“Open Credit Lines”

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713 Search Results

Guide to Credit Score Ranges

Guide to Credit Score Ranges

https://www.sofi.com/learn/content/credit-score-ranges/

Almost everyone in the U.S. (and many other countries) has a credit score, which is a three-digit number that some lenders use to evaluate whether or not to extend credit to you. In some cases, a lender will use your exact credit score as a determining factor. In other cases, they’ll group similar credit scores […]


Revolving Credit vs Line of Credit: Key Differences

Revolving Credit vs Line of Credit: Key Differences

https://www.sofi.com/learn/content/line-of-credit-vs-revolving-credit/

Revolving credit and non-revolving lines of credit are two financial instruments that allow you to access a specific amount of money upfront. With revolving credit, a borrower can continually access funds up to their credit limit and then, once they repay those funds, their available credit will get replenished. The line of credit remains open […]


Does a Phone Bill Build Credit? How Phone Bills Affect Credit

Does a Phone Bill Build Credit? How Phone Bills Affect Credit

https://www.sofi.com/learn/content/does-a-phone-bill-build-credit/

Paying your cell phone bill typically does not help you build credit. That being said, there are steps you can take to have your phone bills affect your credit. For instance, paying your monthly bill with a credit card and then making on-time payments on your balance can help you build your credit score from […]


What Is the Highest Credit Score?

What Is the Highest Credit Score?

https://www.sofi.com/learn/content/what-is-the-highest-credit-score/

Both FICO® and VantageScore®, two of the most commonly used credit scoring models, set the maximum credit score at 850. A higher credit score is considered better than a low credit score, indicating that you are more likely to handle your debt responsibly. If you are interested in achieving an 850 credit score, read on […]


Guide to Building Credit With Prepaid Credit Cards

Guide to Building Credit With Prepaid Credit Cards

https://www.sofi.com/learn/content/do-prepaid-credit-cards-build-credit/

If you don’t have, don’t want, or can’t qualify for a credit card, you may consider a prepaid credit card as an alternative. With a prepaid card, a certain amount of money is loaded onto the card at the time of purchase. You draw upon these funds until the money is used up. Unlike traditional […]


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