The credit-score system that helps determine the biggest financial decision in most Americans’ life—their mortgage—has been upended. Here’s what that means for homebuyers https://t.co/zVAVw4VW9V ...

Fair Isaac Corp. is teaming up with financial technology firm Plaid to roll out a credit score that’s augmented with real-time cash-flow data https://t.co/N9h1ga8HcN ...

There are only a few more payments left on your loan, and you’re ready to celebrate. But before you close out the account, you need to know what comes next. Paying off a personal loan isn’t simply about clicking “submit payment” one last time. It affects your credit profile, your monthly budget, and even your long-term financial plans. If you walk into the final payoff with no strategy, you could leave potential benefits on the table. Here's what happens when you pay off a personal loan, how it impacts y ...

Credit Rating - South Africa desires a credit score upgrade [1] - Finance Minister Enoch Godongwana is not anticipating an upgrade [1]

Core Insights - Credit scores significantly influence housing options, affecting rental applications, mortgage rates, and insurance premiums [4] - A higher credit score can lead to better housing options and lower costs [4] Impact of Credit Score on Housing - Landlords and lenders closely examine credit scores when evaluating rental applications and mortgage requests [2][5] - Credit scores are a key factor in determining a person's ability to secure housing in desired locations [2][4] Tips for Improving Credit Score - Pay bills on time to avoid missed payments [7][8] - Reduce credit card balances to maintain low credit utilization, ideally below 30% [8] - Avoid opening too many new accounts at once to protect credit history [7][8] - Regularly check credit reports for errors and dispute inaccuracies [7][8] - Maintain older credit accounts to build a longer credit history [8]

Being aware of your credit score is an essential part of modern financial wellness, and it also helps to know how you compare to others in the U.S. and in your state. https://t.co/WmgHJVoJNe ...

Core Insights - The national average credit score in the U.S. is 715 as of September 2024, indicating a plateau since 2021 after a steady rise since 2011 [3][5] - Credit scores are crucial for determining interest rates on loans and creditworthiness, impacting financial decisions for consumers [2][3] - There are significant regional disparities in credit scores, with states like Mississippi and Louisiana averaging around 680, while Minnesota and Wisconsin have higher averages of 742 and 738, respectively [4][3] Credit Score Trends - The average credit score has remained stable at around 714 or 715 since 2021, following a consistent increase from approximately 689 in 2011 [5] - Recent data from FICO indicates a decline in average U.S. credit scores since mid-2023, attributed to rising student loan delinquencies as pandemic-related payment pauses ended [5] Regional and Demographic Variations - The lowest credit scores are found in Southern states, with Mississippi at 680 and other states like Alabama, Georgia, Louisiana, and Texas ranging from 690 to 695 [4] - The highest credit scores are in states like Minnesota and Wisconsin, with averages above 735 in Washington, Vermont, and New Hampshire [4] - Gender and generational differences exist, with women having slightly lower average credit scores than men and older Americans generally having higher scores due to longer credit histories [7]

Core Insights - The average credit score for U.S. homebuyers has reached an all-time high of 736, indicating a significant increase in creditworthiness among buyers [1][4] - Mortgage credit scores are approximately 20 points above the national average, reflecting a shift towards higher-income and financially stable households in the buyer pool [2] - Lenders are becoming more cautious, favoring low-risk applicants due to rising delinquency rates, which have increased to 3.43% [3] Summary by Category Credit Score Trends - The average credit score for approved mortgages has seen a steep increase to 736, the highest recorded level [1][4] - This marks a significant shift from the low 700s range that was common for much of the past decade [4] Buyer Demographics - The current buyer pool is increasingly composed of higher-income households with strong credit and larger down payments, filtering out less-qualified buyers [2] - First-time buyers and those with thinner credit histories are particularly affected by the current affordability challenges [2] Lending Practices - Lenders are prioritizing low-risk applicants due to higher delinquency rates, which have risen by 16 basis points in August [3] - The national delinquency rate is up 10 basis points compared to the same time last year, indicating a cautious lending environment [3]

Do you want to be the first millionaire in your family. Here are the five rules you need to follow. The last one is crucial.One, your investment should always eat before you do. Two, use your credit card to improve your credit score and earn rewards. Three, track all your expenses and stop money leaking through the cracks.Four, never buy the cheapest option. Buy the best for long-term value. And five, invest in people the way you wish someone had invested in. ...

Core Insights - A Reddit user with a high FICO score of 798 was denied a personal loan by Citi due to low balances on revolving accounts, despite a strong credit history and timely payments [1][2] - The denial was attributed to the user's practice of paying off credit card balances before the statement closing date, resulting in a reported zero balance and perceived inactivity by lenders [2][3] Group 1: Credit Utilization and Reporting - Credit card issuers report balances to credit bureaus on the statement closing date, not the due date, which can lead to misunderstandings about credit usage [2] - Maintaining a small balance on credit cards can demonstrate responsible usage to lenders, as opposed to paying off the balance entirely before the statement [3] Group 2: Lender Perceptions - Lenders may view applicants with no visible debt as suspicious, which can impact loan approval decisions [4] - The general consensus among commenters suggests that allowing a small balance to report each month can improve the chances of loan approval while avoiding interest charges [3]