How credit inquiries affect your credit score

If you’re trying to increase your credit score, chances are you’re watching many factors. You’re making sure you pay your bills on time because your payment history counts for 35 percent of your credit score. You’re also watching your credit utilization ratio, which counts for 30 percent of your FICO score. But did you know that credit inquiries make up 10 percent …

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What Is A Parent PLUS Loan?

Parent PLUS loans are a common financial aid option for parents who want to help their undergraduate student pay for college. Although it offers advantages like accessing loan amounts up to the school’s cost of attendance minus existing aid, there are some notable details to consider before you apply. What Is a Parent PLUS Loan? A parent PLUS loan falls …

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How Do I Get A Mortgage?

The mortgage loan process is straightforward if you have a regular job, adequate income and a good credit score. There are several steps you’ll need to take to become a homeowner, so here’s a rundown of what you need to do. 1. Get Preapproved Or Be Ready To Show Proof Of Funds You’ll need a preapproval to be taken seriously – by real …

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Holiday Loans: What You Should Know

You might think a holiday loan can take away the stress of expenses at the most wonderful time of the year, but a loan can backfire. If you’re not careful, you can overstretch your budget and end up even more stressed about how you will pay the bill. Americans spent $833 per person on gifts and other holiday items in …

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How Payday Loans Work

When emergencies arise and you feel like you have nowhere else to turn, a payday loan may seem like a good idea. However, it’s important that you understand how payday loans work and the risks involved when taking out short-term, high-interest loans. Here are some things to consider when it comes to payday loans — their costs and risks, as …

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What credit score is needed to buy a house?

Your credit scores can be an important factor in the home-buying process. That’s because the lender will typically check your credit scores when you apply for a mortgage. A good credit score generally makes you an attractive borrower because it shows you’ve managed your credit well. And the better your credit scores, the better chance you may have of being approved for a …

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Cosigning on a Loan? Here are the Pros and Cons

If a friend or family member asked you to cosign a loan, what would you do? Before you agree to be a cosigner or a co-applicant, it’s important to understand what your responsibilities are and how cosigning a loan can affect your credit. Loans have become increasingly more common. In 2022, auto loan balances increased by $33 billion in the …

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FAQs Related to Payday Loan

1. What are the key drawbacks of payday loans?  Payday loans come with high fees and interest rates, often reaching an annual rate of 442 percent for a $100 loan. They can lead to a cycle of expensive debt, causing financial stress to snowball. 2. What should I consider before signing a payday loan agreement?  Before signing, carefully read the …

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Mortgage Re-Fi

To get a good deal on a refinance, consumers need to do their research, shop around for a lender and ask questions before committing to a new mortgage. Here are some basic options available now: A 15-year refinance loan. If you already have paid off a good portion of your current mortgage, a 15-year refinance may be a good option.  The …

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Types of Loans

The 10 types of loans you should know are personal loans, auto loans, student loans, mortgage loans, home equity loans, credit-builder loans, Loans from friends/family, payday loans, auto title loans & pawn shop loans. Each type of loan is helpful for a different purpose, and has different APR ranges, dollar amounts and payoff timelines. One thing most loan types have in …

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Student Loan Deferment: Is It Right For You?

If you’re temporarily having trouble paying your student loan bills or are entirely unable to do so, choosing to defer your payments can make a lot of sense. It may be an option that’s available whether you have a federal student loan, a private student loan or both. At the same time, seeking to defer your student loan is not a decision …

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How to Know You’re Dealing With a Credible Lender

A personal loan can be an excellent option for those who need help paying off debt, or for those who could use extra money to cover life’s expenses. However, it’s an unfortunate fact that as the loan services industry has grown, fraudulent loan offers and predatory lending have become more common as well. According to the Federal Trade Commission (FTC), the department received …

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Strategies for Managing Payday Loans

Repayment Strategies Taking out a payday loan isn’t for everyone. But if you do need to get a payday loan, it’s crucial to have a plan in place to repay the loan quickly. It’s also important to consider the impact of the loan on your overall financial situation and to explore other options if loan repayment becomes difficult. Here are …

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Payday Loans vs Personal Loans: Which Is Best For You?

Your car just broke down, and the mechanic told you it’ll cost more than a week’s paycheck to cover the repair cost. But all the money you’ll get for this week and next week’s pay has to go to bills! And what’s worse — you don’t think you have a high enough credit score to qualify for a loan from …

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9 reasons to get a personal loan

It’s always important to consider your financial situation and creditworthiness before taking on any type of debt. That said, sometimes a personal loan is the best way to finance a large purchase or project that you can’t afford upfront. 1. Debt consolidation Debt consolidation is one of the most common reasons for taking out a personal loan. When you apply for …

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