FICO® ScoresÎ and credit scores can be the same thingâbut FICO® also creates different products, and other companies create credit scores. You can think of a credit score as the general name for a computer model that analyzes consumer credit reports to determine a score. FICO® offers a specific brand of credit scoreâa FICO® Scoreâthat … Read more
Credit scores are like report cards from different teachers. They’re all grading the same student (you) but they weigh things differently based on what they think matters most. So if you’ve looked at all three major credit bureaus (Experian, Equifax, and TransUnion) and thought, “Why is my Experian score lower than the others?” you’re not … Read more
But many buyers find themselves caught out by what’s known as the 6-month mortgage rule, leaving them unable to refinance as quickly as they’d planned. Here’s what you should know about this rule, who it affects, and what options you have if you need to remortgage sooner. The 6 month mortgage rule is one of … Read more
Your credit utilization ratio is a measure of how much credit youâve used versus how much credit you haveâtypically expressed as a percentage. In general, having a lower credit utilization ratio is better for your credit scores. But how do you calculate your credit utilization? Whatâs considered a good credit utilization ratio? And why does … Read more
Ah, adulthood: an entire world of new possibilities and financial decisions. If you’re in the fortunate position of having steady income and a little bit in the bank, you may be wondering if you should buy a car or a house first. The answer depends on your own set of circumstances, but if you’re worried … Read more
In general, a personal loan refers to a small loan that borrowers can spend as they see fit. It can be useful for making big purchases or consolidating high-interest debts. Getting approved for a $50,000 personal loan is no small feat. Lenders consider loans of this size to be high-risk so you’ll need a strong … Read more
Buying a house is an exciting milestone in many people’s lives. However, qualifying for a home loan can be stressful, especially when your credit score is on the line. So what credit score do you need to buy a house in South Africa? The short answer is that most banks require a minimum credit score … Read more
A hybrid mortgage combines features of a fixed-rate mortgage and an adjustable-rate mortgage (ARM). Hybrid mortgages have a fixed interest rate for a specific period of time; after that, the rate adjusts periodically for the remaining loan term. For example, you may have a fixed interest rate for the first 10 years, and then an … Read more
The allure of the shiny metal card is hard to beat — and so is 5x points on airline purchases when you’re a frequent flyer. But recent changes and experiences made the AmEx Platinum $695 annual fee hard to justify, especially when there are less expensive and more convenient cards out there. If you’re on … Read more
A 697 credit score is considered a “good” credit score, which means you shouldn’t have trouble qualifying for new credit, like a consumer loan or credit card. However, a 697 score falls below the top two FICO® credit tiers — “very good” and “exceptional” — so you likely won’t qualify for a lender’s best interest … Read more