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Frequently Asked Questions
Credit mix refers to the different types of credit accounts you have, such as revolving credit (e.g., credit cards) and installment loans (e.g., a mortgage or auto loan). Having a diverse mix can positively impact your score, as it shows lenders you can manage various types of credit responsibly. It accounts for about 10% of your FICO® Score.
Series EE or I U.S. Savings Bonds can offer tax advantages if used for education. Interest may be entirely or partially excluded from federal income tax if used for qualified education expenses and if income limits are met.
An accredited investor is a person or entity legally allowed to invest in complex and often risky alternative investments. Criteria include a high net worth (often over $1 million excluding a primary residence) or a high annual income (e.g., over $200,000 individually).
A credit-builder loan is a small loan offered by some financial institutions where the money is held in an account while you make payments. Once the loan is fully repaid, you receive the funds, and the positive payment history is reported to the credit bureaus.
Debt settlement involves negotiating with creditors to pay a lump sum that is less than the full amount owed. This is a last-resort option for those facing severe hardship, as it severely damages your credit and creditors are not obligated to agree. It is often done through for-profit companies that charge high fees, so extreme caution is advised.
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