Secured vs unsecured lines of credit

June 30, 2024 No Comments

A line of credit (LOC) is a lending arrangement between a financial institution (usually a bank or credit union) and either a business or an individual. A credit account is extended to the borrower with a maximum limit to borrow against. Unlike a mortgage or

What affects my credit score?

June 30, 2024 No Comments

A: Having several credit cards, in and of itself, does not hurt your credit score. What matters are the specifics of those cards and how you have used them. Your credit score is roughly based on five factors, some of which are weighted more heavily

How is my credit score calculated?

June 30, 2024 No Comments

The credit score, commonly referred to as a FICO score, is a proprietary tool created by the Fair Isaac Corporation. FICO’s is actually not the only type of credit score, but it is the measure that is most commonly used by lenders to determine the

Interest rate vs. APR

June 30, 2024 No Comments

A: When evaluating the cost of a loan or line of credit, it’s important to understand the difference between the advertised interest rate and the annual percentage rate, or APR. The advertised rate, or nominal interest rate, is used when calculating the interest expense on

How do balance transfers affect my credit score?

June 30, 2024 No Comments

A balance transfer can be a good way to pay down credit card debt. But, depending on several factors, balance transfers can either help your credit score or hurt it. By initially applying for several different cards with low introductory rates, you can negatively affect your

Does Advertisers provide good financing?

June 30, 2024 No Comments

When an advertisement says “financing available,” it means that the seller is going to give you a loan on an item that you purchase. Making use of seller financing means that you’re buying on credit. You do not have to pay for the item on

Does inflation favor lenders or borrowers?

June 30, 2024 No Comments

Inflation can benefit either the lender or the borrower, depending on the circumstances. If wages increase with inflation, and if the borrower already owed money before the inflation occurred, the inflation benefits the borrower. This is because the borrower still owes the same amount of money,

How can you cancel your Walmart credit card?

June 30, 2024 No Comments

A: Wal-Mart offers two types of credit cards: the Walmart MasterCard and the Walmart credit card. Both are administered through Synchrony Bank. To closer either one of these credit cards, contact Wal-Mart by sending a letter to the address shown on your latest billing statement

Can I improve credit score with utility bill?

June 30, 2024 No Comments

The bad news for consumers is that, typically, utility bills only appear on a credit report when they’re delinquent. In most states, providers aren’t obligated to regularly report payment histories to the major credit bureaus; in fact, there are significant disincentives for doing so. In

Can Sallie Mae loans be forgiven?

June 30, 2024 No Comments

Sallie Mae (Student Loan Marketing Association) loans issued by SLM Corporation (SLM) similar to other private loans, cannot be forgiven. As of 2017, there is no option for private student loan forgiveness, but there are options for public student loan forgiveness. If a person needs

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