts generally caution against—make sure you receive and understand the contract and make sure the company abides by it. END

TITLE: These Tips Can Help You Improve Your Credit CONTENT: Does Paying Off Accounts in Collections Improve Credit Scores?\n--------------------------------------------------------------\nIn general, paying off an account in collections is a smart move, as it will close the chapter on the delinquent account and end contact with your creditor and debt collector. But the associated missed payments on the account will remain on your credit report for seven years, and the appearance of an account in collections could lead to denials when you apply for certain loans.\nWhen you pay off an account in collections, your balance will drop to zero, and some credit scoring models and versions will not factor this account into your credit score. That's a good thing: It means your credit score will likely increase, because the collection account alone is no longer a negative contributor to your score.\nBut that's only true for the FICO® 9 and VantageScore® 3.0 and 4.0 credit scores. So if a lender uses an older version to make a lending decision, paid collections accounts will still factor negatively into your score, and your score will not improve because you've paid off your balance.\nIt's still a positive move to pay off an account in collections. But an improved credit score may not be the No. 1 reason to do so. END

TITLE: These Tips Can Help You Improve Your Credit CONTENT: Why Improving Your Credit Is Important\n--------------------------------------\nA good credit score can be a lifeline when you're focused on achieving certain milestones, like getting a mortgage, car loan or even an apartment. Lenders and landlords look at credit reports as evidence of your financial responsibility. Improving your credit so that it's in the good to exceptional range will give you access to the widest variety of loan and credit card options at the lowest interest rates.\nThink of a good credit score as reinforcement, or a bodyguard backing you up when you're ready to make a change or pursue a financial goal. If a relationship ends unexpectedly and you suddenly need to seek out a new apartment, knowing you have good credit can give you peace of mind, knowing you'll easily be able to qualify for a new place.\nOn the other hand, when your partner says they're ready to buy a home together, already having good credit can put you in a better position to agree that it's the right time—and you'll be able to jump into the housing search with enthusiasm, rather than feeling that you're not yet a strong candidate for a mortgage. END

TITLE: These Tips Can Help You Improve Your Credit CONTENT: Good Credit Is Worth Working Toward\n-----------------------------------\nWhile it will take time, an improved credit score has the potential to improve your financial life, and potentially your day-to-day life if it can bring you closer to the things you want. Don't focus on the past if you're rebuilding damage credit. Know that it's possible to improve yours starting today, as long as you dedicate time and consistent practice to your goal. END

TITLE: How to Improve Your Credit Score CONTENT: Steps to Improve Your Credit Scores\n-----------------------------------\nThe specific steps that can help you improve your credit score will depend on your unique credit situation. But there are also general steps that can help almost anyone's credit. END

TITLE: How to Improve Your Credit Score CONTENT: How Long Does It Take to Rebuild a Credit Score?\n------------------------------------------------\nThere's no set timeline for rebuilding your credit. How long it takes to increase your credit scores depends on what's hurting your credit and the steps you're taking to rebuild it.\nFor instance, if your score takes a hit after a single missed payment, it might not take too long to rebuild it by bringing your account current and continuing to make on-time payments. However, if you miss payments on multiple accounts and you fall over 90 days behind before catching up, it will likely take longer to recover. This effect can be even more exaggerated if your late payments result in repossession or foreclosure.\nIn either case, the impact of negative marks will diminish over time. Most negative marks will also fall off your credit reports after seven years and stop impacting your scores at that point if not sooner. Chapter 7 bankruptcies can stay for up to 10 years, however.\nIn addition to letting time help you rebuild your scores, you can follow the steps above to proactively add positive information to your credit reports.\nYou may also hear about credit repair companies that offer to repair or \"fix\" your credit—for a price. It might seem tempting, but credit repair companies can't do anything that you can't do on your own for free. Similarly, you should be wary of so-called debt settlement companies that may encourage you to stop making payments in an attempt to try to \"settle\" the debt for less than you owe. Their plan can result in major credit score harm and may not even ultimately work to reduce your debt obligation. END

TITLE: How to Improve Your Credit Score CONTENT: Establishing or Building Your Credit Scores\n-------------------------------------------\nDepending on your experience with credit, you might not have a credit report at all. Or, your credit report might not have enough information that credit scoring models are able to assign you a credit score.\nWith FICO® Scores☉ , you need to have at least one account that's six months old or older, and credit activity during the past six months. With VantageScore, a score may be calculated as soon as an account appears on your report.\nWhen you don't meet the criteria, the scoring model can't score your credit report—in other words, you're \"credit invisible.\" As a result, creditors won't be able to check your credit scores, which could make it difficult to open new credit accounts.\nSome people may be in a situation where they've only opened accounts with creditors that report to only one bureau. When this happens, they may only be scorable if a creditor requests a credit report and score from that bureau.\nIf you're brand new to credit, or reestablishing your credit, revisit step one above. END

TITLE: How to Improve Your Credit Score CONTENT: How Credit Scores Are Calculated\n--------------------------------\nCredit scores are determined by computer algorithms called scoring models that analyze one of your credit reports from Experian, TransUnion or Equifax. Scoring models (and there are many) may use different factors, or the same factors weighted differently, to determine a particular score. However, consumer credit scores generally share a few similarities:\n* Scores are calculated based on the information in one of your credit reports.\n* Scoring models try to predict the likelihood that a borrower will be 90 days late on a bill in the next 24 months.\n* A higher score indicates a person is less likely to fall behind on a bill, and vice versa.\nThe vast majority of lenders use credit scores calculated by FICO and VantageScore® scoring models. The most recent versions of their generic credit scores use a score range of 300 to 850—and a score in the mid-600s or higher is often considered a good credit score. (Generic means they're created for any type of lender. FICO also creates industry-specific scoring models for auto lenders and card issuers that range from 250 to 900).\nConsidering how different credit scores use the same underlying information to try and predict the same outcome, it might not be surprising that the steps you take to try to improve one score can help increase all your credit scores.\nFor example, making on-time payments can help all your credit scores, while missing a payment will likely hurt all your scores. There are several factors that can affect your credit scores. Here, we'll focus on the actions you can take to help improve your credit scores.\n> ### How to Get Your FICO® Score for Free\n> \n> Understand the reasons that help or hurt your FICO® Score, including your payment history, how much credit you are using, as well as other factors that influence your overall credit.\n> \n> [Get Your FICO® Score](;br=exp&show=true&op=FRSC-ASK-ART-100-INL-XXXXXXX-XX-EXP-VMAC-YYY-836XXX-21271X-XXXXX&dAuth=true) END

TITLE: How to Improve Your Credit Score CONTENT: Credit Education Resources\n--------------------------\nContinue your credit education with our guides and resources:\n* **What Affects Your Credit Scores?** Learn how different types of accounts and actions can impact your credit scores.\n* **How to Calculate Credit Card Utilization**: Your credit utilization rate can have a big impact on your scores. The math is easy, but there are common misunderstandings about which numbers to use.\n* **Credit Repair: How to \"Fix\" Your Credit Yourself**: Find out how you can improve your credit for free.\n* **4 Simple Habits That Build Good Credit**: Follow these simple rules for building and maintaining good credit.\n* **What Is a Bad Credit History and Rating?**: If your credit needs some work, learn more about why you may have a bad credit score and what you can do about it.\n* **Which Debts Should I Pay Off First to Improve My Credit?**: Prioritizing certain bills can be important when you're trying to increase your credit scores.\n* **Credit Myths**: Learn the truth and don't get caught off guard. END

TITLE: A Debt Management Plan: Is It Right for You? CONTENT: A debt management plan is a type of repayment plan that's set up and managed by a credit counseling agency. Many credit counseling agencies are nonprofit organizations that offer education and assistance to help people better manage their finances.\nWhen you work with a credit counseling agency, you'll meet with a counselor who will review your financial situation and help you understand your options. If a DMP is a good fit, the counselor can negotiate with your creditors on your behalf to create new payment plans.\nAs part of the negotiation, creditors may waive fees and lower the interest rate on your accounts if you agree to repay the debt through a DMP. With many DMPs, the goal is to have your debts fully repaid within three to five years, which is easier to do when less interest accrues each month.\nOnce you start the DMP, you'll make a single monthly payment to the counseling agency, which will then distribute the money to your creditors. The agency may also charge you a small monthly fee for the service, but your interest savings could more than cover the cost.\nGenerally, DMPs are only available on accounts that aren't backed by collateral, such as credit cards. And while you may be able to pick and choose which accounts you want to include in your DMP, you'll need to close all the credit cards that are part of the DMP. END

TITLE: A Debt Management Plan: Is It Right for You? CONTENT: What Are the Benefits of a Debt Management Plan?\n------------------------------------------------\nBorrowers who are struggling with their bills may find a DMP offers a sense of relief and a practical solution. Particularly if you're feeling overwhelmed or you're making monthly payments and the balance never seems to decrease, a DMP can put you on a path to paying off your debts.\nThe main benefits of working with a counselor and getting on a DMP include:\n* **Professional advice**: You'll start with a financial counseling session where a counselor will go over your budget, debts, goals and options to help you determine the best course of action. Even if you don't go with a DMP, you may find this initial (often free) session helpful.\n* **Waived fees and lower payments**: The counselor can work with your creditors to waive previously charged fees and lower your monthly payments, helping you pay down your debts more quickly and freeing up room in your budget for other necessary expenses.\n* **Debt deleted sooner**: The counselor may also be able to negotiate lower interest rates on your debts, which means a larger portion of your payment goes toward the principal balance, and you'll be out of debt sooner.\n* **One monthly payment**: You receive one monthly statement and send one monthly payment to the counseling agency. It can be much easier to manage than juggling bills from multiple creditors.\n* **Accounts brought current**: If you've fallen behind on payments, you might not be able to afford to pay your entire past-due balance—even if you can afford the monthly payment. As part of a DMP, your creditors may agree to \"re-age\" your account and update the account status to current, saving you on late fees, after you make several on-time payments through the DMP.\n* **Fewer calls**: If you're able to include past-due accounts or collection accounts in your DMP, the creditors and collection agencies should stop calling. But it can take several months for calls to stop, as it takes time for all the paperwork and processing to get worked out.\n* **A plan with accountability**: You could stick to making minimum payments on credit cards and be stuck with the debt for years. But with a DMP, you'll have a plan for paying off the debt and a credit counselor who will keep you accountable.\nYour credit counselor may be able to offer support or referrals to help you manage other aspects of your finances. For example, some agencies offer budgeting, homebuying, student loan and bankruptcy workshops, and have trained counselors who can help you navigate all these situations or goals. END

TITLE: A Debt Management Plan: Is It Right for You? CONTENT: What Are the Disadvantages of a Debt Management Plan?\n-----------------------------------------------------\nThere are also potential drawbacks to getting on a DMP rather than a different type of debt consolidation or repayment program.\n* **It won't include every debt.** DMPs generally won't include your secured debts and some types of unsecured loans, such as student loans. Counselors may be able to offer guidance, but you'll generally need to manage those payments on your own.\n* **There are fees.** You may need to pay an initial setup fee (such as $30 to $50) and a monthly fee (often ranging from $20 to $75) to participate in a DMP. The amounts can vary depending on the counseling agency and state laws, and your financial situation may qualify you for waivers or accommodations.\n* **Less access to credit.** You'll have to close any credit cards that you include in the DMP, which will diminish your access to credit throughout the month. Your creditors may also monitor your credit reports and require you to stop using credit cards that aren't part of the DMP while you're participating in the program.\nDuring the initial counseling session, the counselor can help you review your financial situation and determine which options are best. Sometimes, a debt consolidation loan or balance transfer credit card might make more sense. If your situation is severe, it might warrant bankruptcy to clear away overwhelming debts and get you on a more manageable repayment plan. END

TITLE: A Debt Management Plan: Is It Right for You? CONTENT: Does a Debt Management Plan Affect Credit?\n------------------------------------------\nWorking with a credit counselor or starting a DMP won't have a direct impact on your credit scores. However, notes that you're working with a counselor or using a DMP could be added to your credit report, and the DMP process can indirectly impact your credit in several ways:\n* **Closing accounts may increase utilization.** Your credit utilization ratio is the percentage of your total available credit on revolving accounts (such as credit cards) that you're currently using. A lower utilization ratio is better for your scores. Closing credit cards can decrease your available credit and lead to a higher utilization ratio if you keep other non-DMP credit card accounts open. \n The exact impact, however, will depend on your specific situation and the type of credit score. Some scoring models won't include any closed accounts in utilization calculations, while others—including FICO—may include closed accounts that have a balance when determining utilization.\n* **Bringing accounts current can help you build positive payment history.** If your creditors agree to re-age your past-due accounts and change their status to current, your monthly DMP payment will result in on-time payments on all accounts included in your DMP. These can help you build positive payment history, which is the most important credit scoring factor.\n* **You'll repay your accounts in full.** A DMP can result in waived fees and lower interest rates, but you'll still be paying your accounts in full when you complete the DMP. This may be better for your credit than settling debts for less than the full amount.\nKeep in mind, too, that contrary to popular belief, closing credit accounts won't immediately impact the length of your credit history and the mix of account types in your credit history. Closed accounts can stay on your credit reports for up to 10 years, and they can continue to impact your credit history's length and credit mix during this time. As a result, closing accounts as part of a DMP (or for any other reason), won't have an impact on these scoring factors for a long time. END

TITLE: A Debt Management Plan: Is It Right for You? CONTENT: Getting Started With a DMP\n--------------------------\nIf you think a DMP might be a good option, find a trained credit counselor and meet with them in person, or work with a counselor over the phone or online if you'd prefer.\nMany, but not all, credit counseling agencies are nonprofits, and you may want to limit your search to nonprofits. You can start by looking for agencies that are part of the National Foundation for Credit Counseling or Financial Counseling Association of America, two certification organizations, or are accredited by the Council on Accreditation.\nIn preparation, you could review your credit report and make a list of your current debts—information that you may have to prepare and share with your counselor before the initial consultation. You can start by checking the accounts listed on your Experian credit report for free online. END

TITLE: How to Get Out of Debt - Experian CONTENT: 1\\. List Everything You Owe\n---------------------------\nTo pay off your debt, you need to know exactly how much you owe:\n* Make a list of all your debts. Include your mortgage, vehicle loans, student loans, other types of loans, accounts in collection and credit cards.\n* For loans, note your interest rate and monthly payment.\n* For credit cards, note your interest rate and the minimum monthly payment.\nAdd your monthly loan payments and minimum credit card payments to determine the minimum amount you owe each month.\nIf you're unsure of all the accounts you have open, especially those that might be in collections, you can check your free credit report. It will show what creditors are currently reporting to the credit bureaus, including your most recently reported balances and contact information for the accounts. (Your banks and credit card issuers will have the most up-to-date information.)\nThe total you come up with is the minimum amount you need to pay every month simply to stay current on your debt. However, if that's all you pay toward your debt on a monthly basis, it will be nearly impossible to pay it all off. END

TITLE: How to Get Out of Debt - Experian CONTENT: 2\\. Decide How Much You Can Pay Each Month\n------------------------------------------\nOnce you've listed out your current debts, make another list that includes all your non-debt monthly expenses, such as groceries, cell phone bill, utilities, gas for your car, rent, entertainment, clothing and so on.\nSome of these amounts can vary from month to month, so it's a good idea to take the average of several months. For example, to find out your average monthly electricity payment, add up the total from six months' worth of bills and then divide the sum by six. That's your average monthly electricity cost for the past six months.\nThis list represents basic expenses that you have to pay every month. Now compare this amount with your monthly income, considering only the money you have left after paying taxes and other salary withholdings—your take-home pay or monthly net income. Subtract these total expenses from your monthly income.\nIf the amount you have left over after paying these necessary bills is less than the amount you need to put toward your debt, you'll need to take action. You may choose to:\n* **Look for opportunities to save.** Reconsider your expenses and consider ways to spend less. For example, if you dine out a lot, cutting back could save money that you could put toward paying off debt.\n* **Consider debt consolidation.** A debt consolidation loan allows you to compile multiple high interest debts, such as credit card balances, into a single lower interest debt. While debt consolidation can't lower the principal of what you owe, it can reduce the total amount of interest you'll pay over the life of the debt. Reducing interest expenses may make it easier for you to put more money toward paying down the principal of the debt.\n* **Increase your income.** This will give you more money to put toward your debt. You might get a second job, sell some things you don't need or look for a job that pays more.\nIf the amount left over after paying basic expenses is more than the minimum amount you need to put toward your debt, decide how much additional money you would like to set aside to pay down your debt each month. Remember, the more you can pay above the minimum, the faster you'll be able to pay off your debt. END

TITLE: How to Get Out of Debt - Experian CONTENT: 3\\. Reduce Your Interest Rates\n------------------------------\nHigh interest rates can cause your debt to grow rapidly, especially if you have a lot of credit card debt. When you're paying a lot in interest, it can be difficult to pay off the principal.\nHere are some common types of higher interest debt and tips for how to reduce the interest you pay on each:\n### Credit Cards\nYou have a few options for reducing credit card interest rates:\n* **Ask the credit card issuer for a lower rate.** If you have a good payment history with them and good credit, they may agree to lower your rate for a period of time, or even permanently. Calling your issuer and asking for a lower interest rate costs you nothing and doesn't affect your credit report or credit score.\n* **Consider a balance transfer credit card.** If you're not able to secure a lower interest rate from your current credit card company, you may be able to transfer outstanding credit card balances to a balance transfer card with a lower or zero interest rate. Credit card companies often offer promotional rates for a limited period in exchange for you transferring a balance from an existing card to a new one. You'll need to meet the balance transfer card company's qualifications, and you'll probably need to pay a transfer fee of around 3 percent of the balance you're transferring.\n* **Look into a debt consolidation loan.** This option can be another way to lower your interest rates because loans of this type typically charge lower interest than credit cards.\n### Student Loans\nWhile certain types of student loans can have fairly low interest rates, if your student loans are older, your rates may be higher. Additionally, if you have a high principal, the interest can quickly add up.\nDepending on your income and the type of student loan you have, you may be able to apply for an income-driven repayment plan on StudentLoan.gov that will lower your monthly payment. You must be current on your student loan debt to qualify, but you could reduce your monthly payment without incurring a penalty or harming your credit score.\nYou may also be able to obtain a debt consolidation loan if you have more than one student loan. Consolidating multiple student loans, which you can also apply for through StudentLoan.gov, will allow you to have a single monthly payment at a fixed interest rate that's based on the average of the interest rates on the loans you're consolidating. There's no cost to consolidate multiple federal education loans into one loan. However, you may lose certain student loan benefits, such as the ability to defer repayment.\nYou may also apply for a debt consolidation loan from a bank or other financial institution that combines your student loans and other debt, such as credit card debt. If you go this route, however, you may lose student loan benefits, such as the ability to defer repayment.\n### Debt Settlement\nIf you're looking for help dealing with high interest rates and difficult-to-manage debt, you may wonder if debt settlement is a good option for you. Some debt settlement companies advertise that they will negotiate with lenders on your behalf to get your payments reduced. With debt settlement, you go through a third-party company to pay your creditors a lump sum, usually an amount less than the total you owe, to settle the debt. While debt settlement may make it easier for you to pay off your debt, it does have some significant credit consequences.\nWhenever you pay less than the full amount you owe—which you agreed to pay when you entered into a credit agreement with the lender or credit card company—the settlement appears as negative information on your credit report. Negative information can contribute to lower credit scores.\nInstead of diving into debt settlement, a better option might be to talk to a nonprofit credit counselor. Credit counseling organizations can help you better understand tactics for managing and reducing your debt, such as creating and following a budget, and they may help you avoid the negative impact of debt settlement\nCredit counseling organizations also offer debt management plans, which are typically for those deep in debt. A debt management plan can reduce the number of payments you have to remember each month. A credit counselor from a government-approved list will negotiate with your creditors to see if they'll accept reduced interest rates or monthly payments, waive fees or reduce the amount you owe. Then you pay the credit counseling agency once a month and the organization distributes the funds to your creditors per their agreement. If you enroll in a debt management plan, it could appear on your credit report. For more, see \"A Debt Management Plan: Is It Right for You?\" END

TITLE: How to Get Out of Debt - Experian CONTENT: 4\\. Pay Your Bills on Time Each Month\n-------------------------------------\nPaying all your bills on time every month is one of the single best things you can do for your credit. Take any steps necessary to ensure you remember to pay your bills. You can set up automatic payments or payment reminders through your bank to ensure you never miss a payment.\nIf you find you're having trouble juggling all your bills and keeping up with payments, a debt consolidation loan or a debt management plan, mentioned above, could help. But you don't need professional help to create your own plan for managing debt. There are multiple ways to pay down debt, including:\n* **Put extra money toward the debt with the highest interest rate.** In the long run, this will reduce the total amount of interest you pay.\n* **Put extra money toward the credit card or debt with the smallest balance.** You'll be able to pay it off quickly, reducing the total number of accounts you have to deal with and giving yourself the mental boost of successfully eliminating part of your debt (though you'll pay more interest in the long run than if you were to pay off debt with the highest interest rate first).\n* **Deal with any debts in collections.** Bringing collection accounts current can help reduce their negative impact on your credit, which is a good reason to put it at the top of your to-do list. Plus, reducing calls from debt collectors can help relieve some of the stress of being in debt. END

TITLE: How to Get Out of Debt - Experian CONTENT: 5\\. Be Diligent Moving Forward\n------------------------------\nAs you work to pay down your current debts, it's important not to undermine your hard work by taking on any new debt. Avoid the temptation to use a personal loan or balance transfer card to consolidate credit card debt unless you're extremely diligent about not using the card once you've paid off the balance, or only charge what you know you can pay off every month.\nEach time you successfully pay off a debt, put the extra money you freed up toward paying off more of your other debts. In months where you make more money than anticipated, or your expenses are less than expected, make the extra money work harder for you by putting it toward additional payments on your debt. END

TITLE: How to Get Out of Debt - Experian CONTENT: What if You Still Need Help?\n----------------------------\nSometimes debt is just too much and you may fear you'll never be able to repay everything you owe. You do have some last resort options, such as getting a debt management plan or declaring bankruptcy.\nDeclaring bankruptcy is one of the most harmful circumstances for your credit, and it should only be a last resort. Depending on the type of bankruptcy you declare, the negative information will remain on your credit report for seven to 10 years. You may either have all your debts eliminated or have to agree to a plan to repay at least part of your debt.\nIf your debt management plan isn't working and you're thinking about declaring bankruptcy, you might first consider getting a debt consolidation loan to help streamline your payments and lower your interest rates. Check out these Experian partner loans offering debt consolidation loans with competitive annual percentage rates (APRs).\n### Prosper\n[](;site=exp&placement=ae-single-embed&sessionid=7A1270B6-72F3-3402-82EB-0B394FE33A55&pageid=blogs:ask-experian:credit-education:how-to-get-out-of-debt&previouspageid=&ecsstaticid=A2C32774-7BC6-4F8A-EBC7-87C68D58DD27)[Apply](;site=exp&placement=ae-single-embed&sessionid=7A1270B6-72F3-3402-82EB-0B394FE33A55&pageid=blogs:ask-experian:credit-education:how-to-get-out-of-debt&previouspageid=&ecsstaticid=A2C32774-7BC6-4F8A-EBC7-87C68D58DD27)\non Prosper's website\n**Recommended FICO® Score\\***\nGood - Exceptional\nAmount\nAvailable loan amounts: $2,000 to $40,000\nEst. monthly payment: $61 to $1,720\nGrace period: 0 days\nApplication fee: $0\n##### Loan Details\n* 640 minimum FICO® Score\n* More than $16 billion loans funded\n* Consolidate debt, finance a home improvement project, or pay off medical expenses\n* 9 out of 10 customers would recommend Prosper to friends or family\\*\\*\n* Co-borrower option available. Applying with a co-borrower could help improve your rates.\n* Get your money in as few as 3 days - your monthly payment stays the same\nDisclosure\nProsper accepts applicants with a FICO® Score☉ of 640 or above and offers fixed interest rates ranging from 7.95% to 35.99%, depending on your creditworthiness. If you qualify for a loan with low interest, you could borrow up to $40,000 and use it to consolidate your current balances, streamlining your payments and saving you money on interest. Prosper has a simple online application process and allows you to find out your interest rate without your credit scores being affected.\nOnce you've reduced or even eliminated your debt, you can begin rebuilding your credit by practicing good credit and financial management. Pay all your bills on time, and avoid carrying credit card balances from month to month. To keep track of your credit going forward, you can check your credit reports and scores for free with Experian or enroll in ongoing credit monitoring. END

TITLE: How to Get Out of Debt - Experian CONTENT: ### Prosper\n[](;site=exp&placement=ae-single-embed&sessionid=7A1270B6-72F3-3402-82EB-0B394FE33A55&pageid=blogs:ask-experian:credit-education:how-to-get-out-of-debt&previouspageid=&ecsstaticid=A2C32774-7BC6-4F8A-EBC7-87C68D58DD27)[Apply](;site=exp&placement=ae-single-embed&sessionid=7A1270B6-72F3-3402-82EB-0B394FE33A55&pageid=blogs:ask-experian:credit-education:how-to-get-out-of-debt&previouspageid=&ecsstaticid=A2C32774-7BC6-4F8A-EBC7-87C68D58DD27)\non Prosper's website\n**Recommended FICO® Score\\***\nGood - Exceptional\nAmount\nAvailable loan amounts: $2,000 to $40,000\nEst. monthly payment: $61 to $1,720\nGrace period: 0 days\nApplication fee: $0\n##### Loan Details\n* 640 minimum FICO® Score\n* More than $16 billion loans funded\n* Consolidate debt, finance a home improvement project, or pay off medical expenses\n* 9 out of 10 customers would recommend Prosper to friends or family\\*\\*\n* Co-borrower option available. Applying with a co-borrower could help improve your rates.\n* Get your money in as few as 3 days - your monthly payment stays the same\nDisclosure\nProsper accepts applicants with a FICO® Score☉ of 640 or above and offers fixed interest rates ranging from 7.95% to 35.99%, depending on your creditworthiness. If you qualify for a loan with low interest, you could borrow up to $40,000 and use it to consolidate your current balances, streamlining your payments and saving you money on interest. Prosper has a simple online application process and allows you to find out your interest rate without your credit scores being affected. END

TITLE: Is a Debt Consolidation Loan Right For You? CONTENT: When Debt Consolidation May Be a Good Option\n--------------------------------------------\nYou can use a personal loan for just about anything you want. But if you're thinking of using it as a debt consolidation loan, here are the times when it's worth considering:\n* **You already have a good credit score.** Personal loans are available to borrowers across the credit spectrum. But if you want favorable terms and a low interest rate, you'll generally need at least a good credit score, which starts at a FICO® Score☉ of 670.\n* **You have high-interest debt.** The average personal loan interest rate is 9.41%, according to Experian data. In contrast, the average credit card interest rate hovers around 16%. If you can qualify for a lower rate than what you're paying now, consolidating your debt could allow you to save some money on those interest charges.\n* **You have a repayment plan.** One of the dangers of credit cards is that as a type of revolving credit, they allow you to borrow and pay off funds on an ongoing basis—and as a result, there's no set repayment plan. If you keep using your card and paying just the minimum amount due every month, you could remain in debt forever. Personal loans, on the other hand, have a set repayment term, so they can be an excellent alternative if you're motivated to have a plan and stick to it.\nKeep in mind, though, that if your credit score is solid and you have a clear plan for repaying your debt, you may also benefit from a balance transfer credit card. These cards offer introductory 0% APR promotions, which could save you even more money if you can pay off your debt during the promotional period.\nHowever, the interest rate will jump when the promotional period ends, so consider this option only if you're confident you'll pay off the balance before that time. END

TITLE: Is a Debt Consolidation Loan Right For You? CONTENT: When Debt Consolidation May Not Work for You\n--------------------------------------------\nAlthough there are some clear benefits to using a debt consolidation loan to pay off credit card debt, there are some situations where it might not be the best fit:\n* **You don't plan to change your spending habits.** A consolidation loan may be appealing because it frees up available credit on your credit card. But if you transfer the debt, then rack up more on those cards you just paid off, you could end up in an even worse financial situation. It's best to address potential spending issues before moving forward with a loan.\n* **You have fair or poor credit.** Again, it's possible to get approved for a personal loan with bad credit. But you'll likely end up with a higher interest rate, which could increase your costs and potentially make the monthly payments unaffordable.\n* **You don't have a lot of debt.** If you think you can pay off your credit card balances in the next six to 12 months, the savings from a debt consolidation loan may not be worth the effort of researching, comparing and applying. END

TITLE: Is a Debt Consolidation Loan Right For You? CONTENT: How to Get a Debt Consolidation Loan\n------------------------------------\nMany lenders allow you to get prequalified for a loan before you submit an official application. This process typically includes a soft credit check, which won't hurt your credit score. If a lender doesn't offer prequalification and several others on your list do, it may be best to avoid the one that doesn't.\nOnce you've committed to a lender, submit an application. This typically requires you to provide some personal information, employment and income information, and how much you're hoping to borrow.\nIn some cases, a lender may ask you to offer documentation to prove some of the information you've provided. That can include things like a copy of your government-issued photo ID, pay stubs, bank statements and proof of residence (such as a lease agreement or utility bill). Have these things ready before you apply so the process goes more quickly and smoothly.\nBefore you pull the trigger and apply, though, figure out what the lifetime cost of the loan will be, then use a credit card payoff calculator to see what you'd pay if you continued making payments on your credit cards instead. Comparing these numbers will help you determine if you'll save enough to make the loan process worthwhile. END

TITLE: Is a Debt Consolidation Loan Right For You? CONTENT: Where to Get a Debt Consolidation Loan\n--------------------------------------\nThe more options you have, the better your chances of finding the most affordable debt consolidation loan available to you. You can start your search with the bank or credit union you use for your banking and lending needs. It's also a good idea to check with online lenders, which may be able to provide cheaper options.\nExperian CreditMatch™ can assist with this process by helping you get prequalified and showing loan offers from multiple lenders all in one place, based on your credit profile.\nAs you compare your options, look at more than just the interest rate. For example, some lenders offer both variable and fixed rates, so you'll want to make sure you're comparing similar loans.\nAlso, consider the loan amounts, repayment terms, origination fees and other features to make sure you find the right fit. The best debt consolidation loans offer low interest rates, flexible repayment terms and low or even no fees. END

TITLE: Is a Debt Consolidation Loan Right For You? CONTENT: What if Your Loan Application Is Denied?\n----------------------------------------\nIf your loan gets denied, there could be many reasons why. You'll receive an adverse action notice, typically in the mail, which details why the lender made its decision. You'll also be entitled to a free copy of your credit report, which can help you pinpoint the areas of your credit history you can improve.\nBe sure to check your credit score and credit report to get an idea of where you stand and what actions you can take. If your credit history is in relatively good shape, consider reducing your loan amount or applying with a different lender that may not have such stringent credit requirements.\nIf your credit woes will take some time to improve, consider other ways you can pay down your credit card balances more effectively. For example, creating a budget can help you get an understanding of where your money is going and which areas you can cut back on and reallocate that cash to pay off debt.\nIf you have multiple credit cards, consider using the debt avalanche or debt snowball method to pay them off. With both of these approaches, you'll make just the minimum payment on all of your credit cards except for one, to which you'll add extra payments every month.\nOnce that account is paid off, you'll take the amount you were paying and apply it to the next card on top of its minimum payment, and you'll continue that process until all of your balances are paid in full.\nThe primary difference between the two methods is which cards you target first. With the debt avalanche method, it's the card with the highest interest rate, and with the debt snowball method, it's the card with the lowest balance. While you may save a little in interest by using debt avalanche, if quicker wins help to motivate you, debt snowball may be the better approach. END

TITLE: Is a Debt Consolidation Loan Right For You? CONTENT: How Do Debt Consolidation Loans Affect Credit?\n----------------------------------------------\nA debt consolidation loan can affect your credit scores in a few ways, both good and bad. Here's how:\n* **Credit utilization ratio**: Your credit utilization ratio is the percentage of your available revolving credit that you're using. Keeping this ratio below 30% for each of your credit cards is important to maintaining a good credit score. For example, if you have a $1,000 balance on a credit card with a $2,000 limit, your utilization rate is 50%. A utilization ratio this high can hurt your credit score. When you pay off credit cards with a consolidation loan, which is a form of installment credit that doesn't count toward your ratio, it drops your utilization to 0%, which can help your credit score.\n* **Payment history**: If you make your loan payments on time every month, it can help improve your credit score over time. However, if you miss a payment by 30 days or more, your score could take a massive hit.\n* **Average age of accounts**: Every time you open a new credit account, it reduces the average age of your accounts, which impacts your length of credit history. It's not as important as your payment history or utilization rate, but it can still have an impact.\n* **Hard credit inquiry**: Each time you apply for a loan, the lender will run a hard inquiry to review your credit reports. According to FICO, this can lower your score by a few points.\nIf you're thinking of consolidating debt, make sure to consider these factors and how the process might affect your credit profile now and in the future.\nMake Plans for Responsible Credit Card Use\n------------------------------------------\nPaying off credit card debt can have a significant positive impact on your financial health, but only if you can avoid racking up balances again in the future. Use a budget to stay on top of your spending and avoid charging more than you can afford to pay off.\nAlso, make it a priority to monitor your credit regularly to keep an eye on any changes that could impact your ability to qualify for favorable credit terms in the future. As you take these and other steps to use your credit cards responsibly, you'll have a better chance of staying debt-free. END

TITLE: Is a Debt Consolidation Loan Right For You? CONTENT: Make Plans for Responsible Credit Card Use\n------------------------------------------\nPaying off credit card debt can have a significant positive impact on your financial health, but only if you can avoid racking up balances again in the future. Use a budget to stay on top of your spending and avoid charging more than you can afford to pay off.\nAlso, make it a priority to monitor your credit regularly to keep an eye on any changes that could impact your ability to qualify for favorable credit terms in the future. As you take these and other steps to use your credit cards responsibly, you'll have a better chance of staying debt-free. END

TITLE: APR Calculator CONTENT: The interest rate on a loan determines how much interest you’ll pay, but it doesn’t account for fees and other charges that you also owe. When comparing loan offers, it’s best to use the annual percentage rate (APR) to get the true cost of your loan.\nA loan APR includes financing charges to determine your annualized cost of taking out a loan. As a result, the APR can help you compare two loans with different fees and interest rates.\n†The information provided is for educational purposes only and should not be construed as financial advice. Experian cannot guarantee the accuracy of the results provided. Your lender may charge other fees which have not been factored in this calculation. These results, based on the information provided by you, represent an estimate and you should consult your own financial advisor regarding your particular needs.\nHow to Use This Calculator\n--------------------------\nThe APR calculator determines a loan’s APR based on its interest rate, fees and terms. You can use it as you compare offers by entering the following details:\n* **Loan amount:** How much you plan to borrow.\n* **Finance charges:** Required fees from the lender, such as an origination fee or mortgage broker fee. Situational fees, such as a late payment fee, generally aren’t included in APR calculations.\n* **Interest rate:** The interest rate that the lender charges on the loan.\n* **Term:** The number of years you have to repay the loan.\nOften, the Federal Truth in Lending Act requires lenders to tell you the APR, so you won’t have to calculate it on your own. In some cases there are even templates that lenders must use, such as the Loan Estimate form for mortgages. When reviewing that form, you can find the interest rate on the first page and the loan’s APR on page three.\nHowever, if you’re comparing loan offers from different lenders, it’s sometimes helpful to look into the details and do the APR calculations on your own. For example, mortgage lenders might be able to exclude certain fees from their APR calculations, and you want to make sure the APRs you're comparing are based on the same financing charges.\nWhat's the Difference Between APR and Interest Rate?\n----------------------------------------------------\nThe difference between a loan's APR and its interest rate can depend on the type of financial product.\nFor installment loans, such as personal, auto, student and mortgage loans, the APR and interest rate may be the same if there are no finance charges. However, if there is a finance charge, such as an origination fee, the APR will be higher than the interest rate because your cost of borrowing is more than the interest charges alone. The difference between the APR and interest rate can also increase if the loan’s term is shorter, as you’ll be repaying the entire finance charge more quickly.\nOn credit cards, the APR and interest rate are the same because a credit card APR never takes the card’s fees into account. As a result, you may want to compare not only cards’ APRs, but also their annual fees, balance transfer fees, foreign transaction fees and any other fees when deciding on a credit card. Keep in mind that you can generally avoid paying interest on your credit card if you pay off the balance in full every month.\nHow Is APR Calculated for Loans?\n--------------------------------\nA loan’s APR is calculated by determining how much the loan is going to cost you each year based on its interest rate and finance charges. While the APR will be displayed as a percentage, it’s not a new or different interest rate—it’s a measure that can help you understand the cost of borrowing money given the specific terms.\nIt’s also important to remember that a loan’s APR can change after you take out the loan. This could be due to a changing interest rate if your loan has a variable or adjustable rate. Or, if you pay off or refinance your loan before the end of its term, the effective APR of that loan may increase.\nImproving Your Credit Can Get You Lower Rates\n---------------------------------------------\nLenders may offer you a different APR on your loan depending on your creditworthiness and the repayment term you choose. Those applicants with higher credit scores and lower debt-to-income ratios may qualify for lower interest rates and finance charges, leading to a lower APR.\nTo improve your credit and avoid late payment fees, make all your debt payments on time. Paying down your credit card balances can also help your credit by lowering your credit utilization ratio.\nIf you need to borrow money now and don’t have time to improve your credit first, you can still compare lenders’ offers to figure out which loan has the lowest APR. Often, you can start by getting prequalified or preapproved for a loan to see your estimated APRs and terms.\nAll else being equal, the lowest APR may be best. However, keep the big picture in mind before taking out a loan. For example, lenders may offer you a lower rate on shorter-term loans, which can lead to a lower APR but higher monthly payments. If that’s not affordable, the longer-term loan with a higher APR may be best. END

TITLE: How to Pay Off Credit Card Debt CONTENT: Credit Card Debt Repayment Strategies\n-------------------------------------\nThere are several different ways you can tackle your credit card debt. And depending on your credit situation and budget, some may be better than others. Here's a quick summary of your options that could help you decide which path to pursue. END

TITLE: How to Pay Off Credit Card Debt CONTENT: Tips for Paying Off Credit Card Debt\n------------------------------------\nAs you consider your options for paying off your debt and try to find the most effective way to achieve your goal, here are some tips to help you make it happen. END

TITLE: How to Pay Off Credit Card Debt CONTENT: Should You Close a Credit Card After Paying Off Debt?\n-----------------------------------------------------\nEven if you manage to tackle your debt swiftly, it can feel like you're spinning your wheels if you're adding more to your balances each month. Consider putting a moratorium on your current credit card spending while you focus on eliminating the balances. Instead of canceling the accounts, however, consider keeping them in a safe location where you don't have convenient access to them.\nWhen you cancel a credit card account, it can potentially hurt your credit scores by reducing your overall credit limit. This can impact your credit utilization, which makes up 30% of your FICO® Score☉ .\nIf you cancel a card with a high credit limit and have high balances on your remaining cards, even if you pay them in full each month, it could increase your credit utilization and negatively impact your credit scores.\nOn the flip side, if your card has an annual fee or a security deposit attached and you don't plan to use it, it may be worth it to cancel and save money or get your deposit back. You can also consider downgrading your credit card to one without an annual fee.\nIf you decide to hold on to the cards you no longer plan to use, try to use them occasionally (and pay them off immediately) to keep the accounts active. Otherwise, your card issuer may choose to close down the account for you, which they can do without notice. END

TITLE: How to Pay Off Credit Card Debt CONTENT: Learn How to Use Your Credit Responsibly in the Future\n------------------------------------------------------\nAfter you reach your goal of paying off your credit card debt, it's important to be proactive about developing good credit habits to avoid ending up in the same situation again.\nThis includes:\n* Sticking to your budget to avoid overspending.\n* Paying off your balance on time and in full every month.\n* Avoiding racking up a high balance.\n* Taking advantage of credit card rewards and benefits to add more value to your everyday spending.\nIt's also a good idea to check your credit score regularly to know where you stand at all times. This can also help you spot potential issues that could hurt your credit, so you can address them quickly. In addition to your credit score, make sure you also frequently review your credit reports, which give you a deeper understanding of what's affecting your credit score. END

TITLE: Credit Card Payoff Calculator CONTENT: Paying off credit card debt can help you save money on interest and improve your overall financial well-being. Whether you have just one credit card or many, you can use this calculator to figure out how long it’ll take to pay off your debt and how much interest it’ll cost you.\n†The information provided is for educational purposes only and should not be construed as financial advice. Experian cannot guarantee the accuracy of the results provided. Your lender may charge other fees which have not been factored in this calculation. These results, based on the information provided by you, represent an estimate and you should consult your own financial advisor regarding your particular needs.\nHow to Use This Calculator\n--------------------------\nFor each credit card you have, enter the current balance, the annual percentage rate (APR) and your monthly payment. When you enter the balance and APR, an estimated minimum payment will automatically show up in the third field, but you can change it based on your actual payment amount.\nWhen you click the Calculate button, you’ll see several things to help inform your debt payoff strategy, including:\n* The month and year you’ll be debt-free\n* The number of payments you’ll need to make\n* Total interest you’ll pay\n* Total payment amount, including interest and principal\nYou can also click on the Payment Schedule tab to see exactly how much of each payment will go toward interest and how much will go toward paying down your balance.\nRemember, you can add multiple credit cards to the calculator. And as you define your strategy for eliminating credit card debt, you can enter different payment amounts to see how much time and money you’ll save.\nHow to Pay Off Credit Card Debt\n-------------------------------\nDepending on your situation, you may have several different options to pay off your credit card debt. If you’re not planning to consolidate your credit card balances (see below for more), there are two approaches you can use: the debt snowball method and the debt avalanche method.\nThe debt snowball method involves making just the minimum payments on all of your credit cards except for the one with the lowest balance. Take any extra money you have to put toward your debt every month, and apply it to that card.\nOnce that card is paid off, you’ll take the monthly payment you were putting toward it and apply that to the card with the next-lowest balance (on top of its minimum monthly payment). You’ll continue that same strategy until all of your balances are paid off.\nThe debt avalanche method works similarly, but instead of targeting cards based on their balance, you’ll work on paying off the cards with the highest interest rates first.\nNeither method is inherently better than the other, so choose the right one for you based on your goals and preferences. With the debt snowball method, for instance, you’ll be guaranteed to pay off smaller balances first, which can give you the wins you need to keep your motivation going.\nWith the debt avalanche method, focusing on higher interest rates first could save you more money on interest charges. Depending on the makeup of your credit card debt, however, those savings may not be much higher than what you’d achieve with the debt snowball approach.\nHow Does Credit Card Debt Consolidation Work?\n---------------------------------------------\nIf your credit score is in good shape, debt consolidation may be an excellent way to pay off your debt faster and save money along the way.\nConsolidating credit card debt involves paying off your existing debt with a new credit card or personal loan, preferably with better terms. Here’s a breakdown of how each debt consolidation option works:\n* **Balance transfer credit cards**: With a balance transfer credit card, you can transfer debt from one or more existing cards to a new one. Many balance transfer cards offer an introductory 0% APR promotion, which means you can pay off your debt interest-free during the promotional period. Some of these cards charge an upfront fee of up to 5% of the transfer amount, but that may be worth it for the interest savings.\n* **Personal loans**: You can use personal loans for just about anything, including debt consolidation. On average, personal loans charge lower interest rates than credit cards, and you may be able to get a rate in the single digits if your credit is excellent. Personal loans also offer the benefit of set repayment terms instead of just giving you a minimum payment.\nRegardless of which option you choose, it’s important to avoid racking up balances on your paid-off credit cards—otherwise, you could end up in an even more difficult financial situation.\nHow Does Credit Card Debt Impact Your Credit Score?\n---------------------------------------------------\nYour credit utilization rate—the percentage of your available credit that you’re using at any given time—is an important indicator of how you manage debt. As a result, it’s one of the major factors that help determine your credit score.\nIf you’re bumping up against your credit limits, it could be damaging your score considerably. In other words, paying off your credit card debt can improve your credit and your overall financial well-being.\nAs you work on paying down your debt, make sure to check your credit score regularly to keep track of your progress. This practice can also help you spot other areas of your credit history that you can address to increase your credit score. END

TITLE: Car Payment Calculator CONTENT: Picking out a new car can be fun. Choosing the best auto loan—not so much. Your monthly payment is determined by many factors, including the loan amount, term and the loan’s interest rate, and understanding how they all fit together can be tricky.\nTo ease this process, Experian’s Auto Loan Calculator can help you figure out how much you can afford and what your payment might be when various factors are adjusted. You can use this information when selecting a loan offer and can also utilize this calculator to gain an edge before you begin shopping.\nWhen using this calculator, provide as much information as possible—that way your results will be more accurate and provide a better starting point you can use to negotiate the best deal.\n†The information provided is for educational purposes only and should not be construed as financial advice. Experian cannot guarantee the accuracy of the results provided. Your lender may charge other fees which have not been factored in this calculation. These results, based on the information provided by you, represent an estimate and you should consult your own financial advisor regarding your particular needs.\nHow to Use the Car Payment Calculator\n-------------------------------------\nThe main purpose of this calculator is to help you compare estimated payments for loans with different term lengths and interest rates. When you apply for a loan, you’ll get to choose a term length, which is the number of months you’ll make payments. Your interest rate may change based on which term length you choose, and your rate will also change based on your credit score.\nAs you use this tool, you’ll find that the interest rate and loan amounts have already been filled in. These pre-filled values are national averages, so if you aren't sure what to enter, you can leave these values in place. However, providing specific information will give you a more accurate result for your situation.\nOnce you enter all the information below, click “Calculate” and you’ll be shown a breakdown of your monthly payment, along with information about how much you’ll pay in interest and sales tax. If you click “Add another option to compare payment,” you can enter a different term and rate to see how the payment changes. Comparing these payment estimates could help you choose the term and interest rate that fits better within your budget.\nHere is an overview of each field:\n* **Loan Amount:** This is the total amount of money you plan to borrow. You can calculate this by taking the total vehicle price (including taxes, fees and other add-ons) and subtracting your down payment and any additional deductions like a vehicle trade-in.\n* **Interest Rate:** When you apply for a loan, you’ll be assigned an interest rate that can vary depending on how the lender rates your creditworthiness. Your interest rate will be a percentage ranging from 0% to 15% or more.\n* **Term (in years):** When you choose the term of your loan, it will likely be in an interval of 12 months. The average term is around 72 months, but common auto loan terms range from 48 months up to 84 months. Whatever your loan term, take this figure and divide it by 12 to figure out your term in years.\nHow to Decide on a Loan Term for Your Car\n-----------------------------------------\nThe term of your auto loan is the length of time you’re given to pay back the loan in full. You select the term when you lock in your loan, and the duration you choose will affect your monthly payment amount.\nGenerally, loans with longer terms have lower monthly payments. As the term of your loan shortens, your monthly payment will go up. Remember, your loan amount remains the same regardless of the term, so even though loans with longer terms have cheaper monthly payments, you’ll likely pay more interest over time.\nSince the term you choose can impact your monthly payment, it's important to know what you can afford before locking in a term. To do this, add all your monthly financial obligations and subtract this total from your net income. Take a portion of the leftover money—how much will depend on your lifestyle and income—and set it aside for your monthly transportation costs, part of which will be your monthly car loan payment.\nThough it may seem attractive to opt for a longer term for your auto loan, remember that the longer your loan term is, the more you will pay in interest over time. That means that even though you may pay more per month for a 48-month loan, that loan will likely cost you less than a 72-month loan by the time you’re done paying it off.\nHow to Get a Lower Car Payment\n------------------------------\nIf it looks like you won’t be able to afford the monthly payment for your dream car, don’t worry. You can lower your car payment by making a few changes. Check out the following list for tips on how to lower your car payment:\n* **Pick a cheaper car.** One easy way to lower your payment is by reducing the cost of the car, which will lower your loan amount. The lower your loan amount, the less you’ll have to pay each month—and the less you’ll pay overall in interest.\n* **Save for a larger down payment.** Your down payment is the money you pay upfront when you purchase the car. If you aren't in a rush to get a new car, saving for a bigger down payment will reduce your loan amount and could help you lower your monthly payment. Furthermore, reducing the size of your loan with a big down payment may help you lock in other favorable loan terms.\n* **Shop around for a lower interest rate.** When you take out an auto loan, you’ll be assigned an interest rate that represents the cost to borrow money to pay for your car. Interest is paid as part of your monthly payment, and the lender determines your rate based on your creditworthiness and other factors. If you can lock in a lower interest rate, your monthly payment should be lower as a result. Rates vary by lender, and an improved credit score could help you land a lower one.\nUltimately, when you go to the negotiation table to buy a car and apply for a new loan, it’s always helpful to have good credit. A high credit score can help you lock in a low interest rate and can get you more favorable terms on your loan.\nIf you don't know your credit score, you can get a free copy of your credit report and FICO® Score from Experian to get an updated view of where your credit stands. END

TITLE: Mortgage Calculator CONTENT: Shopping for a new home is a time of dreams and possibilities, but navigating the mortgage process can also make it stressful and confusing. Differences in interest rates and repayment terms can complicate the process of comparing mortgage offers.\nThe Experian Mortgage Calculator is designed to help you make sense of it all. This helpful tool takes some of the complexity out of shopping for mortgage loans and choosing the offer that’s best for you.\nRead on to learn how the calculator works, and how it can help you better understand the mortgage process.\n†The information provided is for educational purposes only and should not be construed as financial advice. Experian cannot guarantee the accuracy of the results provided. Your lender may charge other fees which have not been factored in this calculation. These results, based on the information provided by you, represent an estimate and you should consult your own financial advisor regarding your particular needs.\nHow to Use This Calculator\n--------------------------\nThe Experian Mortgage calculator can help you understand how differences in rates and repayment terms affect the amount of your monthly payment and the total cost of a home over time. It requires just a few pieces of information to get started. If you add a few more details using the calculator’s optional Advanced Options, you can get an even clearer idea of what your monthly mortgage payment might look like for different loans.\n* **Home Price**: This is the amount you’ll pay the home seller. If you’re in the early stages of home shopping, use the sellers’ asking prices for comparison, but keep in mind that figure is negotiable. If you’re shopping in a highly competitive market and expect to be one of several bidders, you may want to make an offer higher than the asking price. In slower markets or with properties that have been on the market for extended periods, a bid below asking price could succeed. Work with a real estate professional to determine your offer strategy.\n* **Down Payment**: When you enter the Home Price, the calculator automatically fills in the Down Payment field to reflect 20% of the home price. That’s the standard down payment required for most conventional mortgages. Many mortgage lenders, including those that issue federally backed loans, will accept lower down payments, typically in exchange for higher interest rates and\/or fees—and with the stipulation that you pay mortgage insurance, which you can account for in the calculator’s Advanced Features. (If you’re in a position to make a higher down payment, you can account for that here as well.) You can adjust this entry by changing either the percentage figure or the dollar amount.\n* **Term (in years)**: Enter the number of years required to repay the mortgage. By default, this calculator assumes a 30-year mortgage, since that’s the most common term for a home loan in America. Other standard mortgage terms include 15 years, 20 years and 40 years; adjust this number as appropriate for the offer you’re evaluating. All other factors being the same, longer mortgage terms mean lower monthly payments, but they also mean significantly greater interest costs over the life of the loan.\n* **Interest Rate**: Enter the interest rate for the loan you’re considering. Make sure to enter the interest rate, not the APR (annual percentage rate). These figures can be similar, but the APR reflects interest charges plus additional financing costs such as fees and mortgage insurance (more below). Enter only the interest rate here.\n### Advanced Options\n* **Property Tax (annual)**: Property taxes vary according to where you live and depend on the assessed value of the home as determined by local taxing authorities. It’s common for lenders to roll your property taxes into your mortgage payments (though it’s not always required). The lender uses the collected payments to pay your taxes each year on your behalf. If that’s applicable to your loan, you can enter an approximate annual tax bill in this field.\n* **Homeowners Insurance (annual)**: Because the mortgage lender holds title to your home until the mortgage is paid off, and reserves the right to seize and sell the property if you fail to repay the loan, the lender typically insists that you maintain sufficient fire and casualty insurance on the property to restore it to its full market value in case of fire, flooding or other disasters. To that end, property insurance premiums are typically added to the monthly mortgage payment. Adding annual property insurance costs here will mean insurance costs are reflected in the monthly payments generated by the calculator.\n* **Mortgage Insurance**: If you make a down payment of less than 20% of the home value when you take out the mortgage, your lender will require you to pay for mortgage insurance to offset the costs they’ll incur if you fail to repay your loan. Mortgage insurance pricing is typically expressed as a percentage of the total home price, and typically range from 0.5% to 2% of the loan amount. If you’ll be paying for this, enter its cost in points. The calculator accepts any entry of 3 or less. The calculator will use this cost to factor mortgage insurance costs into the monthly payment.\n If mortgage insurance is required for your mortgage, you may be able to have it removed once you’ve paid off enough of the loan to have 20% equity in the property, which will lower your monthly payment. Leaving this calculator field untouched or setting its value at zero will show you what your monthly payment would be without this cost.\n* **Monthly HOA**: If the home you’re buying is part of a homeowners association (HOA), you’ll be expected to pay regular fees or dues to cover services and amenities provided by the association. These can include community clubhouses, pools, gyms and sports facilities, and services such as security patrols, landscaping and road maintenance. Those costs are often folded into monthly mortgage payments. Add monthly HOA charges here to have them reflected in your monthly payment calculation.\n### Calculated Results\nAfter you’ve filled in all applicable fields, press the Calculate button and you’ll be shown a results box with two tabs, marked Payment Summary and Payment Schedule.\n* **Payment Summary**: The Payment Summary tab, which displays by default, shows you your calculated monthly payment, plus the total amounts you’ll pay in principal and interest, property taxes and homeowners insurance (at current rates), and homeowner association fees over the course of the loan.\n* **Payment Schedule**: The Payment Schedule shows you the breakdown of principal and interest on every monthly payment, and reflects the process known as amortization, by which you pay significantly more toward interest than the principal balance in early loan installments, and gradually shift to more principal and less interest over the life of the loan.\nIf you must pay for mortgage insurance, you can use the Payment Schedule to estimate when you might be able to have it removed from the loan. Look in the Total Principal Paid column for the first month in which the listed figure exceeds 20% of the total home price. If you put 10% down, that’ll likely be about 12 years into a 30-year mortgage.\nYou can print the contents of either the Payment Summary or Payment Schedule tabs to save for comparison purposes if you’re running the numbers on several loan offers.\nHow Much Mortgage Can I Afford With My Salary?\n----------------------------------------------\nWhen a mortgage lender is deciding how much it will lend you (or if it will lend to you), it considers your monthly income and, more important, how large a percentage of it you put toward debt payments. The percentage of your monthly pretax income used to pay debt is called debt-to-income ratio (DTI), and from a lender’s standpoint, the lower your DTI ratio is, the better. The calculations can be somewhat complex, but many mortgage lenders decline to issue loans that raise the borrower’s DTI ratio to more than 36%; and under federal home-lending guidelines, a loan must not cause the borrower’s DTI ratio to exceed 43%. This will give you a good idea of how much mortgage you can afford.\nWhat Credit Score Do I Need to Buy a House?\n-------------------------------------------\nCredit scores do not factor into the mortgage calculator directly, but they have a major influence on the interest rate charged on your loan. Credit scores are designed to predict your likelihood of defaulting on a loan, or going 90 days without making a payment. People with lower credit scores are statistically more likely to default than those with higher credit scores. A widespread lending industry practice known as risk-based pricing typically assigns higher interest rates to loan applicants with lower credit scores and reserves the lowest (most affordable) rates for applicants with high credit scores.\nLenders make their own determinations, based on prevailing interest rates and their own lending strategies, when deciding which credit scores ranges they will assign which interest rates. Because each lender’s approach is different, it’s prudent to apply to multiple lenders when seeking a mortgage, because some may offer you a lower interest rate than others.\nEach lender typically requires a minimum credit score in order to consider a mortgage application. If your score falls below a lender’s minimum threshold, they can deny your application. It’s important to check your credit three to six months before you plan to apply for a mortgage to determine whether you should take some time to make improvements first. You can check your credit score and report for free from Experian to see where you stand and what measures you may be able to take, such as paying down credit card balances or bringing any past-due accounts current, before seeking a mortgage.\nHow Much Interest Will I Pay on a Mortgage?\n-------------------------------------------\nYou can use the Experian mortgage calculator to determine how much interest you can expect to pay on a loan for a specific amount, on a loan with a known repayment term and a set interest rate. In general, the amount of interest you pay will depend on the following:\n* **The total cost of the house**: The more expensive the house, the more sizable loan you’ll need.\n* **The size of your down payment**: The larger your down payment, as a percentage of the total home cost, the less money you’ll have to borrow in the form of a mortgage.\n* **The loan term**: All else being equal, a longer loan term will mean smaller monthly payments, but more interest paid over the life of the loan.\n* **The interest rate**: The higher the interest rate, the more you’ll spend in total interest payment—and your mortgage interest rate is strongly influenced by your credit score. Lenders typically offer their lowest interest rates to applicants with very good to exceptional credit scores. While it may be possible to get a mortgage with a credit score as low as 500, the interest rates associated with that loan will likely be relatively steep.\n If your mortgage is a fixed-rate loan, you can calculate the amount you’ll pay each month with certainty. If you get an adjustable-rate mortgage (ARM), you’ll be charged an introductory interest rate for a specified number of years (typically one, but sometimes three or five), and then the interest rate will change annually. (If you’re using the Experian Mortgage Calculator to price out an ARM, you’ll need to update the calculation annually to recalculate the total payments for the next 12 months, and then revisit the calculations again when you receive the rate for the following year.)\nCompare Mortgage Offers\n-----------------------\nYou can use the Experian Mortgage Calculator before and after you actually apply for mortgage loans. Enter the basic required data—Home Price, Down Payment, Term (in years) and Interest Rate—from mortgage ads or the pre-qualification widgets on lender websites to get a rough idea of how much you can afford to borrow, and to get a ballpark idea of what your monthly charges will be based on different interest rates and loan terms.\nOnce you have a specific home in mind, have submitted formal applications, and have received one or more loan offers, you can again plug in the details from each offer, plus details on property taxes, homeowner insurance and, if applicable, mortgage insurance charges and HOA fees. These details can help you compare the overall costs of different loan offers, and let you see which deal is the best for you. END

TITLE: Personal Loan Calculator CONTENT: Before taking out a personal loan, you’ll want to compare your options and figure out which loan will be best for you. This personal loan calculator can help you estimate your monthly payments based on a few pieces of information. You can then change the loan amount, interest rate or repayment term to see how a different loan might be better or worse for your situation.\n†The information provided is for educational purposes only and should not be construed as financial advice. Experian cannot guarantee the accuracy of the results provided. Your lender may charge other fees which have not been factored in this calculation. These results, based on the information provided by you, represent an estimate and you should consult your own financial advisor regarding your particular needs.\nHow to Use This Calculator\n--------------------------\nThe personal loan calculator estimates your monthly payment once you input the loan amount, estimated interest rate and repayment term. By changing one or more of the numbers, you can see how different loan offers will impact your monthly payment and how much interest you’ll pay overall.\nGenerally, a loan with a longer term will have a lower monthly payment, as you’re taking more time to repay what you owe. But you’ll also wind up paying more interest because it will accrue over a longer period. Some lenders may also charge a higher interest rate if you choose a longer term.\nAs you compare lenders and loan offers, also find out whether the loans you’re considering charge an origination fee—a common fee on personal loans that’s generally a percentage of the loan amount.\nLenders may deduct this fee from your loan disbursement—for example, sending you $9,500 if you accept a $10,000 loan that has a 5% origination fee. In these cases, use the full loan amount (not how much you receive), as that’s the amount you’ll need to repay. But if a lender adds the origination fee to your loan rather than subtracting it from your disbursement, use the total of the loan plus the fee as your loan amount in the calculator. In both situations you’ll be paying interest on the full outstanding amount, which may include the fee.\nBased on the numbers you enter, our calculator’s results will show you how many months it will take to pay off the loan, when it will be paid off and how much you’ll pay in interest.\nWhat Can a Personal Loan Be Used For?\n-------------------------------------\nOne of the benefits of taking out a personal loan is that you can use the money for almost anything. Popular uses include paying for home or vehicle repairs, medical bills, weddings and paying off higher-interest loans or credit cards.\nCredit card debt consolidation is one of several ways you can use a personal loan to save money by refinancing higher-rate debts. For example, say you have $10,000 in credit card debt at a 16% APR and get approved for a $10,000 personal loan with a 10% APR and no origination fee. If you take the same amount of time to pay off the debt—36 months—you’ll save about $1,040 by paying off the credit card debts with the lower-rate personal loan instead of leaving the debt on your credit card.\nYou could also take out one loan and use it for several purposes. Read the lender’s terms before applying, however, because the lender may limit how you can use the funds. Common restrictions include:\n* Gambling\n* Investments\n* Post-secondary education\n* Business\n* Anything illegal\nThe restrictions can vary by lender. If you’re looking for a personal loan for one of these reasons (aside from illegal activity), you may be able to find a lender that allows it. Sometimes, though, a more specific type of loan, such as a student loan or small business loan, may be a better fit over a personal loan.\nHow to Apply for a Personal Loan\n--------------------------------\nMany lenders let you apply for a personal loan online and complete the entire process electronically. Even the few that require you to go into a branch to complete the application may let you start the process online.\nOften, you can start the process with a prequalification that only requires a soft credit check, which won’t hurt your credit scores. You may need to share your personal information, such as your name, address, date of birth and Social Security number, along with an estimate for how much you want to borrow and how you intend to use the money. You also might have to create an online account with the lender before getting your results.\nIf you’re preaqualified for a loan, you’ll see the estimated loan offers and can choose one before proceeding with an application. If you’re not prequalified, you likely won’t get approved for the loan and shouldn’t submit an application, as the application can result in a hard inquiry that may hurt your credit.\nLenders may ask for more information or verification documents if you proceed with your loan request. For example, you may have to share copies of a government-issued ID, tax returns or pay stubs to verify your identity and income.\nEven if you’re prequalified, you might not get approved for a loan if you can’t verify the information you originally shared—or if your income, employment or creditworthiness changed since you were preapproved.\nIf the lender verifies and approves your application, it can then disburse your loan. Often, lenders can send you the money electronically, and it will appear in your account within a few business days.\nHow a Personal Loan Can Impact Your Credit Score\n------------------------------------------------\nA personal loan can impact your credit scores in several ways. When you apply for a loan, the lender may review your credit, and the resulting hard inquiry could hurt your scores a little. Once you open your account, the new account could also lower the average age of accounts in your credit history, which can also hurt scores.\nThe negative impact from these initial score drops fades over time, however, and opening a new account can also help improve your credit in several ways. If you haven’t had an installment loan before, the personal loan could add to your credit mix, which can help your scores. Also, if you’re using the loan to pay down credit card debt, you’ll be decreasing your credit utilization, which can increase your credit scores.\nAs you repay the loan, your on-time payments can also help you build a positive credit history, one of the most important credit scoring factors. Although, conversely, missing a payment could hurt your scores.\nCheck Your Personal Loan Matches\n--------------------------------\nExperian’s CreditMatchTM tool can show you personalized loan offers from our partners. You can sort by the estimated APR, repayment terms or estimated monthly payments to narrow in on a few of the best-fitting options. END

TITLE: U.S. Auto Debt Grows to Record High Despite Pandemic CONTENT: Auto Debt Climbs to Record High of $1.37 Trillion\n-------------------------------------------------\nBetween 2019 and Q4 2020, overall auto debt in the U.S. grew by $80 billion to $1.37 trillion—a 6% increase, according to Experian data. That expansion mirrors the 6% average auto debt growth rate over the past decade. In other words, despite changes in consumers' daily travel and commuting habits, the automotive financing market didn't experience major disruption similar to what occurred with other types of consumer debts.\nSource: Experian\nCompared with other types of consumer debt, auto loans saw one of the more modest increases in overall balances during the past year. END

TITLE: U.S. Auto Debt Grows to Record High Despite Pandemic CONTENT: Average Consumer Auto Debt Balances Grow Amid Pandemic\n------------------------------------------------------\nAlong with overall debt, consumers saw little growth in their average balances, with the amount they owe increasing by $634—3%—since 2019, according to Experian data. That's just 1 percentage point more than the rate at which consumer balances grew in 2019, again reinforcing that consumer auto debt didn't undergo drastic change during the pandemic.\nSource: Experian\nWhen compared with the significant changes to other debt balances—student loan balances grew by 9% between 2019 and Q3 2020 and credit card debt decreased by 14% during that time—auto debt's consistent annual growth pattern may have more complexity than appears.\n\"COVID-19 caused some disruptions in the market that defied ongoing trends that we had seen,\" says Melinda Zabritski, Experian's senior director of automotive financial solutions. \"Perhaps one of the most unexpected trends was that delinquencies didn't rise significantly during the pandemic, though we know that a variety of accommodation programs, along with stimulus packages, likely helped keep them down.\"\nAs part of the Coronavirus Aid, Relief and Economic Security (CARES) Act, the federal government suspended student loan repayment and issued guidance that directed mortgage lenders to allow forbearance for those impacted by the pandemic.\nThese measures aimed to offer relief to consumers in need—and while they appear to have been successful (so far), the efforts also translated to rising balances as fewer accounts are being paid down. Take for example the case of student loans, which increased by 12% due in large part to continued borrowing coupled with non-payment of existing debt.\nIn the case of auto debt, however, there was no clear guidance from the federal government. As a result, consumers in need of financial relief had to find it on their own by way of refinancing, selling their car or taking other action. Some had the option of negotiating with their lenders, many of which announced willingness to work with borrowers in need at the onset of the pandemic. While it's unclear how many lenders made special repayment arrangements for borrowers financially impacted by the pandemic, it's clear whatever actions they took did not change the growth pattern of auto debt. END

TITLE: U.S. Auto Debt Grows to Record High Despite Pandemic CONTENT: Auto Delinquencies Dipped But Are Now on the Rise\n-------------------------------------------------\nWithout sweeping policies that paused or helped to defer auto loan repayment, consumers had to either continue paying their auto debt or find other means to avoid missing payments.\nWhile rates of most delinquency decreased sharply during the first months of the pandemic, data from Q4 2020 shows that the number of past-due accounts is creeping up again. From Q3 to Q4 of 2020, the ratio of accounts 30 to 59 days past due (DPD) increased by 12%; 60 to 89 DPD accounts rose by 18%; and 90 to 180 DPD accounts rose by 3%.\nThat followed the period between 2019 and Q3 2020 when consumers saw the percentage of their accounts 30 to 59 days past due drop by 26%, according to Experian data. The ratio of delinquent accounts 60 to 89 DPD also fell by 22%.\nThe only exception to delinquency improvement over that time period was the percentage of accounts severely behind (90 to 180 DPD), which saw an increase between 2019 and Q3 2020. Among other possible factors, this group could include people who were past due at the onset of the pandemic and were not able bring their accounts up to date during the crisis.\nThough delinquencies (those in the 30 to 59 and 60 to 89 DPD ranges) for auto debt were ultimately down between 2019 and Q4 2020, the slow increase observed in the last quarter may indicate that change is coming.\nSource: Experian\nOverall, the decline in delinquent auto accounts is positive, as payment history is the most important aspect of a consumer's credit score. So far during the pandemic, the average FICO® Score☉ has increased, growing 7 points to a record of 710 in 2020. END

TITLE: U.S. Auto Debt Grows to Record High Despite Pandemic CONTENT: Car Buyers Skew Prime During Pandemic\n-------------------------------------\nOverall, consumers with credit ratings in the prime and super prime ranges led new borrowing, while those in the subprime and deep subprime groups saw declines in new auto originations. The following VantageScore ranges were used to establish score groups:\n* **Deep subprime**: 300-500\n* **Subprime**: 501-600\n* **Nonprime**: 601-660\n* **Prime**: 661-780\n* **Super prime**: 781-850\nIn Q4 2020, 43% of total loan originations were attributed to prime consumers and 20% to the super prime borrower segment, an increase from 2019, according to data from Experian's Q4 2020 State of the Automotive Finance Market report. On the other end of the spectrum, subprime and deep subprime borrowers reduced their share of originations, dipping to 16% and 2%, respectively.\n\"Stimulus packages likely played a part in financing volumes, but with that said, subprime borrowers were probably some of the most impacted by COVID-19, and may not have been in the market for a vehicle,\" Zabritski says. \"Overall, we saw subprime originations decline at a faster pace in 2020 than previously.\" END

TITLE: U.S. Auto Debt Grows to Record High Despite Pandemic CONTENT: Auto Balances Increase Most Across High Credit Ranges\n-----------------------------------------------------\nBroken out by FICO® Score range, it's clear that those with scores in the \"good\" and \"very good\" ranges—who are considered prime borrowers—experienced the biggest changes in auto debt. Consumers with scores between 300 and 579 saw balances increase by only 1%—significantly less than the 3% to 4% growth seen by other groups.\nSource: Experian END

TITLE: U.S. Auto Debt Grows to Record High Despite Pandemic CONTENT: Young Generations Again Drive Auto Debt Growth\n----------------------------------------------\nSimilar to what was seen across other types of debt in the past year, the youngest adult consumers were the ones who saw the greatest change in their auto debt in 2020. Generation Z—consumers ages 18 to 23 as of 2020—saw a whopping 12% increase, which is nearly six times the growth of the silent generation, who have nearly equivalent levels of auto debt.\nSource: Experian; ages as of 2020 END

TITLE: U.S. Auto Debt Grows to Record High Despite Pandemic CONTENT: Consumers in All States See Increase in Auto Balances\n-----------------------------------------------------\nConsumers in all 50 states and Washington, D.C., saw their average auto balance increase in 2020, according to Experian data. In the majority of states—35 to be exact—consumers saw increases that at least matched the national average growth rate of 3%. Borrowers in nearly half of states—24—saw an average growth rate of at least 4%. And as Americans overall saw modest growth in their balances, consumers in one-third of the nation saw average growth of above 5%.\nThe varying change seen across the states is a reminder that the pandemic has had disparate impacts, many of which are based on geography.\nSource: Experian END

TITLE: U.S. Auto Debt Grows to Record High Despite Pandemic CONTENT: Auto Leasing Slows, While Electric Vehicles' Popularity Surges\n--------------------------------------------------------------\nWhile most borrowing trends have remained relatively steady since 2019, certain areas of the automobile market are experiencing changes worth highlighting. Experian's Q4 2020 State of the Automotive Finance Market report gives a detailed overview of changes in the auto finance market. Here are the highlights from Q4 2020:\n* **Consumers are leasing vehicles less often.** The percentage of all new vehicles that are leased dropped to 27% in Q4 2020, down from 31% in 2019. Lease payments have ticked up for nearly all consumers, except those in the prime and super prime segments who saw lease payments decrease in 2020.\n* **Electric and hybrid cars are growing in popularity.** Electric and hybrid vehicles are becoming more commonplace, and their popularity spiked in 2020. Electric and hybrid vehicles now make up 7% of new financing—an increase from 4% in 2019. Toyota leads the market with the largest share (39%) of electric and hybrid vehicles, followed by Tesla (26%) in Q4 2020.\n* **Loan payments are growing, despite lower interest rates.** The average interest rate for an auto loan was 4.31% in Q4 2020, down from 5.25% from the same period the previous year. But even with interest rates on the decline, the average new loan amount spiked along with the average monthly payment. The average amount financed grew by nearly $2,000 to a total of $35,228 and the average monthly payment grew by $21 to $563 in Q4 2020.\n\"The automotive finance industry is a resilient one, and we saw that again in 2020,\" says Zabritski. \"Despite the turbulent year, we did see automotive portfolio balances grow, which is a positive sign, though it's likely driven by the higher average loan amounts. END

TITLE: How to Get a Debt Consolidation Loan with Bad Credit? CONTENT: Consolidating Debt with Bad or Average Credit\n---------------------------------------------\nThe FICO® Score☉ , which ranges between 300 and 850, is the most commonly-used credit scoring model by lenders for evaluating a borrower's creditworthiness and has several ranges. Credit scores above 670 are considered good, very good or exceptional depending on the score. A \"fair\" score ranges from 580 to 669 and any score that is lower than 579 is considered \"poor.\" Knowing your credit score is important in determining your options, but even with less than perfect credit, there are still ways you can consolidate your debt. END

TITLE: How to Get a Debt Consolidation Loan with Bad Credit? CONTENT: While there are debt consolidation options available for people with \"poor\" scores, they often come with high-interest rates that may be higher than the rates of your current loans.\nA good option would be to look at online lenders like Upstart—which is an Experian personal loan partner. Upstart looks at alternative data, beyond credit reports and scores, to determine whether a person qualifies for a loan. Factors like job history, income and education influence whether a candidate qualifies for a loan and a lower rate.\n* * *\n### Upstart\n[](;site=exp&placement=ae-single-embed&sessionid=8952CE01-C3FF-5C0C-1210-7E33C129F096&pageid=blogs:ask-experian:how-to-get-a-debt-consolidation-loan-with-bad-credit&previouspageid=&ecsstaticid=8A13831A-7B59-4855-92DA-BEBA4848241A)[Apply](;site=exp&placement=ae-single-embed&sessionid=8952CE01-C3FF-5C0C-1210-7E33C129F096&pageid=blogs:ask-experian:how-to-get-a-debt-consolidation-loan-with-bad-credit&previouspageid=&ecsstaticid=8A13831A-7B59-4855-92DA-BEBA4848241A)\non Upstart's website\n**Recommended FICO® Score\\***\nFair - Exceptional\nAmount\nAvailable loan amounts: $1,000 to $50,000\nEst. monthly payment: $30 to $2,262\nGrace period: 15 days\nApplication fee: $0\n##### Loan Details\n* Loan amounts from $1,000 - $50,000\n* APRs from 6.46% - 35.99% with loan terms of 3 or 5 years\n* Won't affect your credit score\n* You can have funds in as fast as 1 day\n* You are more than your credit score. On Upstart your education and experience help you get the rate you deserve.\nDisclosure\nUpstart offers loans of up to $50,000 that can be used to pay off credit cards and consolidate other types of debt. Upstart has an easy application process and getting prequalified will not affect your credit scores.\n* * *\n### LendingPoint\n[](;site=exp&placement=ae-single-embed&sessionid=8952CE01-C3FF-5C0C-1210-7E33C129F096&pageid=blogs:ask-experian:how-to-get-a-debt-consolidation-loan-with-bad-credit&previouspageid=&ecsstaticid=8A13831A-7B59-4855-92DA-BEBA4848241A)[Apply](;site=exp&placement=ae-single-embed&sessionid=8952CE01-C3FF-5C0C-1210-7E33C129F096&pageid=blogs:ask-experian:how-to-get-a-debt-consolidation-loan-with-bad-credit&previouspageid=&ecsstaticid=8A13831A-7B59-4855-92DA-BEBA4848241A)\non LendingPoint's website\n**Recommended FICO® Score\\***\nFair - Good\nAmount\nAvailable loan amounts: $2,000 to $25,000\nEst. monthly payment: $95 to $1,437\nGrace period: 0 days\nApplication fee: $0\n##### Loan Details\n* Personal loans from $2,000 to $25,000\n* Rates from 15.49% to 35.99% APR with no prepayment penalties\n* Check your rate for free without impacting your credit score\n* Qualified customers receive offers in three simple steps, and funds in as little as 24 hours if approved\n* Simple and Secure - quick online application\n* LendingPoint's customer success representatives are available online or by phone 24\/7, just call 888-969-0959\n* Terms from 24 - 60 months\nDisclosure\nLendingPoint offers loans to those with credit scores in the \"fair\" or \"good\" range that can be anywhere from $2,000 to $25,000. LendingPoint allows you to check your rate before you apply and doesn't ding your credit score for doing so. In addition to your credit score, LendingPoint also considers factors such as your job history and income when deciding your loan terms.\n* * *\n### SoFi\n[](;site=exp&placement=ae-single-embed&sessionid=8952CE01-C3FF-5C0C-1210-7E33C129F096&pageid=blogs:ask-experian:how-to-get-a-debt-consolidation-loan-with-bad-credit&previouspageid=&ecsstaticid=8A13831A-7B59-4855-92DA-BEBA4848241A)[Apply](;site=exp&placement=ae-single-embed&sessionid=8952CE01-C3FF-5C0C-1210-7E33C129F096&pageid=blogs:ask-experian:how-to-get-a-debt-consolidation-loan-with-bad-credit&previouspageid=&ecsstaticid=8A13831A-7B59-4855-92DA-BEBA4848241A)\non SoFi's website\n**Recommended FICO® Score\\***\nGood - Exceptional\nAmount\nAvailable loan amounts: $5,000 to $100,000\nEst. monthly payment: $217 to $4,944\nGrace period: 10 days\nApplication fee: $0\n##### Loan Details\n* Personal Loans with low fixed rates\n* Borrow up to $100,000\n* No Origination Fees, No Prepayment Penalties, and No Late or Overdraft Fees\n* Simple online application with live support 7 days a week\n* Apply Now\nDisclosure\nIf your credit scores are in the good to exceptional range, SoFi provides loans from $5,000 to $100,000 without charging application or origination fees. SoFi is a great option if you need a large loan and can stand to wait a few days for your funds to arrive.\nWhat Are the Benefits of a Debt Consolidation Loan?\n---------------------------------------------------\nOne of the main advantages of a debt consolidation loan is eliminating the task of paying multiple lenders each month. When you consolidate all your existing debt into one new loan, you only have to make payments to your new lender. Making only one payment is not only easier, but it can save you from dealing with late and missed payments—which can occur when juggling multiple different payments each month.\nPayment history is the most important factor in calculating your credit score—accounting for 35% of your FICO® Score—and it is important to avoid paying any loan payments past their due date. Late payments can easily occur when someone has multiple loan payments each month and is not using auto pay. Another advantage of a debt consolidation loan is lowering the amount of interest you're paying on your outstanding debt. People typically use debt consolidation loans to pay off their high-interest debt—like credit card debt, which can have interest rates that range from 18-25%. In most cases, a debt consolidation loan will have a much lower interest rate depending on your creditworthiness, saving you money on interest over the life of your loan.\nImagine you had $5,000 worth of credit card debt with an APR of about 25%. Over 36 months, the monthly payment on the debt would be approximately $240 and you would pay a total of $2,500 in total interest. If you were to consolidate this debt into a new loan with an average APR of 17% over 36 months, the total amount you pay toward interest would drop to around $1,700 and your monthly payment would come down to $200. In this scenario, the lower the APR on your new loan, the less you will pay toward interest over time.\nHow Do I Qualify for a Debt Consolidation Loan\n----------------------------------------------\nDepending on your credit range, taking out a debt consolidation loan might not be the best idea. If you have a \"poor\" credit score, it may be difficult to get approved for a debt consolidation loan. Lenders often see people in \"poor\" credit ranges as risky, and as a result, might not issue a new loan to someone in that range.\nAnother potential issue with getting a debt consolidation loan with a \"poor\" credit score is that the interest rate on your new loan could, in some cases, be higher than the APR on your existing debt. Lenders often use your creditworthiness to establish what interest rate you get, so people with \"poor\" or even \"fair\" credit scores should be careful not take on new loans with higher rates.\nDebt Consolidation Loan Options for Military Members\n----------------------------------------------------\nMembers of the military can sometimes have more difficulty obtaining new credit from conventional lenders. Spending extended periods away from home without the need to take loans and utilize lines of revolving credit, members of the military can often have a less robust credit history.\nAs a result, there are specialized private lenders that service members of the military exclusively. Through these lending institutions, members of the military can apply for auto loans, mortgages and even personal loans that can be used for debt consolidation.\nObtaining a personal loan from a military lender is one option for military members trying to consolidate their existing debt. Military lenders will consider applicants with a lower score, but may still find people with a severely compromised credit history risky.\n* * *\n### Prosper\n[](;site=exp&placement=ae-single-embed&sessionid=8952CE01-C3FF-5C0C-1210-7E33C129F096&pageid=blogs:ask-experian:how-to-get-a-debt-consolidation-loan-with-bad-credit&previouspageid=&ecsstaticid=8A13831A-7B59-4855-92DA-BEBA4848241A)[Apply](;site=exp&placement=ae-single-embed&sessionid=8952CE01-C3FF-5C0C-1210-7E33C129F096&pageid=blogs:ask-experian:how-to-get-a-debt-consolidation-loan-with-bad-credit&previouspageid=&ecsstaticid=8A13831A-7B59-4855-92DA-BEBA4848241A)\non Prosper's website\n**Recommended FICO® Score\\***\nGood - Exceptional\nAmount\nAvailable loan amounts: $2,000 to $40,000\nEst. monthly payment: $61 to $1,720\nGrace period: 0 days\nApplication fee: $0\n##### Loan Details\n* 640 minimum FICO® Score\n* More than $16 billion loans funded\n* Consolidate debt, finance a home improvement project, or pay off medical expenses\n* 9 out of 10 customers would recommend Prosper to friends or family\\*\\*\n* Co-borrower option available. Applying with a co-borrower could help improve your rates.\n* Get your money in as few as 3 days - your monthly payment stays the same\nDisclosure\nProsper works with members of the military to provide fixed-rate loans without requiring the borrower to visit a physical bank location. Prosper provides unsecured loans as large as $40,000 for those with good to very good credit scores.\n* * *\nAlternatives to Debt Consolidation\n----------------------------------\nWhile consolidating your debt may seem like the best way to lower your monthly payments or eliminate the hassle of paying multiple bills each month, for some people other debt management tactics might be a better option.\n* ### Debt Management Plans\n Before you consider applying for a loan, one option is to use a debt management plan to consolidate your monthly debt payments. With a plan like this, you must first find a credit counselor and work with them to formulate and stick to a repayment plan. Once you and your counselor agree on a plan, they will often try to negotiate with your creditors to see if they can get you a lower monthly payment and sometimes a lower interest rate.\n In this scenario, once the counselor has finished negotiating, you will pay their organization directly each month and they will make all of your monthly debt payments for you.\n A debt management plan may be a good alternative for people with \"poor\" credit scores who may not be approved for a debt consolidation loan.\n* ### Credit Card Usage\n Responsible credit card usage can help make sure that you don't rack up too much debt and don't get behind on payments. Knowing how to pay down credit card debt can be extremely helpful and can help you save money over time.\n* ### Creating a Budget\n Creating a budget and monitoring your expenses is a vital step in understanding how much you can afford to pay toward existing debt each month. Once a budget is in place, you will be able to set aside a set amount toward your debt payments and inch toward your goal of paying your loans off.\n* ### Bankruptcy\n If you are overwhelmed with debt and see no way of paying it off, bankruptcy may help you find relief. Filing for bankruptcy, however, will remain on your credit file for seven to 10 years and may affect your ability to obtain other loans in the future.\nIf you think debt consolidation might help you, but you are unsure what your credit score is, Experian's CreditMatchTM tool can help you find a personalized loan based your FICO® Score.\nPersonal Loan Calculator\n------------------------\n†The information provided is for educational purposes only and should not be construed as financial advice. Experian cannot guarantee the accuracy of the results provided. Your lender may charge other fees which have not been factored in this calculation. These results, based on the information provided by you, represent an estimate and you should consult your own financial advisor regarding your particular needs.\n* * *\n**Want to instantly increase your credit score?** Experian Boost™ helps by giving you credit for the utility and mobile phone bills you're already paying. Until now, those payments did not positively impact your score.\nThis service is completely free and can boost your credit scores fast by using your own positive payment history. It can also help those with poor or limited credit situations. Other services such as credit repair may cost you up to thousands and only help remove inaccuracies from your credit report. END

TITLE: How to Get a Debt Consolidation Loan with Bad Credit? CONTENT: * * *\n### Upstart\n[](;site=exp&placement=ae-single-embed&sessionid=8952CE01-C3FF-5C0C-1210-7E33C129F096&pageid=blogs:ask-experian:how-to-get-a-debt-consolidation-loan-with-bad-credit&previouspageid=&ecsstaticid=8A13831A-7B59-4855-92DA-BEBA4848241A)[Apply](;site=exp&placement=ae-single-embed&sessionid=8952CE01-C3FF-5C0C-1210-7E33C129F096&pageid=blogs:ask-experian:how-to-get-a-debt-consolidation-loan-with-bad-credit&previouspageid=&ecsstaticid=8A13831A-7B59-4855-92DA-BEBA4848241A)\non Upstart's website\n**Recommended FICO® Score\\***\nFair - Exceptional\nAmount\nAvailable loan amounts: $1,000 to $50,000\nEst. monthly payment: $30 to $2,262\nGrace period: 15 days\nApplication fee: $0\n##### Loan Details\n* Loan amounts from $1,000 - $50,000\n* APRs from 6.46% - 35.99% with loan terms of 3 or 5 years\n* Won't affect your credit score\n* You can have funds in as fast as 1 day\n* You are more than your credit score. On Upstart your education and experience help you get the rate you deserve.\nDisclosure\nUpstart offers loans of up to $50,000 that can be used to pay off credit cards and consolidate other types of debt. Upstart has an easy application process and getting prequalified will not affect your credit scores. END

TITLE: How to Get a Debt Consolidation Loan with Bad Credit? CONTENT: * * *\n### LendingPoint\n[](;site=exp&placement=ae-single-embed&sessionid=8952CE01-C3FF-5C0C-1210-7E33C129F096&pageid=blogs:ask-experian:how-to-get-a-debt-consolidation-loan-with-bad-credit&previouspageid=&ecsstaticid=8A13831A-7B59-4855-92DA-BEBA4848241A)[Apply](;site=exp&placement=ae-single-embed&sessionid=8952CE01-C3FF-5C0C-1210-7E33C129F096&pageid=blogs:ask-experian:how-to-get-a-debt-consolidation-loan-with-bad-credit&previouspageid=&ecsstaticid=8A13831A-7B59-4855-92DA-BEBA4848241A)\non LendingPoint's website\n**Recommended FICO® Score\\***\nFair - Good\nAmount\nAvailable loan amounts: $2,000 to $25,000\nEst. monthly payment: $95 to $1,437\nGrace period: 0 days\nApplication fee: $0\n##### Loan Details\n* Personal loans from $2,000 to $25,000\n* Rates from 15.49% to 35.99% APR with no prepayment penalties\n* Check your rate for free without impacting your credit score\n* Qualified customers receive offers in three simple steps, and funds in as little as 24 hours if approved\n* Simple and Secure - quick online application\n* LendingPoint's customer success representatives are available online or by phone 24\/7, just call 888-969-0959\n* Terms from 24 - 60 months\nDisclosure\nLendingPoint offers loans to those with credit scores in the \"fair\" or \"good\" range that can be anywhere from $2,000 to $25,000. LendingPoint allows you to check your rate before you apply and doesn't ding your credit score for doing so. In addition to your credit score, LendingPoint also considers factors such as your job history and income when deciding your loan terms. END

TITLE: How to Get a Debt Consolidation Loan with Bad Credit? CONTENT: * * *\n### SoFi\n[](;site=exp&placement=ae-single-embed&sessionid=8952CE01-C3FF-5C0C-1210-7E33C129F096&pageid=blogs:ask-experian:how-to-get-a-debt-consolidation-loan-with-bad-credit&previouspageid=&ecsstaticid=8A13831A-7B59-4855-92DA-BEBA4848241A)[Apply](;site=exp&placement=ae-single-embed&sessionid=8952CE01-C3FF-5C0C-1210-7E33C129F096&pageid=blogs:ask-experian:how-to-get-a-debt-consolidation-loan-with-bad-credit&previouspageid=&ecsstaticid=8A13831A-7B59-4855-92DA-BEBA4848241A)\non SoFi's website\n**Recommended FICO® Score\\***\nGood - Exceptional\nAmount\nAvailable loan amounts: $5,000 to $100,000\nEst. monthly payment: $217 to $4,944\nGrace period: 10 days\nApplication fee: $0\n##### Loan Details\n* Personal Loans with low fixed rates\n* Borrow up to $100,000\n* No Origination Fees, No Prepayment Penalties, and No Late or Overdraft Fees\n* Simple online application with live support 7 days a week\n* Apply Now\nDisclosure\nIf your credit scores are in the good to exceptional range, SoFi provides loans from $5,000 to $100,000 without charging application or origination fees. SoFi is a great option if you need a large loan and can stand to wait a few days for your funds to arrive. END

TITLE: How to Get a Debt Consolidation Loan with Bad Credit? CONTENT: What Are the Benefits of a Debt Consolidation Loan?\n---------------------------------------------------\nOne of the main advantages of a debt consolidation loan is eliminating the task of paying multiple lenders each month. When you consolidate all your existing debt into one new loan, you only have to make payments to your new lender. Making only one payment is not only easier, but it can save you from dealing with late and missed payments—which can occur when juggling multiple different payments each month.\nPayment history is the most important factor in calculating your credit score—accounting for 35% of your FICO® Score—and it is important to avoid paying any loan payments past their due date. Late payments can easily occur when someone has multiple loan payments each month and is not using auto pay. Another advantage of a debt consolidation loan is lowering the amount of interest you're paying on your outstanding debt. People typically use debt consolidation loans to pay off their high-interest debt—like credit card debt, which can have interest rates that range from 18-25%. In most cases, a debt consolidation loan will have a much lower interest rate depending on your creditworthiness, saving you money on interest over the life of your loan.\nImagine you had $5,000 worth of credit card debt with an APR of about 25%. Over 36 months, the monthly payment on the debt would be approximately $240 and you would pay a total of $2,500 in total interest. If you were to consolidate this debt into a new loan with an average APR of 17% over 36 months, the total amount you pay toward interest would drop to around $1,700 and your monthly payment would come down to $200. In this scenario, the lower the APR on your new loan, the less you will pay toward interest over time. END

TITLE: How to Get a Debt Consolidation Loan with Bad Credit? CONTENT: How Do I Qualify for a Debt Consolidation Loan\n----------------------------------------------\nDepending on your credit range, taking out a debt consolidation loan might not be the best idea. If you have a \"poor\" credit score, it may be difficult to get approved for a debt consolidation loan. Lenders often see people in \"poor\" credit ranges as risky, and as a result, might not issue a new loan to someone in that range.\nAnother potential issue with getting a debt consolidation loan with a \"poor\" credit score is that the interest rate on your new loan could, in some cases, be higher than the APR on your existing debt. Lenders often use your creditworthiness to establish what interest rate you get, so people with \"poor\" or even \"fair\" credit scores should be careful not take on new loans with higher rates. END

TITLE: How to Get a Debt Consolidation Loan with Bad Credit? CONTENT: Debt Consolidation Loan Options for Military Members\n----------------------------------------------------\nMembers of the military can sometimes have more difficulty obtaining new credit from conventional lenders. Spending extended periods away from home without the need to take loans and utilize lines of revolving credit, members of the military can often have a less robust credit history.\nAs a result, there are specialized private lenders that service members of the military exclusively. Through these lending institutions, members of the military can apply for auto loans, mortgages and even personal loans that can be used for debt consolidation.\nObtaining a personal loan from a military lender is one option for military members trying to consolidate their existing debt. Military lenders will consider applicants with a lower score, but may still find people with a severely compromised credit history risky.\n* * *\n### Prosper\n[](;site=exp&placement=ae-single-embed&sessionid=8952CE01-C3FF-5C0C-1210-7E33C129F096&pageid=blogs:ask-experian:how-to-get-a-debt-consolidation-loan-with-bad-credit&previouspageid=&ecsstaticid=8A13831A-7B59-4855-92DA-BEBA4848241A)[Apply](;site=exp&placement=ae-single-embed&sessionid=8952CE01-C3FF-5C0C-1210-7E33C129F096&pageid=blogs:ask-experian:how-to-get-a-debt-consolidation-loan-with-bad-credit&previouspageid=&ecsstaticid=8A13831A-7B59-4855-92DA-BEBA4848241A)\non Prosper's website\n**Recommended FICO® Score\\***\nGood - Exceptional\nAmount\nAvailable loan amounts: $2,000 to $40,000\nEst. monthly payment: $61 to $1,720\nGrace period: 0 days\nApplication fee: $0\n##### Loan Details\n* 640 minimum FICO® Score\n* More than $16 billion loans funded\n* Consolidate debt, finance a home improvement project, or pay off medical expenses\n* 9 out of 10 customers would recommend Prosper to friends or family\\*\\*\n* Co-borrower option available. Applying with a co-borrower could help improve your rates.\n* Get your money in as few as 3 days - your monthly payment stays the same\nDisclosure\nProsper works with members of the military to provide fixed-rate loans without requiring the borrower to visit a physical bank location. Prosper provides unsecured loans as large as $40,000 for those with good to very good credit scores.\n* * *\nAlternatives to Debt Consolidation\n----------------------------------\nWhile consolidating your debt may seem like the best way to lower your monthly payments or eliminate the hassle of paying multiple bills each month, for some people other debt management tactics might be a better option.\n* ### Debt Management Plans\n Before you consider applying for a loan, one option is to use a debt management plan to consolidate your monthly debt payments. With a plan like this, you must first find a credit counselor and work with them to formulate and stick to a repayment plan. Once you and your counselor agree on a plan, they will often try to negotiate with your creditors to see if they can get you a lower monthly payment and sometimes a lower interest rate.\n In this scenario, once the counselor has finished negotiating, you will pay their organization directly each month and they will make all of your monthly debt payments for you.\n A debt management plan may be a good alternative for people with \"poor\" credit scores who may not be approved for a debt consolidation loan.\n* ### Credit Card Usage\n Responsible credit card usage can help make sure that you don't rack up too much debt and don't get behind on payments. Knowing how to pay down credit card debt can be extremely helpful and can help you save money over time.\n* ### Creating a Budget\n Creating a budget and monitoring your expenses is a vital step in understanding how much you can afford to pay toward existing debt each month. Once a budget is in place, you will be able to set aside a set amount toward your debt payments and inch toward your goal of paying your loans off.\n* ### Bankruptcy\n If you are overwhelmed with debt and see no way of paying it off, bankruptcy may help you find relief. Filing for bankruptcy, however, will remain on your credit file for seven to 10 years and may affect your ability to obtain other loans in the future.\nIf you think debt consolidation might help you, but you are unsure what your credit score is, Experian's CreditMatchTM tool can help you find a personalized loan based your FICO® Score.\nPersonal Loan Calculator\n------------------------\n†The information provided is for educational purposes only and should not be construed as financial advice. Experian cannot guarantee the accuracy of the results provided. Your lender may charge other fees which have not been factored in this calculation. These results, based on the information provided by you, represent an estimate and you should consult your own financial advisor regarding your particular needs.\n* * *\n**Want to instantly increase your credit score?** Experian Boost™ helps by giving you credit for the utility and mobile phone bills you're already paying. Until now, those payments did not positively impact your score.\nThis service is completely free and can boost your credit scores fast by using your own positive payment history. It can also help those with poor or limited credit situations. Other services such as credit repair may cost you up to thousands and only help remove inaccuracies from your credit report. END

TITLE: How to Get a Debt Consolidation Loan with Bad Credit? CONTENT: * * *\n### Prosper\n[](;site=exp&placement=ae-single-embed&sessionid=8952CE01-C3FF-5C0C-1210-7E33C129F096&pageid=blogs:ask-experian:how-to-get-a-debt-consolidation-loan-with-bad-credit&previouspageid=&ecsstaticid=8A13831A-7B59-4855-92DA-BEBA4848241A)[Apply](;site=exp&placement=ae-single-embed&sessionid=8952CE01-C3FF-5C0C-1210-7E33C129F096&pageid=blogs:ask-experian:how-to-get-a-debt-consolidation-loan-with-bad-credit&previouspageid=&ecsstaticid=8A13831A-7B59-4855-92DA-BEBA4848241A)\non Prosper's website\n**Recommended FICO® Score\\***\nGood - Exceptional\nAmount\nAvailable loan amounts: $2,000 to $40,000\nEst. monthly payment: $61 to $1,720\nGrace period: 0 days\nApplication fee: $0\n##### Loan Details\n* 640 minimum FICO® Score\n* More than $16 billion loans funded\n* Consolidate debt, finance a home improvement project, or pay off medical expenses\n* 9 out of 10 customers would recommend Prosper to friends or family\\*\\*\n* Co-borrower option available. Applying with a co-borrower could help improve your rates.\n* Get your money in as few as 3 days - your monthly payment stays the same\nDisclosure\nProsper works with members of the military to provide fixed-rate loans without requiring the borrower to visit a physical bank location. Prosper provides unsecured loans as large as $40,000 for those with good to very good credit scores.\n* * * END

TITLE: How to Get a Debt Consolidation Loan with Bad Credit? CONTENT: Alternatives to Debt Consolidation\n----------------------------------\nWhile consolidating your debt may seem like the best way to lower your monthly payments or eliminate the hassle of paying multiple bills each month, for some people other debt management tactics might be a better option.\n* ### Debt Management Plans\n Before you consider applying for a loan, one option is to use a debt management plan to consolidate your monthly debt payments. With a plan like this, you must first find a credit counselor and work with them to formulate and stick to a repayment plan. Once you and your counselor agree on a plan, they will often try to negotiate with your creditors to see if they can get you a lower monthly payment and sometimes a lower interest rate.\n In this scenario, once the counselor has finished negotiating, you will pay their organization directly each month and they will make all of your monthly debt payments for you.\n A debt management plan may be a good alternative for people with \"poor\" credit scores who may not be approved for a debt consolidation loan.\n* ### Credit Card Usage\n Responsible credit card usage can help make sure that you don't rack up too much debt and don't get behind on payments. Knowing how to pay down credit card debt can be extremely helpful and can help you save money over time.\n* ### Creating a Budget\n Creating a budget and monitoring your expenses is a vital step in understanding how much you can afford to pay toward existing debt each month. Once a budget is in place, you will be able to set aside a set amount toward your debt payments and inch toward your goal of paying your loans off.\n* ### Bankruptcy\n If you are overwhelmed with debt and see no way of paying it off, bankruptcy may help you find relief. Filing for bankruptcy, however, will remain on your credit file for seven to 10 years and may affect your ability to obtain other loans in the future.\nIf you think debt consolidation might help you, but you are unsure what your credit score is, Experian's CreditMatchTM tool can help you find a personalized loan based your FICO® Score.\nPersonal Loan Calculator\n------------------------\n†The information provided is for educational purposes only and should not be construed as financial advice. Experian cannot guarantee the accuracy of the results provided. Your lender may charge other fees which have not been factored in this calculation. These results, based on the information provided by you, represent an estimate and you should consult your own financial advisor regarding your particular needs. END

TITLE: Women and Credit 2021: How the Pandemic Affected Women’s Lives—and Finances CONTENT: Credit Trends in 2020: Credit Card Debt Down, Scores Up\n-------------------------------------------------------\nThe COVID-19 pandemic brought with it swift and startling economic distress. According to the Federal Reserve, employment shrank by 20 million jobs between February and May 2020. Meanwhile, U.S. gross domestic product (GDP, or the value of goods and services the country produces in a year) fell 10% in the second quarter (Q2) of 2020 alone, the biggest decrease ever recorded.\nDespite the grim global economic picture, and the difficulties many consumers faced due to lost jobs and income, Experian data shows that on average, debt dropped and credit scores grew in 2020. Credit card debt fell 14% from Q3 2019 to Q3 2020, and average credit utilization—the amount of debt individuals carry compared with their credit limit—fell 12%. Consumers also improved their payment habits: The average portion of credit accounts that were 90 to 180 days past due dropped by 53% from Q3 2019 to Q3 2020.\nSource: Experian\nPayment history and credit utilization are the two main factors in a consumer's credit score. Less debt and more on-time payments led credit scores to increase on average in 2020. The average FICO® Score rose from 703 to 710 between 2019 and 2020, a much larger increase than the average one point per year gain over the past 10 years. END

TITLE: Women and Credit 2021: How the Pandemic Affected Women’s Lives—and Finances CONTENT: Women's Finances in 2020: Opportunities and Challenges\n------------------------------------------------------\nThe pandemic has affected consumers in markedly different ways. While some lost jobs and paychecks, others benefited from slashed expenses amid steady income. The economic fallout from the pandemic has resulted in a split experience among consumers: About half of adults report that their financial situation is about the same as it was at the start of the pandemic, compared with 21% that say it's worse, according to a March 2021 Pew Research Center survey. Yet half of adults not in retirement say they will have more difficulty achieving their long-term financial goals as a result of the pandemic, according to the same survey.\nThis division in experience is true of both consumers in general and of women in particular, as we found in a February 2021 Experian survey of 347 adult women in the U.S. In our survey, 43% of women said their income stayed roughly the same between March 2020 and February 2021, and 21% said it increased. Additionally, 37% of women said their expenses stayed the same, and 1 in 5 said their expenses went down during the pandemic.\nBut women also experienced many challenges. Among survey respondents, 24% said they have less savings, 18% said they were unable to earn as much money because their industry was affected by the pandemic, and 17% said they have more debt. Of those who said their expenses rose during the pandemic, the most common categories of increased spending were groceries (35%), takeout and restaurant meals (34%) entertainment like movies and streaming services (21%) and utilities (21%).\nWomen have also dealt with specific concerns during the pandemic as a result of the caregiving and domestic work they are still more likely to take on than men. More women than men have left the workforce completely: 2.7 million women between March and September 2020, compared with 1.7 million men, according to the Bureau of Labor Statistics.\nWomen may decide to quit working entirely to care for sick or aging parents, oversee remote schooling for their children, look after small children unable to go to daycare or manage the household. As a result, female participation in the workforce has not been this low since 1988, according to one NPR analysis. END

TITLE: Women and Credit 2021: How the Pandemic Affected Women’s Lives—and Finances CONTENT: What Women Are Saying About Money in 2020\n-----------------------------------------\nBut even among women who lost jobs, some have taken the chance to pursue paths they might not have otherwise.\nMargo Gabriel, 34, was laid off from her job as a finance assistant at MIT in Boston in February 2020. She had worked there for about five years, and her first step upon learning of her layoff was to seek work in other departments at the university—only to find, when the pandemic hit weeks later, that those positions were suddenly much harder to come by.\n\"When I lost my job, I was so embarrassed,\" she says. \"I had to really come to terms with separating my identity from my job.\"\nGabriel had planned to travel to Lisbon, Portugal, in December 2020, but after losing her job, she decided to take a leap and move to Lisbon in the fall instead. She now makes a living as a writer and editor for U.S. publications in Lisbon, continuing work she had done on the side while working for MIT.\nAcross the world, outside Atlantic City, New Jersey, Rachel Kramer Bussel, 45, also made some changes as a result of the pandemic. In 2020, knowing her expenses would be far reduced due to canceled travel plans, Bussel cut her nonessential expenses drastically. As a result, she paid off the remaining $35,000 of a total $80,000 in tax debt she had accrued and was slowly eliminating via a monthly payment plan.\n\"If there wasn't the pandemic and I had done all my weddings and travel that I was going to throughout the year, I wouldn't have been able to pay it off plus do all those things,\" Bussel says. \"And I know I wouldn't have canceled them just to save money.\"\nThere's no single story that illustrates how COVID-19 has affected women in the U.S., and the many consequences of the pandemic will take more time to unravel. But as vaccines become commonplace and travel begins again, there is hope that more women will have the chance to pursue their goals, financial and otherwise, with the pandemic behind them. END

TITLE: What Is Account Takeover Fraud and How Can You Prevent It? CONTENT: Account takeover fraud occurs when cybercriminals gain access to your online accounts and use them to withdraw money, make purchases or extract information they can sell or use to access your other accounts. Potential targets of account takeover fraud include social media and email accounts, as well as those you use to shop or handle bank and credit card transactions. During the pandemic, there's been an uptick in government benefits, such as unemployment payments, involved in account takeover fraud—a good example of the opportunistic thinking that drives this trend. END

TITLE: What Is Account Takeover Fraud and How Can You Prevent It? CONTENT: How Do Criminals Get Your Account Information?\n----------------------------------------------\nFraudsters can buy stolen credentials off the dark web and use them to access your accounts. Where does data on the dark web come from? Data breaches are a prime source. The Identity Theft Resource Center (ITRC) reports that just over 300 million individuals were impacted by publicly reported data breaches in 2020. As massive as that sounds, it was a 66% decrease since 2019. Since its inception in 2005, the ITRC has tracked more than 12,250 data breaches involving billions of individual records. The first half of 2021 saw 846 publicly recorded data breaches, putting this year on pace to break a record for the number of breaches in a single year.\nAdditionally, criminals may use malware, phishing or other methods of identity theft to obtain your login and password information. Once they have credentials, they may attempt credential stuffing, where the login and password from one site is used to try to log in to others. Alternatively, they may execute a brute force attack, which uses bots to try multiple passwords on a single site. END

TITLE: What Is Account Takeover Fraud and How Can You Prevent It? CONTENT: What Do Fraudsters Do With Stolen Accounts?\n-------------------------------------------\nOnce they gain access to your account, criminals may do any number of things to cause trouble. They may, for example:\n* Order a new card from your credit card company and use it to make purchases.\n* Buy a new smartphone from your mobile phone carrier.\n* Access and redeem your account credits or rewards points for their own benefit.\n* Make a payment to a fraudulent company from your bank account.\n* Open a new bank account in your name.\n* Place orders on a shopping or restaurant delivery site.\n* Redirect unemployment benefits.\n* Access and steal personally identifiable information.\n* Change account information, including your phone number, email, home address or login and passwords.\n* Use the information they obtain to access other accounts.\n* Sell the account information on the dark web.\nFor all the problems account takeover can create, it can be difficult to detect. Often, criminals take the extra step of changing your account preferences so you don't receive notifications that might otherwise tip you off that something is amiss. Play defense: Pay attention to password change notifications and other account alerts as they come in before fraudsters have the chance to disable them. If you're notified of activity you don't recognize, look into it right away. END

TITLE: What Is Account Takeover Fraud and How Can You Prevent It? CONTENT: How Can You Protect Yourself From Account Takeover?\n---------------------------------------------------\nWhat else can you do to reduce your risk of account takeover fraud? Following general best practices for reducing the risk of identity theft is a good place to start. Some factors may be out of your control. For example, your information may be leaked in a data breach without your knowledge or the opportunity to secure your information. You can, however, take steps to limit the ways bad actors can use your data.\n**Be meticulous with passwords.** Hackers will be more successful with their attacks if you tend to use the same logins and passwords on multiple sites. Ideally, you should have a unique, secure password for every online account. Using a secure password manager to generate and store these passwords across devices could be a great help.\n**Use multifactor authentication.** Simply setting up security on your accounts to send a one-time passcode by email or text can help thwart an account takeover. Adding biometrics like face recognition or fingerprints can also be effective. Multifactor authentication isn't available on all accounts, but it is available on many critical ones. Activate it wherever you can.\n**Safeguard your credit.** Even before you fall victim to account takeover, you might want to consider placing a credit report fraud alert or credit freeze with all three credit bureaus. With a fraud alert, credit bureaus will ask creditors to take steps to verify your identity before issuing credit in your name. A credit freeze prevents potential creditors (and others) from viewing your credit report and scores unless you deliberately \"thaw\" your credit information.\n**Consider identity theft protection.** You can get help tracking your identity, accounts and credit file with Experian IdentityWorks℠. With Experian's credit monitoring services, you can keep close tabs on your credit report and scores, receive alerts when changes are made to your financial accounts, scan the dark web and get help if your identity is compromised. END

TITLE: What Is Account Takeover Fraud and How Can You Prevent It? CONTENT: What to Do if Your Account Has Been Hacked\n------------------------------------------\nIf you discover your account has been hacked, follow these basic steps for dealing with account fraud and identity theft:\n* **Report the fraud to the company or agency involved.** You may need to close your account or upgrade your account security.\n* **Check your accounts.** Assess whether your other accounts have been affected, especially those that use the same password.\n* **Change your passwords.** Update account information for the affected account and any others that share passwords with it. Better yet, you may want to take this opportunity to change and upgrade your passwords across the board.\n* **Consider your credit.** If you haven't already, you may want to freeze your credit or add a fraud alert to your credit reports and activate credit monitoring. Experian can help you start the recovery process. END

TITLE: What Is Account Takeover Fraud and How Can You Prevent It? CONTENT: Taking Account of Identity Fraud\n--------------------------------\nAccount takeover fraud is potentially damaging to your finances—and your sense of well-being—and there is no failsafe protection against it. Yet, you can take steps to limit your vulnerabilities and stop account takeover fraud when it happens. Maintaining strong account security and remaining vigilant are both critical. If you need help monitoring activity related to your identity and credit, consider identity theft monitoring and protection, available through Experian IdentityWorks℠. END

TITLE: What Is Synthetic ID Fraud? CONTENT: How Does Synthetic Identity Fraud Happen?\n-----------------------------------------\nSynthetic identity fraud is one of the fastest-growing types of financial crimes, and it can happen in several ways.\nA fraudster may steal someone's personal information or buy it on the dark web, then combine it with fake information to create a new identity. In some cases, the fraudster might even use a single SSN to create multiple identities.\nFraudsters may then use this new synthetic ID to build credit. It may take months or years to create good credit profiles for their fake identities, and then they \"bust out,\" or borrow a lot of money and disappear.\nSynthetic identities may also be used to fraudulently apply for government benefits, open bank accounts to launder money and commit other nefarious acts. A 2021 Experian report found that fraudsters are even using artificial intelligence to create fake faces in an attempt to fool companies' biometric verification systems.\nAnother way synthetic fraud can happen is when someone uses their real name, date of birth and contact information with an SSN that doesn't belong to them. Sometimes this occurs to unsuspecting consumers who are trying to build or rebuild their credit. They may reach out to a credit repair company that offers to help them \"start over\" with a credit privacy number (CPN). In reality, the CPN may be an SSN that hasn't been assigned to anyone yet or is stolen.\nStolen SSNs often actually belong to children, incarcerated people, homeless people or the elderly—many of whom don't have or actively use their credit information. The consumer might be trying to do the right thing by following a \"professional's\" advice to get their credit on track—but all the while may be inadvertently committing fraud by using the stolen SSN to open new credit accounts.\nOne reason synthetic fraud has been possible is that many organizations couldn't electronically check the name and date of birth associated with the SSN. And, since 2011, SSNs have been assigned at random—which means there isn't a clear link between the number and a person's place or date of birth.\nTo help solve this problem, the Social Security Administration launched an electronic consent-based verification service (eCBSV) in 2020. It's currently in an initial testing period with a select group of participants, including Experian. END

TITLE: What Is Synthetic ID Fraud? CONTENT: How to Protect Yourself From Identity Theft\n-------------------------------------------\nDetecting synthetic ID theft can be more difficult than detecting other types of identity theft. But here are some things you can do to keep your—and your loved ones'—information protected.\n* **Monitor your credit.** To check for any unfamiliar accounts and ensure all your information is correct, get your credit reports from all three credit bureaus (Experian, TransUnion and Equifax) at least once a year, which you can do for free through AnnualCreditReport.com. You can also monitor your Experian credit report for free.\n* **Lock or freeze your credit reports.** This keeps others from opening an account in your name.\n* **Freeze your children's credit reports.** The credit bureaus will create and then freeze children's credit reports, which could help keep others from using their SSN to open new credit accounts. The process is a little different at each bureau—you can learn about Experian's process.\n* **Be careful about what you share on social media.** Fraudsters may be able to gather information, such as birthdays, from social media posts.\n* **Limit sharing SSNs.** This is particularly important if you have children or are a caretaker for an older relative. You can ask organizations if they truly need an SSN, or if a different type of personal information or identification could work instead.\n* **Keep an eye on your mail.** If you see unusual mail regarding government benefits, Social Security statements or preapproved credit offers for a child, that could be an indication of fraud.\nUnless you're complicit in the creation or use of the fake identity, you likely won't be responsible for any of the fraudulent activity.\nHowever, synthetic identity fraud is far from a victimless crime—as it's sometimes described. Rising fraud rates could increase the cost of credit for everyone and make it more difficult to open a credit account or apply for government benefits. END

TITLE: What Is Synthetic ID Fraud? CONTENT: See if Your Information Is Already on the Dark Web\n--------------------------------------------------\nIn addition to taking protective measures, you could look to see if your personal information has already been compromised. You can get a free, one-time dark web scan from Experian to check for your SSN, email and phone number.\nIf you want ongoing scans, the Experian IdentityWorks℠ subscriptions include dark web surveillance. Users also get a variety of credit and identity protection services, such as monitoring alerts and identity theft insurance. END

TITLE: What Is Familiar Fraud and How It Can Affect Your Family? CONTENT: It's easy to assume that con artists are unknown predators lurking in the shadows, but they can also be people close to you. According to Eva Velasquez, president and CEO of the nonprofit Identity Theft Resource Center, this can include a spouse, parent, friend, caregiver or anyone else who has access to your personally identifiable information (PII) or account information. If motivated to do so, they could do the following things in your name without your permission or knowledge:\n* Open new accounts\n* Make large purchases\n* Receive medical care\n* Commit other identity crimes\nWhen the person committing the fraud is a friend or family member, they may readily have access to your confidential information and devices. This makes it easier to verify your identity. END

TITLE: What Is Familiar Fraud and How It Can Affect Your Family? CONTENT: How to Help Prevent Familiar Fraud\n----------------------------------\nWhile there are no surefire ways to avoid being targeted, you can take steps that help prevent a familiar fraudster from being successful. Consider the following actions:\n### Place a Security Freeze on Your Credit\nRequesting a security freeze will limit access to your credit reports, including for legitimate purposes. If someone tries to open an account in your name, the lender will not be able to view your reports when attempting to do a credit check and therefore won't be able to approve the account. You can freeze your credit by contacting each of the major credit bureaus (Experian, TransUnion and Equifax). You'll have to remember to \"thaw\" the freeze whenever you want to apply for credit.\n\"Freezing your credit is now free for everyone, including minor children, and it's one of the most robust risk minimization steps you can take,\" Velasquez says. \"If your credit is frozen, another person cannot open new lines of credit using your identity information even if they have your identity credentials or PII.\"\nJust be sure to protect the PIN that's used to thaw your credit, just like you protect other sensitive documents and information.\n### Set Up a Fraud Alert\nAdding a fraud alert to your credit reports is usually a quick and easy process and may be preferable to a credit freeze if you plan to apply for credit in the near future. It adds a notification to your credit file that asks lenders to take additional steps to verify your identity before approving any new credit requests. You only need to request a fraud alert with one of the credit bureaus and it will be added to all three of your credit reports.\nA temporary fraud alert lasts for one year and can be canceled at any time. If you know you've been the victim of identity theft, you can opt for an extended fraud alert, which lasts seven years. Some people prefer fraud alerts over credit freezes because they don't require you to thaw your credit when completing a legitimate credit application.\n### Monitor Your Accounts for Suspicious Activity\nStaying on top of your accounts can alert you to potential familiar fraud. \"If you check your accounts on a consistent basis, you should be able to catch any unauthorized purchases and take the appropriate steps to resolve the fraud,\" Velasquez says.\nIt's also wise to check your credit reports regularly for suspicious activity. Unfamiliar accounts or elevated balances are red flags for identity theft.\n### Explore Identity Protection Programs\nTaking more in-depth precautions may help you sleep better at night, especially if you've been the victim of familiar fraud in the past. Experian IdentityWorks℠ provides identity theft monitoring and dark web surveillance, which can offer some peace of mind. You can also lock and unlock your credit file with ease, adding an additional layer of protection. If you are ultimately victimized, you'll have access to fraud resolution services and up to $1 million in ID theft insurance.\n### Keep Sensitive Documents in a Safe Place\nVelasquez suggests taking extra steps to keep your personal information safe from potential scammers. A lockbox or fire safe can do the trick. It's also wise to be mindful of oversharing information with those close to you, as people can't steal information they don't have.\n\"Don't leave your purse or wallet out when visitors come because they could also be easily accessed,\" she says. \"While it may seem overboard, familiar fraud is typically committed by people you trust and would not expect to steal your PII.\" END

TITLE: What Is Familiar Fraud and How It Can Affect Your Family? CONTENT: How to Detect Familiar Fraud\n----------------------------\nFamiliar fraud often goes undetected for years. It's usually discovered when someone goes to take out a loan or apply for new credit, only to find fraudulent activity on their credit reports. With regard to minors, children under 16 likely won't have a credit report at all. There are some cases where a credit report may have been created for them, however, such as if they've been added as an authorized user on an adult's credit account. If they have a credit report and you can't think of a clear explanation why, it may be due to fraud.\nThe best way to detect familiar fraud is to check your credit reports regularly and monitor your accounts. \"If you spot unusual activity on your existing accounts or on your credit file, you need to act quickly and take the appropriate steps to resolve the fraud and recover your identity,\" Velasquez says. END

TITLE: What Is Familiar Fraud and How It Can Affect Your Family? CONTENT: What to Do if You Experience Familiar Fraud\n-------------------------------------------\nReacting sooner rather than later can help prevent further damage. Here are some helpful tips for overcoming identity theft:\n* **Protect your credit.** If you haven't already done so, now is the time to establish a security freeze or fraud alert. This action can help put a stop to the fraud and prevent more abuse.\n* **Report the fraud.** While this may feel difficult if the perpetrator is a family member or friend, it's still wise to report the fraud to the appropriate law enforcement agency as it's a criminal act. Beyond that, you can also report it to the Federal Trade Commission at IdentityTheft.gov. Here you'll also find recovery resources and step-by-step guidance for setting things right.\n* **Dispute fraudulent charges.** \"Be sure to contact the companies where the fraud happened and the three credit bureaus,\" Velasquez says. The latter is especially important as each has its own process for disputing information on your credit reports that you believe to be inaccurate or fraudulent. END

TITLE: What Is Familiar Fraud and How It Can Affect Your Family? CONTENT: The Bottom Line\n---------------\nFamiliar fraud is often a quiet form of identity theft that you don't see coming. You can check your credit reports for free at AnnualCreditReport.com. Experian also has lots of resources to help you protect your credit, including free credit monitoring that will alert you to new credit inquiries and changes on your credit report. END

TITLE: How to Set Up Credit Card Alerts for Fraud and Purchases CONTENT: Types of Credit Card Alerts\n---------------------------\nThere are several different types of alerts you can set on your credit cards. While these may vary slightly from one issuer to another, most credit card companies allow you to set the following alerts:\n* **Purchase alert**: Get alerted every time a purchase is made, or only for purchases over a certain dollar amount. You may also be able to get more details; for example, Capital One lets you enable notifications including the amount of the purchase and information about the merchant.\n* **Bill due date reminders**: Avoid missing a payment by signing up for reminders that let you know when your next payment is due.\n* **Payments posted**: Keep tabs on your payments to make sure they post on time.\n* **Balance updates**: Monitor your spending by receiving balance updates.\n* **Foreign purchases**: A purchase in another country when you're in the U.S. is a warning sign of fraud.\n* **Cash advances**: Crooks may take cash advances on your account.\n* **Balance transfers**: Identity thieves might try to transfer their high-interest balances to your card, leaving you responsible for payment. END

TITLE: How to Set Up Credit Card Alerts for Fraud and Purchases CONTENT: You can receive credit card alerts via text, email and\/or push notification. Using the credit card issuer's mobile app to set up alerts and enabling push notification ensures you're alerted quickly. Here's how to set up credit card alerts for the major card issuers.\n**American Express**\n1. Tap Account\n2. Under Settings, tap Notifications\n3. Select the alerts you want to receive\n**Bank of America**\n1. Tap Menu\n2. Tap Alerts, then Settings\n3. Select the alerts you want to receive\n**Capital One**\n1. Tap your profile icon\n2. Tap Alerts Notifications\n3. Select your account, then the alerts you want to receive\n**Citi**\n1. Tap your profile icon\n2. Under Settings, tap Account Alerts\n3. Select your account, then the alerts you want to receive\n**Chase**\n1. Tap your profile icon\n2. Under Alerts Messages, tap Manage Alerts\n3. Select the alerts you want to receive\n**Discover**\n1. Tap More\n2. Under Profile Settings, tap Alerts\n3. Select Allow Push Notifications, then the alerts you want to receive END

TITLE: How to Set Up Credit Card Alerts for Fraud and Purchases CONTENT: How Can Credit Card Alerts Help You?\n------------------------------------\nCredit card alerts can warn you of fraud and allow you to take swift action. For example, if you notice a purchase you didn't make, you can quickly notify your card issuer and file a police report if necessary. Your card issuer will cancel your card and issue a new one.\nYou should check your credit report regularly to make sure all the information there is correct; this is especially critical after discovering credit card fraud. The criminal could have opened new credit cards or other credit accounts using your identity. Fraudulent credit card activity that appears in your credit report can negatively affect your credit score unless you have it removed, which you can do by contacting your card issuer or filing a dispute with the credit bureau on whose report it appears.\nTo protect against future fraud, consider placing a fraud alert, also called a security alert, on your credit report. This requires credit grantors to confirm your identity before issuing new credit in your name.\nFighting fraud isn't the only thing credit card alerts can do. Receiving alerts about your balance or purchases can help you stay on top of your spending, stick to a budget or monitor an authorized user's spending.\nYour payment history with credit cards and other credit accounts is the single biggest factor in your FICO® Score☉ , the most commonly used credit scoring model. Alerts about payment due dates remind you to pay your bill on time, which can boost your credit score. END