How Many Credit Scoring Models Are There?

You may have noticed that a couple different scores pop up when you check your credit. That’s because there are different credit scoring models. FICO® and VantageScore® dominate the landscape and influence many lending decisions with the scores they generate. That said, some lenders review credit reports manually or use their own proprietary models. Read on to learn more about credit …

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5 tips for paying unexpected expenses

1. Ask about a payment plan Depending on the type of expense, you may be able to work out a payment plan. If you’ll need to pay a service provider for the unexpected expenses, they may have programs available that allow you to pay what you owe in weekly, biweekly or monthly increments, with interest. Many medical providers also offer payment …

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Debt-to-Income Ratio: How to Calculate Your DTI

You probably know that your three-digit credit score is an important number when you’re applying for a mortgage. But did you know that your debt-to-income ratio plays a key role, too, in determining whether you qualify for a mortgage and at what interest rate? Here’s a look at what debt-to-income measures and why it’s so important. What Is Your Debt-To-Income …

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Is It Ever Good to Get a Payday Loan?

Payday loans are geared to people who need cash quickly. For their convenience and minimal credit requirements, these loans charge high interest rates and fees and have short repayment terms. While a payday loan may solve an urgent need for money in an emergency situation, it’s important to consider your options before approaching a payday lender. Here’s what you need to know …

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How to Compare Loans Online

Look at these factors to choose the right online loan for your financial situation: APR range. Whenever you can, prequalify to check your odds of approval and to receive an estimated APR, monthly payment and loan amount. Then compare prequalified offers before you apply, which will trigger a hard credit inquiry that may cause a temporary dip in your credit score. Your loan’s APR should …

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What is identity theft protection?

Identity theft protection is an umbrella term that includes any service that helps shield people from the illegal capture of their personal data, such as name, birthdate and Social Security number, and the use of that information to steal money or commit some other fraud. Identity theft protection can make consumers aware of suspicious activity early and help them minimize …

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Installment loans: What they are and how they work

Heard the term “installment loan” but not exactly sure what it means? An installment loan is a common credit product. In fact, you might already have one or two of your own. Read on to learn more about installment loans and how they work. What is an installment loan? Installment loans—also known as installment credit—are closed-ended credit accounts that you pay back …

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Can You Negotiate a Car Lease Buyout?

When you sign a car lease contract, it usually includes buyout terms and the residual value (the car’s estimated value at the end of the lease) – which helps determine the buyout cost. If you want to buy your lease, you may wonder if you can negotiate the purchase price. While successfully negotiating a car lease buyout is possible, it …

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6 Things To Consider Before Applying For Payday Loans

If you do no have an emergency fund and a situation presents where you require expenses that are beyond your current resources, then the best option for you is to take out the payday loan. These loans are also known as cash advances. They are short-term high-interest and low-balance loans that are mostly given at usury rates. These loans are …

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Loan Scams: What are They and How to Prepare

Imagine you are clicking through a loan offer email, feeling hopeful after being denied for a loan the previous day. Maybe your credit score needs work, so you weren’t surprised by the denial. But today, this email offers a guaranteed loan, regardless of credit history. All you have to do is pay a fee… And so begins a typical loan …

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Garage Financing and Loan Options

A detached or attached garage can add value to your home and convenience to daily life. A garage can be where you park your car or declutter your living spaces. But a garage can be much more than that. You can work out of your garage to grow a side gig into a flourishing business – like Apple, Microsoft or …

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How often is your credit score updated?

Paying bills on time and taking credit card balances down to zero are some of the things that can help improve a credit score, but how long does it take for all of this hard work to take effect? The answer depends on when creditors have filed information to the three main credit bureaus. While most lenders and credit card companies …

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Is a Business Line of Credit a Good Idea?

If your business is struggling to make ends meet, a business line of credit may be the right solution. Similar to the way a credit card works, a business line of credit allows you to borrow funds up to a certain amount and pay interest on only the money you borrow. After repaying the funds, you can continue withdrawing more …

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Financial Glossary: Personal Loan Terminology You Should Know

For most of us, the only financial education we’ve ever received is advice from family and friends. And while their suggestions may be well-intended, it’s no substitute for taking proactive steps to increase your own financial literacy. Because when it comes to making important financial decisions, like applying for a personal loan, it’s important to understand the terminology clearly before …

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Mortgage Glossary

When you shop for a home, you might hear a bit of industry lingo you’re not familiar with. We’ve created an easy-to-understand directory of the most common mortgage terms. Amortization Part of each monthly mortgage payment will go toward paying interest to your lender or mortgage investor, while another part goes toward paying down your loan balance (also known as your loan’s …

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