Taking out a personal loan is a big financial decision that requires careful consideration of the costs involved. When you borrow money you have to pay interest on the loan in addition to repaying the principal amount. The total interest paid over the life of the loan contributes significantly to the overall cost. So if … Read more
The look of your credit score can be deceiving. If you’re worried you have a low credit score, it may have something to do with which credit reporting agency you’re using. Two of the major credit bureaus are TransUnion® and Equifax®. While both collect and store your credit information, they do so in slightly different … Read more
Knowing whats on your credit reports is important whether you’re just starting to build credit or you’re planning a big purchase like a house or a car. Let’s explore what’s on a credit report … and how they’re used. [Duration – 3:23] While its best practice to avoid late payments on loans and credit cards … Read more
Being turned down by a mortgage lender, especially after preapproval, can be a huge disappointment. If this has happened to you, though, you shouldn’t give up hope – there’s a reason for it, and there are strategies you can adopt to avoid denial in the future. Let’s look at how often and why mortgage applications … Read more
Applying for an auto loan with a co-borrower might help you get approved for a larger loan or better interest rate. But consider whether you want to co-own the vehicle with someone else and how the joint loan might affect your relationship. A joint loan application might help you qualify for an auto loan, especially … Read more
While paying off your debts often helps improve your credit scores, this isn’t always the case. It’s possible that you could see your credit scores drop after fulfilling your payment obligations on a loan or credit card debt. However, that doesn’t mean you should ignore what you owe. The benefits of paying your debts are … Read more
A FICO® ScoreÎ of 728 falls within a span of scores, from 670 to 739, that are categorized as Good. The average U.S. FICO® Score, 714, falls within the Good range. A large number of U.S. lenders consider consumers with Good FICO® Scores “acceptable” borrowers, which means they consider you eligible for a broad variety … Read more
While a higher income generally means a higher credit limit, income is just one factor lenders consider when setting credit limits. Other credit limit influences include creditworthiness, credit utilization ratio, credit card attributes and economic trends that affect credit risk. When deciding how large to make your credit limitâthe maximum balance you can have on … Read more
A balloon payment can be an intimidating and stressful financial obligation, especially if you are unsure how to handle it. This large lump sum payment is due at the end of a balloon loan term and often amounts to a significant portion of the original loan amount While balloon loans offer lower monthly payments, not … Read more
A mortgage is the biggest debt most people will take on in their lifetimes. Paying off a mortgage can take many years, with a standard 30-year term being common. However there are differing opinions on when is the optimal time to aim to pay off your mortgage. Here we’ll examine the key considerations around what … Read more