Prior to the creation of credit scores, financial institutions and lenders would often develop their own creditworthiness score to assess the risk of lending to that particular person. This “score” would vary significantly from one lender to the next. The major issue with this innovative method was that it was based solely on the lender’s […]
Continue ReadingCategory: Understanding Credit
Do You Need Help Building Your Credit Rating?
An individual’s credit rating is an important factor that significantly contributes to their financial well being. Whether an individual is applying for a loan or a new job, their credit rating will be evaluated and could be used for making a final decision. Given the major impact that a credit score has on a person’s […]
Continue ReadingHow many points does your credit score drop if you’re late on a payment?
Your credit score and credit report allow lenders, such as banks and credit unions, to determine how risky it would be to lend you money or credit. A credit history of timely payments tells lenders that you are likely to be a safe bet. On the other hand, a history of past due payments suggests […]
Continue ReadingHow To Build A Strong Credit Score
Consumers who know the value of their credit score will work hard to maintain a great score from day one. Those who never learned the importance of their credit score might make financial mistakes that cause them to learn the hard way. Whether a person is building their credit score for the first time or […]
Continue ReadingInsufficient funds: Decline the transaction or pay an overdraft fee?
When looking to make purchases and payments on a regular basis, it’s important to make sure that you have enough money available. There are times when an individual doesn’t have enough money to make a purchase and therefore faces the dilemma of either spending more money than they have and paying a fee or not […]
Continue ReadingReasons Why Your Credit Score May Drop
Whether you need money to boost your business or meet your daily personal expenses, access to finance will play an important role in helping you get ahead. However, before you apply for financial assistance, you will need to establish whether you are eligible and if you qualify for the financing you need. Today, a good […]
Continue ReadingWhat you need to know before freezing your credit
Over 143 million Americans had their sensitive personal information exposed to hackers in the recent Equifax data breach. There’s a good chance that you or someone in your household may have been impacted by this historically huge data hack. The bad news: your information is probably already in the hands of hackers that can use […]
Continue ReadingCredit Rating and Loan Applications
Credit rating is a subject grossly misconstrued by many consumers, and it’s largely due to the lack of education provided to young people regarding what credit is, how it’s used, and why it matters. It’s not a subject discussed in the average high school classroom, and many people miss the opportunity to teach their children […]
Continue ReadingThe Big Risks of Cosigning for Student Loans
A person might have a child, family member, or even a close family friend who is about to start college. They turned in their applications, they got accepted into their school of choice, and they got their financial aid award letter. BUT because their dream school’s financial aid award doesn’t completely cover the cost of […]
Continue ReadingMarrying Someone with Bad Credit
It can be very challenging to build a strong financial future together, even for the most compatible of couples. It’s even more difficult for newlywed couples with very different credit scores to blend their finances and sometimes, it’s even unwise to do so. If your credit is good and your other half’s credit is not, […]
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