How To Prepare Your Credit Score For A Mortgage Application
Banks and other types of lenders are becoming more and more selective in regard to who to lend money to. While there are numerous factors lenders use to evaluate the risk potential of a prospective borrower, none is as important as one’s credit score. Your credit score indicates the statistical likelihood you’ll repay a debt […]
7 Bad Habits That Are Hurting Your Credit
Your credit score is one of the most important numbers in your life. Not only does your score determine what types of financing you can qualify for, but also affects whether you can rent an apartment, get utilities, or even secure a job. Because of how important your credit score is, you need to stay […]
Do Savings Accounts Affect Your Credit Score?
You may think it unlikely, but your financial actions, such as dipping into your savings account, can have a ripple effect that can lead to adverse effects on your credit score in the future. In short, your savings can indeed affect your credit score. Luckily, this doesn’t mean you can’t tap into your savings when […]
What Happens When You Remove Negative Items From Your Credit Report?
Your credit score is calculated based on the information found in your credit report. Simply put, positive information, such as on-time payments and low balances, affect your credit score in a good way. Negative information, such as late payments, collection accounts, and bankruptcies, on the other hand, hurt your credit score. This then begs the […]
Does Cosigning Hurt Your Credit?
By cosigning a family member or friend’s loan, you may be able to help them qualify for a loan they wouldn’t have had on their own- especially if you have good credit. That being said, consigning someone else’s account is not a decision you should make lightly. The reason? You’re putting yourself up for debt […]
Does A Balance Transfer Affect Your Credit Score?
A balance transfer allows you to move credit card debt to a card with a much lower interest rate. Using this strategy can potentially save you thousands of dollars and make it easier for you to manage credit card debt. Performing a balance transfer typically won’t hurt your credit score. That being said, balance transfers […]
What Mortgage Can You Get With A Low Credit Score?
Banks and other types of lenders will look at your credit when you apply for a home loan. To qualify for the best rates and terms possible, you need “excellent” credit. That means you need to have a credit score of around 740 or higher. Having a “low” credit score, such as one under 600, […]
Does A Hardship Loan Affect Your Credit?
Emergencies and other major life changes, such as unemployment or a sudden illness, can throw your finances into a loop. And without funds to cover these situations, you may be forced to take out a hardship loan. While a hardship loan can help you avoid defaulting on your debt obligations and thus help maintain your […]
Does Credit Counseling Affect Your Credit Score?
If you have trouble properly managing your money and debt, you may end up hurting your credit. This is because payment history, as well as the amounts you owe, are major factors that impact your credit. Fortunately, there’s credit counseling- a service that assists consumers in addressing their budgeting problems. With credit counseling, you may […]
Does Your Spouse’s Bad Credit Affect Getting A Mortgage?
For many couples, buying and owning a home is the biggest accomplishment they can achieve together. Unless you’re paying in cash, however, you and your spouse may need to get a mortgage to finance your home purchase. This is where good credit comes in handy. Good credit increases the likelihood that a bank or any […]
