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How Do Credit Inquiries Impact Credit Scores?

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If you apply for credit from a bank or company that offers credit, an inquiry will be reported on your report. This is referred to as a hard pull credit inquiry. A soft pull inquiry is if your report is pulled by an institution that does not offer credit. Institutions that may pull a soft inquiry include: employers, non-lenders, government agencies, or yourself. Each time your credit report is pulled by a lending institution, it may have a negative impact on your score(s) by as much as 3 to 5 points. Inquiries from lending institutions are listed on the credit report for 2 years.

If you apply for a mortgage, student loan, or auto loan the inquiry should not impact your credit scores for 30 days. In addition, inquiries for mortgages, student loans, or auto loans within a 45-day period are supposed to only count as an individual inquiry. These exceptions allow individuals to shop for the best credit rates and terms without be penalized. Inquiries for all other credit types, such as: department store cards, bank credit cards, gas cards, and personal loan inquiries are counted against your score(s) instantly.

You are entitled to a free credit report annually from all 3 of the main credit agencies (TransUnion, Equifax, and Experian). You can request the free report online from annualcreditreport.com. According to government guidelines, everyone is entitled to one free credit report annually from each of the main credit reporting agencies. After you receive your free copy of your report, review it thoroughly for errors, inaccuracies, unauthorized inquiries, or any debt listed that you have not applied for. Also, verify if there are any authorized user accounts that you no-longer want to be associated with, possibly from an ex-spouse or parent.

The following details the basic calculation for determining a credit score. Ten percent of a credit score is determined by the amount of credit inquiries an individual has applied for in the past 12 months. Fifth-teen percent of a credit score is determined by the length of time or number of payment you have in your credit history. Because of this factor, it is typically beneficial to keep accounts that have been paid as agreed open. If you close an account, the good payment history will no longer be calculated in the credit score. Ten percent of the credit score is determined by the mix of credit that is opened. A consumer’s ability to pay a variety of revolving and installment loans is considered a better risk than a less experienced consumer. Thirty-five percent of the score is determined by payment history. Recent late payments have a greater detrimental impact than aged late payments. The remaining 30% of the score calculation is determined by the percent of credit used by the consumer. It is beneficial to keep balances on revolving accounts below 50 or even 30% of their available balances.

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Binance Adds New Crypto Trading Pairs for Its Users

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Binance Adds New Crypto Trading Pairs for Its Users

Binance, the world’s largest crypto exchange platform, is now adding new trading pairs. The users can now trade on these pairs ARPA/RUB, DF/USDT, FET/BUSD, LTC/UAH, SOL/USDC, STX/BUSD and SYS/USDT. Also, the trading pairs activate  at 2021-09-24 10:00 AM (UTC).

Binancians can trade the cryptocurrencies with listed pairs with low transaction fees in the Binance exchange. Besides these trading pairs helps the users to invest their assets on different cryptocurrencies. Additionally, Binance exchange is popular for its low trading costs which is much lower among other U.S exchanges. 

Binance Crypto Trading pairs

At present Binance exchange is trading more than 740 digital currency and fiat pairs including all top cryptocurrencies. The exchange is increasing its network by adding new coins and tokens to satisfy its users. Thus, Binancians are also happy to be a part of the exchange community to explore new trading pairs.

Unlike other U.S cryptocurrency exchanges, Binance ranks highest for its low spot trading fee of 0.1% including eToro and Coinbase. Along with trading, the users can fund their amount with fairly charges. However,  Binance offers its users a seamless trading experience through a variety of crypto assets and trading volume. 

Besides releasing new coins and tokens in the exchange, Binance also adds new trading pairs for its users. Binance currently open trading pairs for crypto assets and fiat currencies like ARPA/RUB, DF/USDT, FET/BUSD, LTC/UAH, SOL/USDC, STX/BUSD & SYS/USDT. In this  RUB and UAH are fiat currencies which do not depict any cryptocurrencies. 

Moreover, from the initial stage to present Binance have added more than 740 trading pairs and continue to increase the pairings enabling its users to trade their favourite coins. Besides, the low trading and transactions fees is the best competitive strategy used by Binance to sustain in the marketplace. 

For more information and updates, please visit:

Website:   https://www.binance.com/en 

Twitter: https://twitter.com/binance 

Telegram:  https://t.me/binanceexchange 

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Cardano Summit Begins Tomorrow, Here’s What You Should Know

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Picture of a Cardano logo with the galaxy behind it

The Cardano summit is scheduled to begin tomorrow, Saturday, September 25th. The summit is scheduled to run for two days, the 25th to the 26th, and promises to be a one-of-a-kind event. Meetups are available in six locations around the world. But the summit will feature both live and virtual events where anyone from around the world can attend. Local groups are also available with community-led events.

Events at the Cardano summit are split by the worlds they fall into. Currently, the summit features seven different worlds in which individuals can choose to participate in. These worlds include Cardano World, Utility, Impact, Governance, Adoption, Catalyst, and Community.

Related Reading | Cardano Founder Charles Hoskinson Says The Term Smart Contracts Needs To Be Changed

The Cardano community is still giddy with the recent launch of smart contracts capability on the network, and with good reason. This summit promises some bigger announcements following this incredible feat. Details of what might be expected from the team are still sparse. So right now, it really is a waiting game as the opening of the summit draws closer.

The partly virtual event features avatars for participants to communicate with one another. While also featuring notable keynote speakers from the crypto space that will speak throughout the two-day summit. In addition to these will be the availability of limited edition NFTs minted on the blockchain to be collected throughout the summit. Founder Charles Hoskinson will provide the live opening keynote across all seven worlds to mark the beginning of the summit.

Hydra 2, DeFi, And The Cardano Network

Cardano recently announced the launch of the Hydra Layer 2 solution that will enable developers to build and deploy their decentralized apps (DApps) in a safe and secure environment. With the launch of Hydra, Hoskinson tweeted that more information will be available about the solution at the summit.

More information about decentralized finance (DeFi) protocols launching on the network, with updates expected from decentralized protocols like Minswap and SundaeSwap, which are both built on the blockchain.

Related Reading | Why Cardano Bull Trend Isn’t Over And 91% Increase Is Imminent, deVere CEO Nigel Green

Founder Charles Hoskinson celebrates how far the blockchain has come up until this point. “The Cardano summit 2021 follows the launch of smart contract capabilities on Cardano, and a remarkable six years of intensive development and perf-reviewed academic research to create a third-generation blockchain platform which is not only eco-friendly but provably secure,” the founder said.

ADA price trending above $2.1 | Source: ADAUSD on TradingView.com

Future exploits by the developer are expected to be announced at the summit. Alongside how the project plans to bridge the gap when it comes to decentralized finance. The summit is open to participants from all around the world and sign-up is free at https://summit.cardano.org/.

Featured image from Beinchain, chart from TradingView.com

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Time Magazine Joins the NFT League in OpenSea!

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Time Magazine Joins the NFT League in OpenSea!