Lenders and other service providers frequently use credit scores as a tool to help determine the likelihood that their applicants and current clients won’t adhere to the terms of their loans or contracts. There are several places to obtain credit scores, including all three of the national consumer credit bureaus (Experian, TransUnion, and Equifax). Credit … Read more
Churning credit cards is opening new ones frequently in an attempt to take advantage of the system and get several welcome bonuses. This is a risky behavior and can jeopardize your accounts and credit. At Experian, one of our priorities is consumer credit and finance education. Although there may be links and references to one … Read more
So, you’re considering buying a new car, but you’re wondering if taking out a loan will be the right move for you. You might be asking yourself, “Is a car loan considered debt?” and “Will making payments on it negatively affect my credit score?” The Short Answer: Yes, a car loan is considered debt. However, … Read more
So you’ve been pre-approved for a mortgage, congratulations! You’re one step closer to snagging your dream home. But hold your horses, partner, because the journey isn’t over yet. Just because you’re pre-approved doesn’t mean you’re guaranteed a mortgage. Yes, it’s a bummer, but it happens more often than you might think. Don’t fret, though. We’re … Read more
Getting a personal loan usually takes a few hours to a few weeks, depending on a number of variables such as the applicant’s readiness and the lender’s processing time. Knowing when to apply for a personal loan will help you organize your finances and make the borrowing process go more smoothly. This post will go … Read more
The average auto loan interest rates across all credit profiles range from 5. 64% to 14. 78% for new cars and 7. 66% to 21. 55% for used cars. Enter ZIP Code. The interest rates you are offered for auto loans are determined by a number of factors, the most significant of which is your … Read more
When applying for a personal loan, people with bad credit are turned down by banks; however, having bad credit does not prevent someone from opening a checking account. For people who get scored poorly by Chexsystems, however, that is precisely the fate that awaits them. If you’re one of these folks, don’t panic. If you’re … Read more
Are you drowning in debt and feeling overwhelmed? You’re not alone. Millions of Americans struggle with debt, and it can feel like an insurmountable obstacle But don’t despair! There are strategies you can use to tackle your debt and regain control of your finances Two popular debt repayment methods are the debt avalanche and the … Read more
A list of the variables influencing your credit score may also be provided to you whenever you obtain a credit score, regardless of whether you checked it yourself or received it from a lender as an explanation of a lending decision. These are sometimes known as risk factors, or reason codes. This is a summary … Read more
One important factor to take into account when choosing a car loan is whether or not you want a residual value or “balloon payment” on the loan, and if so, how much you want it to be. The amount of a balloon payment can have an impact on both the amount owed at the end … Read more