There are three primary types of debt available today: 1) Revolving, 2) Installment, and 3) Mortgage. Revolving debt is the most costly type of debt and is typically made up of credit cards, which allow you to use someone else’s money, pay down the balance, and use that money again. Installment debt is typically a Read More >
The Most Important Step in Gaining Control of Your Personal Finances
Posted on: 09.29.15
The cornerstone of any personal financial profile should be establishing and keeping an emergency reserve. You may have heard it referred to as a cash cushion or a rainy day fund. I cannot stress enough the importance of this one simple concept. If you want the upper hand with regard to your personal finances, having a Read More >
What Are Lenders Looking For? Credit!
Posted on: 10.29.14
When a lender is confronted with a borrower seeking financing they are looking for the 4 Cs of borrowing. In a post entitled “What is the Greatest Obstacle to Borrowing Money to Purchase a House?” I explained what the 4 Cs of borrowing are. In this post I intend to get much more specific as to what a lender is looking Read More >
How Can You Monitor Your Credit Profile For Free?
Posted on: 07.29.14
Because your credit scores are based on information in your credit report, it is important to make sure that the information in your credit report is accurate. You should review your credit report from each credit reporting repository at least once per year and especially before a large purchase, such as a house or a Read More >
What Makes Up a Credit Score?
Posted on: 07.22.14
While there are 22 criteria that determine a credit score, they can be narrowed down to 5 ‘key’ criteria. Let’s look at what each category measures and some of the primary ways you earn or lose points for your individual score. 1) Payment History – This represents 35% of your credit score and is the history of Read More >
What Does Affect a Credit Score?
Posted on: 07.15.14
There are 22 criteria that determine a credit score and the formulas that each credit bureau uses to calculate their respective credit scores are a closely guarded secret. Some of the criteria are fairly obvious, but most are not. You can achieve a higher credit score if you understand the criteria for how you are Read More >