Category

Rebuilding Credit

Balance transfer: Beating high interest rates or path to perpetual debt?

By | Credit Cards, Credit Reporting, Credit Score, FICO, Interest Rates, Rebuilding Credit | No Comments

The balance transfer game can be fun, until you lose the game. A credit card balance transfer is a common way of avoiding interest rates. This is done by frequently moving your debt to new sources, chasing low introductory rates. While this can be an effective way to avoid excessive interest rates, it can be equally dangerous. For consumers with…

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Using secured credit to rebuild your score

Rebuilding with secured credit. One of many tools consumers should use.

By | Bad Credit, Consumer Knowledge, Credit Cards, Credit Reporting, Credit Score, FICO, Rebuilding Credit | No Comments

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…

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Should I pay off olc collections first or focus on new debt

Should my old collections accounts be paid off first or focus on current debt?

By | collections, Consumer Knowledge, Credit Score, FICO, financial advice, Rebuilding Credit, Unsecured Debt | No Comments

What exactly are old collections? When an account becomes severely past due, the account is turned over to collections by the creditor. This generally occurs between 60 and 180 days of being overdue. The creditor will either pass it on to their in-house collections department, or sell the debt to a an outside collection agency. The collection agency then become…

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Why do I have to pay a deposit on everything? How can I improve my credit?

I have to pay a deposit on everything: What can I do to improve my credit?

By | Bad Credit, Consumer Knowledge, Credit Score, FICO, financial advice, Interest Rates, Rebuilding Credit | No Comments

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…

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Make sure your extra payments are going to the principle balance

How do I ensure my extra payments are going to the principal and not interest?

By | Consumer Knowledge, Credit Cards, Credit Score, financial advice, Interest Rates, Rebuilding Credit | No Comments

Make sure your extra payments go to the principle and not the interest. In order to pay off your loan sooner, you ought to make extra payments towards your principal balance. Most people are not aware that extra payments do not always go directly to the principal, but are applied to the interest instead. Remember, the interest is the lenders…

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Different credit score between three major bureaus

Why is my credit score different at all three reporting bureaus?

By | Consumer Knowledge, Credit Score, FICO, Interest Rates, Rebuilding Credit | No Comments

It’s bad enough to worry about ONE credit score. There’s a three digit number that matters greatly to your financial well-being. This number can make or break a big financial decision, or be the reason for hefty deposits. If you haven’t figured it out by now, we’re talking about your credit score. First of all, your credit scores being different…

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What is negative equity? How does it affect my credit and buying power?

By | Bad Credit, Consumer Knowledge, Credit Cards, Credit Score, FICO, financial advice, Interest Rates, Rebuilding Credit | No Comments

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…

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Once I pay off a past debt, how long until my credit updates?

By | Consumer Knowledge, Credit Score, FICO, financial advice, Interest Rates, Rebuilding Credit | No Comments

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;…

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What is rent to own, and does it affect my credit?

By | Bad Credit, Consumer Knowledge, Credit Score, FICO, financial advice, Rebuilding Credit | No Comments

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…

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Simple Ways to Improve Your Credit Score

By | Consumer Knowledge, Credit Cards, Credit Score, financial advice, Rebuilding Credit | One Comment

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…

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