So you have student loan, and credit card debt. How to prioritize your debt. Debts of any kind have to be paid under the set terms in order to maintain your credit score. Unfortunately, the terms of the multiple loans don’t care much about each-other, or your wallet. Now, to prioritize your debt debts, you have to understand the types…
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…
You pay off a past debt, now you want the reward! Many people ask about the time it takes for their credit report to update once they pay off a past debt. If you’re anything like me, you wait a few weeks and then start checking to see if the derogatory mark has dropped. It can never happen soon enough;…
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…
An introduction to credit card balance transfer. The average credit card debt in the U.S. is $5,331 on an individual level. But, if you’re new to the credit game, you’re not likely part of this statistic. For those of us that have been building and maintaining credit for a while now, we know there are some common techniques to keep…
Get to know your credit. In fact, become best friends. Whether you’re looking to improve your credit score, or building it from scratch, we’ve got some tips for you. Building and maintaining good credit is no easy task, but often times consumers are overwhelmed by the information they encounter online. A low credit score is not the end of the…
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…
I’m good at making money, even better at spending it. Debt to income (DTI) ratio confuses a lot of people. Unfortunately, these people are often the ones in need of some kind of financial assistance. Many consumers aren’t aware of the simple calculation they can do to find their DTI, or the affect it has on their buying power. As…
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…
What is a FICO score? Your FICO (Fair, Isaac and Company) score is your credit score that is calculated with exclusive formulas and algorithms using the data from your credit report. If you are wondering “how is your credit score determined?” Then have a look at the factors that contribute to your FICO score below: How is Your FICO Score…