Credit monitoring: What it is and why you may or may not need it. Credit monitoring services are deployed primarily to keep an eye on your credit profile, including your credit report and credit score. It can be treated as an early warning system of any potential fraud that can prevent further damage. Lately, monitoring services are becoming increasingly popular….
Lenders look at more than just your credit score, including your debt-to-income. A strong foundation for financial health lies in maintaining your debts at a manageable level. The general idea being to keep yourself in a positive equity position when looking at your debt-to-income ratio. While your debt to income ratio doesn’t directly affect your credit score, it is an…
Unsecured credit step aside, secured credit is here to help rebuild. Times are tough for the general population’s credit. Even those who enjoyed easy approvals and low interest rates in years past are starting to feel the crunch. The reality is, your credit card or other unsecured debt always catches up to you. When this happens, we enter a rebuilding…
Independence can be great, but not when you have to pay a deposit on everything! The task of landing in your dream apartment doesn’t end with just signing a lease notice, paying the rent, and shifting your things. You also have to set up some or all of your utilities. These include Electricity, Water, gas, sewer, and TV/Internet, etc. Are…
If you’ve ever applied for a loan, chances are you’re familiar with the term “negative equity”. However, you may still lack a full understanding of exactly what it means. Secured loans are basically loans that use physical collateral to calculate the amount and terms of the debt repayment. Secured loans with negative equity An example of a secured loan would…
Rent to own – Let’s start with the basics. If you are planning to buy a home but your income leaves something to be desired, don’t despair. There are certain ways you can still own a home, though they’re not as straightforward and conventional as a traditional mortgage. Rent to own, which is also known as lease to own, permits…
Does your credit score prevent you from getting retail store credit cards? You know the story: You visit a store, find exactly what you’re looking for, and immediately sign up for a store credit card. Later you find out that agreement came with a snag: an astronomical interest rate. Most of the retailer stores offering credit cards will cost you…
Trying to borrow with bad credit? Not so fast. Many Americans are asking questions like, what is a good credit score or how to rebuild a credit score? Chances are if you’re asking these questions, your credit score could use some work. According to Lexington Law; 12% of the U.S. population has a credit score below 550. This group of…
To co-sign or not, that is the question. It can be tough to get approval for loans or credit cards for someone who doesn’t have a good credit history. However, businesses still approve such applicants if someone with good credit agrees to co-sign for them. If your loved ones ask you to co-sign and you agree to help, they will…
Just how bad is it? According to The Balance; the average credit card debt of a U.S household in December 2018 was $8,187 which means a total of $1.045 trillion. This clearly depicts how common and serious a problem credit card debt is, especially when it comes to having financial freedom. With an outstanding debt, you are not as free…