It’s difficult to get exact answers to this important question. Every expert, credit bureau, and loan officer has a different opinion as to where the threshold between good and poor credit lies.
In addition, “good” can be a relative term. Do we mean “good” as in excellent, or “good” as in “good enough”?
For an individual, a debt ratio describes the percentage of your income that goes to debt payments. You’ll often see this described as a Debt-to-Income Ratio.
Your ratio is usually calculated based on your gross income. So if your salary is $3,000 per month, and your total debt payments every month are $300, your debt ratio is 10%. (3000 divided by 300 is 10).
Despite your best efforts, you might face obstacles that prevent you from fulfilling financial obligations and other promises. Suffering from an injury, losing a key source of income, or making…
For most people, reliable transportation is about as important as food and shelter. Unless public transportation is really convenient from your home and work, or these two places are really close together, it would be difficult to live without a vehicle of your own.
The new car you bought 3 years ago for $30,000 is worth just over $15,000 today, and you’re thinking it might be time to trade it in before its value…
Whether you’re saving to become a homeowner, for retirement, or for some other purpose, building savings is a crucial goal for every consumer. When we educate people about the budgeting…
The news surrounding the coronavirus outbreak updates constantly. Consequently, it’s important to create a plan for both your household and your finances to ensure you’ll be ready for whatever challenges…
Amid the ongoing concerns about Coronavirus (COVID-19), it’s important to know how to stay prepared and informed to ensure you and your family members’ safety. How Credit.org Can Help Our…
A high credit score will make it easier to qualify for mortgages and car loans, start a business, and, in some cases, secure a job. More importantly, a good credit…
For many people, heading off to college is the perfect time to learn financial basics. Because you can experience the real world while parents oversee from afar, it’s a safe…
Homeownership is a worthy goal for everyone, but it’s a big process to undertake. If you’ve never owned a home or have been away from homeownership for a while, it…
As 2018 ends and 2019 begins, the housing market in the US is being affected by rising interest rates. It will be important for home buyers to consider the current…
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