Should You Use Your Credit Card As An Emergency Fund?
A credit card can be a useful tool to supplement your finances. In fact, you can even use your credit card to consolidate debt and even finance unexpected expenses. And while a credit card can be a good source of funds during an emergency, tapping into it may not always be a good idea. In […]
How Much Money Do You Save With A Good Credit Score?
Despite what many will have you believe, you can actually go about life just fine even with bad credit. Sure, it won’t be easy. Especially considering that your credit score impacts many aspects of your life, including getting loans, renting, and employment. With that said, however, financial experts agree that the biggest disadvantage to having […]
What Factors Do Lenders Consider When Setting Interest Rates?
Lenders charge interest on loans as compensation for lending you money. This added cost is included in the total amount you are required to pay back to fulfill the debt. The interest rate is a crucial factor in determining the overall expense of a loan, with higher rates leading to more costly borrowing. But have […]
Does Taking Out A Personal Loan Affect Your Credit Score?
While a personal loan can be a great way to finance a big purchase or even consolidate debt, it’s important to remember that it can both have a positive and negative impact on your credit score, depending on your financial situation and how well you manage it. In this article, we’ll discuss the factors that […]
Should You Get An FHA Loan?
If you’re in the market for a new home, you may have come across the term “FHA loan.” FHA loans are designed to help make homeownership more accessible to people with lower credit scores, less income, smaller down payments, or first-time buyers. Unlike other forms of financing, FHA loans are much easier to get. But […]
5 Types Of Accounts That Appear On Your Credit Report
Your credit report is a detailed record of your credit history and is what lenders, landlords, and other financial institutions use to assess your creditworthiness. It’s also this report that credit-scoring companies like FICO and VantageScore use to calculate your credit score. Understanding which accounts appear on your credit report is important. The reason? Each […]
Do Student Loans Affect Your Credit Score?
If you have student loans, you may be wondering how they are impacting your credit score. Understanding the relationship between student loans and credit can be helpful for managing your finances, working towards building your financial independence, and reaching your goals. In this article, we’ll take a close look at how student loans can affect […]
How Does A Default Affect Your Credit Score?
Defaulting on a loan or credit card can have serious consequences for your credit score and financial health. This is because defaulting can significantly hurt your payment history, which is the most important factor affecting your credit. But what exactly is default, and how does it affect your credit score? Here’s what you need to […]
What Happens When You Only Pay The Minimum On A Credit Card?
Paying less than your monthly bill on an auto loan or a mortgage will hurt your credit score. This is because your payment history is the most important factor affecting it. On credit cards, however, the ability to pay less than your balance is a feature. Paying only the minimum on a credit card can […]
Who’s Credit Score Is Used On A Joint Loan?
When you apply for a loan, the lender will check your credit score to determine your creditworthiness as a borrower. A high credit score typically results in better terms, while a low score may lead to unfavorable ones like a high-interest rate or worse, the rejection of your application. If you’re thinking about taking out […]
