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How the Amount of Debt You Have Affects Your Credit Score

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If I said it once, I’ve said it a thousand times; credit card debt isn’t the enemy, your spending habits are.

Your credit utilization rate is the second highest factor in your total credit score calculation. It accounts for 30 percent of your total score. It’s only second to your payment history which is a whopping 35 percent of your total score. Knowing this, the two most important factors to keep your credit healthy is avoid overuse on your credit cards and to pay your bills on time.

Do I overuse my credit cards?

Your total amount of credit card debt should always be under 30 percent utilization. What does this look like? If your credit limit on your credit card is $1,000, your credit balance should never go over $300. Going over 30 percent utilization can have serious implications on your credit score. How much? From a personal experience, my credit score dropped over 30 points. I was at 32% utilization because of an emergency and when I was able to pay it down to 28 percent, my score was restored and went up 32 points.

If you’re in debt up to your eyeballs, it could affect more than just peace of mind and your credit score. It could actually cost you more money. Creditors may not lend to you if you’re consistently nearing your limit on your credit cards. You’re considered high-risk because you’re spending more than you make. If a creditor does lend money to you, you might be saddled with a high interest rate on you credit account.

How can I fix it?

Overuse of credit accounts is part of a larger problem than 30-ish points on your credit score. It’s a symptom of poor spending habits, which can be costly and frustrating as time goes on. Building debt has never served anyone. It’s imperative to start building healthy spending habits if you’ve noticed that you’re consistently going over 30 percent utilization.

The first thing you should do is pay down your debt to under 30 percent utilization. Make a plan, put together a budget, and stick to it. Make the distinction between wants versus needs.

Once your debt is under 30 percent utilization, make sure not to go over 30 percent. While it might be uncomfortable to change your spending habits, the long-term effects will give you more peace of mind, a higher credit score, and the ability to secure a healthier financial future.

Bitcoin

TA: Bitcoin Revisits $45K, Why Dips Turn Attractive In Short-term

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Bitcoin

Bitcoin price extended its increase above the $44,000 level against the US Dollar. BTC traded close to $45,000 and it might correct lower in the short-term.

  • Bitcoin started a recovery wave above the $43,000 and $43,000 resistance levels.
  • The price is now trading above $44,000 and the 100 hourly simple moving average.
  • There is a key rising channel forming with support near $44,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could correct lower towards the $43,500 support zone and the 100 hourly SMA.

Bitcoin Price Extends Increase

Bitcoin price started a decent increase above the $43,000 level. BTC remained well bid and it managed to clear the $44,000 resistance level plus the 100 hourly simple moving average.

The price even climbed above the $44,500 level and traded close to the $45,000 level. A high is formed near $44,934 and the price is now correcting lower. There was a break below the $44,500 and $44,400 levels.

An immediate support is near the $44,300 level. There is also a key rising channel forming with support near $44,250 on the hourly chart of the BTC/USD pair. The pair is also well above the 23.6% Fib retracement level of the recent wave from the $39,580 swing low to $44,934 high.

Source: BTCUSD on TradingView.com

On the upside, an immediate resistance is near the $44,800 level. The first major resistance is near the $45,000 level. A clear break above the $44,800 and $45,000 levels could start another increase. The next major resistance is near the $46,200 zone, above which the price could rise towards the $47,000 resistance.

Dips Limited In BTC?

If bitcoin fails to clear the $45,000 resistance zone, it could start a fresh decline. An immediate support on the downside is near the $44,300 level.

The next major support is near the $44,250 zone and the channel trend line. A downside break below the channel support could lead the price towards the $43,500 support zone or the 100 hourly simple moving average. Any more losses could lead the price towards the 50% Fib retracement level of the recent wave from the $39,580 swing low to $44,934 high at $42,250.

Technical indicators:

Hourly MACD – The MACD is slowly losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is still above the 50 level.

Major Support Levels – $44,250, followed by $43,500.

Major Resistance Levels – $44,800, $45,000 and $46,200.

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Bitcoin

Bitcoin.org Hacked By Scammers For A Few Minutes. Someone Sent Them 0.4 BTC

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Bitcoin.org hacked website

Hackers took over the Bitcoin.org website and displayed the classic double your money scam for a few minutes today. Apparently, it was a DNS hack. Luckily, the Bitcoin community took notice and alerted Cobra, the pseudonymous website owner, as well as the company that hosted the domain. A few minutes later, Bitcoin.org was down. Sadly, a credulous person was faster than them and sent 0.4 BTC to the displayed address… or did he?

The transaction exists, but there’s a rumor that it might’ve been the scammers themselves, trying to make the operation look reputable. Just like a busker who put some change in his hat to encourage others to contribute. However, that’s just a rumor. Someone might’ve been scammed.

Related Reading | Old Bitcoin Miner Proves Craig Wright has No Access to 145 Tulip Trust Addresses

In any case, everybody else should thank Matt Corallo, a Bitcoin Core contributor who took it upon himself to contact the domain name registrars and managed to convince them to temporarily take down the site before some catastrophe happened. 

What Does The Bitcoin.org Owner Think About All Of This?

When Cobra announced the Bitcoin.org hack, he or she said, “Currently looking into how the hackers put up the scam modal on the site.” So far, there’s no information on that. Cobra also said that Bitcoin.org “May be down for a few days,” but luckily that wasn’t necessary.

Earlier in the day, Cobra contacted via Twitter their new hosting company Cloudflare and told them that the website has never been hacked, and now that he moved to their servers, this happened. The company responded, and eventually, the original tweet disappeared.  

BTC price chart for 09/23/2021 on Bittrex | Source: BTC/USD on TradingView.com

Does This Have Anything To Do With Craig Wright AKA Faketoshi Nakamoto?

A few months ago, both Cobra and Bitcoin.org made worldwide news. Craig Wright, Australian entrepreneur and Satoshi Nakamoto cosplay artist, got a UK court to order the website to remove the Bitcoin Whitepaper from its servers. At the time, Yahoo! finance informed:

“Cobra, the pseudonymous creator of the Bitcoin.org website, has been ordered by London’s High Court to discontinue hosting its copy of the Bitcoin white paper.

Citing copyright infringement brought forward by nChain Chief Scientist Craig Wright, the judge had no option but to rule a default judgment because Cobra chose not to make an appearance.”

Does the hack have anything to do with Craig Wright? There’s not a single clue to indicate that, but, rumors are flying. He’s the only one incentivized to attack Bitcoin.org, they say. However, 0.4 BTC is a pretty great incentive. Maybe the scammers were just interested in scamming.

Related Reading | Craig Wright Wins Lawsuit On Bitcoin.org Hosting Bitcoin Whitepaper

In any case, to close all the loops, Yahoo quotes Cobra explaining why he chose not to make an appearance in court:

“Unfortunately the court rules allowed for me to be sued pseudonymously, however, I couldn’t defend myself pseudonymously. So I was put in an impossible situation of losing my privacy or losing the case in a default judgment.”

So, to sum it all up, Bitcoin.org is back up again and no one scammed you. All is well that ends well. 

Featured Image: Screenshoot from the hacked website | Charts by TradingView

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Bitcoin

Bhutan Partners With Ripple to Deploy Central Bank Digital Currency (CBDC)

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Bhutan Partners With Ripple to Deploy Central Bank Digital Currency (CBDC)