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Personal Finance 101: What Impacts your Credit Score
A big part of the debt system in the United States is determining the credit worthiness of people trying to access capital and the risk associated with it. FICO scores were created by the Fair Isaac Corporation and are utilized by financial institutions to help determine the risk level of a potential borrower. The FICO score ranges between 300 and 850, and they are calculated by taking five factors into consideration: payment history, amount owed, length of credit history, the amount of credit accounts opened recently,…
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$8,000 Later and Debt Free
I recently paid off $8,000 worth of credit card debt. I am ashamed to say that I let my credit card get that high, but there are various factors that made it very easy to swipe my plastic card. I had my “this cannot be life moment” when I looked at that bill and realized I nearly maximized my credit card and I did not even have that equivalent amount in my savings account. I told myself I would pay it off eventually; however, this…
