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CredEvolv Credit Success: An Almost 200-Point Increase

CredEvolv · April 9, 2025 ·

Credit scores are comprised of three digits. If you can achieve a three-digit increase in a 435 credit score, you’re making amazing progress.

Joseph R. can confirm that firsthand!

CredEvolv Success Story - 178 point credit score increase in 5 months

Joseph had a 435 credit score and some collection accounts on his credit report when he enrolled in the CredEvolv platform. His personal credit counselor taught him how to create a budget so he could pay down his credit card balances. Meanwhile, the counselor challenged and successfully removed three collections. In 5 months, Joseph’s 435 credit score jumped to 613, exceeding his goal of 600 and closing in on his mortgage lender’s minimum of 620!

“What is credit utilization and how does it impact my 435 credit score?”

Credit utilization means the percentage of your available revolving credit that you’re currently using (this blog shows you how to calculate your utilization ratio). Because it makes up roughly 30% of your credit score, credit utilization is significant to a lender’s decision when you apply for a loan or credit card.

This ratio is how lenders gauge your ability to manage credit responsibly without relying on it excessively. A high credit utilization ratio may result in a rejection of your credit application. A low utilization ratio indicates that you’re less dependent on credit and can make it easier to receive loan approvals.

Try to keep your credit utilization ratio below 30%. Even better, keep it under 10%.

Even if you’re paying your bills on time, your credit score can still take a hit if your utilization is too high. But when you adhere to the aforementioned recommendations, your 435 credit score can jump like Joseph’s did!

“What can and can’t be removed from my credit report?”

One of our Credit Education blogs clarifies this common question. Here’s the answer again: improving your 435 credit score isn’t about deleting your financial past. It’s a matter of legitimately correcting inaccuracies and gaining better borrowing habits.

There are many myths about credit repair. Some companies advertise their ability to get rid of everything negative on your credit report. Unfortunately, that’s not a truthful claim. The fact is, removing valid negative information is against the law.

As outlined in the Fair Credit Reporting Act (FCRA), credit bureaus must maintain only verified, accurate information. If you’ve missed a payment or defaulted on a loan, those details can legally remain on your report for up to seven years. Bankruptcies, depending on what type they are, can stay for up to 10 years.

At CredEvolv, we want to make sure you’re aware that no company or individual can legally erase truthful negative items from your credit report. You should also know that the HUD-approved, nonprofit credit counselors on our platform have the expertise to effectively challenge inaccuracies or outdated details that may be unfairly damaging your 435 credit score.

Our counselor partners are well-versed in identifying erroneous and unfair credit reporting. When they look into these issues, they make sure your credit report contains only the information that should be there. This approach, not DIYing your own credit fixes, gives you the best chance of strengthening your credit profile.

Read more credit success stories here!

Why It’s So Smart to Check Your Credit Score Often

CredEvolv · April 8, 2025 ·

CredEvolv Blog - Main Image - Why It’s So Smart to Check Your Credit Score Often

Key takeaways about checking your credit:

  • Whether you’re looking to buy a home, finance a car, or be more in control of your finances, knowing your credit score puts you in the driver’s seat.
  • Checking your own credit score does NOT hurt your credit.
  • Regularly checking your credit report is one of the best ways to spot signs of identity theft or fraudulent activity.
  • Sometimes, checking your score brings a little disappointment. If it’s low, there are proven ways to improve it. That’s where CredEvolv comes in.

You won’t find “check your credit score” at the top of most people’s lists of fun things to do. The truth is, it’s probably similarly ranked as “clean the gutters” or “schedule a colonoscopy.”

But regularly checking your credit score is one of the smartest, most empowering financial habits you can have. In fact, there’s been a nearly 70% increase in users checking their FICO scores over the past year. Whether you’re looking to buy a home, finance a car, or be more in control of your finances, knowing your credit score puts you in the driver’s seat.

The only time a credit check might affect your score is when a lender does it as part of a loan application. That’s called a hard inquiry and can cause a small, temporary dip in your score.

First, let’s bust a common myth about checking your credit score. Then, let’s talk about why your score matters so much and reveal how CredEvolv can support you if you find that your credit needs a little TLC.

Myth: Checking your credit score will hurt it

One of the most persistent misconceptions we hear about checking your credit score is this: “If I do that, my credit score will go down.”

Let’s clear that up right now. Checking your own credit score does NOT hurt your credit. When you monitor your credit score or report through a reputable source – such as MyFICO.com or any of the three credit bureaus: Equifax, Experian, or TransUnion – the worst case scenario is it will be considered a soft inquiry. This type of inquiry has no impact on your credit score.

The only time a credit check might affect your score is when a lender does it as part of a loan application. That’s called a hard inquiry and can cause a small, temporary dip in your score. But checking your own credit? Totally dip-free!

So, go ahead and check your credit score as often as you’d like. It’s your information, and you have a right to access it!

Why you should know your credit score before you borrow

Imagine walking into a car dealership or applying for a mortgage without knowing your credit score. It’s a bit like going into a job interview without knowing what’s on your resume. When you don’t know your credit score, you don’t have a clear picture of what lenders are seeing or what kind of interest rates and loan terms might be available to you.

Knowing your score in advance gives you time to:

  • Understand what kind of loan or credit you may qualify for.
  • Take steps to improve your credit score before applying.
  • Avoid surprises that could delay your financial plans.

It’s also a confidence booster. Walking into a borrowing situation with full knowledge of your credit health puts you more in control of the process.

Checking your credit can help you catch fraud and errors

Your credit report is one of the first places you’ll spot signs of identity theft or fraudulent activity. Strange accounts you don’t recognize? Credit cards you never opened? These are red flags that something might be wrong.

Even if it’s not fraud, errors happen more often than you might think. A misspelled name, a duplicated account, or a payment incorrectly marked late can all hurt your credit score. By checking your credit regularly, you give yourself the chance to catch and correct these mistakes before they cause lasting damage.

Think of it like proofreading your credit profile like you would your resume. The earlier you catch a typo, the better.

What if your score is lower than you expected? Don’t panic.

Sometimes, checking your score brings a little disappointment. Maybe it’s lower than you thought. Maybe it feels like too big of a gap to bridge. But here’s the thing: credit is a journey, not a judgment.

No matter how low your score may be today, there are proven ways to improve it. That’s where CredEvolv comes in.

We provide plenty of free information and education in our blog. We also connect you with HUD-approved, nonprofit credit counselors if you need that level of intervention. Our counselor partners are trained to help people like you – not do whatever it takes to keep you in their program longer than necessary, which often happens when you work with a traditional credit repair company.

These experts can:

  • Help you create a realistic plan to improve your credit over time.
  • Dispute and remove errors on your behalf.
  • Offer guidance on paying down debt and building better habits.

And because they work through our proprietary tech platform, you get personalized support plus digital tools to track your progress and stay motivated.

Make credit checks part of your financial routine

Checking your credit shouldn’t be a one-time thing. Think of it like checking your bank account or your budget – a regular habit that helps you stay informed and in control.

Here’s how to make it part of your routine:

  • Set a calendar reminder to check your score monthly.
  • Review your full credit report from FICO and all three major bureaus at least once a year.
  • Watch for unexpected changes in your score, which can signal fraud or errors.

There are plenty of free and secure tools available to help you check your score. And if you’re working with a CredEvolv counselor, they can help interpret what your score means and how to keep it moving in the right direction.

You deserve to know where you stand with your credit

A mystery can be fun and entertaining when you’re streaming a TV show. When it comes to your credit? Not so much. Whether you’re trying to qualify for a loan, recover from past mistakes, or just want to be smarter with your money, knowing your credit score is a powerful first step.

So, don’t be afraid to look. Don’t buy into the myths. And if your score isn’t where you want it to be, know that help is available – and your future is still bright.

Take the first step today! Check your credit score, and if you need support, connect with a nonprofit credit counselor through CredEvolv. We’re here to help you make credit work to your benefit!

CredEvolv Credit Success: Going from Good to Great

CredEvolv · April 2, 2025 ·

A 694 credit score isn’t the worst thing in the world. Far from it, in fact. But if something on your credit report was keeping you from a score in the 700s, would you try to fix it?

Bill S. did – and the result exceeded his expectations!

CredEvolv Success Story - 113 point credit score increase in 6 months

Bill had a 694 credit score when his real estate agent connected him to the CredEvolv platform. A pesky medical collection was preventing him from reaching his goal of a 740 score. His counselor worked to remove it while Bill continued his responsible credit usage. Six months later, Bill blew past his goal and achieved an 807 credit score, which set him up to receive the best possible interest rate on a mortgage and a smooth underwriting process!

What are collections on a credit report?

We answered this question in a previous success story, but here’s a refresher. A collections account can occur if you fall behind on loan or credit card payments. The lender or creditor may decide to transfer your account to a collection agency or sell it to a debt buyer.

This can happen anytime from the date you begin missing payments or stop paying the full minimum payment to a few months after you become delinquent. Lenders and creditors will typically attempt to reach you about the debt by phone and by mail before sending it to a collection agency. When that happens, it can jeopardize your attempts to achieve a 694 credit score.

What are some ways you can have a 694 credit score or higher?

No matter where you are in your credit journey, doing the right things with your credit can help you overcome poor credit habits and go from a 694 credit score to an 807 credit score like Bill did.

Here are a few of those things:

  • Make payments on time, every time. Late payments can significantly damage your credit score and lead to costly fees.
  • Pay more than the minimum whenever possible. This helps reduce interest costs and gets you out of debt faster. But if you can’t, see the previous bullet point. Don’t just avoid making the payment. Pay the minimum so you don’t sink your 694 credit score.
  • Use credit strategically. Aim to keep your credit utilization below 30% of your total available credit.
  • Avoid new debt unless absolutely necessary. Only take on new credit if it serves a purpose and aligns with your financial goals.

Read more credit success stories here, and enroll or connect a client today!

6 Steps to Overcoming Irresponsible Credit Usage

CredEvolv · April 1, 2025 ·

Key takeaways about irresponsible credit usage:

CredEvolv Blog - Main Image - 6 Steps to Overcoming Irresponsible Credit Usage
  • Irresponsible credit usage can become a weight that drags down your overall well-being.
  • No matter where you are in your credit journey, you can put your irresponsible credit usage in the past.
  • There are 6 steps you can take to shift your mindset about borrowing and develop better credit habits.
  • CredEvolv’s counselor partners can provide the personalized guidance and tools you need to correct your irresponsible credit usage the right way.

For many people, credit can feel like a double-edged sword. Yes, good credit can offer opportunities and provide financial flexibility. But irresponsible credit usage can become a weight that drags down your overall well-being. Now you’re experiencing elevated stress levels, mounting debt, and a cycle that feels impossible to break.

A recent West Virginia University economic research study concluded that certain credit behaviors can last a lifetime. At CredEvolv, we say change is possible, and we’ve seen it happen! No matter where you are in your credit journey, taking the right steps can help you put your poor credit habits in the past and build a stronger financial future.

Let’s explore the steps you can take to shift your mindset about borrowing, develop better payment habits, and get the right support to guide you if and when you need it.

Step 1: Recognize the pattern of irresponsible credit usage and shift your mindset

Breaking a cycle starts with recognizing that you’re in one. If you frequently rely on credit cards to cover basic expenses, make only minimum payments, or feel overwhelmed by debt, these could be signs of unhealthy credit usage.

Instead of viewing credit as extra money, start thinking of it as a tool – a resource that, when used wisely, can help build financial stability. This shift in mindset is a must. Responsible credit usage isn’t about spending more. It’s about managing debt effectively to open doors for future financial success.

Step 2: Identify the root causes of overspending

Many people struggle with credit due to emotional spending, lack of budgeting, or unexpected life events. Identifying the reasons behind your credit reliance can help you make meaningful changes. Ask yourself:

  • Do I use credit cards for emotional relief or impulse purchases?
  • Am I relying on credit because I don’t have enough savings?
  • Do I have a plan for paying off what I borrow, or am I just making minimum payments?

Once you understand what’s driving your credit habits, you can take steps to address those underlying issues.

Instead of viewing credit as extra money, start thinking of it as a tool –
a resource that, when used wisely, can help build financial stability.

Step 3: Commit to a budget that works for you

Budgeting is a game-changer when it comes to breaking the cycle of credit misuse. Remember, a good budget doesn’t mean depriving yourself. It means creating a realistic plan for how you’ll spend and save your money each month.

Start with these key tactics:

  • Track your income and expenses to see where your money is going.
  • Categorize your spending and identify areas where you can cut back.
  • Set realistic limits for discretionary spending and stick to them.
  • Earmark a portion of your income for savings so you don’t have to rely on credit for emergencies.

Apps and tools can make budgeting easier, but even a simple spreadsheet or handwritten plan can be a great start.

Step 4: Prioritize smart credit use and loan repayments

One of the biggest mistakes people make is treating credit as an indefinite resource without a repayment plan. To break the cycle, it’s necessary to take a proactive approach:

  • Make payments on time, every time. Late payments can significantly damage your credit score and lead to costly fees.
  • Pay more than the minimum whenever possible. This helps reduce interest costs and gets you out of debt faster. But if you can’t, see the previous bullet point. Don’t just blow off the payment. Pay the minimum.
  • Use credit strategically. Aim to keep your credit utilization below 30% of your total available credit.
  • Avoid new debt unless absolutely necessary. Only take on new credit if it serves a purpose and aligns with your financial goals.

Step 5: Seek support from a reputable credit counseling service

Changing financial habits can be difficult. But overcoming challenges is easier when you have the right people in your corner! At CredEvolv, we only partner with legal, ethical, and nonprofit credit counseling services. They can provide the personalized guidance and tools you need to take control of your credit the right way.

These nonprofit, HUD-approved credit counselors can help you:

  • Understand your credit report and score.
  • Develop an individual action plan to improve your credit.
  • Take the proper steps to remove inaccurate or outdated information from your credit report.
  • Explore debt management options that fit your financial situation.

When you enroll in the CredEvolv platform, you can expect expert guidance without any for-profit agendas. With access to our proprietary consumer portal, you can track your progress, tap into valuable credit-building resources, and stay on top of your financial goals – all with the support of a personal credit coach.

Step 6: Set long-term financial goals

It’s not just about getting out of debt. It’s about staying out of trouble with credit and building a future where you can confidently use your borrowing power as a tool rather than a crutch.

Consider setting goals like:

  • Paying off all existing credit card debt within a specific time frame.
  • Building an emergency fund to reduce reliance on credit.
  • Improving your credit score to pursue homeownership and other financial opportunities.
  • Creating a financial plan that allows you to invest and build wealth over time.

Small, achievable goals will keep you motivated, while long-term financial planning helps you stay on track after you move beyond poor credit usage.

Here’s to putting your irresponsible credit usage in the past!

Irresponsible credit usage doesn’t have to define your approach to your personal finances. By recognizing how trouble can occur, shifting your mindset, creating a budget, managing credit responsibly, and seeking expert support from CredEvolv if you need it, you can take meaningful steps toward lasting financial stability.

No matter where you’re starting from, today is the perfect day to begin your journey toward healthier credit habits. With the right tools, attitude, and support, you can put yourself in a position where credit works for you, not against you.

Take control of your credit now! Connect with a certified, nonprofit credit counselor through CredEvolv today and start adopting the financial habits that will set you up for success.

CredEvolv Credit Success: Setting the Bar High

CredEvolv · March 26, 2025 ·

Having lofty goals for yourself is a good thing. Like wanting to add more than 150 points to your 587 credit score.

That’s where CredEvolv client Elizabeth O. set her sights, and she achieved another big win in the process.

CredEvolv Success Story - 87 point credit score increase in 7 months

Starting with a 587 credit score, Elizabeth came to CredEvolv with a personal goal of reaching 740. She connected with a HUD-approved, nonprofit counselor, who was able to remove 2 collections from her credit report. Together, they also created a budget that helped Elizabeth reduce her 87% credit card utilization to 38%. In 7 months, her 587 credit score climbed to 674, well on the way to her goal and high enough for her home loan application to be ready for underwriting!

What are collections on a credit report?

As we discussed in a previous success story, a collections account can occur if you fall behind on loan or credit card payments. The lender or creditor may decide to transfer your account to a collection agency or sell it to a debt buyer.

This can happen anytime from the date you begin missing payments (or stop paying the full minimum payment) to a period of time after you become delinquent (usually a few months). Typically, lenders and creditors will attempt to reach you by phone and by mail regarding the debt before sending it to a collection agency. 

“What is credit utilization and how does it impact my 587 credit score?”

Credit utilization refers to the percentage of your available revolving credit that you’re currently using. See how to calculate your utilization ratio in this blog.

Credit utilization makes up roughly 30% of your credit score. That’s why it’s so significant to a lender’s decision when you apply for a loan or credit card.

This ratio is how lenders determine whether you can manage credit responsibly without borrowing excessively. High credit utilization may prompt them to pass on granting you more credit. A low utilization ratio shows that you’re less reliant on credit and can improve your chances of receiving loan approvals.

Keeping your credit utilization ratio below 30% is a good idea. Keeping it under 10% is ideal for improving your 587 credit score.

Even if you’re paying your bills on time, your credit score can still take a hit if your utilization is too high. But when you stick to the recommendations above, your 587 credit score can jump like Elizabeth’s did!

Read more credit success stories here!

Credit History 101: A Lesson About Better Credit Scores

CredEvolv · March 25, 2025 ·

Key takeaways about credit history:

  • Your credit history is one of the factors that influences your credit score.
  • How long you’ve had credit and how well you’ve managed it over time can make a difference in your score.
  • The longer and more consistent your credit history, the better it is for your financial health.
  • Keeping older credit accounts open, even if you don’t use them, is one way to preserve and lengthen your credit history.
CredEvolv Blog - Main Image - Credit History 101 A Lesson About Better Credit Scores

Ageism is a thing these days. It definitely has negative connotations in the professional world and other aspects of modern society. But when it comes to your credit, old age is a good thing!

That’s right – your credit history is one of the factors that influences your credit score. How long you’ve had credit and how well you’ve managed it over time can make a difference in your score. The longer and more consistent your credit history, the better it is for your financial health.

But what does that really mean, and how can you use your credit history to your advantage? We’re glad you asked! Let’s take a look.

Why credit history matters to your credit score

When lenders review your credit report, they want to see a track record of responsible borrowing. That’s why the length of your credit history makes up about 15% of your FICO® score. While this might not seem as impactful as payment history (35%) or credit utilization (30%), it still plays a crucial role in shaping your overall creditworthiness.

With the right strategy, expert guidance, and smart financial habits, you can build a credit history that opens doors to financial freedom.

Your credit report includes:

  • The age of your oldest credit account. The longer you’ve had credit, the better.
  • The average age of all your accounts. A longer average age is a sign of financial stability.
  • How long it’s been since you last used each account. Even dormant accounts still contribute to your history.

What’s the moral of this story? The longer you’ve been managing credit responsibly, the more lenders will trust you.

The counterintuitive rule: Keep old credit accounts open

If you’re like most people, you may think that closing an old credit card you no longer use is a smart move. After all, why keep a card active if you’re not using it? And isn’t it a bad thing to have a lot of open credit accounts?

Believe it or not, closing old accounts can actually hurt your credit score. Here’s why:

  • It reduces your credit age. When you close an old account, it no longer contributes to the average length of your credit history. This can lower your score, especially if you don’t have many other accounts with long histories.
  • It impacts your credit utilization. Your credit utilization ratio is the amount of credit you’re using compared to your total available credit. It’s one of the biggest factors in your score. Closing an account reduces your available credit, which could raise your utilization and hurt your score.
  • It removes a positive record. If the account has no late payments and a long history, it’s helping your score. Once closed, it will eventually drop off your credit report.

So, unless a card has an expensive annual fee, it’s usually best to keep older accounts open, even if you rarely use them.

What if you don’t have much credit history?

If you’re just starting out or have very little credit history, you may feel stuck. After all, if credit history is so important, how do you build it from scratch?

That’s where CredEvolv comes in. We help people establish, rebuild, and strengthen their credit with the guidance of certified nonprofit credit counselors and a powerful tech platform that helps you stay on track.

Here are a few ways you can start building credit history:

  • Become an authorized user. If a family member or trusted friend has a long-standing, well-managed credit card, they may be able to add you as an authorized user. This allows their positive payment history to be reflected on your credit report.
  • Open a secured credit card. A secured credit card requires a refundable deposit that acts as your credit limit. Using it responsibly can help you establish your own positive history.
  • Apply for a credit-builder loan. These loans are designed specifically to help people build credit. You make small monthly payments, and once the loan term ends, you get your money back while boosting your credit profile.
  • Use a rent or utility reporting service. Some services can report your rent, utilities, and even streaming service payments to credit bureaus, giving you a credit history boost.

How to maintain a strong credit history

Once you’ve built a solid foundation, keeping your credit history strong requires consistent, responsible habits. Here are some key tips:

  • Pay your bills on time. As mentioned earlier in this article, payment history is the biggest factor in your credit score. Setting up autopay or calendar reminders can help you avoid late payments.
  • Use credit responsibly. Keep your credit utilization low. Ideally it should not exceed 30% of your total available credit.
  • Avoid unnecessary account closures. Also as mentioned earlier, keeping old accounts open helps your credit history and available credit.
  • Monitor your credit regularly. Checking your credit report ensures there are no errors or fraudulent accounts impacting your score.

What if you have past credit mistakes?

Maybe you’ve had some financial missteps like late payments, collections, or high credit card balances. Cheer up! It’s never too late to repair your credit history.

And by “repair,” we don’t mean working with one of those traditional for-profit credit repair companies. With CredEvolv, you’ll have access to expert credit counselors who can help you:

  • Understand your credit report and identify areas for improvement.
  • Create a personalized action plan to rebuild your credit history.
  • Communicate effectively with creditors to address old debts or settle accounts.
  • Learn strategies to boost your credit score over time.

Our approach helps you truly take control of your financial future and unlock new opportunities – whether that’s buying a home, securing a lower interest rate, or simply gaining peace of mind.

Start building a better credit history today with CredEvolv

Your credit history plays a major role in shaping your financial future. Every decision you make today impacts your score tomorrow. Whether you’re just starting out, in the midst of maintaining strong credit, or recovering from past mistakes, CredEvolv is here to help if you need it. With the right strategy, expert guidance, and smart financial habits, you can build a credit history that opens doors to financial freedom.

Take the next step today! Connect with a certified credit counselor and start improving your credit history the right way!

CredEvolv Credit Success: No Negative Nancys Allowed

CredEvolv · March 19, 2025 ·

When you’re trying to boost your 553 credit score, it helps if you have a positive attitude. It also helps to have someone in your corner who knows how to deal with negative accounts on your credit report.

Jennifer M. benefitted from both in her quest to improve her credit and apply for a mortgage.

CredEvolv Success Story - 144-point credit score increase in 4 months

Jennifer came to CredEvolv determined to increase her 553 credit score. She connected with a HUD-approved, nonprofit counselor, who was able to remove 83% of the negative accounts on her credit report, including 7 collections. Meanwhile, she focused on reducing her credit card utilization to 13% from 24%. The result: a 697 credit score after 4 months and a home loan application ready for underwriting!

“What can and can’t be removed from my credit report?”

One of our Credit Education blogs answers this common question in depth. Here’s a summary: Improving your 553 credit score isn’t about making your financial past go away. It’s about correcting inaccuracies now and having better borrowing habits going forward.

Half-truths about credit repair are pervasive. Some companies claim they can delete every negative entry on your credit report. Unfortunately, that’s not how the system works. In reality, removing valid negative information is against the law.

Per the Fair Credit Reporting Act (FCRA), credit bureaus must maintain only verified, accurate information. If you’ve missed a payment or defaulted on a loan, those blemishes can legally remain on your report for up to seven years. Bankruptcies can stay for up to 10 years, depending on the type.

At CredEvolv, we want to make consumers aware that no company or individual has the legal ability to erase truthful negative items from your credit report. We also want to reiterate that the HUD-approved, nonprofit credit counselors on our platform can step in to challenge inaccuracies or outdated details that may be unfairly damaging your 553 credit score.

Our counselor partners know how to identify reporting errors and unfair practices. When they address these mistakes, they see to it that your credit report contains only the information that belongs there. This gives you the best chance of strengthening your credit profile.

“What is credit utilization and how does it impact my 553 credit score?”

Credit utilization is a term for the percentage of your available revolving credit that you’re currently using (you can learn how to calculate your utilization ratio in this blog). Credit utilization comprises roughly 30% of your credit score, so it’s significant to a lender’s decision to approve you for a loan.

This ratio is how lenders assess whether you can handle credit responsibly without relying too heavily on borrowing. If your credit utilization is too high, they may pass on approving you for more credit. A lower utilization ratio signals that you’re in control of your finances and can make loan approvals more likely.

Generally, you should try to keep your credit utilization ratio below 30%. Even better, strive to keep it under 10%.

Even if you’re making all of your payments on time, your credit score can suffer if your utilization is too high. But when your credit usage is in the sweet spot, your score can improve dramatically like Jennifer’s did!

Read more credit success stories here!

Why Your Credit Mix Matters to Your Credit Score

CredEvolv · March 19, 2025 ·

Key takeaways about credit mix:

  • Your credit mix (the types of credit accounts on your report) plays a role in your overall credit health.
  • There are two primary types of credit: revolving and installment.
  • Having a diverse blend of credit accounts shows lenders that you can handle different types of debt and financial responsibilities.
  • Credit mix alone won’t boost your score significantly. It works best when combined with on-time payments, low credit utilization, and a long credit history.
CredEvolv Blog - Main Image - Why Your Credit Mix Matters to Your Credit Score

They say variety is the spice of life. On your credit report, that variety is known as your credit mix, and it factors favorably into a higher credit score.

Most people focus on the big things like payment history and credit utilization when they’re trying to boost their score. But the types of credit accounts you have also play a role in your overall credit health.

While it might not be the most significant factor, a well-balanced credit mix can show lenders you’re a responsible borrower. It can also help you build a stronger financial future.

So, what exactly is a credit mix? And how does it impact your credit score? Let’s break it down.

Maintaining a low balance and making on-time payments are key to keeping your credit in good shape.

What does credit mix mean?

Your credit mix refers to the different types of accounts listed on your credit report. There are two primary types of credit:

  1. Revolving credit. This includes accounts like credit cards and lines of credit, where you have a set limit but can carry a balance from month to month.
  2. Installment credit. This includes loans that have fixed monthly payments and a set repayment term. Auto loans, personal loans, student loans, and mortgages fall into this category.

A healthy credit profile typically includes each of these credit types. Lenders and credit scoring models, such as FICO® and VantageScore®, like to see that you can manage multiple types of credit responsibly.

Why does credit mix matter to your credit score?

Your credit mix makes up about 10% of your FICO® score. That may not seem like much, but it can still make a difference – especially if you’re trying to improve your credit. Having a diverse mix of credit accounts shows lenders that you can handle different types of debt and financial responsibilities.

Here’s how it helps:

  • Demonstrates experience. If you’ve successfully managed different types of credit, lenders may see you as a lower-risk borrower.
  • Shows responsibility. A combination of revolving and installment credit suggests that you can handle both short-term and long-term financial commitments.
  • Adds to your credit history. More types of credit accounts (when managed responsibly) contribute to a well-rounded credit profile.

However, credit mix alone won’t boost your score significantly. It works best when combined with on-time payments, low credit utilization, and a long credit history.

Different types of credit accounts and their impact on your credit score

Let’s take a closer look at the different types of credit accounts that can appear on your credit report and how they contribute to your credit mix.

Credit cards (revolving credit)

Credit cards are one of the most common types of credit. They give you access to a line of credit that you can use, pay off, and reuse. Maintaining a low balance and making on-time payments are key to keeping your credit in good shape.

Impact on credit mix: Credit cards help show responsible management of revolving credit, but high balances can hurt your score.

Retail store cards (revolving credit)

Store credit cards work similarly to traditional credit cards but are usually limited to a specific retailer. They often have higher interest rates and lower credit limits, making it easier to rack up debt if not managed carefully.

Impact on credit mix: Store credit cards can help diversify your accounts, but too many can lower your average account age. This may negatively affect your score.

Auto loans (installment credit)

With an auto loan, you make fixed payments over a set period. Successfully managing an auto loan can demonstrate your ability to handle long-term debt.

Impact on credit mix: Auto loans add to your variety of credit types and can strengthen your credit score if paid consistently.

Mortgages (installment credit)

A mortgage is one of the biggest financial commitments you can make. It’s a long-term installment loan that can boost your credit history and demonstrate strong financial responsibility as long as payments are made on time.

Impact on credit mix: Mortgages are a major contributor to a well-rounded credit profile but require long-term financial commitment.

Student loans (installment credit)

Student loans function like other installment loans, with fixed payments over time. Many borrowers start their credit history with student loans, making them an important account type in your credit mix.

Impact on credit mix: Student loans can help build credit history and payment consistency. They can also be a financial burden if payments aren’t managed properly.

Personal loans (installment credit)

Personal loans can be used for various expenses. Like other installment loans, they come with fixed payments. They can help diversify your credit mix, but too many loans can increase your debt load and affect your credit utilization.

Impact on credit mix: Personal loans add installment credit to your profile. Like all other loans, they should be used responsibly to avoid excessive debt.

Home equity loans & lines of credit (installment/revolving credit)

A home equity loan is a second mortgage with fixed payments. A home equity line of credit (HELOC) works like a credit card with a borrowing limit. These accounts use your home as collateral, making responsible management especially important.

Impact on credit mix: Home equity loans and lines of credit can improve credit diversity. Missed payments can result in serious financial consequences.

Do you need a perfect credit mix?

Not at all! While having different types of credit accounts can help your score, you don’t need all of them to have a strong credit profile. If you’ve only had credit cards so far, you don’t need to rush out and take on a loan just to diversify. Instead, focus on:

✅ Paying bills on time.
✅ Keeping credit card balances low.
✅ Maintaining long-term credit accounts.
✅ Applying for new credit only when necessary.

If you already have a mix of credit but your score isn’t where you want it to be, it may be time to evaluate whether your current accounts are working for you.

Not sure about your credit mix? CredEvolv can help!

If you don’t know whether your credit mix is helping or hurting your score, the CredEvolv platform is here to guide you. You’ll connect with a certified, nonprofit credit counselor who can analyze your credit report, clarify your current situation, and offer personalized recommendations on how to improve your financial standing.

Here’s what you can expect when you enroll:

✅ Credit report review. Get insights into your current credit mix and how it affects your score.
✅ Customized credit strategy. Learn which types of credit could strengthen your profile.
✅ Dispute assistance. Are errors on your credit report affecting your score? Our counselor partners can help you address them correctly and effectively.

With the right mix of credit and a solid financial strategy, you can work toward a stronger credit score and greater financial freedom.

Final thoughts

While credit mix is only one piece of your credit score puzzle, it can still make a difference. A diverse blend of responsibly managed credit can help you demonstrate financial stability and boost your overall credit health.Get expert guidance on improving your credit mix from CredEvolv today! Our platform and the credit counselors on it are available to support you every step of the way. Get started now and get in the mix with a credit profile you can be proud of!

CredEvolv Credit Success: Paying Down and Leveling Up

CredEvolv · March 12, 2025 ·

Pushing your credit cards to the limit is a recipe for a 519 credit score. Winston C. found himself in that situation and decided it was time for a change.

Winston enrolled in the CredEvolv platform with a goal to reach 640 from a 519 credit score. He connected with a certified, nonprofit counselor and got started.

CredEvolv Success Story - 85 point credit score increase in 13 months

Winston’s counselor was able to remove some late payments and collections from his credit report while he paid down his maxed out credit cards to 42% utilization. As a result, he’s currently at 604 and continuing to move forward.

“Should I try to improve my 519 credit score myself?”

The partnership between our clients and the credit counselors we connect them with is truly invaluable. That’s why we strongly advise against taking a do-it-yourself approach to credit repair. Countless pitfalls can derail your efforts to clean up your credit history.

Fixing a 519 credit score isn’t an impossible task, but it’s one that benefits from professional guidance. Specifically, the reputable, expert credit counselors on our platform. Here’s why:

  • They have the knowledge and experience to navigate the complexities of credit improvement.
  • Their goal is to help you, not keep you stuck in a program longer than necessary.
  • They’re dedicated to your success, not making a profit off your challenges.

CredEvolv’s counselor partners are here to equip you with the skills and strategies needed to improve your 519 credit score. This knowledge will help you during the program and, most importantly, long after you’ve reached the credit score you deserve.

What is credit utilization?

Credit utilization refers to the percentage of your available credit that you’re currently using across your revolving credit accounts (check out this blog to learn how to calculate your utilization ratio). Since credit utilization accounts for roughly 30% of your credit score, it’s a key factor in the decision to approve you for a loan.

Lenders want to see that you can handle credit responsibly without relying too heavily on borrowing. A lower utilization ratio signals that you’re in control of your finances. On the other hand, if your credit utilization is too high, lenders may be reluctant to extend more credit. That can also contribute to a 519 credit score or lower.

As a general rule, aim to keep your credit utilization below 30%. For the best results, keep it under 10%.

If your utilization is too high, your credit score can take a hit, even if you’re making on-time payments. But when you bring it down into the optimal range, your 519 credit score can soar like Winston’s did!

Read more credit success stories here!

Better Credit Isn’t About Luck – It’s About Strategy!

CredEvolv · March 10, 2025 ·

Key takeaways about “credit luck”:

  • Luck has nothing to do with better credit. No amount of wishing on a shamrock will boost your score or erase financial missteps.
  • Knowledge, discipline, and the right game plan is the real formula for improving your “credit luck.”
  • This article breaks down how you can enjoy better “credit luck,” both on your own and with CredEvolv in your corner if you need us.
  • Even with a solid strategy, improving your credit takes time. Financial progress happens when you stay the course, not happen across a lucky break.
CredEvolv Blog - Main Image - Credit Utilization - Better Credit Isn’t About Luck – It’s About Strategy

Ah, St. Patrick’s Day. The annual holiday that celebrates all things lucky – four-leaf clovers, leprechauns, and that ever-elusive pot of gold at the end of the rainbow.

But luck has nothing to do with better credit. No amount of wishing on a shamrock will boost your score or erase financial missteps. What’s the real formula for improving your “credit luck?” Knowledge, discipline, and the right game plan.

At CredEvolv, we know that improving your credit isn’t about channeling the luck of the Irish. It’s about taking smart, strategic steps to reach your financial goals.

So, if you’re feeling down on your luck when it comes to credit, don’t despair! We’ve got the formula to make you smile like a pair of Irish eyes!

Let’s break down how you can enjoy better “credit luck,” both on your own and with CredEvolv in your corner if you need us.

If you’ve missed payments in the past, start fresh by setting up reminders, autopay, or budgeting to ensure every bill is paid on time.

Step 1: Find out where you stand with your credit

If you were searching for a pot of gold or some other type of treasure, you wouldn’t start without a map. The same goes for your credit journey. Before making any changes, you need to know your current situation. Start by checking your credit report.

You can access your report for free once a year from each of the three major credit bureaus (Experian, Equifax, and TransUnion). Review it carefully, because mistakes happen, and they can drag down your score. If you spot any errors, dispute them right away to clear your path toward better “credit luck.”

Step 2: Pay bills on time – every time

Think of your payment history as the lucky charm of your credit score. It makes up 35% of your FICO score. That’s why late payments can wreak so much havoc on your financial health.

“Even one missed payment can reduce a credit score by 100 points or more if a consumer is more than 90 days delinquent,” finance editor and possessor of an 800+ credit core Adam West recently wrote on BadCredit.org. “That’s why consumers need to know that making a minimum payment, while not ideal and unlikely to dent the principal of a loan, is better than not making any payment at all.”

If you’ve missed payments in the past, start fresh by setting up reminders, autopay, or budgeting to ensure every bill is paid on time. If you’re struggling to stay on top of payments, CredEvolv can help. The certified, nonprofit credit counselors on our platform can work with you to create a personalized plan that keeps you on track. No dressing in green required!

Step 3: Keep your credit utilization in check

Think of your credit score as your personal stash of gold. Every time you max out your credit cards, a leprechaun sneaks away with some of it. Keeping your credit utilization ratio below 30% is key to maintaining a strong score.

For example, if you have a credit limit of $10,000, aim to keep your balance below $3,000. Better yet, if you can pay your balance in full each month, you’ll be even more golden (but if you can’t, refer back to Step 2 and be sure to at least make the minimum payment).

If your balances are already high, don’t panic. Start chipping away at them by making more than the minimum payment each month (if possible). If you need guidance on tackling debt, CredEvolv’s nonprofit credit counselor partners can create a “credit luck” strategy that works for you.

Step 4: Focus on the “mix” of your credit accounts

A rainbow has many colors. A strong credit profile has several credit types. Lenders like to see a healthy mix of credit, such as installment loans (auto loans or mortgages) and revolving credit (credit cards).

That doesn’t mean you should go out and open new accounts just for variety’s sake! But if you’re looking to level up your score, a credit-building loan or a secured credit card can be a good place to start. Just make sure you manage them responsibly!

Step 5: Don’t open too many new accounts at once

Applying for multiple lines of credit in a short period of time can make lenders apprehensive. Why? Because it signals potential financial instability.

Plus, each hard inquiry on your credit report can lower your score slightly. Instead of chasing new credit accounts like they’re those proverbial pots of gold, be selective and strategic about when and why you apply.

Step 6: Work with a certified credit counselor for better “credit luck”

If you’re feeling lost in the financial fog, don’t wait for “credit luck” to improve on its own. Seek expert guidance. At CredEvolv, we connect people just like you with certified, nonprofit credit counselors who can help you map out a plan to improve your credit.

Whether you need help tackling debt, budgeting, or setting financial goals, we’re here to guide you. We’re not here to string you along or lead you astray like those for-profit credit repair companies can do.

Bonus tip: Patience and persistence pay off

Even with a solid strategy, improving your “credit luck” takes time. Financial progress happens when you stay the course, not happen across a lucky break.

Stay consistent and make responsible financial choices. Before you know it, your credit score will be shining bright!

Start your path to better “credit luck” today!

When it comes to credit, you can create your own luck by making smart financial decisions and seeking the right support. At CredEvolv, we make “credit luck” possible by connecting you with certified, nonprofit credit counselors who specialize in credit improvement and know exactly how to help.

Whether it’s St. Patrick’s Day or any other day, don’t leave your credit up to chance. Take action, take control, and let CredEvolv help you strike gold! Enroll today!

CredEvolv Credit Success: From the 600s to the 700s

CredEvolv · March 5, 2025 ·

It’s super encouraging when you can bump up the first number in your 609 credit score a notch or two. CredEvolv client Eric S. can certainly attest to that!

CredEvolv Success Story - 98 point credit score increase in 13 months
CredEvolv Success Story – 98 point credit score increase in 13 months

Eric came to the CredEvolv platform with a 609 credit score, just shy of his mortgage lender’s minimum of 620 to qualify for a mortgage. The HUD-approved, nonprofit counselor he connected with went to work and removed a charge-off plus some late auto loan payments from Eric’s credit report. Eric quickly surpassed 620 and left his personal goal of 680 in the dust as well. That inspired him to keep going and cross over into the 700s with a 707 score after 13 months!

What can and can’t be removed from my credit report?

This is a question we’ve answered in one of our Credit Education blogs. It helps to understand which items can legally be removed from your credit report and which must stay. The truth is, improving a 609 credit score isn’t about erasing your financial past. It’s about fixing inaccuracies and making better financial choices moving forward.

Misinformation about credit repair is everywhere. Some companies claim they can remove all negative marks from your credit history. The system doesn’t work that way. In fact, removing valid negative information is against the law.

The Fair Credit Reporting Act (FCRA) mandates that credit bureaus maintain only verified, accurate information. If you’ve missed a payment or defaulted on a loan, that record can legally remain on your report for up to seven years. Bankruptcies, depending on the type, may stay on your file for up to 10 years.

At CredEvolv, we want to be clear: no company or individual has the legal ability to erase truthful negative items from your credit report. However, the certified, nonprofit credit counselors available through our platform can help you challenge inaccuracies or outdated details that may be unfairly causing your 609 credit score.

Our counselor partners are trained to identify reporting errors and unfair practices. By addressing mistakes, they help ensure your credit report reflects only what truly belongs there. That’s how you can have the best chance to strengthen your credit profile.

How long does it take to raise your 609 credit score 100 points?

The average CredEvolv customer sees a 53-point increase in 3 to 5 months. But a 98-point credit score increase in a little over a year shows what’s possible when a consumer and a counselor keep their eyes on the prize over the long haul.

In this case, Eric followed the counselor’s advice on how to manage his credit wisely. Meanwhile, the counselor worked to delete the charge-offs and late payments that were causing Eric’s 609 credit score.

As the saying goes, teamwork makes the dream work! And by “dream,” we mean putting Eric on the verge of a 100-point increase in his 609 credit score.

Read more credit success stories here!

How Credit Inquiries Impact Your Credit Score

CredEvolv · March 3, 2025 ·

Key takeaways about credit inquiries:

  • Credit inquiries are one of the most misunderstood aspects of credit scores and how they’re calculated.
  • There are two types of inquiries: hard inquiries and soft inquiries.
  • Hard inquiries do impact your credit score.
  • Soft inquiries do not impact your credit score.
CredEvolv Blog - Main Image - Credit Utilization - How Credit Inquiries Impact Credit Scores

Whether you’re applying for a mortgage, auto loan, or a new credit card, lenders use your credit score to assess your creditworthiness. The higher your score the better, but with every credit application comes a possible negative impact on your score.

That’s just one of the reasons why the concept of credit can be confusing for many people. Credit inquiries are one of the most misunderstood aspects of credit scores and how they’re calculated.

At CredEvolv, we believe that understanding your credit is essential to improving it. If inquiries have dinged your score, don’t worry – there are ways to turn things around.

Let’s break down what credit inquiries are, how they affect your credit score, and what you can do to improve your financial standing.

What are credit inquiries?

When you apply for a new line of credit, the lender checks your credit report to assess the risk of lending money to you. This check is known as a credit inquiry. There are two types of inquiries: hard inquiries and soft inquiries.

Hard inquiries do impact your credit score. While a single hard inquiry may only lower your score by a few points, multiple hard inquiries in a short period can be a red flag to lenders.

What’s the difference between hard inquiries vs. soft inquiries?

A hard inquiry (or “hard pull”) occurs when a lender or creditor reviews your credit report as part of a lending decision. Hard inquiries typically happen when you:

  • Apply for a credit card.
  • Take out a mortgage.
  • Finance a car.
  • Request a personal loan.
  • Open a new utility account.

Hard inquiries do impact your credit score. While a single hard inquiry may only lower your score by a few points, multiple hard inquiries in a short period can be a red flag to lenders. Too many inquiries suggest you might be taking on more debt than you can handle, making you appear riskier.

A soft inquiry (or “soft pull”) happens when someone reviews your credit report, but not as part of a credit decision. Soft inquiries occur when:

  • You check your own credit report.
  • A lender pre-approves you for a credit card.
  • An employer runs a background check.
  • A landlord screens you for a rental property.

Soft inquiries do not affect your credit score. You can check your own credit report as often as you’d like without any negative consequences.

How do credit inquiries affect your credit score?

Your credit score is calculated using several factors. Inquiries fall under the New Credit category, which makes up about 10% of your FICO score. While this is a smaller portion of your overall score compared to payment history or credit utilization, it still plays a role – especially if you’re applying for multiple lines of credit in a short time.

The impact of a hard inquiry depends on your overall credit profile. If you have a long history with an established pattern of on-time payments, a single inquiry may have little effect. If you have a short history or already have multiple inquiries, another one could lower your score more significantly.

Hard inquiries remain on your credit report for two years. Their impact on your score generally diminishes after one year.

How many hard inquiries are too many?

While there’s no strict rule on how many inquiries are “too many,” here are some general guidelines:

  • 1-2 inquiries per year = minimal impact
  • 3-4 inquiries per year = may raise concerns
  • 5+ inquiries in a short period = high risk to lenders

To clarify that last point, credit scoring models recognize that rate-shopping for a mortgage or auto loan is different than applying for multiple credit cards. If you apply for the same type of loan within a short window (typically 14-45 days), those inquiries usually count as a single inquiry for scoring purposes.

How can I minimize the impact of credit inquiries?

  • Apply for credit only when necessary. Avoid applying for multiple credit cards or loans at once.
  • Be strategic about shopping for loans. When rate shopping, do so within a short timeframe to minimize the impact on your score.
  • Check your own credit regularly. Since soft inquiries don’t affect your score, you should monitor your credit report to stay informed (you can do so via Equifax, Experian, TransUnion, and AnnualCreditReport.com.
  • Avoid unnecessary pre-approvals. While pre-approved credit card offers can be tempting, applying for too many new accounts can lead to multiple hard inquiries.

How can CredEvolv help me recover from excessive credit inquiries?

If your credit inquiries have gotten out of hand and your score has taken a hit, there’s good news: you can recover! CredEvolv is here to help.

Our platform connects you with certified, nonprofit credit counselors who can create a customized Success Plan to improve your credit. Depending on your specific situation, that plan can include any or all of the following:

  • Personalized credit review. We’ll analyze your report to determine how inquiries and other factors are affecting your score.
  • Credit-building strategies. Our counselors provide expert guidance on responsibly managing credit and minimizing future hard inquiries.
  • Debt management assistance. If multiple inquiries stem from financial strain, we can help you create a budget for chipping away at your debt burden.
  • Ongoing support and education. Our partners, platform, and website provide access to tools and resources to keep you on track toward better credit health.

Final thoughts on credit inquiries

While hard inquiries can lower your score, their impact is temporary. By practicing smart credit habits and seeking support from professionals, you can rebuild and strengthen your credit over time.

At CredEvolv, our mission is to help you take control of your financial future. Whether you’re working to reduce the impact of inquiries, improve your payment history, or develop a smarter credit strategy, we’re here to guide you through it all.

Take the first step today! Enroll in the CredEvolv platform and start moving your credit score in the right direction!

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