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Uncategorized How the Holidays Can Impact Your FICO® Score

Dec212017

It’s no secret that the holidays mean more spending. But that can become a problem when spending leads to significantly higher credit card balances, missed payments, and a lower credit score. If this happens to you during the holidays, you aren’t alone. Average revolving debt – the type of debt incurred by using credit cards – was 4.5% higher in January 2017 than in October 2016. Young consumers (age 18-34) exhibited the largest percent increase (5.0%) of any age group, driven by the fact that their average revolving debt levels are the lowest of all age groups. Even more notable, 33% of Americans increased their total credit card debt by 10% or more between October 2016 and January 2017. Not only can increased credit card debt feel stressful, but credit card debt can have an impact on FICO® Scores. Credit card debt increases your credit utilization ratio, which impacts your... [Read More]

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