Bankroll & Balance

  Your credit score is a crucial factor in determining your financial health, and it may come as a surprise that your utility payments can have a significant impact on it. While utility companies typically do not report your regular payments to credit bureaus, they may report delinquent accounts to collection agencies, which can ultimately find their way onto your credit report. This means that consistently missing utility payments can lower your credit score and make it more challenging to secure favorable terms for loans or credit cards. On the other hand, making timely payments for utilities can help boost your credit score over time, showcasing your responsible financial behavior. Credit score Key Takeaways Utility payments, rental payments, and cell phone bills can impact your credit score, so it's important to make these payments on time. Medical debt, child support payments, and parking tickets can also affect your credit score, so it's crucial to address these financi...

  Introduction  Imagine getting excited to buy that dream car or apply for that mortgage, only to get declined or to be offered some absurd interest rate. And all because of your credit score. The three-digit number that gets you financial life at one place and breaks it at another, basically goes unappreciated. Instead, learning exactly how your credit score is calculated empowers you to take control over your finances and grab better opportunities. In this post, we'll decode credit scores and show you how the scores are calculated, after which we'll give you practical actionable tips on how to improve your credit score. Imagine a life where your credit score opens doors instead of closing them. Why Your Credit Score is a Big Deal Your credit score is more than just some arbitrary number; it is a reflection of your financial health. Lenders use your credit score to decide the likelihood of paying off debt, a factor that can affect anything from approval for a credit card to l...